[Federal Register: September 19, 2006 (Volume 71, Number 181)]
[Notices]
[Page 54852-54862]
[DOCID:fr19se06-73]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54426; File No. S7-24-89]

Joint Industry Plan; Notice of Filing and Effectiveness of
Amendment No. 17 to the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis, Submitted by the
American Stock Exchange LLC, the Boston Stock Exchange, Inc., the
Chicago Stock Exchange, Inc., the Chicago Board Options Exchange,
Incorporated, the International Securities Exchange, Inc., the National
Association of Securities Dealers, Inc., the National Stock Exchange,
Inc., the NASDAQ Stock Market LLC, NYSE Arca, Inc., and the
Philadelphia Stock Exchange, Inc.

September 12, 2006.

I. Introduction and Description

    Pursuant to Rule 608 of the Securities Exchange Act of 1934 (the
``Act'') \1\ notice is hereby given that on August 21, 2006, the
operating committee (``Operating Committee'' or ``Committee'') \2\ of
the Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation, and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan'' or ``Plan'')
filed with the Securities and Exchange Commission (``Commission'')
amendments to the Plan. These amendments represent Amendment 17 made to
the Plan and reflect: Changing the Pacific Exchange's name to NYSE
Arca, Inc.; expanding the Processor hours of operation from 6:30 p.m.
to 8 p.m.; modifying the definition of Eligible Security to bring it
into conformance with recent changes to Nasdaq Stock Market listing
rules; and making other minor administrative changes. Amendment 17 was
unanimously approved by the Committee on July 20, 2006.\3\ The
Commission is publishing this notice of filing and effectiveness to
solicit comments from interested persons on Amendment No. 17.
---------------------------------------------------------------------------

    \1\ 17 CFR 242.608.
    \2\ The Plan Participants (collectively, ``Participants'') are:
The American Stock Exchange LLC (``Amex''), the Boston Stock
Exchange, Inc. (``BSE''), the Chicago Stock Exchange, Inc.
(``CHX''), the Chicago Board Options Exchange, Incorporated
(``CBOE''), the International Securities Exchange, Inc. (``ISE''),
the National Association of Securities Dealers, Inc. (``NASD''), the
National Stock Exchange, Inc. (``NSX''), The NASDAQ Stock Market LLC
(``Nasdaq''), NYSE Arca, Inc. (``NYSEArca''), and the Philadelphia
Stock Exchange, Inc. (``Phlx'').
    \3\ See letter from Bridget M. Farrell, Chairman, OTC/UTP
Operating Committee, to Nancy M. Morris, Secretary, Commission,
dated August 18, 2006.
---------------------------------------------------------------------------

 II. Background

    The Plan governs the collection, consolidation, and dissemination
of quotation and transaction information for the Nasdaq Global Market
and Nasdaq Capital Market securities listed on Nasdaq or traded on an
exchange pursuant to unlisted trading privileges (``UTP'').\4\ The Plan
provides for the collection from Plan Participants and the
consolidation and dissemination to vendors, subscribers, and others of
quotation and transaction information in Eligible Securities.\5\
---------------------------------------------------------------------------

    \4\ Section 12 of the Act generally requires an exchange to
trade only those securities that the exchange lists, except that
Section 12(f) of the Act permits an exchange to extend UTP to any
security that is listed and registered on a national securities
exchange. Nasdaq began operating as a national securities exchange
for Nasdaq-listed securities on August 1, 2006, see Securities
Exchange Act Release No. 54241 (July 31, 2006), 71 FR 45359 (August
8, 2006).
    \5\ The Plan defines ``Eligible Securities'' as any Nasdaq
Global Market or Nasdaq Capital Market security, as defined in
NASDAQ Rule 4200.
---------------------------------------------------------------------------

    The Commission originally approved the Plan on a pilot basis on
June 26, 1990.\6\ The parties did not begin trading until July 12,
1993; accordingly, the pilot period commenced on July 12, 1993. The
pilot approval of the Plan was most recently extended on December 5,
2005.\7\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 28146, 55 FR 27917
(July 6, 1990).
    \7\ See Securities Exchange Act Release No. 52886, 70 FR 74059
(December 14, 2005).
---------------------------------------------------------------------------

III. Description and Purpose of the Amendment \8\
---------------------------------------------------------------------------

    \8\ The complete text of the Plan, as amended by Amendment No.
17, is attached as Exhibit A.
---------------------------------------------------------------------------

    The following is a summary of the changes to the Plan prepared by
the Participants:
    (i) Section I.A. of the Plan provides for the list of Plan
Participants, and Section VIII.C. of the Plan provides symbols for
market identification for quotation information and transaction
reports. Amendment 17 eliminates the Pacific Exchange as a Plan
Participant and replaces it with NYSE Arca, Inc. Amendment 17 also
makes minor technical changes to the names of the National Stock
Exchange and the Nasdaq Stock Market.
    (ii) Section III.B. defines ``Eligible Security,'' and Section
III.L. defines ``Nasdaq Security'' and ``Nasdaq-listed Security.''
Amendment 17 amends the definitions to conform with Nasdaq Stock Market
listing rules. This includes changing Nasdaq National Market to Nasdaq
Global Market securities and Nasdaq Small Cap to Nasdaq Capital Market
securities.
    (iii) Section III.I defines the ``UTP Quote Data Feed,'' and
Section VI.C. provides for the dissemination of information by the
Processor. Amendment 17 makes changes to reflect that the NASD
Participant representing NASD's best bid/offer will be added to the UTP
Quote Data Feed.
    (iv) Section XI provides for the hours of operation. Amendment 17
changes the Processor hours from 6:30 p.m. to 8 p.m.
    (v) Amendment 17 modifies Exhibit 1 to the Plan to reflect that the
costs of identifying the NASD Participant(s) that constitute NASD's
Best Bid and Offer quotation will be part of the costs directly
attributable to creating the UTP Quote Data Feed.
    (vi) Amendment 17 also makes minor administrative changes to the
Plan such as incorporating references to Regulation NMS rules and
correcting numbering.

IV. Date of Effectiveness of the Amendment

    The changes set forth in Amendment No. 17 have been designated by
the Participants as concerned solely with the administration of the
plan or involving solely technical or ministerial matters, and thus are
being put into effect upon filing with the Commission pursuant to Rules
608(b)(3)(ii) and 608(b)(3)(iii).\9\ At any time within 60 days of the
filing of any such amendment, the Commission may

summarily abrogate the amendment and require that the amendment be
refiled in accordance with paragraph (a)(1) of Rule 608 under the Act
\10\ and reviewed in accordance with paragraph (b)(2) of Rule 608 under
the Act,\11\ if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or the maintenance of fair and orderly markets, to remove
impediments to, and perfect mechanisms of, a national market system or
otherwise in furtherance of the purposes of the Act.\12\
---------------------------------------------------------------------------

    \9\ 17 CFR 242.608(b)(3)(ii) and (b)(3)(iii).
    \10\ 17 CFR 242.608(a)(1).
    \11\ 17 CFR 242.608(b)(2).
    \12\ 17 CFR 242.608(b)(3)(iii).
---------------------------------------------------------------------------

V. Solicitation of Comments

    The Commission seeks general comments on Amendment No. 17.
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal 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 e-mail to<EMAIL_ADDRESS>Please include

File Number S7-24-89 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number S7-24-89. This file number
should be included on the subject line if e-mail 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 written statements with respect to the
proposed Plan amendment that are filed with the Commission, and all
written communications relating to the proposed Plan amendment 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 inspection and copying in the Commission's Public
Reference Room. Copies of the filing also will be available for
inspection and copying at the Office of the Secretary of the Committee,
currently located at NYSE Arca, Inc., 100 South Wacker Drive, Suite
1800, Chicago, IL 60606. 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
S7-24-89 and should be submitted on or before October 10, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.

Exhibit A--Amendment No. 17; Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis

    The undersigned registered national securities association and
national securities exchanges (collectively referred to as the
``Participants''), have jointly developed and hereby enter into this
Nasdaq Unlisted Trading Privileges Plan (``Nasdaq UTP Plan'' or
``Plan'').

I. Participants

    The Participants include the following:
A. Participants
    1. American Stock Exchange LLC, 86 Trinity Place, New York, New
York 10006.
    2. Boston Stock Exchange, 100 Franklin Street, Boston,
Massachusetts 02110.
    3. Chicago Stock Exchange, 440 South LaSalle Street, Chicago,
Illinois 60605.
    4. Chicago Board Options Exchange, Inc., 400 South LaSalle Street,
26th Floor, Chicago, Illinois 60605.
    5. International Securities Exchange, Inc., 60 Broad Street, New
York, New York 10004.
    6. National Association of Securities, Dealers, Inc., 1735 K
Street, NW., Washington, DC 20006.
    7. National Stock Exchange, Inc., 440 South LaSalle Street, 26th
Floor, Chicago, Illinois 60605.
    8. NYSE Arca, Inc., 100 South Wacker Drive, Suite 1800, Chicago, IL
60606.
    9. Philadelphia Stock Exchange, 1900 Market Street, Philadelphia,
Pennsylvania 19103.
    10. The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New
York, NY 10006.
B. Additional Participants
    Any other national securities association or national securities
exchange, in whose market Eligible Securities become traded, may become
a Participant, provided that said organization executes a copy of this
Plan and pays its share of development costs as specified in Section
XIII.

