[Federal Register Volume 76, Number 159 (Wednesday, August 17, 2011)]
[Notices]
[Page 51017]
[FR Doc No: 2011-20897]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2188-196]

PPL Montana, LLC; Notice of Application for Amendment of License
and Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Application: Amendment of License.
    b. Project No: 2188-196.
    c. Date Filed: July 7, 2011.
    d. Applicant: PPL Montana, LLC.
    e. Name of Project: Missouri-Madison Hydroelectric Project.
    f. Location: The project consisting of nine developments is located
on the Madison and Missouri Rivers in Gallatin, Madison, Lewis and
Clark and Cascade Counties in Montana.
    g. Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: David R. Poe, Dewey & LeBoeuf LLP, 1101 New
York Avenue, NW., Washington, DC 20001. Tel:<PHONE_NUMBER>. E-mail:
<EMAIL_ADDRESS>    i. FERC Contact: Any questions on this notice should be addressed
to Vedula Sarma at<PHONE_NUMBER> or<EMAIL_ADDRESS>    j. Deadline for filing comments and or motions: August 25, 2011.
    Comments, protests, and interventions may be filed electronically
via the Internet in lieu of paper. See 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site (http://www.ferc.gov/docs-filing/efiling.asp). Commenters can submit brief comments up to
6,000 characters, without prior registration, using the eComment system
(http://www.ferc.gov/docs-filing/ecomment.asp) and must include name
and contact information at the end of comments. The Commission strongly
encourages electronic filings.
    All documents (original and seven copies) filed by paper should be
sent to: Secretary, Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426. Please include the project number
(P-2188-196) on any comments or motions filed.
    The Commission's Rules of Practice and Procedure require all
interveners filing documents with the Commission to serve a copy of
that document on each person whose name appears on the official service
list for the project. Further, if an intervener files comments or
documents with the Commission relating to the merits of an issue that
may affect the responsibilities of a particular resource agency, they
must also serve a copy of the document on that resource agency. A copy
of any motion to intervene must also be served upon each representative
of the Applicant specified in the particular application.
    k. Description of Application: The licensee proposes to replace the
aged 100-kV radial lines that interconnect the Morony Development to
the Great Falls substation, and the Ryan and Cochran Developments to
the Rainbow Switch yard with new, more reliable structures and
materials that terminate in the newly constructed Crooked Falls
Switchyard. The corridors of the lines from the three developments
occupy a total of 146.3 acres of land owned by licensee in fee and
easements. There are no Federal lands within the corridors.
    l. Locations of the Application: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street, NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site using the ``eLibrary'' link at http://elibrary.ferc.gov/idmws/search/fercgensearch.asp. Enter the docket
number excluding the last three digits (P-2188) in the docket number
field to access the document. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via e-mail of
new filings and issuances related to this or other pending projects.
For assistance, call 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item
(h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Any filings must bear in all capital letters the title
``COMMENTS'', ``PROTEST'', or ``MOTION TO INTERVENE'', as applicable,
and the Project Number of the particular application to which the
filing refers.
    p. Agency Comments: Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

    Dated: August 10, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-20897 Filed 8-16-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 189 (Thursday, September 29, 2016)]
[Notices]
[Pages 67019-67023]
[FR Doc No: 2016-23490]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78912; File No. SR-NASDAQ-2016-130]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Nasdaq's Fees at Rule 7014(f)

