[Federal Register Volume 78, Number 20 (Wednesday, January 30, 2013)]
[Notices]
[Pages 6394-6398]
[FR Doc No: 2013-01983]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68714; File No. SR-EDGA-2013-01]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Fees for EdgeBook Attributed\SM\

January 23, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 15, 2013 EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to (i) charge Members \3\ and non-Members
fees for internal and external distribution of EdgeBook Attributed\SM\,
the Exchange's attributed book feed, and (ii) offer a new incentive
program for Members that choose to attribute orders on the Exchange
(the ``Edge Attribution Incentive Program''). All of the changes
described herein are applicable to EDGA Members and non-Members, except
for the Edge Attribution Incentive Program, which is applicable only to
EDGA Members. The text of the proposed rule change is available on the
Exchange's Internet Web site at www.directedge.com, at the Exchange's
principal office, and at the Public Reference Room of the Commission.
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    \3\ As defined in Rule 1.5(n).
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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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In SR-EDGA-2011-19,\4\ the Exchange made available the EDGA Book
Feed (``EdgeBook Depth A\SM\'') to Members and non-Members. EdgeBook
Depth A\SM\ is a data feed that contains all orders for securities
trading on the Exchange, including all displayed orders for listed
securities trading on EDGA, order executions, order cancellations,
order modifications, order identification numbers and administrative
messages. EdgeBook Depth A\SM\ offers real-time data, thereby allowing
Member firms to more accurately price their orders based on EDGA's view
of the depth of book information. It also provides Members the ability
to track their own orders from order entry to execution. It is

available in both unicast and multicast formats.
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    \4\ See Securities Exchange Act Release No. 64792 (July 1,
2011), 76 FR 39959 (July 7, 2011) (SR-EDGA-2011-19).
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    In SR-EDGA-2012-15,\5\ the Exchange modified the EDGA fee schedule
by codifying the fees associated with the receipt of EdgeBook Depth
A\SM\. In SR-EDGA-2012-34,\6\ the Exchange amended Rule 11.5, entitled
``Orders and Modifiers'', to allow for the use of Attributable Orders
\7\ submitted to the Exchange on EdgeBook Depth A\SM\, namely EdgeBook
Attributed\SM\, without charge. EdgeBook Attributed\SM\ allows Members
and non-Members of the Exchange (collectively referred to as
``Recipients'') the option to view the market participant identifier
(``MPID'') of Members of the Exchange who choose to display their
MPID(s) on EdgeBook Depth A\SM\ on an order-by-order basis through the
use of Attributable Orders.
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    \5\ See Securities and Exchange Release No. 66863 (Apr. 26,
2012), 77 FR 26059 (May 2, 2012) (SR-EDGA-2012-15). The current fees
for EDGA Book Feed (now called EdgeBook Depth A\SM\) are $500/month
for internal distribution and $2,500/month for external
distribution. The proposed rule filing does not impact the current
EdgeBook Depth A\SM\ fees with regard to the non-attributed book
feed.
    \6\ See Securities Exchange Act Release No. 67553 (Aug. 1,
2012), 77 FR 47150 (Aug. 7, 2012) (SR-EDGA-2012-34).
    \7\ See EDGA Rule 11.5(c)(18).
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    Upon the Exchange's initial offering of EdgeBook Attributed\SM\,
such service was provided at no cost. In SR-EDGA-2012-34, the Exchange
stated that ``[s]hould EDGA determine to charge fees associated with
EdgeBook Attributed\SM\, EDGA will submit a proposed rule change to the
[Securities and Exchange] Commission in order to implement those
fees.'' \8\ This proposal is designed to implement fees for the receipt
of EdgeBook Attributed\SM\ and introduce the Edge Attribution Incentive
Program.
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    \8\ See Securities Exchange Act Release No. 67553 (Aug. 1,
2012), 77 FR 47150, 47151 (Aug. 7, 2012) (SR-EDGA-2012-34).
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    The proposed rule change to the EDGA fee schedule codifies such a
fee associated with the receipt of EdgeBook Attributed\SM\. Such fees
are in addition to the current fees assessed for EdgeBook Depth A\SM\
for both Internal and External Distributors.\9\ The amount of the
monthly fees for EdgeBook Attributed\SM\ would depend on whether the
distributor is an ``Internal Distributor'' or ``External Distributor.''
Internal Distributors are proposed to be charged $2,500 per month for
EdgeBook Attributed\SM\ and External Distributors are proposed to be
charged $5,000 per month for EdgeBook Attributed\SM\. The fee paid by
an External Distributor includes the Internal Distributor Fee and thus
allows an External Distributor to provide data both internally (i.e.,
to users within their own organization) and externally (to users
outside their own organization). Additionally, Distributors will only
pay one distributor fee, regardless of the number of locations or users
to which the feed is received or distributed. Finally, Distributors
will not be charged user fees for receiving EdgeBook Attributed\SM\.
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    \9\ A ``Distributor'' of Exchange data is any entity that
receives EdgeBook Depth A\SM\ directly from the Exchange or
indirectly through another entity and then distributes such data
either internally (within that entity) (``Internal Distributor'') or
externally (outside that entity) (``External Distributor'').
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    The Exchange also proposes to adopt an Edge Attribution Incentive
Program to encourage Members to utilize Attributable Orders to convey
their identity on EdgeBook Attributed\SM\ by providing Members with an
opportunity to be rewarded for providing their valuable data to the
Exchange. In particular, the Edge Attribution Incentive Program would
provide a payment to Members who enter Attributable Orders into the
Exchange's System \10\ in at least 100 symbols over 10 consecutive
trading days over the course of a month. Each month the Exchange would
set aside 25% of the revenue generated in connection with fees received
from EdgeBook Attributed\SM\, as described above (the ``Revenue
Allotment''). From the Revenue Allotment, the Exchange would provide a
payment to eligible Members who qualified for the Edge Attribution
Incentive Program based on the percentage of executed share volume from
their Attributable Orders entered into the Exchange's System. For
example, if a Member qualifies for the Edge Attribution Incentive
Program and that Member's Attributable Orders accounted for 10% of all
executed shares from Attributable Orders entered into the Exchange's
System for that month, such Member would receive 10% of the Revenue
Allotment. The remaining 90% of the funds in the Revenue Allotment
would be distributed as payments to other Members that met the
requirements of the Edge Attribution Incentive Program based on their
respective executed share of volume from Attributable Orders entered
into the Exchange's System. In addition, a Member is not required to
purchase EdgeBook Attributed\SM\ in order to receive payment under the
Edge Attribution Incentive Program.
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    \10\ As defined in Rule 1.5(cc).
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    The Exchange intends to implement the proposed rule change on or
about February 1, 2013.
2. Statutory Basis
    The Exchange believes that the proposed rule change to the EDGA fee
schedule for EdgeBook Attributed\SM\ is consistent with the objectives
of Section 6 of the Securities Exchange Act of 1934 (the ``Act''),\11\
in general, and furthers the objectives of Section 6(b)(4) \12\ in
particular, as it is designed to provide for the equitable allocation
of reasonable dues, fees and other charges among its members and
issuers and other persons using any facility or system which the
Exchange operates or controls. The fees are not unreasonably
discriminatory and are equitably allocated. The fees for Members and
non-Members are uniform except with respect to reasonable distinctions
with respect to internal and external distribution.\13\ The Exchange
proposes charging External Distributors more than Internal Distributors
because of higher administrative costs associated with monitoring
External Distributors ongoing reporting, as provided in the Direct Edge
Data Vendor Agreement and market data requirements referenced therein.
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    \11\ 15 U.S.C. 78s(b)(1)
    \12\ 15 U.S.C. 78f(b)(4).
    \13\ The Exchange notes that distinctions based on external
versus internal distribution have been previously filed with the
Commission by the Exchange, NASDAQ Exchange, NASDAQ OMX BX, and
NASDAQ OMX PSX. See Securities and Exchange Act Release No. 66863
(Apr. 26, 2012), 77 FR 26059 (May 2, 2012) (SR-EDGA-2012-15). See
also Nasdaq Rule 7019(b). See also Securities Exchange Act Release
No. 62876 (September 9, 2010), 75 FR 56624 (September 16, 2010) (SR-
Phlx-2010-120). See also Securities Exchange Act Release No. 62907
(September 14, 2010), 75 FR 57314 (September 20, 2010) (SR-NASDAQ-
2010-110). See also Securities Exchange Act Release No. 63442
(December 6, 2010), 75 FR 77029 (December 10, 2010) (SR-BX-2010-
081).
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    The fees are fair and reasonable because they compare favorably to
fees that other markets charge for similar products.\14\ For example,
NASDAQ's depth of book data feed, the NASDAQ TotalView ITCH
(``TotalView''), features all displayed quotes and orders attributed to
specific market participants.\15\ TotalView provides