II. Purpose of Plan

    The purpose of this Plan is to provide for the collection,
consolidation and dissemination of Quotation Information and
Transaction Reports in Eligible Securities from the Participants in a
manner consistent with the Exchange Act.
    It is expressly understood that each Participant shall be
responsible for the collection of Quotation Information and Transaction
Reports within its market and that nothing in this Plan shall be deemed
to govern or apply to the manner in which each Participant does so.

III. Definitions

    A. ``Current'' means, with respect to Transaction Reports or
Quotation Information, such Transaction Reports or Quotation
Information during the fifteen (15) minute period immediately following
the initial transmission thereof by the Processor.
    B. ``Eligible Security'' means any Nasdaq Global Market or Nasdaq
Capital Market security, as defined in NASDAQ Rule 4200. Eligible
Securities under this Nasdaq UTP Plan shall not include any security
that is defined as an ``Eligible Security'' within Section VII of the
Consolidated Tape Association Plan.
    A security shall cease to be an Eligible Security for purposes of
this Plan if: (i) The security does not substantially meet the
requirements from time to time in effect for continued listing on
Nasdaq, and thus is suspended from trading; or (ii) the security has
been suspended from trading because the issuer thereof is in
liquidation, bankruptcy or other similar type proceedings. The
determination as to whether a security substantially meets the criteria
of the definition of Eligible Security shall be made by the exchange on
which such security is listed provided, however, that if such security
is listed on more than one exchange, then such determination shall be
made by the exchange on which, the greatest number of the transactions
in such security were effected during the previous twelve-month period.
    C. ``Commission'' and ``SEC'' shall mean the U.S. Securities and
Exchange Commission.

    D. ``Exchange Act'' means the Securities Exchange Act of 1934.
    E. ``Market'' shall mean (i) When used with respect to Quotation
Information, the NASD in the case of an NASD Participant, or the
Participant on whose floor or through whose facilities the quotation
was disseminated; and (ii) when used with respect to Transaction
Reports, the Participant through whose facilities the transaction took
place or is reported, or the Participant to whose facilities the order
was sent for execution.
    F. ``NASD'' means the National Association of Securities Dealers
Inc.
    G. ``NASD Participant'' means an NASD member that is registered as
a market maker or an electronic communications network or otherwise
utilizes the facilities of the NASD pursuant to applicable NASD rules.
    H. ``Transaction Reporting System'' means the System provided for
in the Transaction Reporting Plan filed with and approved by the
Commission pursuant to SEC Rule11Aa3-1, subsequently re-designated as
Rule 601 of Regulation NMS, governing the reporting of transactions in
Nasdaq securities.
    I. ``UTP Quote Data Feed'' means the service that provides
Subscribers with the National Best Bid and Offer quotations, size and
market center identifier, as well as the Best Bid and Offer quotations,
size and market center identifier from each individual Participant in
Eligible Securities and, in the case of NASD, the NASD Participant(s)
that constitute NASD's Best Bid and Offer quotations.
    J. ``Nasdaq System'' means the automated quotation system operated
by Nasdaq.
    K. ``UTP Trade Data Feed'' means the service that provides Vendors
and Subscribers with Transaction Reports.
    L. ``Nasdaq Security'' or ``Nasdaq-listed Security'' means any
security listed on the Nasdaq Global Market or Nasdaq Capital Market.
    M. ``News Service'' means a person that receives Transaction
Reports or Quotation Information provided by the Systems or provided by
a Vendor, on a Current basis, in connection with such person's business
of furnishing such information to newspapers, radio and television
stations and other news media, for publication at least fifteen (15)
minutes following the time when the information first has been
published by the Processor.
    N. ``OTC Montage Data Feed'' means the data stream of information
that provides Vendors and Subscribers with quotations and sizes from
each NASD Participant.
    O. ``Participant'' means a registered national securities exchange
or national securities association that is a signatory to this Plan.
    P. ``Plan'' means this Nasdaq UTP Plan, as from time to time
amended according to its provisions, governing the collection,
consolidation and dissemination of Quotation Information and
Transaction Reports in Eligible Securities.
    Q. ``Processor'' means the entity selected by the Participants to
perform the processing functions set forth in the Plan.
    R. ``Quotation Information'' means all bids, offers, displayed
quotation sizes, the market center identifiers and, in the case of
NASD, the NASD Participant that entered the quotation, withdrawals and
other information pertaining to quotations in Eligible Securities
required to be collected and made available to the Processor pursuant
to this Plan.
    S. ``Regulatory Halt'' means a trade suspension or halt called for
the purpose of dissemination of material news, as described at Section
X hereof or that is called for where there are regulatory problems
relating to an Eligible Security that should be clarified before
trading therein is permitted to continue, including a trading halt for
extraordinary market activity due to system misuse or malfunction under
Section X.E.1. of the Plan (``Extraordinary Market Regulatory Halt'').
    T. ``Subscriber'' means a person that receives Current Quotation
Information or Transaction Reports provided by the Processor or
provided by a Vendor, for its own use or for distribution on a non-
Current basis, other than in connection with its activities as a
Vendor.
    U. ``Transaction Reports'' means reports required to be collected
and made available pursuant to this Plan containing the stock symbol,
price, and size of the transaction executed, the Market in which the
transaction was executed, and related information, including a buy/
sell/cross indicator and trade modifiers, reflecting completed
transactions in Eligible Securities.
    V. ``Upon Effectiveness of the Plan'' means July 12, 1993, the date
on which the Participants commenced publication of Quotation
Information and Transaction Reports on Eligible Securities as
contemplated by this Plan.
    W. ``Vendor'' means a person that receives Current Quotation
Information or Transaction Reports provided by the Processor or
provided by a Vendor, in connection with such person's business of
distributing, publishing, or otherwise furnishing such information on a
Current basis to Subscribers, News Services or other Vendors.

IV. Administration of Plan

A. Operating Committee: Composition
    The Plan shall be administered by the Participants through an
operating committee (``Operating Committee''), which shall be composed
of one representative designated by each Participant. Each Participant
may designate an alternate representative or representatives who shall
be authorized to act on behalf of the Participant in the absence of the
designated representative. Within the areas of its responsibilities and
authority, decisions made or actions taken by the Operating Committee,
directly or by duly delegated individuals, committees as may be
established from time to time, or others, shall be binding upon each
Participant, without prejudice to the rights of any Participant to seek
redress from the SEC pursuant to Rule 608 of Regulation NMS under the
Exchange Act or in any other appropriate forum.
    An Electronic Communications Network, Alternative Trading System,
Broker-Dealer or other securities organization (``Organization'') which
is not a Participant, but has an actively pending Form 1 Application on
file with the Commission to become a national securities exchange, will
be permitted to appoint one representative and one alternate
representative to attend regularly scheduled Operating Committee
meetings in the capacity of an observer/advisor. If the Organization's
Form 1 petition is withdrawn, returned, or is otherwise not actively
pending with the Commission for any reason, then the Organization will
no longer be eligible to be represented in the Operating Committee
meetings. The Operating Committee shall have the discretion, in limited
instances, to deviate from this policy if, as indicated by majority
vote, the Operating Committee agrees that circumstances so warrant.
    Nothing in this section or elsewhere within the Plan shall
authorize any person or organization other than Participants and their
representatives to participate on the Operating Committee in any manner
other than as an advisor or observer, or in any Executive Session of
the Operating Committee.
B. Operating Committee: Authority
    The Operating Committee shall be responsible for:
    1. Overseeing the consolidation of Quotation Information and
Transaction Reports in Eligible Securities from the Participants for
dissemination to