September 23, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 16, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, 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 amend the Exchange's fees at Rule 7014(f)
to: (i) Change the criteria required to receive the rebates provided by
the Lead Market Maker (``LMM'') Program; (ii) change the rebates
offered by the LMM Program; and (iii) rename the program the Designated
Liquidity Provider (``DLP'') Program, as described further below. While
these amendments are effective upon filing, the Exchange has designated
the proposed amendments to be operative on October 3, 2016.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to: (i) Change the
criteria required to receive the rebates provided by the LMM Program;
(ii) change the rebates offered by the LMM Program; and (iii) rename
the program the Designated Liquidity Provider Program.
    The LMM Program is designed to provide incentives to market makers
to make markets in certain exchange-traded products (``ETPs''). To
achieve this goal, Nasdaq provides credits to a designated LMM for
execution of a Qualified Security. Under Rule 7014(f)(1), a Qualified
Security is defined as an exchange-traded fund or index-linked security
listed on Nasdaq pursuant to Nasdaq Rules 5705 (Exchange Traded Funds:
Portfolio Depository Receipts and Index Fund Shares), 5710 (Securities
Linked to the Performance of Indexes and Commodities, Including
Currencies), 5720 (Trust Issued Receipts), 5735 (Managed Fund Shares),
or 5745 (NextShares), and it must have at least one LMM.
    An LMM is a registered Nasdaq market maker for a Qualified Security
that has committed to maintain minimum performance standards. An LMM is
selected by Nasdaq based on several factors including, but not limited
to, experience with making markets in exchange-traded funds and index-
linked securities, adequacy of capital, willingness to promote Nasdaq
as a marketplace, issuer preference, operational capacity, support
personnel, and history of adherence to Nasdaq rules and securities
laws. Nasdaq may limit the number of LMMs in a security, or modify a
previously established limit, upon prior written notice to members.
    Rule 7014(f)(4) sets forth the criteria required, and the rebates
and reduced fees provided, by the LMM Program. Currently, there are
three tiers based on the amount of time an LMM is at the national best
bid and offer (``NBBO''). Specifically, if an LMM is above 15% to 20%
at the NBBO, it qualifies for: (i) A Displayed Liquidity Rebate (for
executions $1 per share and above) of $0.0040 per executed share; (ii)
a Displayed Liquidity Rebate (for executions less than $1 per share) of
$0.0000 per executed share; and (iii) a maximum fee of $0.0005 per
executed share for participation in the Halt, Opening, and Closing
Crosses.\3\ If an LMM is above 20% to 50% at the NBBO, it qualifies
for: (i) A Displayed Liquidity Rebate (for executions $1 per share and
above) of $0.0043 per executed share; (ii) a Displayed Liquidity Rebate
(for executions less than $1 per share) of $0.0000 per executed share;
and (iii) a maximum fee of $0.0000 per executed share for participation
in the Halt, Opening, and Closing Crosses. Last, if an LMM is above 50%
at the NBBO, it qualifies for: (i) A Displayed Liquidity Rebate (for
executions $1 per share and above) of $0.0046 per executed share; (ii)
a Displayed Liquidity Rebate (for executions less than $1 per share) of
$0.0000 per executed share; and (iii) a maximum fee of $0.0000 per
executed share for participation in the Halt, Opening, and Closing
Crosses.
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    \3\ A member participating in the Halt Cross would otherwise be
assessed a fee of $0.0010 per share executed (see Rule 7018(f)). A
member participating in the Opening Cross would otherwise be
assessed a fee of no less than $0.0008 per share executed (see Rule
7018(e)). A member participating in the Closing Cross would
otherwise be assessed a fee of no less than $0.0008 per share
executed (see Rule 7018(d)).
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    The Exchange is proposing to amend the rebates and criteria under
the program to also take into consideration certain characteristics of
the individual ETP.