market participants with multiple and varied services in a single
feed.\16\ While the cost of TotalView varies by number of subscribers
and the specific type of access, each fee provides the entire TotalView
book feed, inclusive of all services and features, including
attribution of orders. Conversely, EdgeBook Attributed\SM\ is unlike
other market data products such as TotalView. Members and non-Members
who subscribe to EdgeBook Attributed\SM\ must also subscribe to
EdgeBook Depth. However, Members and non-Members who subscribe to
EdgeBook Depth A\SM\ are not obligated to purchase or subscribe to
EdgeBook Attributed\SM\. Thus, the Exchange differentiates its pricing
accordingly. The Exchange intends to charge a single, flat rate for
EdgeBook Attributed\SM\ as it views it as an optional, a la carte
feature which enhances the value and scope of information on EdgeBook
Depth A\SM\. Therefore, the pricing of EdgeBook Attributed\SM\ will
necessarily and understandably differ from market data products such as
TotalView, which offer bundled pricing for the entire book feed,
instead of a la carte pricing for specific features.\17\ In addition,
the fees are fair and reasonable because competition provides an
effective constraint on the market data fees that the Exchange has the
ability and incentive to charge for its market data products.
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    \14\ Other exchanges offer a version of their book feed with
member order attribution. See, e.g., BATS, Market Data Products,
Multicast PITCH, http://www.batstrading.com/market_data/products/
(describing BATS Multicast PITCH, which provides depth of book
quotations and execution information while providing optional
attribution functionality); Securities Exchange Act Release No.
63291 (Nov. 9, 2010), 75 FR 70311 (Nov. 17, 2010) (SR-NYSEArca-2010-
97) (describing NYSE Arcabook, which includes, among other things,
displays of attributed orders by market makers and ETP holders);
Securities Exchange Act Release No. 46521 (Sept. 20, 2002), 76 FR
61179 (Sept. 27, 2002) (SR-NASD-2002-33) (describing NASDAQ
TotalView data feed, which includes, among other things, displays of
attributed quotes and orders).
    \15\ TotalView features both attributed and non-attributed
feeds. See Securities Exchange Act Release No. 46521 (Sept. 20,
2002), 76 FR 61179 (Sept. 27, 2002) (SR-NASD-2002-33). NYSE ArcaBook
features an attributed feed at a fee of $750 per month, in addition
to separate fees for professional and non-professional subscribers
ranging from $0-15 per month. See NYSE Technologies, Market Data,
NYSE ArcaBook, http://www.nyxdata.com/arcabook.
    \16\ See NASADAQ, NASDAQ TotalView-ITCH, http://www.nasdaqtrader.com/trader.aspx?id=totalview (describing services
and fees for TotalView).
    \17\ For example, TotalView is priced at a monthly fee of $70
per professional or corporate subscriber and $14 per non-
professional subscriber for coverage of NASDAQ issued securities,
and $6 per professional or corporate subscriber and $1 per non-
professional subscriber for coverage of NYSE and Amex issued
securities. See NASDAQ, NASDAQ TotalView-ITCH, http://www.nasdaqtrader.com/trader.aspx?id=totalview.
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    The revenue generated from purchases of EdgeBook Attributed\SM\
will pay for the development, marketing, technical infrastructure and
operating costs of an important tool for Recipients to use for purposes
such as analysis and intake of additional information to assist them in
their ultimate trading decisions. Profits generated above these costs
will help offset the costs that the Exchange incurs in operating and
regulating a highly efficient and reliable platform for the trading of
U.S. equities. Furthermore, the increased revenue stream from EdgeBook
Attributed\SM\ will allow the Exchange to continue to offer it at a
reasonable rate, consistent with fees that other markets charge for
similar products.
    The Exchange believes that Members will recognize the value of
EdgeBook Attributed\SM\ and that the increased transparency of
liquidity on EdgeBook Attributed\SM\ will beget additional liquidity.
As a result, the Exchange believes that increased value in the data
disseminated helps Exchange members hone in on trading opportunities by
better understanding the quality and transparency of the Exchange's
quote quality. This will, in turn, help to enhance the overall
execution quality on the Exchange.
    The Exchange also believes that the proposed fees for EdgeBook
Attributed\SM\ are consistent with Section 6(b)(5) of the Act,\18\
which requires, among other things, that the Exchange's rules not be
designed to unfairly discriminate between customers, issuers, brokers
or dealers. The Exchange makes all services and products subject to
these fees available on a non-discriminatory basis to similarly
situated Recipients because the service is purely optional and fees
charged for EdgeBook Attributed\SM\ will apply uniformly to all
Recipients, irrespective of whether the Recipient is a Member of the
Exchange. Purchase of the Service is not a prerequisite for
participation on the Exchange, nor is membership to the Exchange a
prerequisite to purchase the Service. Only those Recipients that deem
the product to be of sufficient overall value and usefulness will
purchase it.
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    \18\ 15 U.S.C. 78f(b)(5).
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    In addition, the proposed fees are also consistent with Section
6(b)(5) of the Act \19\ as it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. EDGA believes that this
proposal is in keeping with those principles as it will benefit all
Recipients by: (i) promoting transparency through the codification of
uniform fees for EdgeBook Attributed\SM\; and (ii) providing additional
information regarding quotations displayed on the Exchange by various
Members, which may aid Recipients in their trading decisions.
Specifically, any Member that wishes to publicly disclose their
identity (through their MPID) by using Attributable Orders will be
permitted to do so, and such Attributable Orders will be analogous to
the orders or quotations that these same Members provide in other
contexts (e.g., on the floor of a floor-based stock exchange or in the
over-the-counter market through direct interaction). In addition, the
Exchange believes that EdgeBook Attributed\SM\ furthers the objectives
of Section 6(b)(5) of the Act \20\ by promoting increased quote
transparency as Members are encouraged to utilize Attributable Orders
through the Edge Attribution Incentive Program. The increased use of
Attributable Orders by Members would provide additional, useful
information regarding orders/quotations displayed on the Exchange,
including information on the identity of contra-parties to
transactions. The Exchange believes that this enhanced information
would aid Recipients of EdgeBook Attributed\SM\ in their trading
decisions. In addition, EDGA has made a voluntary decision to make
EdgeBook Attributed\SM\ available. EDGA is not required by the Act in
the first instance to make the data available. EDGA has chosen to make
EdgeBook Attributed\SM\ available to improve market quality, attract
order flow, and increase transparency. It will continue to make such
data available until such time as it changes its rule.
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    \19\ 15 U.S.C. 78f(b)(5).
    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange also believes that the proposal is consistent with the
goals of Regulation NMS.\21\ In adopting Regulation NMS, the Commission
granted self-regulatory organizations and broker-dealers increased
authority and flexibility to offer new and unique market data services
to the public. The Commission believed this authority would expand the
amount of data available to market participants, and also spur
innovation and competition for the provision of market data. EdgeBook
Attributed\SM\ appears to be precisely the sort of market data service
that the Commission envisioned when it adopted Regulation NMS.\22\
EdgeBook

