[Federal Register: January 3, 2006 (Volume 71, Number 1)]
[Notices]
[Page 107-109]
[DOCID:fr03ja06-70]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

COMBINED NOTICE OF FILINGS 1

December 27, 2005.
    Take notice that the Commission received the following electric
rate filings.

    Docket Numbers: ER00-2117-003; ER00-2118-003; ER00-3751-003; ER00-
1828-003; ER93-493-015.
    Applicants: ANP Bellingham Energy Company, LLC; ANP Blackstone
Energy Company, LLC; ANP Funding I, LLC; ANP Marketing Company; Milford
Power Limited Partnership.
    Description: ANP Bellingham Co LLC et al submits updated market
power analyses supporting their continued authorization to sell at
market-based rates.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0353.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 04, 2006.

    Docket Numbers: ER00-2398-008; ER99-3427-006.
    Applicants: Baconton Power LLC; SOWEGA Power LLC.
    Description: SOWEGA Power, LLC & Baconton Power, LLC submits their

combined second triennial updated market power analysis.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0285.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 04, 2006.

    Docket Numbers: ER01-688-002.
    Applicants: IPP Energy LLC.
    Description: IPP Energy LLC submits its updated market power study
and revisions to its Rate Schedule FERC No.1.
    Filed Date: 12/13/2005.
    Accession Number: 20051215-0059.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER01-2398-012.
    Applicants: Liberty Electric Power, LLC.
    Description: Liberty Electric Power LLC submits a notice of non-
material change in status in compliance with the reporting requirements
adopted by FERC in Order 652.
    Filed Date: 12/13/2005.
    Accession Number: 20051215-0056.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER03-198-005.
    Applicants: Pacific Gas and Electric Company.
    Description: Pacific Gas & Electric Co submits its triennial market
power analysis in support of its market-based authority tariff.
    Filed Date: 12/09/2005.
    Accession Number: 20051214-0178.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER03-746-000; EL00-95-081; EL00-98-069.
    Applicants: California Independent System Operator Corporation; San
Diego Gas & Electric Co.; and California Power Exchange.
    Description: California Independent System Operator Corp submits
its Twenty-Third Status Report on Re-Run Activity including information
re processing of offsets and schedule for completion of financial
adjustment phase.
    Filed Date: 12/12/2005.
    Accession Number: 20051214-0166.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER05-375-004; ER02-1582-005; ER02-2102-006; ER00-
2885-007; ER01-2765-006.
    Applicants: Arroyo Energy LP; Mohawk River Funding IV, L.L.C.;
Utility Contract Funding, L.L.C.; Cedar Brakes I, L.L.C.; Cedar Brakes
II, L.L.C.
    Description: Arroyo Energy, LP et al submits an amended notice of
non-material change in status.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0280.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Docket Numbers: ER05-1352-002; RT04-1-018; ER04-48-018.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc submits its compliance
filing which provides revisions and clarifications to its Bylaws and
Membership Agreement.
    Filed Date: 12/12/2005.
    Accession Number: 20051219-0286.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-144-000.
    Applicants: Progress Energy Service Company.
    Description: Progress Energy Service Co's notice of withdrawal and
request to terminate revised tariff sheets etc filed on 10/31/05.
    Filed Date: 12/13/2005.
    Accession Number: 20051219-0209.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-315-000; ER05-1496-000.
    Applicants: American Electric Power Service Corporation.
    Description: American Electric Power Service Corp submits First
Revised Interconnection and Local Service Agreement as agent for its
affiliates Ohio Power Co and Columbus Southern Power Co.
    Filed Date: 12/12/2005.
    Accession Number: 20051214-0203.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-316-000.
    Applicants: Wisconsin Public Service Corporation.
    Description: Wisconsin Public Service Corp submits three revised
service agreements with Manitowoc Public Utilities, Washington Island
Electric Cooperative, and Upper Peninsula Power Co.
    Filed Date: 12/12/2005.
    Accession Number: 20051214-0204.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-317-000.
    Applicants: Southern Company Services, Inc.
    Description: Southern Co Services Inc, agent for Alabama Power Co
et al submits an amendment to Network Integration Transmission Service
Agreement No. 467 with Generation Energy Marketing.
    Filed Date: 12/13/2005.
    Accession Number: 20051215-0061.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-318-000.
    Applicants: North American Energy Credit and Clearing.
    Description: North American Energy Credit and Clearing submits its
Petition for Acceptance of Initial Rate Schedule, Waivers and Blanket
Authority.
    Filed Date: 12/13/2005.
    Accession Number: 20051215-0067.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-319-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: PJM Interconnection, LLC submits revisions to Schedule
2 of the PJM Open Access Tariff to reflect Allegheny Energy Supply Co,
LLC and Monongahela Power Co's revenue requirements etc.
    Filed Date: 12/13/2005.
    Accession Number: 20051215-0066.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-321-000.
    Applicants: Midwest ISO.
    Description: Midwest ISO et al submits revisions to Module D of
their Open Access Transmission & Energy Markets Tariff.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0281.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Docket Numbers: ER06-322-000.
    Applicants: Progress Energy Service Company.
    Description: Progress Energy Service Company, LLC, on behalf of
Florida Power Corp dba Progress Energy Florida, Inc resubmits the
Revised NERC Transmission Loading Relief Procedures to comply with
FERC's 10/7/05 Order.
    Filed Date: 12/13/2005.
    Accession Number: 20051219-0282.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-324-000.
    Applicants: Progress Energy Service Company, LLC.
    Description: Progrfess Energy Service Company, LLC on behalf of
Carolina Power & Light Co dba Progress Energy Carolinas, Inc submits
revisions to the Transmission Loading Relief Procedures and request a
waiver of the 60 day notice requirement etc.
    Filed Date: 12/13/2005.
    Accession Number: 20051219-0283.
    Comment Date: 5 p.m. Eastern Time on Tuesday, January 3, 2006.