Vendors, Subscribers, News Services and others in accordance with the
provisions of the Plan;
    2. Periodically evaluating the Processor;
    3. Setting the level of fees to be paid by Vendors, Subscribers,
News Services or others for services relating to Quotation Information
or Transaction Reports in Eligible Securities, and taking action in
respect thereto in accordance with the provisions of the Plan;
    4. Determining matters involving the interpretation of the
provisions of the Plan;
    5. Determining matters relating to the Plan's provisions for cost
allocation and revenue-sharing; and
    6. Carrying out such other specific responsibilities as provided
under the Plan.
C. Operating Committee: Voting
    Each Participant shall have one vote on all matters considered by
the Operating Committee.
    1. The affirmative and unanimous vote of all Participants entitled
to vote shall be necessary to constitute the action of the Operating
Committee with respect to:
    a. Amendments to the Plan;
    b. Amendments to contracts between the Processor and Vendors,
Subscribers, News Services and others receiving Quotation Information
and Transaction Reports in Eligible Securities;
    c. Replacement of the Processor, except for termination for cause,
which shall be governed by Section V(B) hereof;
    d. Reductions in existing fees relating to Quotation Information
and Transaction Reports in Eligible Securities; and
    e. Except as provided under Section IV(C)(3) hereof, requests for
system changes; and
    f. All other matters not specifically addressed by the Plan.
    2. With respect to the establishment of new fees or increases in
existing fees relating to Quotation Information and Transaction Reports
in Eligible Securities, the affirmative vote of two-thirds of the
Participants entitled to vote shall be necessary to constitute the
action of the Operating Committee.
    3. The affirmative vote of a majority of the Participants entitled
to vote shall be necessary to constitute the action of the Operating
Committee with respect to:
    a. Requests for system changes reasonably related to the function
of the Processor as defined under the Plan. All other requests for
system changes shall be governed by Section IV(C)(1)(e) hereof.
    b. Interpretive matters and decisions of the Operating Committee
arising under, or specifically required to be taken by, the provisions
of the Plan as written;
    c. Interpretive matters arising under Rules 601 and 602 of
Regulation NMS; and
    d. Denials of access (other than for breach of contract, which
shall be handled by the Processor),
    4. It is expressly agreed and understood that neither this Plan nor
the Operating Committee shall have authority in any respect over any
Participant's proprietary systems. Nor shall the Plan or the Operating
Committee have any authority over the collection and dissemination of
quotation or transaction information in Eligible Securities in any
Participant's marketplace, or, in the case of the NASD, from NASD
Participants.
D. Operating Committee: Meetings
    Regular meetings of the Operating Committee may be attended by each
Participant's designated representative and/or its alternate
representative(s), and may be attended by one or more other
representatives of the parties. Meetings shall be held at such times
and locations as shall from time to time be determined by the Operating
Committee.
    Quorum: Any action requiring a vote only can be taken at a meeting
in which a quorum of all Participants is present. For actions requiring
a simple majority vote of all Participants, a quorum of greater than
50% of all Participants entitled to vote must be present at the meeting
before such a vote may be taken. For actions requiring a \2/3\ majority
vote of all Participants, a quorum of at least \2/3\ of all
Participants entitled to vote must be present at the meeting before
such a vote may be taken. For actions requiring a unanimous vote of all
Participants, a quorum of all Participants entitled to vote must be
present at the meeting before such a vote may be taken.
    A Participant is considered present at a meeting only if a
Participant's designated representative or alternate representative(s)
is either in physical attendance at the meeting or is participating by
conference telephone, or other acceptable electronic means.
    Any action sought to be resolved at a meeting must be sent to each
Participant entitled to vote on such matter at least one week prior to
the meeting via electronic mail, regular U.S. or private mail, or
facsimile transmission, provided however that this requirement may be
waived by the vote of the percentage of the Committee required to vote
on any particular matter, under Section C above.
    Any action may be taken without a meeting if a consent in writing,
setting forth the action so taken, is sent to and signed by all
Participant representatives entitled to vote with respect to the
subject matter thereof. All the approvals evidencing the consent shall
be delivered to the Chairman of the Operating Committee to be filed in
the Operating Committee records. The action taken shall be effective
when the minimum number of Participants entitled to vote have approved
the action, unless the consent specifies a different effective date.
    The Chairman of the Operating Committee shall be elected annually
by and from among the Participants by a majority vote of all
Participants entitled to vote. The Chairman shall designate a person to
act as Secretary to record the minutes of each meeting. The location of
meetings shall be rotated among the locations of the principal offices
of the Participants, or such other locations as may from time to time
be determined by the Operating Committee. Meetings may be held by
conference telephone and action may be taken without a meeting if the
representatives of all Participants entitled to vote consent thereto in
writing or other means the Operating Committee deems acceptable.
E. Advisory Committee
    (a) Formation. Notwithstanding any other provision of this Plan, an
Advisory Committee to the Plan shall be formed and shall function in
accordance with the provisions set forth in this section.
    (b) Composition. Members of the Advisory Committee shall be
selected for two-year terms as follows:
    (1) Operating Committee Selections. By affirmative vote of a
majority of the Participants entitled to vote, the Operating Committee
shall select at least one representative from each of the following
categories to be members of the Advisory Committee: (i) A broker-dealer
with a substantial retail investor customer base, (ii) a broker-dealer
with a substantial institutional investor customer base, (iii) an
alternative trade system, (iv) a data vendor, and (v) an investor.
    (2) Participant Selections. Each Participant shall have the right
to select one member of the Advisory Committee. A Participant shall not
select any person employed by or affiliated with any participant or its
affiliates or facilities.
    (c) Function. Members of the Advisory Committee shall have the
right to submit their views to the Operating Committee on Plan matters,
prior to a

decision by the Operating Committee on such matters. Such matters shall
include, but not be limited to, any new or modified product, fee,
contract, or pilot program that is offered or used pursuant to the
Plan.
    (d) Meetings and Information. Members of the Advisory Committee
shall have the right to attend all meetings of the Operating Committee
and to receive any information concerning Plan matters that is
distributed to the Operating Committee; provided, however, that the
Operating Committee may meet in executive session if, by affirmative
vote of a majority of the Participants entitled to vote, the Operating
Committee determines that an item of Plan business requires
confidential treatment.

V. Selection and Evaluation of the Processor

A. Generally
    The Processor's performance of its functions under the Plan shall
be subject to review by the Operating Committee at least every two
years, or from time to time upon the request of any two Participants
but not more frequently than once each year. Based on this review, the
Operating Committee may choose to make a recommendation to the
Participants with respect to the continuing operation of the Processor.
The Operating Committee shall notify the SEC of any recommendations the
Operating Committee shall make pursuant to the Operating Committee's
review of the Processor and shall supply the Commission with a copy of
any reports that may be prepared in connection therewith.
B. Termination of the Processor for Cause
    If the Operating Committee determines that the Processor has failed
to perform its functions in a reasonably acceptable manner in
accordance with the provisions of the Plan or that its reimbursable
expenses have become excessive and are not justified on a cost basis,
the Processor may be terminated at such time as may be determined by a
majority vote of the Operating Committee.
C. Factors To Be Considered in Termination for Cause
    Among the factors to be considered in evaluating whether the
Processor has performed its functions in a reasonably acceptable manner
in accordance with the provisions of the Plan shall be the
reasonableness of its response to requests from Participants for
technological changes or enhancements pursuant to Section IV(C)(3)
hereof. The reasonableness of the Processor's response to such requests
shall be evaluated by the Operating Committee in terms of the cost to
the Processor of purchasing the same service from a third party and
integrating such service into the Processor's existing systems and
operations as well as the extent to which the requested change would
adversely impact the then current technical (as opposed to business or
competitive) operations of the Processor.
D. Processor's Right To Appeal Termination for Cause
    The Processor shall have the right to appeal to the SEC a
determination of the Operating Committee terminating the Processor for
cause and no action shall become final until the SEC has ruled on the
matter and all legal appeals of right therefrom have been exhausted.
E. Process for Selecting New Processor
    At any time following effectiveness of the Plan, but no later than
upon the termination of the Processor, whether for cause pursuant to
Section IV(C)(1)(c) or V(B) of the Plan or upon the Processor's
resignation, the Operating Committee shall establish procedures for
selecting a new Processor (the ``Selection Procedures''). The Operating
Committee, as part of the process of establishing Selection Procedures,
may solicit and consider the timely comment of any entity affected by
the operation of this Plan. The Selection Procedures shall be
established by a two-thirds majority vote of the Plan Participants, and
shall set forth, at a minimum:
    1. The entity that will:
    (a) Draft the Operating Committee's request for proposal for bids
on a new processor;
    (b) Assist the Operating Committee in evaluating bids for the new
processor; and
    (c) Otherwise provide assistance and guidance to the Operating
Committee in the selection process.
    2. The minimum technical and operational requirements to be
fulfilled by the Processor;
    3. The criteria to be considered in selecting the Processor; and
    4. The entities (other than Plan Participants) that are eligible to
comment on the selection of the Processor.
    Nothing in this provision shall be interpreted as limiting
Participants' rights under Section IV or Section V of the Plan or other
Commission order.