Attributed\SM\ will allow Recipients to purchase a service that will
provide them a means to view the MPID of certain Members who choose to
use Attributable Orders while at the same time enabling the Exchange to
better cover its infrastructure costs and to improve its market
technology and services. Efficiency is promoted when Members who do not
need the EDGA Book Feed data are not required to receive (and pay for)
such data. The Exchange also believes that efficiency is promoted when
Members may choose to receive (and pay for) additional market data
based on their own internal analysis of the need for such data.
Competition is promoted as the Exchange cannot set unreasonable fees
without losing business to its competitors.\23\
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    \21\ See Securities Exchange Act Release No. 51808 (June 9,
2006), 70 FR 37496 (June 29, 2005) (sic).
    \22\ See Securities and Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37597 (June 29, 2005) (``[E]fficiency is
promoted when broker-dealers who do not need the data beyond the
prices, sizes, market center identifications of the NBBO and
consolidated last sale information are not required to receive (and
pay for) such data. The Commission also believes that efficiency is
promoted when broker-dealers may choose to receive (and pay for)
additional market data based on their own internal analysis of the
need for such data.'').
    \23\ See infra discussion in section on ``Self-Regulatory
Organization's Statement on Burden on Competition.''
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    Additionally, the Exchange believes that the Edge Attribution
Incentive Program furthers the objectives of Section 6(b)(4) \24\ in
particular, as it is designed to provide for the equitable allocation
of reasonable dues, fees and other charges among members and issuers
and other persons using any facility or system which the Exchange
operates or controls. The Edge Attribution Incentive Program encourages
Members to utilize Attributable Orders to convey their identity on
EdgeBook Attributed\SM\. It represents a reasonable and equitable
approach in that it financially rewards those Members that provide
their valuable data to the Exchange and thereby help to contribute to
the overall quality of EdgeBook Attributed\SM\ as a data feed.
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    \24\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the Edge Attribution Incentive Program
is also equitable and reasonable because it will attract additional
order flow from Members motivated to receive the incentive offered,
thereby enhancing the quality of the data on EdgeBook Depth A\SM\.
Attributable Orders, similar to all market data, provide Members with
valuable trading information and provide increased transparency to
investors. The Exchange believes that such increased transparency will
lead to additional order flow and increased opportunities for price
discovery by Members. Specifically, the Exchange believes that the Edge
Attribution Incentive Program will also increase order flow as Members
will be motivated to receive the incentive offered under the Edge
Attribution Incentive Program, and contra-side parties will look to
execute against Members that are attributing their orders. For example,
Market Makers \25\ may want to utilize Attributable Orders to advertise
the names of the securities they trade in to attract potential issuers
or to advertise to the market that they maintain an inventory in
particular securities. Similarly, retail brokerage firms may desire to
utilize Attributable Orders to advertise their firm names with the
intent to draw in contra-parties to trade against and thus bolster
execution quality, price discovery, and resulting speed of execution
for their clients. The associated potential rise in order volume would
increase the potential revenue to the Exchange, allowing the Exchange
to spread its administrative and infrastructure costs over a greater
number of shares. These lower per share costs in turn would allow the
Exchange to pass on such savings to Members in the form of such an
incentive. The increased liquidity would also benefit investors by
deepening EDGA's liquidity pool, allowing investors to enjoy cost
savings as a result of obtaining better execution quality, supporting
the quality of price discovery, promoting market transparency and
improving investor protection.
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    \25\ As defined in Rule 1.5(l).
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    The incentive is similar to other volume-based rebates on the
Exchange, which have been widely adopted in the cash equities
markets.\26\ The Exchange believes the Edge Attribution Incentive
Program, which is similar to other volume-based rebates on the
Exchange's fee schedule, is equitable because it is available and
uniformly applied to all Members. The Edge Attribution Incentive
Program also provides discounts that are reasonably related to the
value of an exchange's market quality associated with higher levels of
market activity, such as higher levels of liquidity provision and
introduction of higher volumes of orders into the price and volume
discovery processes.
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    \26\ EDGA allows Members to utilize volume-based tiers, as
described in Footnotes 2 and 4, among others, to the EDGA Fee
Schedule. See, e.g., EDGA Fee Schedule, https://www.directedge.com/Membership/FeeSchedule/EDGAFeeSchedule.aspx.
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    The Exchange believes that the Edge Attribution Incentive Program
is consistent with Section 6(b)(5) of the Act,\27\ which requires,
among other things, that the Exchange's rules not be designed to
unfairly discriminate between customers, issuers, brokers or dealers.
The Exchange believes that the Edge Attribution Incentive Program is
equitable because participation in the Edge Attribution Incentive
Program is purely optional. Only those Members that deem the Edge
Attribution Incentive Program to be of sufficient overall value and
usefulness will participate. Moreover, the requirements necessary to
qualify for payments received under the Edge Attribution Incentive
Program (at least 100 symbols over 10 consecutive trading days over the
course of a month) are equitable and do not unfairly discriminate
between Members who choose to attribute, as the payments will be
offered uniformly to all Members who meet such requirements. Such
requirements provide a clear benchmark by identifying a threshold that
is not unreasonably difficult for a meaningful and consistent
attributor to achieve. As Attributable Orders contain valuable trading
information to the Exchange, the Edge Attribution Incentive Program is
not unfairly discriminatory in its design to allocate the Revenue
Allotment to Members who attribute in proportion to the executed share
volume from such Member's Attributable Orders entered into the
Exchange's System. Such data is also valuable to Members and non-
Members who use the additional information for various purposes. For
example, certain Recipient broker-dealers may use the data to aid their
trading decisions, while Recipient smart routers may use the data to
aid in building their own consolidated ticker plant. Such information
enhances a Recipient's trading decisions as the transparency of knowing
the identity of the potential counterparty may provide a Recipient with
additional information regarding the reliability and quality of the
attributed quote.
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    \27\ 15 U.S.C. 78f(b)(5).
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    Lastly, the Exchange believes that the Edge Attribution Incentive
Program furthers the objectives of Section 6(b)(5) of the Act \28\ by
promoting increased quote transparency on EdgeBook Attributed\SM\ as
Members are encouraged to utilize Attributable Orders. The increased
use of Attributable Orders by Members would increase transparency by
providing additional, useful information regarding orders/quotations
displayed on the Exchange, including information on the identity of
contra-parties to transactions. The Exchange believes that this
enhanced information would aid Recipients of EdgeBook Attributed \SM\
in their trading decisions.
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    \28\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
result in

any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
    There is significant competition for the provision of market data
to market participants, as well as competition for the orders that
generate that data. In introducing the proposed fees for EdgeBook
Attributed \SM\, the Exchange would be providing a service similar to
those already offered by other market centers.\29\ The existence of
such alternatives ensures that the Exchange cannot set unreasonable
fees, or fees that are unreasonably discriminatory, without losing
business to these alternatives. Thus, as the fees are consistent with
those charged by the Exchange's competitors, EdgeBook Attributed \SM\
would promote competition if it succeeds in providing market
participants with viable and cost-effective alternatives which drive
the market to continually improve products and services to cater to
customers' data needs. Accordingly, the Exchange does not believe that
the fees for EdgeBook Attributed \SM\ will result in any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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    \29\ See, e.g., BATS, Market Data Products, Multicast PITCH,
http://www.batstrading.com/market_data/products/; Securities
Exchange Act Release No. 63291 (Nov. 9, 2010), 75 FR 70311 (Nov. 17,
2010) (SR-NYSEArca-2010-97) (describing NYSE Arcabook); Securities
Exchange Act Release No. 46521 (Sept. 20, 2002), 76 FR 61179 (Sept.
27, 2002) (SR-NASD-2002-33) (describing NASDAQ TotalView).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from its Members or other interested
parties.