    Docket Numbers: ER06-325-000.
    Applicants: Central Maine Power Company.
    Description: Central Maine Power Co petitions to terminate
unexecuted local network service agreements with Mr. Israel Feldmus.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0279.

    Comment Date: 5 p.m. Eastern Time on Wednesday, January 04, 2006.

    Docket Numbers: ER06-329-000.
    Applicants: Cadillac Renewable Energy, LLC.
    Description: Cadillac Renewable Energy LLC submits First Revised
Sheet No. 2 et al to FERC Electric Tariff, First Revised Volume No. 1
to be effective 12/15/05.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0292.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Docket Numbers: ER06-334-000.
    Applicants: New England Power Company.
    Description: New England Power Co submits a Fourth Revised Service
Agreement No. 23 between itself and the Narragansett Electric Co under
its FERC Electric Tariff, Original Volume No. 1.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0295.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Docket Numbers: ER99-1004-006; ER00-2738-005; ER00-2740-005; ER01-
1721-003; ER02-564-003; ER02-73-006; ER02-257-006.
    Applicants: Entergy Nuclear Generation Company; Entergy Nuclear
FitzPatrick, LLC; Entergy Nuclear Indian Point 3, LLC; Entergy Nuclear
Indian Point 2, LLC; Entergy Nuclear Vermont Yankee, LLC; Llano
Estacado Wind, LP; Northern Iowa Windpower LLC.
    Description: Entergy Services, Inc et al. submits revisions to rate
tariffs governing market-based capacity and energy sales in accordance
with FERC's 12/17/04 Order.
    Filed Date: 12/14/2005.
    Accession Number: 20051220-0015.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Docket Numbers: ER99-830-014; ER04-925-006.
    Applicants: Merrill Lynch Capital Services, Inc.
    Description: Merril Lynch Commodities, Inc and Merrill Lynch
Capital Services, Inc reports a change in the status in compliance with
FERC's 1/20/99 et al Orders.
    Filed Date: 12/14/2005.
    Accession Number: 20051219-0287.
    Comment Date: 5 p.m. Eastern Time on Wednesday, January 4, 2006.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket.
    Protests will be considered by the Commission in determining the
appropriate action to be taken, but will not serve to make protestants
parties to the proceeding. Anyone filing a motion to intervene or
protest must serve a copy of that document on the Applicant. In
reference to filings initiating a new proceeding, interventions or
protests submitted on or before the comment deadline need not be served
on persons other and the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov.
 To facilitate electronic service, persons with Internet

access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>
or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E5-8188 Filed 12-30-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 222 (Thursday, November 17, 2016)]
[Notices]
[Pages 81222-81224]
[FR Doc No: 2016-27594]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79284; File No. SR-NYSE-2016-71]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Amending Rule 104 To Delete
Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers From
Establishing a New High (Low) Price on the Exchange in a Security the
DMM Has a Long (Short) Position During the Last Ten Minutes Prior to
the Close of Trading

November 10, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on October 27, 2016, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Rule 104 to delete subsection
(g)(i)(A)(III) prohibiting Designated Market Makers (``DMM'') from
establishing a new high (low) price on the Exchange in a security the
DMM has a long (short) position during the last ten minutes prior to
the close of trading. The proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Rule 104 to delete subsection
(g)(i)(A)(III), which prohibits DMMs with a long (short) position in a
security from making a purchase (sale) in such security during the last
ten minutes prior to the close of trading that results in a new high
(low) price on the Exchange in that security for that day.
Background
    Rule 104 sets forth the obligations of Exchange DMMs. Under Rule
104(a), DMMs registered in one or more securities traded on the
Exchange are required to engage in a course of dealings for their own
account to assist in the maintenance of a fair and orderly market
insofar as reasonably practicable. Rule 104(a) also enumerates the
specific responsibilities and duties of a DMM, including: (1)
Maintenance of a continuous two-sided quote, which mandates that each
DMM maintain a bid or an offer at the National Best Bid (``NBB'') and
National Best Offer (``NBO,'' together the ``NBBO'') for a certain
percentage of the trading day,\4\ and (2) the facilitation of, among
other things, openings, re-openings, and the close of trading for the
DMM's assigned securities, all of which may include supplying liquidity
as needed.\5\ Rule 104(f) imposes an affirmative obligation on DMMs to
maintain, insofar as reasonably practicable, a fair and orderly market
on the Exchange in assigned securities, including maintaining price
continuity with reasonable depth and trading for the DMM's own account
when lack of price continuity, lack of depth, or disparity between
supply and demand exists or is reasonably to be anticipated.
---------------------------------------------------------------------------

    \4\ See Rule 104(a)(1).
    \5\ See id. at (2)-(3). Rule 104(e) further provides that DMM
units must provide contra-side liquidity as needed for the execution
of odd-lot quantities eligible to be executed as part of the
opening, reopening, and closing transactions but that remain
unpaired after the DMM has paired all other eligible round lot sized
interest.
---------------------------------------------------------------------------