VI. Functions of the Processor

A. Generally
    The Processor shall collect from the Participants, and consolidate
and disseminate to Vendors, Subscribers and News Services, Quotation
Information and Transaction Reports in Eligible Securities in a manner
designed to assure the prompt, accurate and reliable collection,
processing and dissemination of information with respect to all
Eligible Securities in a fair and non-discriminatory manner. The
Processor shall commence operations upon the Processor's notification
to the Participants that it is ready and able to commence such
operations.
B. Collection and Consolidation of Information
    For as long as Nasdaq is the Processor, the Processor shall be
capable of receiving Quotation Information and Transaction Reports in
Eligible Securities from Participants by the Plan-approved, Processor
sponsored interface, and shall consolidate and disseminate such
information via the UTP Quote Data Feed, the UTP Trade Data Feed, and
the OTC Montage Data Feed to Vendors, Subscribers and News Services.
For so long as Nasdaq is not registered as a national securities
exchange and for so long as Nasdaq is the Processor, the Processor
shall also collect, consolidate, and disseminate the quotation
information contained in NQDS. For so long as Nasdaq is not registered
as a national securities exchange and after Nasdaq is no longer the
Processor for other SIP datafeeds, either Nasdaq or a third party will
act as the Processor to collect, consolidate, and disseminate the
quotation information contained in NQDS.
C. Dissemination of Information
    The Processor shall disseminate consolidated Quotation Information
and Transaction Reports in Eligible Securities via the UTP Quote Data
Feed, the UTP Trade Data Feed, and the OTC Montage Data Feed to
authorized Vendors, Subscribers and News Services in a fair and non-
discriminatory manner. The Processor shall specifically be permitted to
enter into agreements with Vendors, Subscribers and News Services for
the dissemination of quotation or transaction information on Eligible
Securities to foreign (non-U.S.) marketplaces or in foreign countries.
    The Processor shall, in such instance, disseminate consolidated
quotation or transaction information on Eligible Securities from all
Participants.
    Nothing herein shall be construed so as to prohibit or restrict in
any way the

right of any Participant to distribute quotation, transaction or other
information with respect to Eligible Securities quoted on or traded in
its marketplace to a marketplace outside the United States solely for
the purpose of supporting an intermarket linkage, or to distribute
information within its own marketplace concerning Eligible Securities
in accordance with its own format. If a Participant requests, the
Processor shall make information about Eligible Securities in the
Participant's marketplace available to a foreign marketplace on behalf
of the requesting Participant, in which event the cost shall be borne
by that Participant.
    1. Best Bid and Offer. The Processor shall disseminate on the UTP
Quote Data Feed the best bid and offer information supplied by each
Participant, including the NASD Participant that constitutes NASD's
single Best Bid and Offer quotations, and shall also calculate and
disseminate on the UTP Quote Data Feed a national best bid and asked
quotation with size based upon Quotation Information for Eligible
Securities received from Participants. The Processor shall not
calculate the best bid and offer for any individual Participant,
including the NASD.
    The Participant responsible for each side of the best bid and asked
quotation making up the national best bid and offer shall be identified
by an appropriate symbol. If the quotations of more than one
Participant shall be the same best price, the largest displayed size
among those shall be deemed to be the best. If the quotations of more
than one Participant are the same best price and best displayed size,
the earliest among those measured by the time reported shall be deemed
to be the best. A reduction of only bid size and/or ask size will not
change the time priority of a Participant's quote for the purposes of
determining time reported, whereas an increase of the bid size and/or
ask size will result in a new time reported. The consolidated size
shall be the size of the Participant that is at the best.
    If the best bid/best offer results in a locked or crossed
quotation, the Processor shall forward that locked or crossed quote on
the appropriate output lines (i.e., a crossed quote of bid 12, ask
11.87 shall be disseminated). The Processor shall normally cease the
calculation of the best bid/best offer after 6:30 p.m., Eastern Time.
    2. Quotation Data Streams. The Processor shall disseminate on the
UTP Quote Data Feed a data stream of all Quotation Information
regarding Eligible Securities received from Participants. Each
quotation shall be designated with a symbol identifying the Participant
from which the quotation emanates and, in the case of NASD, the NASD
Participant(s) that constitutes NASD's Best Bid and Offer quotations.
In addition, the Processor shall separately distribute on the OTC
Montage Data Feed the Quotation Information regarding Eligible
Securities from all NASD Participants from which quotations emanate.
The Processor shall separately distribute NQDS for so long as Nasdaq is
not registered as a national securities exchange and for so long as
Nasdaq is the Processor. For so long as Nasdaq is not registered as a
national securities exchange and after Nasdaq is no longer the
Processor for other SIP datafeeds, either Nasdaq or a third party will
act as the Processor to collect, consolidate, and disseminate the
quotation information contained in NQDS.
    3. Transaction Reports. The Processor shall disseminate on the UTP
Trade Data Feed a data stream of all Transaction Reports in Eligible
Securities received from Participants. Each transaction report shall be
designated with a symbol identifying the Participant in whose Market
the transaction took place.
D. Closing Reports
    At the conclusion of each trading day, the Processor shall
disseminate a ``closing price'' for each Eligible Security. Such
``closing price'' shall be the price of the last Transaction Report in
such security received prior to dissemination. The Processor shall also
tabulate and disseminate at the conclusion of each trading day the
aggregate volume reflected by all Transaction Reports in Eligible
Securities reported by the Participants.
E. Statistics
    The Processor shall maintain quarterly, semi-annual and annual
transaction and volume statistical counts. The Processor shall, at cost
to the user Participant(s), make such statistics available in a form
agreed upon by the Operating Committee, such as a secure Web site.

VII. Administrative Functions of the Processor

    Subject to the general direction of the Operating Committee, the
Processor shall be responsible for carrying out all administrative
functions necessary to the operation and maintenance of the
consolidated information collection and dissemination system provided
for in this Plan, including, but not limited to, record keeping,
billing, contract administration, and the preparation of financial
reports.

VIII. Transmission of Information to Processor by Participants

A. Quotation Information
    Each Participant shall, during the time it is open for trading be
responsible promptly to collect and transmit to the Processor accurate
Quotation Information in Eligible Securities through any means
prescribed herein.
    Quotation Information shall include:
    1. Identification of the Eligible Security, using the Nasdaq
Symbol;
    2. The price bid and offered, together with size;
    3. The NASD Participant along with the NASD Participant's market
participant identification or Participant from which the quotation
emanates;
    4. Identification of quotations that are not firm; and
    5. Through appropriate codes and messages, withdrawals and similar
matters.
B. Transaction Reports
    Each Participant shall, during the time it is open for trading, be
responsible promptly to collect and transmit to the Processor
Transaction Reports in Eligible Securities executed in its Market by
means prescribed herein. With respect to orders sent by one Participant
Market to another Participant Market for execution, each Participant
shall adopt procedures governing the reporting of transactions in
Eligible Securities specifying that the transaction will be reported by
the Participant whose member sold the security. This provision shall
apply only to transactions between Plan Participants.
    Transaction Reports shall include:
    1. Identification of the Eligible Security, using the Nasdaq
Symbol;
    2. The number of shares in the transaction;
    3. The price at which the shares were purchased or sold;
    4. The buy/sell/cross indicator;
    5. The Market of execution; and,
    6. Through appropriate codes and messages, late or out-of-sequence
trades, corrections and similar matters.
    All such Transaction Reports shall be transmitted to the Processor
within 90 seconds after the time of execution of the transaction.
Transaction Reports transmitted beyond the 90-second period shall be
designated as ``late'' by the appropriate code or message.
    The following types of transactions are not required to be reported
to the Processor pursuant to the Plan:
    1. Transactions that are part of a primary distribution by an
issuer or of

a registered secondary distribution or of an unregistered secondary
distribution;
    2. Transactions made in reliance on Section 4(2) of the Securities
Act of 1933;
    3. Transactions in which the buyer and the seller have agreed to
trade at a price unrelated to the Current Market for the security,
e.g., to enable the seller to make a gift;
    4. Odd-lot transactions;
    5. The acquisition of securities by a broker-dealer as principal in
anticipation of making an immediate exchange distribution or exchange
offering on an exchange;
    6. Purchases of securities pursuant to a tender offer; and
    7. Purchases or sales of securities effected upon the exercise of
an option pursuant to the terms thereof or the exercise of any other
right to acquire securities at a pre-established consideration
unrelated to the Current Market.
C. Symbols for Market Identification for Quotation Information and
Transaction Reports
    The following symbols shall be used to denote the marketplaces:

------------------------------------------------------------------------
               Code                             Participant
------------------------------------------------------------------------
A................................  American Stock Exchange LLC.
B................................  Boston Stock Exchange, Inc.
W................................  Chicago Board Options Exchange, Inc.
M................................  Chicago Stock Exchange, Inc.
I................................  International Securities Exchange,
                                    Inc.
D................................  NASD.
Q................................  Nasdaq Stock Market LLC.
C................................  National Stock Exchange, Inc.
P................................  NYSE Arca, Inc.
X................................  Philadelphia Stock Exchange, Inc.
------------------------------------------------------------------------

    D. Whenever a Participant determines that a level of trading
activity or other unusual market conditions prevent it from collecting
and transmitting Quotation Information or Transaction Reports to the
Processor, or where a trading halt or suspension in an Eligible
Security is in effect in its Market, the Participant shall promptly
notify the Processor of such condition or event and shall resume
collecting and transmitting Quotation Information and Transaction
Reports to it as soon as the condition or event is terminated. In the
event of a system malfunction resulting in the inability of a
Participant or its members to transmit Quotation Information or
Transaction Reports to the Processor, the Participant shall promptly
notify the Processor of such event or condition. Upon receiving such
notification, the Processor shall take appropriate action, including
either closing the quotation or purging the system of the affected
quotations.