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) of the Act \30\ and paragraph (f) of Rule 19b-4
thereunder.\31\ At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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    \30\ 15 U.S.C. 78s(b)(3)(A).
    \31\ 17 CFR 240.19b-4(f).
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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-EDGA-2013-01 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-EDGA-2013-01. 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-EDGA-2013-01 and should be
submitted on or before February 20, 2013.
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    \32\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-01983 Filed 1-29-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 149 (Thursday, August 2, 2018)]
[Notices]
[Pages 37870-37873]
[FR Doc No: 2018-16534]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83729; File No. SR-ISE-2018-65]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Codify the
Definitions of the Protocols That Members Can Use To Enter Quotes and
Orders

July 27, 2018.
    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 16, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III, below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to codify the definitions of the protocols
that Members can use to enter quotes and orders on the Exchange.
    The text of the proposed rule change is available on the Exchange's
website at http://ise.cchwallstreet.com/, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to codify the
definitions of the protocols that Members use to enter quotes and
orders on the Exchange, specifically, the Specialized Quote Feed
(``SQF''), Ouch to Trade Options (``OTTO''), Financial Information
eXchange (``FIX''), and Nasdaq Precise (``Precise''). On June 23, 2017,
the Exchange filed a proposed rule change that established the ports
that Members use to connect to the Exchange, including ports used for
quote and order entry--i.e., SQF, OTTO and FIX.\3\ The Exchange has
also filed several proposed fee and other rule changes that briefly
describe the availability of Precise, which is the Exchange's
proprietary front-end interface used by Electronic Access Members
(``EAMs'') and their Sponsored Customers \4\ to send

orders to the Exchange and perform other related functions.\5\ The
protocols used by Members to submit quotes and orders play an important
role in the operation of the trading system as critical Exchange
functionality used by Members to transact in options and stock tied to
options is offered through these protocols. The Exchange therefore
believes that codifying definitions of these protocols in its rules
will increase transparency around its operations.
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    \3\ See Securities Exchange Act Release No. 81095 (July 7,
2017), 82 FR 32409 (July 13, 2017) (SR-ISE-2017-62).
    \4\ A ``Sponsored Customer'' is a non-member of the Exchange
that trades under a sponsoring member's execution and clearing
identity pursuant to a sponsorship arrangement between such non-
member and sponsoring member, as set forth in Supplementary Material
to Rule 706. Market makers must connect to the Exchange via SQF,
which is the Exchange's quoting protocol, and are therefore not
eligible to use Precise.
    \5\ See Securities Exchange Act Release No. 53788 (May 11,
2006), 71 FR 28728 (May 17, 2006) (SR-ISE-2006-19) (proposed fee
change establishing Precise). SR-ISE-2006-19 described Precise as
ISE's proprietary front-end interface used by EAMs to send orders to
ISE and view market data. See also Securities Exchange Act Release
No. 81034 (June 27, 2017), 82 FR 30923 (July 3, 2017) (SR-ISE-2017-
58) (proposed rule change regarding how Immediate-or-Cancel Orders
will be handled); and Securities Exchange Act Release No. 81971
(October 27, 2017), 82 FR 50907 (November 2, 2017) (SR-ISE-2017-94)
(proposed rule change related to the Kill Switch risk protection).
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    As it relates to FIX, OTTO, and SQF, the proposed language is
substantially similar to the language included in SR-ISE-2017-62 with
changes to more clearly and accurately reflect the certain information
included on each protocol, such as by separating out different
categories of messages (e.g., auction orders, auction notifications,
and auction responses). Furthermore, the proposed definitions will be
harmonized where appropriate with definitions to be included in the
rules of the Exchange's affiliated options markets, including by using
consistent terms to define the buckets of information transmitted, or
the features available, on each protocol.\6\ Although the Exchange is
changing how it categorizes various features included on FIX, OTTO, and
SQF as part of its harmonization effort, the list of features included
in the proposed definitions are intended to be exhaustive with respect
to the buckets of information provided on each protocol. The Exchange
also seeks to memorialize Precise to reflect the specific categories of
features that are available on the Precise front-end today (e.g., order
and execution management, market data, and risk management). Overall,
the Exchange believes that the proposed changes will allow Members to
more easily understand what information is available on which protocol.
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    \6\ The Exchange's affiliates--i.e., Nasdaq GEMX, LLC
(``GEMX''), Nasdaq MRX, LLC (``MRX''), Nasdaq PHLX LLC (``Phlx''),
Nasdaq Options Market (``NOM''), and Nasdaq BX, LLC (``BX'')--intend
to file similar rule changes as part of this exercise.
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    As proposed, Supplementary Material .03 to Rule 715 (i.e., Types of
Orders) will provide that the Exchange offers Members the following
protocols for entering orders and quotes respectively:

A. Financial Information eXchange Ports

    When the Exchange initially filed to adopt order and quote entry
protocols, it described the FIX protocol as follows: ``FIX is an
interface that allows market participants to connect and send orders
and auction orders into the Exchange. Data includes the following: (1)
Options Symbol Directory Messages; (2) System Event Messages (e.g.,
start of messages, start of system hours, start of quoting, start of
opening); (3) Option Trading Action Messages (e.g., halts, resumes);
(4) Execution Messages; (5) Order Messages (order messages, risk
protection triggers or purge notifications).''
    The Exchange now proposes to codify the following definition of FIX
in its rulebook: ``Financial Information eXchange'' or ``FIX'' is an
interface that allows Members and their Sponsored Customers to connect,
send, and receive messages related to orders and auction orders to the
Exchange. Features include the following: (1) Execution messages; (2)
order messages; (3) risk protection triggers and cancel notifications;
and (4) post trade allocation messages.

B. Ouch To Trade Options Ports

    When the Exchange initially filed to adopt order and quote entry
protocols, it described the OTTO protocol as follows: ``OTTO is an
interface that allows market participants to connect and send orders,
auction orders and auction responses into the Exchange. Data includes
the following: (1) Options Auction Notifications (e.g., Flash, PIM,
Solicitation and Facilitation or other information); (2) Options Symbol
Directory Messages; (3) System Event Messages (e.g., start of messages,
start of system hours, start of quoting, start of opening); (5) Option
Trading Action Messages (e.g., halts, resumes); (6) Execution Messages;
(7) Order Messages (order messages, risk protection triggers or purge
notifications).''
    The Exchange now proposes to codify the following definition of
OTTO in its rulebook: ``Ouch to Trade Options'' or ``OTTO'' is an
interface that allows Members and their Sponsored Customers to connect,
send, and receive messages related to orders, auction orders, and
auction responses to the Exchange. Features include the following: (1)
options symbol directory messages (e.g., underlying and complex
instruments); (2) system event messages (e.g., start of trading hours
messages and start of opening); (3) trading action messages (e.g.,
halts and resumes); (4) execution messages; (5) order messages; (6)
risk protection triggers and cancel notifications; (7) auction
notifications; (8) auction responses; and (9) post trade allocation
messages.

C. Specialized Quote Feed Ports

    When the Exchange initially filed to adopt order and quote entry
protocols, it described the SQF protocol as follows: ``SQF is an
interface that allows market makers to connect and send quotes, sweeps
and auction responses into the Exchange. Data includes the following:
(1) Options Auction Notifications (e.g., opening imbalance, Flash, PIM,
Solicitation and Facilitation or other information); (2) Options Symbol
Directory Messages; (3) System Event Messages (e.g., start of messages,
start of system hours, start of quoting, start of opening); (4) Option
Trading Action Messages (e.g., halts, resumes); (5) Execution Messages;
(6) Quote Messages (quote/sweep messages, risk protection triggers or
purge notifications).''
    The Exchange now proposes to codify the following definition of SQF
in its rulebook: ``Specialized Quote Feed'' or ``SQF'' is an interface
that allows market makers to connect, send, and receive messages
related to quotes, Immediate-or-Cancel Orders, and auction responses to
the Exchange. Features include the following: (1) Options symbol
directory messages (e.g., underlying and complex instruments); (2)
system event messages (e.g., start of trading hours messages and start
of opening); (3) trading action messages (e.g., halts and resumes); (4)
execution messages; (5) quote messages; (6) Immediate-or-Cancel Order
messages; (7) risk protection triggers and purge notifications; (8)
opening imbalance messages; (9) auction notifications; and (10) auction
responses. The SQF Purge Interface only receives and notifies of purge
requests from the market maker.\7\
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    \7\ All of the notification messages available on SQF ports as
described above (i.e., options symbol directory messages, system
event messages, trading action messages, etc.) are configurable in
that market makers can select the specific types of notifications
they wish to receive on their SQF ports. As such, SQF Purge
Interface ports are a subpart of SQF ports that have been configured
to only receive and notify of purge requests.
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D. Nasdaq Precise