    Rule 104(g) governs transactions by DMMs. NYSE Rule 104(g) provides
that transactions on the Exchange by a DMM for the DMM's account must
be effected in a reasonable and orderly manner in relation to the
condition of the general market and the market in the particular stock.
Rule 104(g) describes certain permitted transactions, including neutral
transactions and Non-Conditional Transactions, as defined therein. Rule
104(g)(i)(A)(III) provides that, except as otherwise permitted by Rule
104, during the last ten minutes prior to the close of trading, a DMM
with a long or short position in a security is prohibited from making a
purchase or sale in such security that results in a new high or low
price, respectively, on the Exchange for the day at the time of the
DMM's transaction (``Prohibited Transactions''). Finally, Rule 104(h)
addresses DMM transactions in securities that establish or increase the
DMM's position. Rule 104(h)(ii) permits certain ``Conditional
Transactions'' \6\ without restriction as to price if they are followed
by appropriate re-entry on the opposite side of the market commensurate
with the size of the DMM's transaction.\7\ This requirement assures
that if a DMM establishes or increases a long position by buying from
the Exchange best offer, which would likely be the new high price, or
establishes or increases a short position by selling to the Exchange
best bid, which would likely be the new low price, such transaction
would be followed by the DMM quoting on the opposite side of the last
transaction in order to dampen the impact of that transaction on the
market.
---------------------------------------------------------------------------

    \6\ Rule 104(h)(i) defines a Conditional Transaction as a DMM
transaction in a security that establishes or increases a position
and reaches across the market to trade as the contra-side to the
Exchange published bid or offer. A DMM reaches across the market
when the DMM buys from the NYSE offer or sells to the NYSE bid.
    \7\ The Exchange's re-entry obligations for Conditional
Transactions are set forth in Rule 104(h)(iii). However, Rule
104(h)(iv) permits certain other Conditional Transactions without
restriction as to price, and Rule 104(i) provides that re-entry
obligations following such Conditional Transactions would be the
same as the re-entry obligations for Non-Conditional Transactions
pursuant to Rule 104(g).
---------------------------------------------------------------------------

Proposed Rule Change
    The Exchange proposes to delete subsection (g)(i)(A)(III) of Rule
104. As discussed below, in today's electronic marketplace where
specialists have become DMMs and control of pricing decisions has moved
away from market participants on the Exchange trading Floor,\8\
retaining a prohibition designed to prevent specialists from setting a
price in the final ten minutes of trading in a security in which the
specialist had a position is no longer necessary. Eliminating the
prohibition would not

weaken existing safeguards against DMMs inappropriately influencing or
manipulating the close because existing DMM obligations, including the
obligation not to destabilize the market when buying or selling to
increase a position or reaching across the market, would govern DMM
trading during the final ten minutes of trading. Specifically, to the
extent a Prohibited Transaction is also a Conditional Transaction, with
the elimination of Prohibited Transactions, the obligation to re-enter
the market following a Conditional Transaction, which is designed to
ensure that DMMs do not inappropriately influence or manipulate the
close, would become applicable in the last ten minutes of trading for
such transactions,\9\ thereby achieving the same goal without an
outright prohibition.
---------------------------------------------------------------------------

    \8\ See, e.g., Securities Exchange Act Release No. 56209 (August
6, 2007), 72 FR 45290, 45291 (August 13, 2007) (SR-NYSE-2007-65)
(noting that changes in the marketplace have included, among other
things, ``the decentralization of control of pricing decisions away
from the specialist and Floor broker'').
    \9\ Currently, Conditional Transactions by DMMs during the last
ten minutes of trading that establish a new high or low price on the
Exchange are prohibited under Rule 104(g)(i)(A)(III).
---------------------------------------------------------------------------

    In 2006, the Commission approved the Exchange's ``hybrid market''
under which Exchange systems assumed the function of matching and
executing electronically-entered orders, but specialists remained the
responsible broker-dealer for orders on the Exchange's limit order
book.\10\ Rule 104(g)(III), adopted at the same time, was intended to
prevent Exchange specialists from setting the closing price.\11\
However, specialists were permitted to effect transactions during the
last ten minutes of trading that resulted in a new high or low for the
day in order to match another market's better bid or offer or to bring
the price of the security into parity with an underlying or related
security or asset.\12\ This exception was considered appropriate
because in those situations an independent party and not the specialist
had set the price.\13\
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 53539 (March 22,
2006), 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05).
    \11\ See Securities Exchange Act Release No. 54860 (December 1,
2006), 71 FR 71221 (December 8, 2006) (SR-NYSE-2006-76) (``Release
No. 54860''). At the time, Prohibited Transactions were set forth in
Supplementary Material .10 of Rule 104.
    \12\ See id., 71 FR at 71223.
    \13\ See id. at 71229.
---------------------------------------------------------------------------

    With the increasing automation of trading and the accompanying
decentralization of pricing decisions away from specialists, in 2008,
the Exchange proposed and the Commission approved its New Market Model,
which transformed specialists into DMMs, who are no longer agents for
the Exchange's limit order book and whose trading activity on the
Exchange is limited to proprietary trading.\14\ Nevertheless, the
Exchange retained the obligations set forth in Rule 104(g) and (h),
even though Regulation NMS was implemented prior to the Exchange
proposing the New Market Model.
---------------------------------------------------------------------------

    \14\ See Securities Exchange Act Release No. 58845 (October 24,
2008), 73 FR 64379, 64381 (October 29, 2008) (SR-NYSE-2008-46).
---------------------------------------------------------------------------