IX. Market Access

    A. Each Participant shall permit each NASD market participant,
acting in its capacity as such, direct telephone access to the
specialist, trading post, market maker and supervisory center in each
Eligible Security in which such NASD market participant is registered
as a market maker or electronic communications network/alternative
trading system with NASD. Such access shall include appropriate
procedures or requirements by each Participant or employee to assure
the timely response to communications received through telephonic
access. No Participant shall permit the imposition of any access or
execution fee, or any other fee or charge, with respect to transactions
in Eligible Securities effected with NASD market participants which are
communicated to the floor by telephone pursuant to the provisions of
this Plan. A Participant shall be free to charge for other types of
access to its floor or facilities.
    B. The NASD shall assure that each Participant, and its members
shall have direct telephone access to the trading desk of each NASD
market participant in each Eligible Security in which the Participant
displays quotations, and to the NASD Supervisory Center. Such access
shall include appropriate procedures or requirements to assure the
timely response of each NASD market participant to communications
received through telephone access. No NASD market participant shall
impose any access or execution fee, or any other fee or charge, with
respect to transactions in Eligible Securities effected with a member
of a Participant which are communicated by telephone pursuant to the
provisions of this Plan.

X. Regulatory Halts

    A. Whenever, in the exercise of its regulatory functions, the
Listing Market for an Eligible Security determines that a Regulatory
Halt is appropriate pursuant to Section III.S, the Listing Market will
notify all other Participants pursuant to Section X.E and all other
Participants shall also halt or suspend trading in that security until
notification that the halt or suspension is no longer in effect. The
Listing Market shall immediately notify the Processor of such
Regulatory Halt as well as notice of the lifting of a Regulatory Halt.
The Processor, in turn, shall disseminate to Participants notice of the
Regulatory Halt (as well as notice of the lifting of a regulatory halt)
through the UTP Quote Data Feed. This notice shall serve as official
notice of a regulatory halt for purposes of the Plan only, and shall
not substitute or otherwise supplant notice that a Participant may
recognize or require under its own rules. Nothing in this provision
shall be read so as to supplant or be inconsistent with a Participant's
own rules on trade halts, which rules apply to the Participant's own
members. The Processor will reject any quotation information or
transaction reports received from any Participant on an Eligible
Security that has a Regulatory Halt in effect.
    B. Whenever the Listing Market determines that an adequate
publication or dissemination of information has occurred so as to
permit the termination of the Regulatory Halt then in effect, the
Listing Market shall promptly notify the Processor and each of the
other Participants that conducts trading in such security pursuant to
Section X.F. Except in extraordinary circumstances, adequate
publication or dissemination shall be presumed by the Listing Market to
have occurred upon the expiration of one hour after initial publication
in a national news dissemination service of the information that gave
rise to the Regulatory Halt.
    C. Except in the case of a Regulatory Halt, the Processor shall not
cease the dissemination of quotation or transaction information
regarding any Eligible Security. In particular, it shall not cease
dissemination of such information because of a delayed opening,
imbalance of orders or other market-related problems involving such
security. During a regulatory halt, the Processor shall collect and
disseminate Transaction Information but shall cease collection and
dissemination of all Quotation Information.
    D. For purposes of this Section X, ``Listing Market'' for an
Eligible Security means the Participant's Market on which the Eligible
Security is listed. If an Eligible Security is dually listed, Listing
Market shall mean the Participant's Market on which the Eligible
Security is listed that also has the highest number of the average of
the reported transactions and reported share volume for the preceding
12-month period. The Listing Market for dually-listed Eligible
Securities shall be determined at the beginning of each calendar
quarter.
    E. For purposes of coordinating trading halts in Eligible
Securities, all Participants are required to utilize the national
market system communication media (``Hoot-n-Holler'') to verbally
provide real-time information to all Participants. Each Participant
shall be required to continuously monitor the Hoot-n-Holler system
during market hours, and the failure of a Participant to

do so at any time shall not prevent the Listing Market from initiating
a Regulatory Halt in accordance with the procedures specified herein.
    1. The following procedures shall be followed when one or more
Participants experiences extraordinary market activity in an Eligible
Security that is believed to be caused by the misuse or malfunction of
systems operated by or linked to one or more Participants.
    a. The Participant(s) experiencing the extraordinary market
activity or any Participant that becomes aware of extraordinary market
activity will immediately use best efforts to notify all Participants
of the extraordinary market activity utilizing the Hoot-n-Holler
system.
    b. The Listing Market will use best efforts to determine whether
there is material news regarding the Eligible Security. If the Listing
Market determines that there is non-disclosed material news, it will
immediately call a Regulatory Halt pursuant to Section X.E.2.
    c. Each Participant(s) will use best efforts to determine whether
one of its systems, or the system of a direct or indirect participant
in its market, is responsible for the extraordinary market activity.
    d. If a Participant determines the potential source of
extraordinary market activity pursuant to Section X.1.c., the
Participant will use best efforts to determine whether removing the
quotations of one or more direct or indirect market participants or
barring one or more direct or indirect market participants from
entering orders will resolve the extraordinary market activity.
Accordingly, the Participant will prevent the quotations from one or
more direct or indirect market participants in the affected Eligible
Securities from being transmitted to the Processor.
    e. If the procedures described in Section X.E.1.a.-d. do not
rectify the situation, the Participant(s) experiencing extraordinary
market activity will cease transmitting all quotations in the affected
Eligible Securities to the Processor.
    f. If the procedures described in Section X.E.1.a-e do not rectify
the situation within five minutes of the first notification through the
Hoot-n-Holler system, or if Participants agree to call a halt sooner
through unanimous approval among those Participants actively trading
impacted Eligible Securities, the Listing Market may determine based on
the facts and circumstances, including available input from
Participants, to declare an Extraordinary Market Regulatory Halt in the
affected Eligible Securities. Simultaneously with the notification of
the Processor to suspend the dissemination of quotations across all
Participants, the Listing Market must verbally notify all Participants
of the trading halt utilizing the Hoot-n-Holler system.
    g. Absent any evidence of system misuse or malfunction, best
efforts will be used to ensure that trading is not halted across all
Participants.
    2. If the Listing Market declares a Regulatory Halt in
circumstances other than pursuant to Section X.E.1.f., the Listing
Market must, simultaneously with the notification of the Processor to
suspend the dissemination of quotations across all Participants,
verbally notify all Participants of the trading halt utilizing the
Hoot-n-Holler system.
    F. If the Listing Market declares a Regulatory Halt, trading will
resume according to the following procedures:
    1. Within 15 minutes of the declaration of the halt, all
Participants will make best efforts to indicate via the Hoot-n-Holler
their intentions with respect to canceling or modifying transactions.
    2. All Participants will disseminate to their members information
regarding the canceled or modified transactions as promptly as
possible, and in any event prior to the resumption of trading.
    3. After all Participants have met the requirements of Section
X.F.1-2, the Listing Market will notify the Participants utilizing the
Hoot-n-Holler and the Processor when trading may resume. Upon receiving
this information, Participants may commence trading pursuant to Section
X.A.