    ``Nasdaq Precise'' or ``Precise'' is a front-end interface that
allows Electronic Access Members and their Sponsored Customers to send
orders to the Exchange and perform other related

functions. Features include the following: (1) order and execution
management: enter, modify, and cancel orders on the Exchange, and
manage executions (e.g., parent/child orders, inactive orders, and
post-trade allocations); (2) market data: access to real-time market
data (e.g., NBBO and Exchange BBO); (3) risk management: set
customizable risk parameters (e.g., kill switch); and (4) book keeping
and reporting: comprehensive audit trail of orders and trades (e.g.,
order history and done away trade reports).
    Precise is a software application that is offered by the Exchange
to EAMs and their Sponsored Customers. Use of Precise is completely
voluntary. The Exchange makes Precise available to EAMs and their
Sponsored Customers as a convenience for entering and managing orders,
but the protocol is not an exclusive means for any user to send orders
to ISE. Precise is merely a front-end interface to the Exchange's
existing trading system, and is designed as an alternative to the
Exchange's other protocols (i.e., FIX, OTTO, and SQF) for the sending
of orders to ISE. Precise is also an alternative to similar front-end
order and execution management systems currently offered by other
technology providers as well as other exchanges.\8\
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    \8\ For example, Cboe Exchange, Inc. currently offers a similar
front-end order and execution management system called PULSe\SM\
that allows users to send orders to Cboe Options Exchange, C2
Options, Cboe Futures Exchange, and other U.S. options and stock
exchanges. See https://www.cboe.org/hybrid/pulsesalessheet.pdf.
---------------------------------------------------------------------------

    Precise provides users with access to ISE's regular and complex
order books. The protocol offers order and execution features that
allow users to send, modify, and cancel their orders, and manage
executions. For example, the protocol offers users the capability to
stage larger orders and divide them into smaller orders for execution
(i.e., parent/child orders), or stage multiple orders to send for
execution at a later time (i.e., inactive orders). Precise also offers
post trade allocation, including the capability for users to directly
adjust clearing information on the front-end protocol. Precise users
can also access and display real-time market data such as the National
Best Bid and Offer (``NBBO'') and the Exchange Best Bid and Offer
(``Exchange BBO'').
    Precise also provides risk management capabilities that allow users
to set customizable risk parameters.\9\ For example, Precise supports
the kill switch risk protection feature, which is an optional tool that
enables members to initiate a message(s) to the Exchange's trading
system to promptly cancel orders and restrict entry of new orders until
re-entry has been enabled.\10\ Lastly, Precise provides a comprehensive
audit trail of orders and trades through its book keeping and reporting
features, including order history reports and done away trade
reports.\11\
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    \9\ The Exchange is characterizing the risk protections on
Precise under a broader category of risk management compared to the
risk protection categories on the other protocols because Precise
also supports administrator capability for accessing and setting
risk parameters for multiple users within a member firm.
    \10\ See Rule 711(d). Precise is able to send a message to the
Exchange to initiate the kill switch through Precise.
    \11\ Done away trade reports allow Precise users to record
orders and executions, including executions on a different venue
than the Exchange.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\12\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\13\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is consistent
with the protection of investors and the public interest as it codifies
the protocols used to connect to the Exchange's trading system. As
discussed above, the Exchange previously filed to establish FIX, OTTO,
and SQF in SR-ISE-2017-62. These protocols will now be codified in the
Exchange's rulebook. In addition, the Exchange has briefly described
Precise in various proposed rule changes filed with the Commission. In
the interest of transparency, the Exchange has included a more fulsome
description of the functionalities offered via Precise in this proposed
rule change, and is codifying language in its rules that would describe
this protocol.
    While no functional changes to the protocols are proposed in this
filing, the Exchange believes that including a description of the
protocols in its rulebook will benefit Members by increasing
transparency around the operation of the Exchange. Furthermore, the
proposed definitions being included in the rulebook will more clearly
and accurately reflect the information included on the protocols, and
will be harmonized with language to be included in the rules of its
affiliated exchanges to the extent that the protocols operate in the
same manner. The protocols described in this filing provide a range of
important features to Members, including the ability to submit quotes
and orders, and perform other functions necessary to manage trading on
the Exchange. The Exchange believes codifying the quote and order entry
protocols will increase transparency to the Members that use these
protocols to connect to the Exchange.

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

    In accordance with Section 6(b)(8) of the Act,\14\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As explained
above, the Exchange is codifying the quote and order entry protocols
that Members use to connect to the Exchange's trading system. The
Exchange does not believe that codifying these protocols in the
rulebook will have any competitive impact. FIX, OTTO, and SQF were
established in SR-ISE-2017-62, and are already available to Members,
who use these protocols to connect and manage their trading activity on
the Exchange. Adding rule language that describes these Exchange
offerings will increase transparency around the operation of the
Exchange without having any impact on intermarket or intramarket
competition. Furthermore, Precise is a voluntary piece of functionality
that EAMs and their Sponsored Customers may use as a convenience for
entering and managing orders and executions, as an alternative to the
Exchange's other protocols (i.e., FIX, OTTO, and SQF). Precise is also
an alternative to similar front-end order and execution management
systems currently offered by other technology providers as well as
other exchanges (e.g., PULSe). If market participants believe that
other products available in the marketplace are more beneficial than
Precise, they will simply use those products instead. For the foregoing
reasons, the Exchange does not believe that its proposal to codify
Precise will impose any burden on intermarket or intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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    \14\ 15 U.S.C. 78f(b)(8).

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \15\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    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-ISE-2018-65 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-ISE-2018-65. 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-ISE-2018-65 and should be submitted on
or before August 23, 2018.
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    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-16534 Filed 8-1-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 77 (Tuesday, April 22, 2014)]
[Rules and Regulations]
[Page 22415]
[FR Doc No: 2014-09058]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2013-0320]

RIN 1625-AA00

Safety Zone, Chicago Harbor, Navy Pier Southeast, Chicago, IL

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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SUMMARY: The Coast Guard will enforce the Navy Pier Southeast Safety
Zone within the Chicago Harbor during specified periods from May 24,
2014, through January 1, 2015. This action is necessary and intended to
ensure safety of life on the navigable waters of the United States
immediately prior to, during, and immediately after various firework
events. During the enforcement periods listed below, no person or
vessel may enter the safety zone without permission of the Captain of
the Port, Lake Michigan.

DATES: The regulations in 33 CFR 165.931 will be enforced at specified
times between 10 p.m. on May 24, 2014, through 12:30 a.m. on January 1,
2015.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice,
call or email MST1 John Ng, Waterways Management Division, Marine
Safety Unit Chicago, telephone<PHONE_NUMBER>, email address
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the Safety
Zone; Chicago Harbor, Navy Pier Southeast, Chicago, IL listed in 33 CFR
165.931, on each Saturday from 10 p.m. until 10:30 p.m. and each
Wednesday from 9:15 p.m. until 9:45 p.m. during the period starting May
24, 2014, through August 30, 2014. Additionally, on the dates below
during this period, this safety zone will be enforced with the
following adjustments in times:
     Friday, July 4, 2014, from 9:15 p.m. until 10 p.m.;
     Saturday, August 9, 2014, from 9:15 p.m. until 9:45 p.m.;
     Saturday, October 25, 2014, from 9 p.m. until 10:30 p.m.;
and
     Wednesday, December 31, 2014, from 11:45 p.m. until 12:30
a.m. on Thursday, January 1, 2015.
    This safety zone encompasses the waters of Lake Michigan within
Chicago Harbor bounded by coordinates beginning at 41[deg]53'26.5'' N,
087[deg]35'26.5'' W; then south to 41[deg]53'7.6'' N, 087[deg]35'26.3''
W; then west to 41[deg]53'7.6'' N, 087[deg]36'23.2'' W; then north to
41[deg]53'26.5'' N, 087[deg]36'24.6'' W; then east back to the point of
origin (NAD 83). All vessels must obtain permission from the Captain of
the Port, Lake Michigan, or his on-scene representative to enter, move
within or exit the safety zone. Vessels and persons granted permission
to enter the safety zone shall obey all lawful orders or directions of
the Captain of the Port, Lake Michigan, or his on-scene representative.
    This notice is issued under authority of 33 CFR 165.931 and 5
U.S.C. 552(a). In addition to this notice in the Federal Register, the
Coast Guard will provide the maritime community with advance
notification of these enforcement periods via broadcast Notice to
Mariners or Local Notice to Mariners. If the Captain of the Port, Lake
Michigan, determines that the safety zone need not be enforced for the
full duration stated in this notice, he may use a Broadcast Notice to
Mariners to grant general permission to enter the safety zone. The
Captain of the Port, Lake Michigan, or his on-scene representative may
be contacted via VHF Channel 16.