    In light of these developments, Rule 104(g)(i)(A)(III) has lost its
original purpose and utility. The rationale behind preventing
specialists from setting the price of a security on the Exchange in the
final ten minutes of trading was to prevent specialists from
inappropriately influencing the price of a security at the close to
advantage a specialist's proprietary position.\15\ In today's
fragmented marketplace, a new high or low price for a security on the
Exchange in the last ten minutes of trading does not have a significant
effect on the market price for such security. For example, a new high
or low price on the Exchange may not be the new high or low for a
security because prices may be higher or lower in away markets, where
the majority of intra-day trading in NYSE-listed securities takes
place. Indeed, any advantage to a DMM by establishing a new high or low
on the Exchange during the last ten minutes can rapidly evaporate
following trades in away markets, which happen very quickly and over
which the DMM has no control. In short, since DMMs do not have the
ability to direct or influence trading or control intra-day prices as
specialists had before the implementation of Regulation NMS, Prohibited
Transactions are anachronistic.
---------------------------------------------------------------------------

    \15\ See Release No. 54860, 71 FR at 71229.
---------------------------------------------------------------------------

    Moreover, although Prohibited Transactions would be eliminated,
DMMs would still have the obligation under Rule 104 to ensure that they
do not destabilize the market when they are buying or selling to
increase a position or reaching across the market during the final ten
minutes of trading.
    As noted, DMMs have affirmative obligations under Rule 104(a) to
engage in a course of dealings for their own account to assist in the
maintenance of a fair and orderly market insofar as reasonably
practicable. Specifically, Rule 104(f)(ii) sets forth the DMM's
obligation to act as reasonably necessary to ensure appropriate depth
and maintain reasonable price variations between transactions (also
known as price continuity) and prevent unexpected variations in
trading. Further, under Rule 123D(a), openings and reopenings must be
fair and orderly, reflecting the DMM's professional assessment of
market conditions at the time, and appropriate consideration of the
balance of supply and demand as reflected by orders represented in the
market. The Exchange supplies DMMs with suggested Depth Guidelines for
each security in which a DMM is registered, and DMMs are expected to
quote and trade with reference to the Depth Guidelines.\16\
---------------------------------------------------------------------------

    \16\ See Rule 104(f)(iii).
---------------------------------------------------------------------------

    Further, the DMM's affirmative obligation includes obligations to
re-enter the market when reaching across to execute against available
interest. Under Rule 104(h), DMMs that engage in Conditional
Transactions must follow up with appropriate re-entry on the opposite
side of the market commensurate with the size of the DMM's
transaction.\17\ The Exchange issues guidelines, called price
participation points (``PPP''), that identify the price at or before
which a DMM is expected to re-enter the market after effecting a
conditional transaction.\18\ Currently, a Conditional Transaction that
is also a Prohibited Transaction would not be permitted in the last ten
minutes of trading. With the proposed deletion of Rule
104(g)(i)(A)(III), what is currently defined as a Prohibited
Transaction would be permitted, however, such transactions would be
subject to re-entry obligations associated with Conditional
Transactions. As such, in lieu of Rule 104(g)(i)(A)(III), in the last
ten minutes of trading, DMMs would instead be subject to affirmative
obligations specified under Rule 104(h).
---------------------------------------------------------------------------

    \17\ See Rule 104(h)(iii). Immediate re-entry is required after
certain Conditional Transactions.
    \18\ See NYSE Rule 104(h)(iii)(A).
---------------------------------------------------------------------------

    Finally, DMM pricing decisions at the close would remain subject to
specific DMM obligations with respect to the quality of the markets in
securities to which they are assigned. In general, as noted above,
transactions on the Exchange by a DMM for the DMM's account must be
effected in a reasonable and orderly manner in relation to the
condition of the general market and the market in the particular stock,
and DMMs must refrain from causing or exacerbating excessive price
movements.
    DMM trading activity on the Exchange is actively surveiled for
compliance with each of these obligations. The Exchange currently
employs a suite of surveillances for trading by DMMs and other market
participants in and around the close of trading. The Exchange believes
that the existing DMM obligations and the Exchange's regulatory program
for

reviewing DMM trading provides an appropriate framework in today's
market structure for ensuring that DMMs are not establishing a price to
benefit their own account.
    For all of the foregoing reasons, the Exchange believes that
retaining Prohibited Transactions is no longer necessary.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\20\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that eliminating Rule
104(g)(III) would remove impediments to and perfect the mechanism of a
free and open market and a national market system by permitting DMMs to
enter trades in the last ten minutes of trading that establish a new
high or low in a security even though the DMM has a position in that
security. As proprietary traders without the ability to direct or
influence trading or control the quote, restricting DMM trading in the
final ten minutes of trading is no longer necessary.
    The Exchange believes that eliminating Prohibited Transactions
would not be inconsistent with the public interest and the protection
of investors because DMM trading decisions going into the closing trade
would continue to be evaluated from the perspective of their
obligations to the marketplace, including the obligation to arrange a
fair and orderly close, as set forth in Exchange rules. Further, the
Exchange believes that eliminating Rule 104(g)(i)(A)(III) would not be
inconsistent with the public interest and the protection of investors
because existing safeguards would remain in place to ensure that DMMs
do not inappropriately influence or manipulate the close, thereby
establishing substantially the same result without an outright
prohibition. As noted above, DMM trading would remain subject to
Exchange rules, including the obligation to maintain a fair and orderly
market under Rule 104. More specifically, in lieu of the obligations
associated with Rule 104(g)(i)(A)(III), in the last ten minutes of
trading the DMMs would be subject to the reentry obligations associated
with Conditional Transactions. Accordingly, during that period, DMMs
would have an obligation to reenter the market if their trading both
reaches across the market and increases or establishes a position.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather to eliminate
redundant approvals of manual trades on its trading Floor.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2016-71 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2016-71. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions.
    You should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NYSE-2016-71
and should be submitted on or before December 8, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-27594 Filed 11-16-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 56 (Wednesday, March 23, 2011)]
[Rules and Regulations]
[Pages 16296-16297]
[FR Doc No: 2011-6879]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2011-0113]

Drawbridge Operation Regulation; Pocomoke River, Snow Hill, MD

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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

SUMMARY: The Commander, Fifth Coast Guard District, has issued a
temporary deviation from the regulations governing the operation of the
S12 Bridge across Pocomoke River, mile 29.9, at Snow Hill, MD. The
deviation restricts the operation of the draw span to facilitate the
cleaning and painting of the bridge.