XI. Hours of Operation

    A. Quotation Information may be entered by Participants as to all
Eligible Securities in which they make a market between 9:30 a.m. and 4
p.m. Eastern Time (``ET'') on all days the Processor is in operation.
Transaction Reports shall be entered between 9:30 a.m. and 4:01:30 p.m.
ET by Participants as to all Eligible Securities in which they execute
transactions between 9:30 a.m. and 4 p.m. ET on all days the Processor
is in operation.
    B. Participants that execute transactions in Eligible Securities
outside the hours of 9:30 a.m. ET and 4 p.m., ET, shall be required to
report such transactions as follows:
    (i) Transactions in Eligible Securities executed between 4 a.m. and
9:29:59 a.m. ET and between 4:00:01 and 8 p.m. ET, shall be designated
as ``.T'' trades to denote their execution outside normal market hours;
    (ii) Transactions in Eligible Securities executed after 8 p.m. and
before 12 a.m. (midnight) shall be reported to the Processor between
the hours of 4 a.m. and 8 p.m. ET on the next business day (T+1), and
shall be designated ``as/of'' trades to denote their execution on a
prior day, and be accompanied by the time of execution;
    (iii) Transactions in Eligible Securities executed between 12 a.m.
(midnight) and 4 a.m. ET shall be transmitted to the Processor between
4 a.m. and 9:30 a.m. ET, on trade date, shall be designated as ``.T''
trades to denote their execution outside normal market hours, and shall
be accompanied by the time of execution;
    (iv) Transactions reported pursuant to this provision of the Plan
shall be included in the calculation of total trade volume for purposes
of determining net distributable operating revenue, but shall not be
included in the calculation of the daily high, low, or last sale.
    C. Late trades shall be reported in accordance with the rules of
the Participant in whose Market the transaction occurred and can be
reported between the hours of 4 a.m. and 8 p.m.
    D. The Processor shall collect, process and disseminate Quotation
Information in Eligible Securities at other times between 4 a.m. and
9:30 a.m. ET, and after 4 p.m. ET, when any Participant or Nasdaq
market participant is open for trading, until 8 p.m. ET (the
``Additional Period''); provided, however, that the best bid and offer
quotation will not be disseminated before 4 a.m. or after 8 p.m. ET.
Participants that enter Quotation Information or submit Transaction
Reports to the Processor during the Additional Period shall do so for
all Eligible Securities in which they enter quotations.

XII. Undertaking by All Participants

    The filing with and approval by the Commission of this Plan shall
obligate each Participant to enforce compliance by its members with the
provisions thereof. In all other respects not inconsistent herewith,
the rules of each Participant shall apply to the actions of its members
in effecting, reporting, honoring and settling transactions executed
through its facilities, and the entry, maintenance and firmness of
quotations to ensure that such occurs in a manner consistent with just
and equitable principles of trade.

XIII. Financial Matters

A. Development Costs
    Any Participant becoming a signatory to this Plan after June 26,
1990, shall, as

a condition to becoming a Participant, pay to the other Plan
Participants a proportionate share of the aggregate development costs
previously paid by Plan Participants to the Processor, which aggregate
development costs totaled $439,530, with the result that each
Participant's share of all development costs is the same.
    Each Participant shall bear the cost of implementation of any
technical enhancements to the Nasdaq system made at its request and
solely for its use, subject to reapportionment should any other
Participant subsequently make use of the enhancement, or the
development thereof.
B. Cost Allocation and Revenue Sharing
    The provisions governing cost allocation and revenue sharing among
the Participants are set forth in Exhibit 1 to the Plan.
C. Maintenance of Financial Records
    The Processor shall maintain records of revenues generated and
development and operating expenditures incurred in connection with the
Plan. In addition, the Processor shall provide the Participants with:
(a) A statement of financial and operational condition on a quarterly
basis; and (b) an audited statement of financial and operational
condition on an annual basis.

XIV. Indemnification

    Each Participant agrees, severally and not jointly, to indemnify
and hold harmless each other Participant, Nasdaq, and each of its
directors, officers, employees and agents (including the Operating
Committee and its employees and agents) from and against any and all
loss, liability, claim, damage and expense whatsoever incurred or
threatened against such persons as a result of any Transaction Reports,
Quotation Information or other information reported to the Processor by
such Participant and disseminated by the Processor to Vendors. This
indemnity agreement shall be in addition to any liability that the
indemnifying Participant may otherwise have. Promptly after receipt by
an indemnified Participant of notice of the commencement of any action,
such indemnified Participant will, if a claim in respect thereof is to
be made against an indemnifying Participant, notify the indemnifying
Participant in writing of the commencement thereof; but the omission to
so notify the indemnifying Participant will not relieve the
indemnifying Participant from any liability which it may have to any
indemnified Participant. In case any such action is brought against any
indemnified Participant and it promptly notifies an indemnifying
Participant of the commencement thereof, the indemnifying Participant
will be entitled to participate in, and, to the extent that it may
wish, jointly with any other indemnifying Participant similarly
notified, to assume and control the defense thereof with counsel chosen
by it. After notice from the indemnifying Participant of its election
to assume the defense thereof, the indemnifying Participant will not be
liable to such indemnified Participant for any legal or other expenses
subsequently incurred by such indemnified Participant in connection
with the defense thereof but the indemnified Participant may, at its
own expense, participate in such defense by counsel chosen by it
without, however, impairing the indemnifying Participant's control of
the defense. The indemnifying Participant may negotiate a compromise or
settlement of any such action, provided that such compromise or
settlement does not require a contribution by the indemnified
Participant.

XV. Withdrawal

    Any Participant may withdraw from the Plan at any time on not less
than 30 days prior written notice to each of the other Participants.
Any Participant withdrawing from the Plan shall remain liable for, and
shall pay upon demand, any fees for equipment or services being
provided to such Participant pursuant to the contract executed by it or
an agreement or schedule of fees covering such then in effect.
    A withdrawing Participant shall also remain liable for its
proportionate share, without any right of recovery, of administrative
and operating expenses, including start-up costs and other sums for
which it may be responsible pursuant to Section XIV hereof. Except as
aforesaid, a withdrawing Participant shall have no further obligation
under the Plan or to any of the other Participants with respect to the
period following the effectiveness of its withdrawal.

XVI. Modifications to Plan

    The Plan may be modified from time to time when authorized by the
agreement of all of the Participants, subject to the approval of the
SEC or which otherwise becomes effective pursuant to Section 11A of the
Act and Rule 608 of Regulation NMS.

XVII. Applicability of Securities Exchange Act of 1934

    The rights and obligations of the Participants and of Vendors, News
Services, Subscribers and other persons contracting with Participant in
respect of the matters covered by the Plan shall at all times be
subject to any applicable provisions of the Act, as amended, and any
rules and regulations promulgated thereunder.

XVIII. Operational Issues

    A. Each Participant shall be responsible for collecting and
validating quotes and last sale reports within their own system prior
to transmitting this data to the Processor.
    B. Each Participant may utilize a dedicated Participant line into
the Processor to transmit trade and quote information in Eligible
Securities to the Processor. The Processor shall accept from Exchange
Participants input for only those issues that are deemed Eligible
Securities.
    C. The Processor shall consolidate trade and quote information from
each Participant and disseminate this information on the Processor's
existing vendor lines.
    D. The Processor shall perform gross validation processing for
quotes and last sale messages in addition to the collection and
dissemination functions, as follows:
    1. Basic Message Validation.
    (a) The Processor may validate format for each type of message, and
reject non-conforming messages.
    (b) Input must be for an Eligible Security.
    2. Logging Function--The Processor shall return all Participant
input messages that do not pass the validation checks (described above)
to the inputting Participant, on the entering Participant line, with an
appropriate reject notation. For all accepted Participant input
messages (i.e., those that pass the validation check), the information
shall be retained in the Processor system.

XIX. Headings

    The section and other headings contained in this Plan are for
reference purposes only and shall not be deemed to be a part of this
Plan or to affect the meaning or interpretation of any provisions of
this Plan.

XX. Counterparts

    This Plan may be executed by the Participants in any number of
counterparts, no one of which need contain the signature of all
Participants. As many such counterparts as shall together contain all
such signatures shall constitute one and the same instrument.

XXI. Depth of Book Display

    The Operating Committee has determined that the entity that
succeeds Nasdaq as the Processor should have the ability to collect,
consolidate, and disseminate quotations at multiple price levels beyond
the best bid and best offer from any Participant that voluntarily
chooses to submit such quotations while determining that no Participant
shall be required to submit such information. The Operating Committee
has further determined that the costs of developing, collecting,
processing, and disseminating such depth of book data shall be borne
exclusively by those Participants that choose to submit this
information to the Processor, by whatever allocation those Participants
may choose among themselves. The Operating Committee has determined
further that the primary purpose of the Processor is the collection,
processing and dissemination of best bid, best offer and last sale
information (``core data''), and as such, the Participants will adopt
procedures to ensure that such functionality in no way hinders the
collecting, processing and dissemination of this core data.
    Therefore, implementing the depth of book display functionality
will require a plan amendment that addresses all pertinent issues,
including:
    (1) Procedures for ensuring that the fully-loaded cost of the
collection, processing, and dissemination of depth-of-book information
will be tracked and invoiced directly to those Plan Participants that
voluntarily choose to send that data, voluntarily, to the Processor,
allocating in whatever manner those Participants might agree; and
    (2) Necessary safeguards the Processor will take to ensure that its
processing of depth-of-book data will not impede or hamper, in any way,
its core Processor functionality of collecting, consolidating, and
disseminating National Best Bid and Offer data, exchange best bid and
offer data, and consolidated last sale data.
    Upon approval of a Plan amendment implementing depth of book
display, this article of the Plan shall be automatically deleted.