    Dated: April 10, 2014.
K.M. Moser,
Commander, U.S. Coast Guard, Acting Captain of the Port, Lake Michigan.
[FR Doc. 2014-09058 Filed 4-21-14; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: February 10, 2006 (Volume 71, Number 28)]
[Notices]
[Page 7095-7098]
[DOCID:fr10fe06-128]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53229; File No. SR-CBOE-2006-12]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Bid/Ask Differentials in CBOE Rule 8.7

February 6, 2006.
    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 January 31, 2006, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The CBOE has filed this proposal pursuant to Section 19(b)(3)(A)(iii)
of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the
proposal effective upon filing with the Commission.\5\ The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
    \5\ The CBOE has asked the Commission to waive the five-day pre-
filing requirement and the 30-day operative delay provided in Rule
19b-4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

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

    The CBOE proposes to amend CBOE Rule 8.7, ``Obligations of Market
Makers,'' to modify the bid/ask differential rules for options trading
in open outcry and on the CBOE's Hybrid System (``Hybrid'') and Hybrid
2.0 Platform (``Hybrid 2.0'').\6\ The text of the proposed rule change
appears below. Proposed new language is italicized; proposed deletions
are bracketed.
---------------------------------------------------------------------------

    \6\ Hybrid is the CBOE's trading platform that allows individual
Market Makers to submit electronic quotes in their appointed
classes. Hybrid 2.0 is an enhanced trading platform that allows
remote quoting by authorized categories of members. See CBOE Rule
1.1(aaa).
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Rule 8.7--Obligations of Market-Makers

    Rule 8.7. (a) No change
    (b) Appointment. With respect to each class of option contracts for
which he holds an Appointment under Rule 8.3, a Market-Maker has a
continuous obligation to engage, to a reasonable

degree under the existing circumstances, in dealings for his own
account when there exists, or it is reasonably anticipated that there
will exist, a lack of price continuity, a temporary disparity between
the supply of and demand for a particular option contract, or a
temporary distortion of the price relationships between option
contracts of the same class. Without limiting the foregoing, a Market-
Maker is expected to perform the following activities in the course of
maintaining a fair and orderly market:
    (i)-(iii) No change
    (iv) To price options contracts fairly by, among other things,
bidding and/or offering in the following manner:
    (A) Bidding and Offering in Open Outcry. With respect to all option
classes traded on the Exchange, bids and offers made in open outcry
shall be priced so as to create differences of no more than $0.25
between the bid and offer for each option contract for which the bid is
less than $2, no more than $0.40 where the bid is at least $2 but does
not exceed $5, no more than $0.50 where the bid is more than $5 but
does not exceed $10, no more than $0.80 where the bid is more than $10
but does not exceed $20, and no more than $1 where the bid is more than
$20, provided that the [appropriate Market Performance Committee]
Exchange may establish differences other than the above for one or more
options series. The bid/ask differentials stated above shall not apply
to in-the-money series where the quote width (i) on the primary market
of the underlying security[ies market], or (ii) calculated by the
Exchange or its agent for various indices pursuant to Interpretation
.08 of Rule 8.7, as applicable, is wider than the differentials set
forth above. For these series, the bid/ask differential may be as wide
as the quotation on the primary market of the underlying security or
calculated by the Exchange or its agent for various indices, as
applicable.
    (B) Opening Rotations. The provisions of Rule 8.7(b)(iv)(A) shall
apply during the applicable opening rotation employed in Hybrid
classes, Hybrid 2.0 classes, and Non-Hybrid and Non-Hybrid 2.0 classes.
    ([A]C) Option Classes Trading on the Hybrid Trading System and
Hybrid 2.0 Platform. Except as provided in subparagraphs (i) and (ii)
below, [O]option[s] [on] classes trading on the Hybrid Trading
[s]System and the Hybrid 2.0 Platform may be quoted electronically with
a difference not to exceed $5 between the bid and offer regardless of
the price of the bid. [The $5 quote widths shall only apply to classes
trading on the Hybrid system and only following the opening rotation in
each security (i.e., the widths specified in paragraph (b)(iv) above
shall apply during opening rotation).] The provisions of Rule
8.7(b)(iv)(A) shall apply to any [Q]quotes given in open outcry in
Hybrid classes and Hybrid 2.0 classes[may not be quoted with $5 widths
and instead must comply with the legal width requirements (e.g., no
more than $0.25 between the bid and offer for each option contract for
which the bid is less than $2) described in paragraph (iv) and not
subparagraph (iv)(A)].
    i. The $5 bid/ask differential stated in subparagraph (C) above
shall not apply to in-the-money series where the quote width on the
primary market of the underlying security, or the quote width
calculated by the Exchange or its agent for various indices pursuant to
Interpretation .08, is wider than $5. For these series, the bid/ask
differential may be as wide as the quote width on the primary market of
the underlying security or calculated by the Exchange or its agent, as
applicable; and
    ii. The Exchange may establish quote width differences other than
as provided in subparagraph (C) for one or more option series.
    (c)-(e) No change.

. . . Interpretations and Policies:

    .01-.13 No change
* * * * *

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

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

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

1. Purpose
    The CBOE proposes to make a number of changes to its rules relating
to bid/ask differentials as described below, including reorganizing
CBOE Rule 8.7(b)(iv) to set forth in separate paragraphs the applicable
bid/ask differentials in open outcry, during the opening rotation, and
for option classes trading on Hybrid or Hybrid 2.0.
    CBOE Rule 8.7(b)(iv) establishes maximum bid/ask differentials
(also referred to as quote spread requirements) for Market Makers that
vary depending upon the price of the option class and the trading
platform on which the option class trades (e.g., Hybrid, Non-Hybrid).
For bids and offers in open outcry, the allowable bid/ask differentials
are currently no more than $0.25 when the bid is less than $2, no more
than $0.40 when the bid is at least $2 but does not exceed $5, no more
than $0.50 where the bid is more than $5 but does not exceed $10, no
more than $0.80 when the bid is more than $10 but does not exceed $20,
and no more than $1 where the bid is more than $20. CBOE Rule
8.7(b)(iv) provides that the Exchange may establish differences other
than the above for one or more option series.\7\ Additionally, CBOE
Rule 8.7(b)(4) provides that the differentials stated above do not
apply to in-the-money-series where the underlying securities market is
wider than the above; for those series, the differential may be as wide
as the quotation on the primary market of the underlying security. With
respect to option classes trading on Hybrid or Hybrid 2.0, bids and
offers may be quoted electronically with a difference not to exceed $5
following the opening rotation regardless of the price of the bid.
---------------------------------------------------------------------------

    \7\ The CBOE proposes to amend CBOE Rule 8.7(b)(iv) to
substitute the Exchange for the appropriate Market Performance
Committee.
---------------------------------------------------------------------------

    With respect to the bid/ask differentials in open outcry, the CBOE
is proposing to amend CBOE Rule 8.7(b)(iv) to modify the existing
allowable bid/ask differentials as follows. The proposed rule change
maintains in amended paragraph (A) of CBOE Rule 8.7(b)(iv) the existing
provisions of CBOE Rule 8.7(b)(iv) which allow the bid/ask
differentials for in-the-money series to be quoted in open outcry as
wide as the quotation in the underlying securities market.
Additionally, the Exchange proposes to cross reference in amended CBOE
Rule 8.7(b)(iv)(A) the provisions of CBOE Rule 8.7, Interpretation and
Policy .08, pertaining to bid/ask differentials for index options as to
which the Exchange or its authorized agent calculates bids and asks.\8\
Thus, under CBOE Rule 8.7(b)(iv)(A), as amended, the bid/ask
differentials for in-the-money series of index options may be as wide
as the

bid/ask differential calculated by the CBOE or its authorized agent
pursuant to CBOE Rule 8.7, Interpretation and Policy .08.
---------------------------------------------------------------------------

    \8\ CBOE Rule 8.7, Interpretation and Policy .08, provides that
the Exchange or its authorized agent may calculate bid/ask values
for various indexes for the sole purpose of determining permissible
bid/ask differentials on options on those indexes.
---------------------------------------------------------------------------