DATES: This deviation is effective from 7 a.m. on March 15, 2011
through 11:59 p.m. on May 30, 2011.

ADDRESSES: Documents mentioned in this preamble as being available in
the docket are part of docket USCG-2011-0113 and are available online
by going to http://www.regulations.gov, inserting USCG-2011-0113 in the
``Keyword'' box and then clicking ``Search''. They are also available
for inspection or copying at the Docket Management Facility (M-30),
U.S. Department of Transportation, West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or e-mail Mr. Waverly W. Gregory, Jr., Bridge Administrator, Fifth
Coast Guard District; telephone<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>If you have questions on viewing the
docket, call Renee V. Wright, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Maryland State Highway Administration
(SHA), who owns and operates this single leaf bascule drawbridge, has
requested a temporary deviation from the current operating schedule to
facilitate the cleaning and painting of the structure. Under the
regular operating schedule, the bridge opens on signal as required by
33 CFR 117.569(c) if at least five hours advance notice is given.
    The S12 Bridge across Pocomoke River, mile 29.9 at Snow Hill MD,
has a vertical clearance in the closed position of two feet above mean
high water and five feet above mean low water. Under this temporary
deviation, the contractor has requested to maintain the bridge in the
closed position to vessels from 7 a.m. on March 15, 2011 through 11:59
p.m. on May 30, 2011, to allow for the potential delays caused by
anticipated seasonal weather patterns that will interfere with
environmental conditions required for sandblasting and painting of the
bridge.
    Bridge opening data supplied by SHA and reviewed by the Coast Guard
revealed vessel openings of the draw span from March 2010 through May
2010. Specifically, the drawbridge opened for vessels a total of 23,
13, and 25 times during the months of March 2010 through May 2010,
respectively. We also contacted a nearby canoe shop owner who indicated
that he can work around the restrictions.
    The Coast Guard has coordinated the restrictions with the local
users of the waterway and will inform other users through our Local and
Broadcast Notices to Mariners of the closure periods for the bridge so
that vessels can arrange their transits to minimize any impact caused
by the temporary deviation. There are no alternate routes for vessels
transiting this section of the Pocomoke River and the drawbridge will
be able to open in the event of an emergency.

    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period.
    This deviation from the operating regulations is authorized under
33 CFR 117.35.

    Dated: February 18, 2011.
Waverly W. Gregory, Jr.,
Chief, Bridge Administration Branch, Fifth Coast Guard District.
[FR Doc. 2011-6879 Filed 3-22-11; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 87, Number 139 (Thursday, July 21, 2022)]
[Notices]
[Pages 43576-43578]
[FR Doc No: 2022-15546]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95300; File No. SR-NASDAQ-2022-040]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Certain NOM Market Maker Non-Penny Discounts in Options 7,
Section 2

July 15, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 1, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III, below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's Pricing Schedule at
Options 7, Section 2(1), which governs pricing for Nasdaq participants
using The Nasdaq Options Market (``NOM''), Nasdaq's facility for
executing and routing standardized equity and index options.
    The text of the proposed rule change is detailed below: proposed
new language is underlined and proposed deletions are in brackets.[sic]
* * * * *
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

the most significant aspects of such statements.

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

1. Purpose
    Pursuant to Options 7, Section 2(1), the Exchange currently
assesses NOM Market Makers \3\ a $0.35 per contract Fee to Add
Liquidity in Non-Penny Symbols. This fee applies unless Participants
meet the volume thresholds set forth in note 5. Note 5 currently
stipulates that Participants that add NOM Market Maker liquidity in
Non-Penny Symbols of 10,000 to 14,999 average daily volume (``ADV'')
contracts per day in a month will be assessed a $0.00 per contract Non-
Penny Options Fee for Adding Liquidity in that month. Participants that
add NOM Market Maker liquidity in Non-Penny Symbols of 15,000 or more
ADV contracts per day in a month will receive the Non-Penny Rebate to
Add Liquidity (currently $0.30 per contract) for that month instead of
paying the Non-Penny Fee for Adding Liquidity. Accordingly, qualifying
Participants are offered an opportunity to reduce the $0.35 fee or earn
a rebate if they meet the volume-based requirements under note 5.
---------------------------------------------------------------------------

    \3\ The term ``NOM Market Maker'' or (``M'') is a Participant
that has registered as a Market Maker on NOM pursuant to Options 2,
Section 1, and must also remain in good standing pursuant to Options
2, Section 9. In order to receive NOM Market Maker pricing in all
securities, the Participant must be registered as a NOM Market Maker
in at least one security.
---------------------------------------------------------------------------