    In witness whereof, this Plan has been executed as of the ----
day of --------, 200----, by each of the Signatories hereto.
American Stock Exchange LLC
By:

Boston Stock Exchange, Inc.
By:

Chicago Stock Exchange, Inc.
By:

Chicago Board Options Exchange, Inc.
By:

International Securities Exchange, Inc.
By:

NASD
By:

National Stock Exchange, Inc.
By:

NYSE Arca, Inc.
By:

Philadelphia Stock Exchange, Inc.
By:

The Nasdaq Stock Market LLC
By:

Exhibit 1

    1. Each Participant eligible to receive revenue under the Plan will
receive an annual payment for each calendar year to be determined by
multiplying (i) That Participant's percentage of total volume in Nasdaq
securities reported to the Processor for that calendar year by (ii) the
total distributable net operating income (as defined below) for that
calendar year. In the event that total distributable net operating
income is negative, each Participant eligible to receive revenue under
the Plan will receive an annual bill for each calendar year to be
determined according to the same formula (described in this paragraph)
for determining annual payments to eligible Participants.
    2. A Participant's percentage of total volume in Nasdaq securities
will be calculated by taking the average of (i) The Participant's
percentage of total trades in Nasdaq securities reported to the
Processor for the year and (ii) the Participant's percentage of total
share volume in Nasdaq securities reported to the Processor for the
year (trade/volume average). For any given year, a Participant's
percentage of total trades shall be calculated by dividing the total
number of trades that that Participant reports to the Processor for
that year by the total number of trades in Nasdaq securities reported
to the Processor for the year. A Participant's total share volume shall
be calculated by multiplying the total number of trades in Nasdaq
securities in that year that that Participant reports to the Processor
by the number of shares for each such trade. Unless otherwise stated in
this agreement, a year shall run from January 1 to December 31 and
quarters shall end on March 31, June 30, September 30, and December 31.
Processor shall endeavor to provide Participants with written estimates
of each Participant's percentage of total volume within five business
days of month end.
    3. For purposes of this Exhibit 1, net distributable operating
income for any particular calendar year shall be calculated by adding
all revenues from the UTP Quote Data Feed, the UTP Trade Data Feed, and
the OTC Montage Data Feed including revenues from the dissemination of
information respecting Eligible Securities to foreign marketplaces
(collectively, ``the Data Feeds''), and subtracting from such revenues
the costs incurred by the Processor, set forth below, in collecting,
consolidating, validating, generating, and disseminating the Data
Feeds. These costs include, but are not limited to, the following:
    a. The Processor costs directly attributable to creating OTC
Montage Data Feed, including:
    1. Cost of collecting Participant quotes into the Processor's quote
engine;
    2. Cost of processing quotes and creating OTC Montage Data Feed
messages within the Processor's quote engine;
    3. Cost of the Processor's communication management subsystem that
distributes OTC Montage Data Feed to the market data vendor network for
further distribution.
    b. The costs directly attributable to creating the UTP Quote Data
Feed, including:
    1. The costs of collecting each Participant's best bid, best offer,
and aggregate volume into the Processor's quote engine and, in the case
of NASD, the costs of identifying the NASD Participant(s) that
constitute NASD's Best Bid and Offer quotations;
    2. Cost of calculating the national best bid and offer price within
the Processor's quote engine;
    3. Cost of creating the UTP Quote Data Feed message within the
Processor's quote engine;
    4. Cost of the Processor's communication management subsystem that
distributes the UTP Quote Data Feed to the market data vendors'
networks for further distribution.
    c. The costs directly attributable to creating the UTP Trade Data
Feed, including:
    1. The costs of collecting each Participant's last sale and volume
amount into the Processor's quote engine;
    2. Cost of determining the appropriate last sale price and volume
amount within the Processor's trade engine;
    3. Cost of utilizing the Processor's trade engine to distribute the
UTP Trade Data Feed for distribution to the market data vendors.
    4. Cost of the Processor's communication management subsystem that
distributes the UTP Trade Data Feed to the marker data vendors'
networks for further distribution.
    d. The additional costs that are shared across all Data Feeds,
including:
    1. Telecommunication Operations costs of supporting the Participant
lines into the Processor's facilities;

    2. Telecommunications Operations costs of supporting the external
market data vendor network;
    3. Data Products account management and auditing function with the
market data vendors;
    4. Market Operations costs to support symbol maintenance, and other
data integrity issues;
    5. Overhead costs, including management support of the Processor,
Human Resources, Finance, Legal, and Administrative Services.
    e. Processor costs excluded from the calculation of net
distributable operating income include trade execution costs for
transactions executed using a Nasdaq service and trade report
collection costs reported through a Nasdaq service, as such services
are market functions for which Participants electing to use such
services pay market rate.
    f. For the purposes of this provision, the following definitions
shall apply:
    1. ``Quote engine'' shall mean the Nasdaq's NT or Tandem system
that is operated by Nasdaq to collect quotation information for
Eligible Securities;
    2. ``Trade engine'' shall mean the Nasdaq Tandem system that is
operated by Nasdaq for the purpose of collecting last sale information
in Eligible Securities.
    3. At the time a Participant implements a Processor-approved
electronic interface with the Processor, the Participant will become
eligible to receive revenue.
    4. Processor shall endeavor to provide Participants with written
estimates of each Participant's quarterly net distributable operating
income within 45 calendar days of the end of the quarter, and estimated
quarterly payments or billings shall be made on the basis of such
estimates. All quarterly payments or billings shall be made to each
eligible Participant within 45 days following the end of each calendar
quarter in which the Participant is eligible to receive revenue,
provided that each quarterly payment or billing shall be reconciled
against a Participant's cumulative year-to-date payment or billing
received to date and adjusted accordingly, and further provided that
the total of such estimated payments or billings shall be reconciled at
the end of each calendar year and, if necessary, adjusted by March 31st
of the following year. Interest shall be included in quarterly payments
and in adjusted payments made on March 31st of the following year. Such
interest shall accrue monthly during the period in which revenue was
earned and not yet paid and will be based on the 90-day Treasury bill
rate in effect at the end of the quarter in which the payment is made.
Monthly interest shall start accruing 45 days following the month in
which it is earned and accrue until the date on which the payment is
made.
    In conjunction with calculating estimated quarterly and reconciled
annual payments under this Exhibit 1, the Processor shall submit to the
Participants a quarterly itemized statement setting forth the basis
upon which net operating income was calculated, including a quarterly
itemized statement of the Processor costs set forth in Paragraph 3 of
this Exhibit. Such Processor costs and Plan revenues shall be adjusted
annually based solely on the Processor's quarterly itemized statement
audited pursuant to Processor's annual audit. Processor shall pay or
bill Participants for the audit adjustments within thirty days of
completion of the annual audit. By majority vote of the Operating
Committee, the Processor shall engage an independent auditor to audit
the Processor's costs or other calculation(s), the cost of which audit
shall be shared equally by all Participants. The Processor agrees to
cooperate fully in providing the information necessary to complete such
audit.