    The proposed rule change also establishes a new paragraph (B) under
CBOE Rule 8.7(b)(iv), which provides that the provisions of CBOE Rule
8.7(b)(iv)(A), as amended, shall apply during the opening rotation in
Hybrid classes, Hybrid 2.0 classes, and non-Hybrid and non-Hybrid 2.0
classes. As noted above, CBOE Rule 8.7(b)(iv)(A), as amended, sets
forth the permissible bid/ask differentials for trading in open outcry.
The CBOE states that new paragraph (B) of CBOE Rule 8.7(b)(iv) is
consistent with the CBOE's existing rules pertaining to the permissible
bid/ask differentials that apply during the opening rotation.\9\ Thus,
according the CBOE, this proposed modification does not make any
substantive changes to the CBOE's existing rules relating to the
permissible bid/ask differentials during the opening rotation.
---------------------------------------------------------------------------

    \9\ For example, CBOE Rule 6.2B, ``Hybrid Opening System,''
provides that in calculating an Expected Opening Price during the
opening, the quote of the Designated Primary Market Maker or at
least one Market Maker or Lead Market Maker with an appointment in
an options class must be present and comply with the legal width
quote requirements of current CBOE Rule 8.7(b)(iv). In addition,
CBOE Rule 8.7(b)(iv)(A) currently provides that for classes trading
on Hybrid, the quote widths in CBOE Rule 8.7(b)(iv) apply during the
opening rotation in each security.
---------------------------------------------------------------------------

    New paragraph (C) of CBOE Rule 8.7(b)(iv) contains the permissible
quote width differentials that apply to option classes trading on
Hybrid and Hybrid 2.0. These quote width differentials were previously
contained in CBOE Rule 8.7(b)(iv)(A). New paragraph (C) makes clear
that the quote width differentials that apply to options classes
trading on Hybrid are equally applicable to option classes trading on
Hybrid 2.0. In addition, proposed new CBOE Rule 8.7(b)(iv)(C)(i)
provides that the quote widths for in-the-money series of options
classes trading on Hybrid and Hybrid 2.0 may be as wide as the quote
width of the underlying security or index reported by the Exchange or
its agent, as applicable, when that quote width is greater than $5. The
CBOE states that these provisions are identical to International
Securities Exchange (``ISE'') Rule 803(b)(4).
    Additionally, proposed new paragraph (C) would permit the Exchange
to establish permissible quote width differentials other than as
provided in CBOE Rule 8.7(b)(iv)(C). For example, the Exchange may
determine to grant bid/ask relief in the event of unusual
circumstances, such as a pending merger or acquisition of an underlying
security, a distribution of a special cash dividend, or other unusual
circumstances. The CBOE believes that granting the Exchange the ability
to establish quote width differentials greater than $5 in unusual
circumstances will have no deleterious effects on average quote widths
and will contribute to the maintenance of efficient markets. The CBOE
notes that this provision is consistent with ISE Rule 803(b)(4), which
grants the ISE the authority to establish quote width differences other
than as provided in ISE Rule 803(b)(4).
2. Statutory Basis
    The CBOE believes that the proposed rule change is consistent with
the Act \10\ and the rules and regulations under the Act applicable to
a national securities exchange and, in particular, the requirements of
Section 6(b) of the Act.\11\ Specifically, the CBOE believes that the
proposed rule change is consistent with the requirements under Section
6(b)(5) \12\ of the Act that the rules of an exchange be designed to
promote just and equitable principles of trade, to prevent fraudulent
and manipulative acts and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78a et seq.
    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The CBOE 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.

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

    The CBOE neither solicited nor received comments on the proposal.

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

    The CBOE has designated the proposed rule change as one that: (i)
Does not significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) does not become operative for 30 days from the date of
filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.
Therefore, the foregoing rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6)
thereunder.\14\ The CBOE has asked the Commission to waive the
requirement in Rule 19b-4(f)(6)(iii) \15\ that the CBOE provide the
Commission with written notice of its intention to file the proposed
rule change, along with a brief description and the text of the
proposed rule change, at least five business days prior to filing the
proposal with the Commission.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    Pursuant to Rule 19b-4(f)(6)(iii) under the Act, a proposal does
not become operative for 30 days after the date of its filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest. The CBOE has asked the
Commission to waive the 30-day operative delay and to allow the
proposal to become operative upon filing. In this regard, the CBOE
states that the proposal raises no unique issues and that it
reorganizes CBOE Rule 8.7 to make clear the bid/ask differential
provisions that apply in open outcry, during the opening rotation, and
to classes trading on Hybrid and Hybrid 2.0. In addition, the CBOE
states that new subparagraphs (i) and (ii) of CBOE Rule 8.7(b)(iv)(C)
are consistent with ISE Rule 803(b)(4).
    The Commission waives the five-day pre-filing requirement. In
addition, the Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest because the proposed changes to CBOE Rule 8.7 are consistent
with existing CBOE or ISE rules.\16\ In this regard, current CBOE Rule
8.7(b)(iv), which applies to trading in open outcry and which will be
renumbered as CBOE Rule 8.7(b)(iv)(A), provides that the bid/ask
differential for in-the-money option series may be as wide as the bid/
ask differential in the primary market for the underlying security.
CBOE Rule 8.7(b)(iv)(A), as amended, extends this principal to in-the-
money index option series by allowing the bids/ask differentials for
these series to be as wide as the bid/ask differential calculated by
the CBOE or its agent. Similarly, current CBOE Rule 8.7(b)(iv)(A),
which will be renumbered as CBOE Rule 8.7(b)(iv)(C), provides that the
quote widths specified in current CBOE Rule 8.7(b)(iv) apply to Hybrid
classes during the opening rotation. New CBOE Rule 8.7(b)(iv)(B)
applies these quote widths to the opening rotation in Hybrid classes,

Hybrid 2.0 classes, and Non-Hybrid and Non-Hybrid 2.0 classes. The CBOE
represents that this modification makes no substantive changes to the
CBOE's existing rules relating to permissible bid/ask differentials
during the opening rotation.\17\ New CBOE Rule 8.7(b)(4)(C)(i), which
allows the bid/ask differential for in-the-money series trading on
Hybrid and Hybrid 2.0 to be as wide as the quote width on the primary
market or, for index options, as wide as the quote width calculated by
the CBOE or its agent, is consistent with renumbered CBOE Rule
8.7(b)(iv)(A), as discussed above, and with current ISE Rule
803(b)(4)(i).\18\ New CBOE Rule 8.7(b)(4)(C)(ii), allowing the CBOE to
establish quote width differentials other than the $5 width provided in
CBOE Rule 8.7(b)(4)(C) for Hybrid and Hybrid 2.0 classes, is consistent
with current CBOE Rule 8.7(b)(iv) and with ISE Rule 803(b)(4).\19\ In
addition, new CBOE Rule 8.7(b)(4)(C) makes clear that the $5 bid/ask
differential provided in that rule applies to both Hybrid and Hybrid
2.0 option classes. For these reasons, the Commission designates that
the proposed rule change become operative as of the date of the filing
of the proposal.
---------------------------------------------------------------------------

    \16\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
    \17\ See also note 9, supra.
    \18\ ISE Rule 803(b)(4)(i) provides that the bid/ask
differential for in-the-money series may be as wide as the quotation
on the primary market of the underlying security.
    \19\ Current CBOE Rule 8.7(b)(iv), which applies to trading in
open outcry, allows the CBOE to establish bid/ask differentials
other than those provided in CBOE Rule 8.7(b)(iv) for one or more
options series. Similarly, ISE Rule 803(b)(4) allows the ISE to
establish bid/ask differentials other than those specified in ISE
Rule 803(b)(4) for one or more options series.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-CBOE-2006-12 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 No. SR-CBOE-2006-12. 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 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 inspection and
copying in the Commission's Public Reference Room. 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 No. SR-
CBOE-2006-12 and should be submitted on or before March 3, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E6-1837 Filed 2-9-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 78, Number 23 (Monday, February 4, 2013)]
[Notices]
[Pages 7771-7772]
[FR Doc No: 2013-02243]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commission Staff Attendance at MISO Meetings