    The Exchange now proposes to replace the current ADV thresholds in
note 5 with new thresholds that will be based on a percentage of total
industry volume. Specifically, Participants will be eligible for free
executions instead of paying the $0.35 per contract fee if they add NOM
Market Maker liquidity in Non-Penny Symbols of 0.05% to 0.07% of total
industry customer equity and ETF option ADV contracts (``TCV'') per day
in a month (currently 10,000 to 14,999 ADV contracts per day in a
month). Further, Participants will receive the $0.30 per contract
rebate instead of paying the $0.35 per contract fee if they add NOM
Market Maker liquidity in Non-Penny Symbols of above 0.07% TCV
(currently 15,000 or more ADV contracts) per day in a month. As
proposed, note 5 will state:

The NOM Market Maker Fee for Adding Liquidity in Non-Penny Symbols
will apply unless Participants meet the volume thresholds set forth
in this note. Participants that add NOM Market Maker liquidity in
Non-Penny Symbols of 0.05% to 0.07% of total industry customer
equity and ETF option ADV contracts per day in a month will be
assessed a $0.00 per contract Non-Penny Options Fee for Adding
Liquidity in that month. Participants that add NOM Market Maker
liquidity in Non-Penny Symbols of above 0.07% of total industry
customer equity and ETF option ADV contracts per day in a month will
receive the Non-Penny Rebate to Add Liquidity for that month instead
of paying the Non-Penny Fee for Adding Liquidity.

    Only the volume requirements for the note 5 incentives will be
amended with this proposal, not the related fees or rebates. The
Exchange notes that the new volume requirements are more stringent than
the current ADV volume requirements.\4\ The Exchange is proposing to
effectively raise the volume requirements to align with increasing
Participant activity on the Exchange over time. While the proposed
tiered requirements are more stringent, the Exchange believes that the
note 5 incentives will continue to encourage NOM Market Makers to add
Non-Penny Symbol liquidity on NOM to the benefit of all market
participants.
---------------------------------------------------------------------------

    \4\ For example, 0.05% TCV is currently representative of
approximately 16,150 contracts ADV and 0.07% TCV is currently
representative of approximately 22,610 contracts ADV.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange's proposed changes to Pricing Schedule are reasonable
in several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options securities
transaction services that constrain its pricing determinations in that
market. The fact that this market is competitive has long been
recognized by the courts. In NetCoalition v. Securities and Exchange
Commission, the D.C. Circuit stated as follows: ``[n]o one disputes
that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \7\
---------------------------------------------------------------------------

    \7\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------

    The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \8\
---------------------------------------------------------------------------

    \8\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------

    Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options security transaction services. The Exchange is only one of
sixteen options exchanges to which market participants may direct their
order flow. Within this environment, market participants can freely and
often do shift their order flow among the Exchange and competing venues
in response to changes in their respective pricing schedules. As such,
the proposal represents a reasonable attempt by the Exchange to
increase its liquidity and market share relative to its competitors.
    The Exchange believes that its proposal to replace the current ADV
thresholds in note 5 with the new TCV% thresholds described above is
reasonable for the reasons that follow. The Exchange is proposing to
base the note 5 incentives on a percentage of industry volume in
recognition of the fact that the volume executed by a member may rise
or fall with industry volume. A percentage of industry volume
calculation allows the Exchange's tiers to be calibrated to current
market volumes rather than requiring the same amount of volume
regardless of market conditions. While the amount of volume required by
the proposed tiers in note 5 may change in any given month due to
increases or decreases in industry volume, the Exchange believes that
the proposed tier requirements are set at appropriate levels. While the
proposed TCV%

requirements are more stringent than the current ADV requirements, the
Exchange is proposing to effectively raise the volume thresholds in
note 5 to align with increased Participant activity over time.\9\
Furthermore, the Exchange believes that the more stringent volume
requirements will encourage NOM Market Makers to add a greater amount
of liquidity on NOM in order to receive the note 5 incentives. The
Exchange believes that encouraging additional NOM Market Maker
liquidity in this manner would increase overall liquidity and trading
opportunities on NOM to the benefit of all market participants.
---------------------------------------------------------------------------

    \9\ See supra note 4.
---------------------------------------------------------------------------

    The Exchange believes that its proposal is equitable and not
unfairly discriminatory. As described above, the proposed volume
requirements will primarily impact NOM Market Makers that are eligible
to receive the note 5 incentives for Non-Penny Symbols. The Exchange,
however, anticipates minimal impact with the proposed changes as no NOM
Market Maker would fall in or out of the new TCV% tiers as a result of
this change. The Exchange further believes that the proposed changes to
the volume requirements in note 5 is equitable and not unfairly
discriminatory because the Exchange will apply the proposed
requirements uniformly to all qualifying NOM Market Makers. The
Exchange does not believe that it is unfairly discriminatory to offer
the note 5 incentives to only NOM Market Makers because these market
participants add value through continuous quoting and the commitment of
capital.\10\ Because NOM Market Makers have these obligations to the
market and regulatory requirements that normally do not apply to other
market participants, the Exchange believes that offering the note 5
incentives to only NOM Market Makers is equitable and not unfairly
discriminatory in light of their obligations. Finally, encouraging NOM
Market Makers to add greater liquidity benefits all market participants
in the quality of order interaction.
---------------------------------------------------------------------------

    \10\ See Options 2, Sections 4 and 5.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
    In terms of intra-market competition, the Exchange does not believe
that its proposal will place any category of market participant at a
competitive disadvantage. As discussed above, while the Exchange's
proposal targets certain activity on NOM (i.e., NOM Market Makers
adding liquidity in Non-Penny Symbols), the proposed changes are
ultimately aimed at attracting greater order flow to the Exchange,
which benefits all market participants by providing more trading
opportunities.
    In terms of inter-market competition, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges. Because competitors are free to modify their own fees in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. In sum, if the changes proposed herein are
unattractive to market participants, it is likely that the Exchange
will lose market share as a result. Accordingly, the Exchange does not
believe that the proposed changes will impair the ability of
Participants or competing exchanges to maintain their competitive
standing in the financial markets.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\11\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2022-040 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2022-040. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
    Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2022-040 and should be submitted
on or before August 11, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-15546 Filed 7-20-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Page 4081]
[FR Doc No: 2018-01539]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82571; File No. SR-LCH SA-2017-013]