 [FR Doc. E6-15515 Filed 9-18-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 146 (Thursday, July 30, 2015)]
[Notices]
[Pages 45538-45539]
[FR Doc No: 2015-18659]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2014-0069; FRL-9931-66-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Source Categories: Generic
Maximum Achievable Control Technology Standards for Acetal Resin;
Acrylic and Modacrylic Fiber; Hydrogen Fluoride and Polycarbonate
Production (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``NESHAP for Source Categories:
Generic Maximum Achievable Control Technology Standards for Acetal
Resin; Acrylic and Modacrylic Fiber; Hydrogen Fluoride and
Polycarbonate Production (40 CFR part 63, subpart YY) (Renewal)'' (EPA
ICR No. 1871.09, OMB Control No. 2060-0420) to the Office of Management
and Budget (OMB) for review and approval in accordance with the
Paperwork Reduction Act (44 U.S.C. 3501 et seq.). This is a proposed
extension of the ICR, which is currently approved through July 31,
2015. Public comments were previously requested via the Federal
Register (79 FR 30117) on May 27, 2014 during a 60-day comment period.
This notice allows for an additional 30 days for public comments. A
fuller description of the ICR is given below, including its estimated
burden and cost to the public. An Agency may not conduct or sponsor and
a person is not required to respond to a collection of information
unless it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before August 31,
2015.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2014-0069, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, EPA West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: These regulations apply to new and existing facilities of
the following four categories: Polycarbonates (PC) Production, Acrylic
and Modacrylic Fibers (AMF) Production, Acetal Resins (AR) Production,
and Hydrogen Fluoride (HF) Production. New facilities include those
that commenced construction or reconstruction after the date of
proposal. This information is being collected to assure compliance with
40 CFR part 63, subpart YY.
    In general, all NESHAP standards require initial notifications,
performance tests, and periodic reports by the owners/operators of the
affected facilities. They are also required to maintain records of the
occurrence and duration of any startup, shutdown, or malfunction in the
operation of an affected facility, or any period during which the
monitoring system is inoperative. These notifications, reports, and
records are essential in determining compliance, and are required of
all affected facilities subject to NESHAP. Any owner/operator subject
to the provisions of this part shall maintain a file of these
measurements, and retain the file for at least five years following the
date of such measurements, maintenance reports, and records. All
reports are sent to the delegated state or local authority. In the
event that there is no such delegated authority, the reports are sent
directly to the United States Environmental Protection Agency (EPA)
regional office.
    Form Numbers: None.
    Respondents/affected entities: Respondents are existing facilities
and new of the following four categories: Polycarbonates (PC)
Production, Acrylic and Modacrylic Fibers (AMF) Production, Acetal
Resins (AR) Production, and Hydrogen Fluoride (HF) Production. The PC
industry consists of facilities that produce polycarbonates, a process
that involves a polymerization reaction using either a solution or
suspension process in either a batch or continuous mode. All production
of polycarbonates in the United States is currently based on the
polymerization reaction of bisphenols with phosgene in the presence of
catalysts, solvents (mainly methylene chloride) and other additives.
The AMF industry consists of facilities that produce acrylic and
modacrylic fibers, which are manufactured synthetic fibers in which the
fiber-forming substance is any long-chain synthetic polymer containing
acrylonitrile units. The AR industry consists of facilities that
produce homopolymers and/or copolymers of alternating oxymethylene
units. Acetal resins are also known as polyoxymethylenes, polyacetals,
and aldehyde resins. The HF industry consists of facilities that
produce and recover hydrogen fluoride by reacting calcium fluoride with
sulfuric acid. In this subpart, hydrogen fluoride production is not a
process that produces gaseous hydrogen fluoride for direct reaction
with hydrated aluminum to form aluminum fluoride (i.e., the hydrogen
fluoride is not recovered as an intermediate or final product prior to
reacting with the hydrated aluminum).
    Respondent's obligation to respond: Mandatory (40 CFR part 63
subpart YY).
    Estimated number of respondents: 7 (total).
    Frequency of response: Initially, occasionally, and semiannually.
    Total estimated burden: 3,240 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $317,000 (per year), includes $127,000
annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is a decrease in the total
estimated respondent burden compared with the ICR currently approved by
OMB. The decrease in burden from the most recently approved ICR is
primarily because the number of sources in the PC and AMF has
decreased. However, there is a small increase in EPA burden and other
changes to the burden calculation in this ICR. This ICR incorporates
the requirements of the rule amendment to the PC and AMF subcategories.
The rule amendment added requirements related

to leak detection and repair (LDAR) and pressure relief devices (PRD)
for subject PC and AMF facilities. We assume existing PC and AMF
facilities will come into compliance with the new requirements during
the three-year period covered under this ICR.

Courtney Kerwin,
Acting Director, Collection Strategies Division.
[FR Doc. 2015-18659 Filed 7-29-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 191 (Wednesday, October 2, 2013)]
[Notices]
[Pages 60884-60885]
[FR Doc No: 2013-24025]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2013-N-0001]

Vaccines and Related Biological Products Advisory Committee;
Notice of Meeting

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

    This notice announces a forthcoming meeting of a public advisory
committee of the Food and Drug Administration (FDA). At least one
portion of the meeting will be closed to the public.
    Name of Committee: Vaccines and Related Biological Products
Advisory Committee.
    General Function of the Committee: To provide advice and
recommendations to the Agency on FDA's regulatory issues.
    Date and Time: The meeting will be held on November 13, 2013,
between approximately 12:30 p.m. and 3:45 p.m.
    Location: Rockwall II, Conference Room 1033, 5515 Security Lane,
Rockville, MD 20852. The public is welcome to attend the meeting at the
specified location where a speakerphone will be provided. Public
participation in the meeting is limited to the use of the speakerphone
in the conference room.
    Contact Person for More Information: Donald W. Jehn or Denise
Royster, Food and Drug Administration, 1401 Rockville Pike (HFM-71),
Rockville, MD 20852,<PHONE_NUMBER>, or FDA Advisory Committee
Information Line, 1-800-741-8138<PHONE_NUMBER> in the Washington, DC
area). A notice in the Federal Register about last minute modifications
that impact a previously announced advisory committee meeting

cannot always be published quickly enough to provide timely notice.
Therefore, you should always check the Agency's Web site at http://www.fda.gov/AdvisoryCommittees/default.htm and scroll down to the
appropriate advisory committee meeting link, or call the advisory
committee information line to learn about possible modifications before
coming to the meeting.
    Agenda: On November 13, 2013, the committee will meet in open
session to hear an overview of the research programs in the Laboratory
of Retroviruses and Laboratory of Immunoregulation, Division of Viral
Products, Office of Vaccines Research and Review, Center for Biologics
Evaluation and Review, FDA.
    FDA intends to make background material available to the public no
later than 2 business days before the meeting. If FDA is unable to post
the background material on its Web site prior to the meeting, the
background material will be made publicly available at the location of
the advisory committee meeting, and the background material will be
posted on FDA's Web site after the meeting. Background material is
available at http://www.fda.gov/AdvisoryCommittees/Calendar/default.htm. Scroll down to the appropriate advisory committee meeting
link.
    Procedure: On November 13, 2013, from 12:30 p.m. to approximately
3:10 p.m., the meeting is open to the public. Interested persons may
present data, information, or views, orally or in writing, on issues
pending before the committee. Written submissions may be made to the
contact person on or before November 6, 2013. Oral presentations from
the public will be scheduled between approximately 2:10 p.m. and
approximately 3:10 p.m. Those individuals interested in making formal
oral presentations should notify the contact person and submit a brief
statement of the general nature of the evidence or arguments they wish
to present, the names and addresses of proposed participants, and an
indication of the approximate time requested to make their presentation
on or before October 29, 2013. Time allotted for each presentation may
be limited. If the number of registrants requesting to speak is greater
than can be reasonably accommodated during the scheduled open public
hearing session, FDA may conduct a lottery to determine the speakers
for the scheduled open public hearing session. The contact person will
notify interested persons regarding their request to speak by October
30, 2013.
    Closed Committee Deliberations: On November 13, 2013, between
approximately 3:10 p.m. and approximately 3:45 p.m., the meeting will
be closed to permit discussion where disclosure would constitute a
clearly unwarranted invasion of personal privacy (5 U.S.C. 552b(c)(6)).
The committee will discuss the report of the intramural research
programs and make recommendations regarding personnel staffing
decisions.
    Persons attending FDA's advisory committee meetings are advised
that the Agency is not responsible for providing access to electrical
outlets.
    FDA welcomes the attendance of the public at its advisory committee
meetings and will make every effort to accommodate persons with
physical disabilities or special needs. If you require special
accommodations due to a disability, please contact Donald W. Jehn or
Denise Royster at least 7 days in advance of the meeting.
    FDA is committed to the orderly conduct of its advisory committee
meetings. Please visit our Web site at http://www.fda.gov/AdvisoryCommittees/AboutAdvisoryCommittees/ucm111462.htm for procedures
on public conduct during advisory committee meetings.
    Notice of this meeting is given under the Federal Advisory
Committee Act (5 U.S.C. app. 2).

    Dated: September 26, 2013.
Jill Hartzler Warner,
Acting Associate Commissioner for Special Medical Programs.
[FR Doc. 2013-24025 Filed 10-1-13; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 81, Number 78 (Friday, April 22, 2016)]
[Notices]
[Pages 23802-23803]
[FR Doc No: 2016-09325]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. 2016-44]

Petition for Exemption; Summary of Petition Received; Delta Air
Lines, Inc.

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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

SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of title 14 of the Code of Federal
Regulations. The purpose of this notice is to improve the public's
awareness of, and participation in, the FAA's exemption process.
Neither publication of this notice nor the inclusion or omission of
information in the summary is intended to affect the legal status of
the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before May 12, 2016.

ADDRESSES: Send comments identified by docket number FAA-2016-4676
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE., Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200

New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: For technical questions concerning
this action, contact Nia Daniels,<PHONE_NUMBER>, 800 Independence
Avenue SW., Washington, DC, 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on April 14, 2016.
Dale Bouffiou,
Acting Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2016-4676.
    Petitioner: Delta Air Lines, Inc.
    Sections of 14 CFR Affected: 121.438; 121.652.
    Description of Relief Sought: Delta Air Lines, Inc. requests an
exemption to use a combined flight time for the Boeing 757 (B-757) and
Boeing 767 (B-767) for compliance with Sec. Sec.  121.438 and 121.652.
This relief would only be applicable to pilots who are engaged in
flying the related aircraft consisting of the B-757-200, B-757-300 and
B-767-300 using a ``classic'' flight deck configuration.

[FR Doc. 2016-09325 Filed 4-21-16; 8:45 am]
 BILLING CODE 4910-13-P