    The Federal Energy Regulatory Commission hereby gives notice that
members of the Commission and Commission staff may attend the following
MISO-related meetings:
 Advisory Committee (10:00 a.m.-1:00 p.m., Local Time)
    [cir] February 20 (Windsor Court Hotel, 300 Gravier Street, New
Orleans, LA)
    [cir] March 27
    [cir] April 24
    [cir] May 22
    [cir] July 24
    [cir] August 21 (St. Paul Hotel, 350 Market St., St. Paul, MN)
    [cir] September 25
    [cir] October 23
    [cir] November 20
    [cir] December 11
 Board of Directors Audit & Finance Committee
    [cir] February 20 (Windsor Court Hotel, 300 Gravier Street, New
Orleans, LA)
[squf] 3:30 p.m.-4:45 p.m.
    [cir] April 24 (1:00 p.m.-3:00 p.m.)
    [cir] August 21 (St. Paul Hotel, 350 Market St., St. Paul, MN, 2:00
p.m.-3:00 p.m.)
    [cir] October 23 (3:15 p.m.-4:45 p.m.)
    [cir] November 20 (10:00 a.m.-1:00 p.m.)
 Board of Directors (8:30 a.m.-10:00 a.m., Local Time)
    [cir] February 21 (Windsor Court Hotel, 300 Gravier Street, New
Orleans, LA)
    [cir] April 25
    [cir] June 20 (Grand Traverse Lodge, 100 Grand Traverse Village
Blvd., Acme, MI)
    [cir] August 22 (St. Paul Hotel, 350 Market St., St. Paul, MN)
    [cir] October 24
    [cir] December 12
 Board of Directors Markets Committee (8:00 a.m.-10:00 a.m.,
Local Time)
    [cir] February 20 (Windsor Court Hotel, 300 Gravier Street, New
Orleans, LA)
    [cir] March 27
    [cir] April 24
    [cir] May 15
    [cir] June 19 (Grand Traverse Lodge, 100 Grand Traverse Village
Blvd., Acme, MI)
    [cir] July 24
    [cir] August 21 (St. Paul Hotel, 350 Market St., St. Paul, MN)
    [cir] September 25
    [cir] October 23
    [cir] November 27
    [cir] December 11
 Board of Directors System Planning Committee
    [cir] February 19 (5:15 p.m.-6:15 p.m.)(Windsor Court Hotel, 300
Gravier Street, New Orleans, LA)
    [cir] April 24 (3:30 p.m.-5:15 p.m.)
    [cir] June 18 (11:15 a.m.-12:45 p.m.) (Grand Traverse Lodge, 100
Grand Traverse Village Blvd., Acme, MI)
    [cir] August 21 (5:00 p.m.-6:30 p.m.) (St. Paul Hotel, 350 Market
St., St. Paul, MN)
    [cir] October 22 (4:00-5:30 p.m.)
    [cir] November 21 (10 a.m.-12 p.m.)
    [cir] December 11 (3:15-5:15 p.m.)
 MISO Informational Forum (3:00 p.m.-5:00 p.m., Local Time)
    [cir] February 19
    [cir] March 26
    [cir] April 23
    [cir] May 21
    [cir] July 23
    [cir] August 20 (St. Paul Hotel, 350 Market St., St. Paul, MN)
    [cir] September 24
    [cir] October 22
    [cir] November 19
    [cir] December 17
 MISO Market Subcommittee (9:00 a.m.-4:00 p.m., Local Time)
    [cir] February 5
    [cir] March 5
    [cir] April 2
    [cir] April 30
    [cir] June 4
    [cir] July 9
    [cir] August 6
    [cir] September 3
    [cir] October 1
    [cir] October 29
    [cir] December 3
 MISO Supply Adequacy Working Group (9:00 a.m.-5:00 p.m., Local
Time)
    [cir] February 7
    [cir] March 7
    [cir] April 4
    [cir] May 2
    [cir] June 6
    [cir] July 11
    [cir] August 8
    [cir] September 5
    [cir] October 3
    [cir] October 31
    [cir] December 5
 MISO Regional Expansion Criteria and Benefits Task Force (9:00
a.m.-5:00 p.m., Local Time)
    [cir] January 31
    [cir] February 28
    [cir] March 21
    [cir] April 18
    [cir] May 16
    [cir] June 27
    [cir] August 1
    [cir] August 29
    [cir] September 19
    [cir] October 17
    [cir] November 14
    [cir] December 19

    Except as noted, all of the meetings above will be held at: MISO
Headquarters 701 City Center Drive, 720 City Center Drive, and Carmel,
IN 46032
    Further information may be found at www.midwestiso.org.
    The above-referenced meetings are open to the public.
    The discussions at each of the meetings described above may address
matters at issue in the following proceedings:

Docket Nos. ER04-691, EL04-104 and ER04-106, et al., Midwest
Independent Transmission System Operator, Inc., et al.
Order No. 890, Preventing Undue Discrimination and Preference in
Transmission Service
Docket Nos. ER06-18, et al., Midwest Independent Transmission System
Operator, Inc.
Order Nos. 693 and 693-A, Mandatory Reliability Standards for Bulk-
Power System
Docket No. AD07-12, Reliability Standard Compliance and Enforcement in
Regions with Independent System Operators and Regional Transmission
Organizations
Docket No. ER08-394, Midwest Independent Transmission System Operator,
Inc.
Docket No. RM08-19, Mandatory Reliability Standards for the Calculation
of Available Transfer, Capacity Benefit Margins, Transmission
Reliability Margins, Total Transfer Capability, and Existing
Transmission Commitments and Mandatory Reliability Standards for the
Bulk Power System
Docket No. AD09-10, National Action Plan on Demand Response
Docket No. AD09-15, Version One Regional Reliability Standard for
Resource and Demand Balancing
Docket No. ER09-1049, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER09-1074, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER09-1431, Midwest Independent Transmission System Operator,
Inc.
Docket No. AD10-5, RTO/ISO Performance Metrics
Docket No. AD10-14, Reliability Standards Development and NERC and
Regional Entity Enforcement
Docket Nos. ER10-9, 10-73, 10-74, Dairyland Power Cooperative v.
Midwest Independent Transmission System Operator, Inc.

Docket Nos. ER10-209, EL10-12, and ER10-640, Commonwealth Edison
Company and Commonwealth Edison Company of Indiana, Inc. v. Midwest
Independent Transmission System Operator, Inc.
Docket No. ER10-1791, Midwest Independent Transmission System Operator,
Inc. and the Midwest ISO Transmission Owners
Docket No. ER10-2283, Midwest Independent Transmission System Operator,
Inc.
Docket No. RM10-11, Integration of Variable Energy Resources
Docket No. RM10-13, Credit Reforms in Organized Wholesale Electric
Markets
Docket No. RM10-17 and EL09-68, Demand Response Compensation in
Organized Wholesale Energy Markets
Docket No. RM10-23 and Order No. 1000, Transmission Planning and Cost
Allocation by Transmission Owning and Operating Public Utilities
Docket No. ER11-2275, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER11-3279, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER11-4081, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-33, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-351, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER11-3415, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-451, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-480, Midwest Independent Transmission System Operator,
Inc.
Docket No. OA08-53, Midwest Independent Transmission System Operator,
Inc.
Docket No. EL12-11, Rail Splitter Wind Farm v. Ameren and MISO
Docket No. ER13-506, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1179, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-2617, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-536, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-150, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-543, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-668, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-678, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-545, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1663, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-2302, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-596, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-603, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-715, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-263, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-2706, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-817, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-242, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-636, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-665, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-674, Midwest Independent Transmission System Operator,
Inc.
Docket No. EL13-13, ITC Midwest, LLC
Docket No. ER13-37, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-38, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-708, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-669, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-187, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-186, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-101, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER13-89, MidAmerican Energy Company
Docket No. ER12-2129, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1266, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1265, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-427, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1564, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-1194, Midwest Independent Transmission System Operator,
Inc.
Docket No. ER12-971, Midwest Independent Transmission System Operator,
Inc.
    For more information, contact Patrick Clarey, Office of Energy
Markets Regulation, Federal Energy Regulatory Commission at (317) 249-
5937 or<EMAIL_ADDRESS>or Christopher Miller, Office of
Energy Markets Regulation, Federal Energy Regulatory Commission at
(317) 249-5936 or<EMAIL_ADDRESS>
    Dated: January 25, 2013.
 Kimberly D. Bose,
 Secretary.
[FR Doc. 2013-02243 Filed 2-1-13; 8:45 am]
BILLING CODE 6717-01-P