Self-Regulatory Organizations; LCH SA; Notice of Designation of
Longer Period for Commission Action on Proposed Rule Change To Adopt
LCH SA's Wind Down Plan

January 23, 2018.
    On December 7, 2017, Banque Centrale de Compensation, which
conducts business under the name LCH SA (``LCH SA''), filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder \2\ a proposed rule change to adopt an
updated wind down plan (the ``WDP''). (File No. SR-LCH SA-2017-013).
The proposed rule change was published for comment in the Federal
Register on December 19, 2017.\3\ To date, the Commission has not
received comments on the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34- 82317 (December 13,
2017), 82 FR 60238 (December 19, 2017) (SR-LCH SA-2017-013)
(``Notice'').
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may
designate, if it finds such longer period to be appropriate and
publishes its reasons for so finding or as to which the self-regulatory
organization consents, the Commission shall either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved. The 45th day from the publication of notice of filing of
this proposed rule change is February 2, 2018.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission
action on the proposed rule change. LCH SA proposes to adopt an updated
WDP. The Commission finds it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider LCH SA's proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) \5\ of
the Act, designates March 19, 2018, as the date by which the Commission
should either approve or disapprove, or institute proceedings to
determine whether to disapprove, the proposed rule change (File No. SR-
LCH SA-2017-013).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01539 Filed 1-26-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 78 (Monday, April 26, 2021)]
[Notices]
[Pages 22047-22048]
[FR Doc No: 2021-08559]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-ORD-2020-0183; FRL-10022-91-ORD]

Availability of the Systematic Review Protocol for the Vanadium
and Compounds (Oral Exposure) IRIS Assessment

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of public comment period.

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

SUMMARY: The Environmental Protection Agency (EPA) is announcing a 30-
day public comment period associated with release of the Systematic
Review Protocol for the Vanadium and Compounds (Oral Exposure) IRIS
Assessment. This document communicates the rationale for conducting the
oral assessment of vanadium and compounds, describes screening criteria
to identify relevant literature, outlines the approach for evaluating
study quality, and describes the methods for dose-response analysis.

DATES: The 30-day public comment period begins April 26, 2021 and ends
May 26, 2021. Comments must be received on or before May 26, 2021.

ADDRESSES: The Systematic Review Protocol for the Vanadium and
Compounds (Oral Exposure) IRIS Assessment will be available via the
internet on the IRIS website at https://www.epa.gov/iris and in the
public docket at http://www.regulations.gov, Docket ID: EPA-HQ-ORD-
2020-0183.

FOR FURTHER INFORMATION CONTACT: For information on the docket, contact
the ORD Docket at the EPA Headquarters Docket Center; email:
<EMAIL_ADDRESS>    For technical information on the protocol, contact Mr. Dahnish
Shams, Center for Public Health & Environmental Assessment; telephone
(202) 564-2758,email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background Information on the IRIS Program and Systematic Review
Protocols

    EPA's IRIS Program is a human health assessment program that
evaluates quantitative and qualitative information

on effects that may result from exposure to chemicals found in the
environment. Through the IRIS Program, EPA provides high quality
science-based human health assessments to support the Agency's
regulatory activities and decisions to protect public health.
    As part of developing a draft IRIS assessment, EPA presents a
methods document, referred to as the protocol, for conducting a
chemical-specific systematic review of the available scientific
literature. EPA is seeking public comment on components of the protocol
including the described strategies for literature searches, criteria
for study inclusion or exclusion, considerations for evaluating study
methods, information management for extracting data, approaches for
synthesis within and across lines of evidence, and methods for
derivation of toxicity values. The protocol serves to inform the
subsequent development of the draft assessment and is made available to
the public. EPA may update the protocol based on the evaluation of the
literature, and any updates will be posted to the docket and on the
IRIS website.

II. How To Submit Technical Comments to the Docket at https://www.regulations.gov

    Submit your comments, identified by Docket ID No. EPA-HQ-ORD-2020-
0183 for vanadium and compounds (oral), by one of the following
methods:
     www.regulations.gov: Follow the on-line instructions for
submitting comments.
     Email<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>. Due to COVID-19, there may be a delay
in processing comments submitted by fax.
     Mail: U.S. Environmental Protection Agency, EPA Docket
Center (ORD Docket), Mail Code: 28221T, 1200 Pennsylvania Avenue NW,
Washington, DC 20460. The phone number is<PHONE_NUMBER>. Due to COVID-
19, there may be a delay in processing comments submitted by mail.
    For information on visiting the EPA Docket Center Public Reading
Room, visit https://www.epa.gov/dockets. Due to public health concerns
related to COVID-19, the EPA Docket Center and Reading Room may be
closed to the public with limited exceptions. The telephone number for
the Public Reading Room is<PHONE_NUMBER>. The public can submit comments
via www.Regulations.gov or email.
    Instructions: Direct your comments to EPA-HQ-ORD-2020-0183 for
vanadium and compounds (oral). Please ensure that your comments are
submitted within the specified comment period. Comments received after
the closing date will be marked ``late,'' and may only be considered if
time permits. It is EPA's policy to include all comments it receives in
the public docket without change and to make the comments available
online at https://www.regulations.gov, including any personal
information provided, unless a comment includes information claimed to
be Confidential Business Information (CBI) or other information for
which disclosure is restricted by statute. Do not submit information
through https://www.regulations.gov or email that you consider to be
CBI or otherwise protected. The https://www.regulations.gov website is
an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an email comment directly to EPA without
going through https://www.regulations.gov, your email address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses. For additional information about EPA's public
docket, visit the EPA Docket Center homepage at https://www.epa.gov/dockets.
    Docket: Documents in the docket are listed in the https://www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other materials,
such as copyrighted material, are publicly available only in hard copy.
Publicly available docket materials are available either electronically
in https://www.regulations.gov or as a hard copy at the ORD Docket in
the EPA Headquarters Docket Center.

Wayne Cascio,
Director, Center for Public Health & Environmental Assessment.
[FR Doc. 2021-08559 Filed 4-23-21; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 87, Number 9 (Thursday, January 13, 2022)]
[Notices]
[Pages 2207-2208]
[FR Doc No: 2022-00606]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Docket No. FAA-2021-1195]

Agency Information Collection Activities: Requests for Comments;
Clearance of a Renewed Approval of Information Collection: Financial
Responsibility for Licensed Launch Activities

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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

SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The information to be collected will be used to determine
if licensees have complied with financial responsibility requirements
for maximum probable loss determination (MPL) analysis as set forth in
FAA regulations. The FAA is responsible for determining MPL required to
cover claims by a third party for bodily injury or property damage, and
the United States, its agencies, and its contractors and subcontractors
for covered property damage or loss, resulting from a Commercial space
transportation permitted or licensed activity. The MPL determination
forms the basis for financial responsibility requirements issued in a
license or permit order.

DATES: Written comments should be submitted by March 14, 2022.

ADDRESSES: Please send written comments:
    By Electronic Docket: www.regulations.gov (Enter docket number into
search field).
    By mail: Charles Huet, 800 Independence Avenue SW, Room 331,
Washington, DC 20591.
    By fax:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Charles Huet by email at:
[email protected]; phone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.
    OMB Control Number: 2120-0601.
    Title: License Requirements for Operation of a Launch Site.
    Form Numbers: There are no FAA forms associated with this
collection.
    Type of Review: Renewal of an information collection.
    Background: This collection is applicable upon concurrence of
requests for conducting commercial launch operations as prescribed in
14 CFR parts 401, et al., Commercial Space Transportation Licensing
Regulation. A commercial space launch services provider must complete
the Launch Operators License, Launch-Specific License or Experimental
Permit in order to gain authorization for conducting commercial launch
operations.
    The information will be collected per 14 CFR part 440 Appendix A. A
permit or license applicant is required to provide the FAA information
to conduct maximum probable loss determination. Also, it is a mandatory
requirement that all commercial permitted and licensed launch
applicants obtain financial coverage for claims by a third party for
bodily injury or property damage. FAA is responsible for determining
the amount of financial responsibility required using maximum probable
loss determination. The financial responsibility must be in place and
active for every launch activity. Applicants' launched activity can
vary, on average, from once a week to once a year. If there are any
significant changes to the launch vehicle that potentially could modify
the results of the financial responsibility determined, the permitted
and licensed applicant must provide updated information to the FAA. The
FAA will use the updated collected information and revise the financial
responsibility results.
    The following is summary of the information required to conduct an
MPL:
    1. Mission description.
     Launch trajectory;
     Orbital inclination; and
     Orbit altitudes (apogee and perigee). Start Printed Page
30476.
    2. Flight sequence.
    3. Staging events and the time for each event.

    4. Impact locations.
    5. Identification of the launch site facility, including the launch
complex on the site, planned date of launch, and launch windows.
    6. Launch vehicle description.
     General description of the launch vehicle and its stages,
including dimensions.
     Description of major systems, including safety systems.
     Description of rocket motors and type of fuel used.
     Identification of all propellants to be used and their
hazard classification under the Hazardous Materials.
    7. Payload.
    8. Flight safety system.
    Respondents: Approximately 10 applicants.
    Frequency: Information is collected on occasion.
    Estimated Average Burden per Response: 100 hours.
    Estimated Total Annual Burden: 1,000 hours.

James Hatt,
Space Policy Division Manager, Commercial Space Transportation, Federal
Aviation Administration.
[FR Doc. 2022-00606 Filed 1-12-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 215 (Monday, November 7, 2016)]
[Notices]
[Page 78133]
[FR Doc No: 2016-26837]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL17-4-000]

Dynegy Midwest Generation, LLC; Notice of Institution of Section
206 Proceeding and Refund Effective Date

    On November 1, 2016, the Commission issued an order in Docket No.
EL17-4-000, pursuant to section 206 of the Federal Power Act (FPA), 16
U.S.C. 824e (2012), instituting an investigation into the justness and
reasonableness of Dynegy Midwest Generation, LLC's rate. Dynegy Midwest
Generation, LLC, 157 FERC ] 61,079 (2016).
    The refund effective date in Docket No. EL17-4-000, established
pursuant to section 206(b) of the FPA, will be the date of publication
of this notice in the Federal Register.
    Any interested person desiring to be heard in Docket No. EL17-4-000
must file a notice of intervention or motion to intervene, as
appropriate, with the Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426, in accordance with Rule 214 of the
Commission's Rules of Practice and Procedure, 18 CFR 385.214 (2016),
within 21 days of the date of issuance of the order.

    Dated: November 1, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-26837 Filed 11-4-16; 8:45 am]
 BILLING CODE 6717-01-P