First Change
    The purpose of the first change is to amend the criteria required
to receive the rebates provided by the LMM Program to better align the
behavior required to qualify for rebates with the nature of the rebates
provided. Specifically, in lieu of the current criteria, the Exchange
is proposing to require all LMMs, which will be renamed DLPs as part of
this filing and will be noted as such when discussed below,\4\ to be at
the NBBO at least 20% of the time in the assigned ETP in any given
month in order to qualify for a Basic Rebate. In order to receive New
Product Support Initiatives [sic], discussed below, a DLP must be at
the NBBO at least 20% of the time in the assigned ETP in any given
month, the ETP itself must have a three month average daily volume
(``ADV'') \5\ of less than 500,000, and the ETP must be less than 36
months old. Thus, not only must the DLP contribute to market quality in
the ETP by quoting at the NBBO, but the ETP itself must have relatively
low volume. Last, to be eligible for new Additional Tape C ETP
Incentives, discussed below, the average time the DLP is at the NBBO
for each assigned ETP must average at least 20%, and the average
liquidity provided by the DLP for each assigned ETP must average at
least 5% of the liquidity provided on Nasdaq in the respective ETP.\6\
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    \4\ As discussed in detail below, the Exchange is proposing to
rename the LMM program as the Designated Liquidity Provider program.
As a consequence, LMMs will be renamed DLPs. For purposes of this
filing, the use of the term DLP is synonymous with the term LMM.
    \5\ The Exchange is defining average daily volume, for purposes
of the DLP Program, to mean the total consolidated volume reported
to all consolidated transaction reporting plans, for each individual
security, by all exchanges and trade reporting facilities during a
month divided by the number of trading days during the month. If a
security is not listed for a full month, the number of trading days
will only include the days in which the security is listed.
    \6\ For example, assume a DLP has 20 assignments. If a DLP
quotes at the NBBO 50% of the time in 10 of the ETPs and in the
remaining 10 ETPs quotes at the NBBO 40% of the time, the average
for the purposes of this calculation will be 45%. Nasdaq will
calculate the liquidity provided by the DLP as a percent of
liquidity provided in each assigned ETP on Nasdaq. Nasdaq will then
average these percentages across symbols. For example, if the DLP is
10% of the added liquidity in 10 of the ETPs and 4% of the added
liquidity in the remaining 10 ETPs the average for this calculation
will be 7%. In this instance the DLP will have met the criteria on
average for the additional incentive, even though it failed to meet
the criteria for all 20 ETPs individually.
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Second Change
    The purpose of the second change is to modify the incentives
provided by the program. As discussed above, the Exchange currently
provides rebates and reduced fees if an LMM meets the minimum criteria
of a tier. In lieu of the current incentives, the Exchange is adopting
three new incentives that it believes are more targeted to improving
market quality in ETPs.
    First, the Exchange is proposing to provide Basic Rebates to DLPs
that qualify under the proposed ``Basic Rebates'' criteria of being at
the NBBO at least 20% of the time on average in any given month in a
particular ETP. The Basic Rebates are available for each of a DLP's
assigned ETPs that it qualified for under the performance criteria. The
Basic Rebates vary based on the level of ADV the ETP has in a given
month. Specifically, a DLP will receive: (i) A rebate of $0.0047 per
executed share of displayed liquidity in an ETP that has ADV less than
500,000 during the month; (ii) a rebate of $0.0042 per executed share
of displayed liquidity in an ETP that has ADV between 500,000 and 5
million during the month; and (iii) a rebate of $0.0036 per executed
share of displayed liquidity in an ETP that has ADV greater than 5
million during the month. Thus, the new rebate schedule takes into
consideration the nature of the market in the individual ETP, with the
Exchange providing the greatest incentive to DLPs to participate in the
program in ETPs that have the lowest volumes.
    Second, the Exchange is proposing New Product Support Incentives to
incentivize DLPs to support trading in newly-launched ETPs.\7\ The New
Product Support Incentives are provided in lieu of the Basic Rebates.
Like the Basic Rebates, the New Product Support Initiatives [sic] are
only available in the assigned ETPs that the DLP qualifies for under
the New Product Support Incentives performance criteria. The proposed
incentives are based on the length of time since the ETP was
launched,\8\ providing declining levels of rebate as the ETP matures.
In particular, the Exchange is proposing to offer to all DLPs that
qualify under the New Product Support Incentives criteria a rebate of
$0.0070 per executed share of displayed liquidity in the ETP in a
newly-launched ETP with ADV less than 500,000 up to 12 months from the
ETP's product inception date, a rebate of $0.0065 per executed share of
displayed liquidity in the ETP for the period 12 to 24 months from the
product inception date, and a rebate of $0.0055 per executed share of
displayed liquidity in the ETP for the period 24 to 36 months from the
product inception date. For purposes of calculating the number of
months under the rule, the first partial month an ETP is launched will
count as one month.
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    \7\ Because the New Product Support Incentives implicates Rule
102 of Regulation M, the Commission is separately considering a
limited, conditional exemption for issuers whose securities are
subject to the New Product Support Initiative [sic].
    \8\ The Exchange considers an ETP's launch date to be the
inception date of the ETP. For example, if an ETP launched on August
17, 2016, then the ETP is considered a new product with a fund
inception date of August 17, 2016. Nasdaq will offer an enhanced
rebate of ($0.0070) on the ETP up through July 2017 (assuming the
ADV threshold requirement of the New Product Support Incentives was
not breached).
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    Third, the Exchange is proposing Additional Tape C ETP incentives.
Specifically, the Exchange is proposing to offer DLPs that qualify
under the Additional Tape C ETP Incentive criteria three tiers of
rebates for each displayed share that adds liquidity in Tape C ETPs
that meet the criteria of Rule 7014(f)(1)(A).\9\ These rebates are
provided in addition to other rebates or fees provided under Rules 7018
and 7014, including the proposed Basic Rebates or New Product Support
Incentives. Eligibility for each tier is based on the number of ETPs
the DLP is assigned under the program. Specifically, an eligible DLP
that has at least 10 ETPs assigned to them during a given month will
receive a rebate of $0.0003 per share executed in a Tape C ETP. An
eligible DLP that has at least 25 assigned ETPs will receive a rebate
of $0.0004 per share executed in a Tape C ETP in lieu of the $0.0003
per share executed rebate. An eligible DLP that has at least 50
assigned ETPs will receive a rebate of $0.0005 per share executed in a
Tape C ETP in lieu of the $0.0003 and $0.0004 per share executed
rebates. Thus, the Exchange is providing incentive to members to
participate as DLPs in a significant number of ETPs.
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    \9\ Rule 7014(f)(1)(A) sets forth the ETPs that may be included
in the program.
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    The Exchange is also providing a DLP that qualifies under the
Additional Tape C ETP Incentive criteria yet has fewer than 10 ETPs
assigned to them the ability to qualify for a $0.0001 per share
executed rebate in Tape C ETPs that meet the criteria of Rule
7014(f)(1)(A) if it increases the number of ETPs for which it is a DLP
by 100%. A DLP is only eligible for the first 100% increase and will
not receive additional $0.0001 per share executed rebates for
subsequent 100% increases to the number of assigned ETPs. For example,
if an existing DLP has three assigned ETPs and thereafter is approved
as a DLP for three additional ETPs, the DLP

would receive an additional $0.0001 per share executed rebate for each
displayed share that adds liquidity in a Tape C ETP that meets the
criteria of Rule 7014(f)(1)(A). A new DLP will be considered a 100%
increase and also receive the one-time $0.0001 per share executed
rebate in Tape C ETPs that meets the criteria of Rule 7014(f)(1)(A) in
the DLP Program upon receiving their first ETP assignment. Thus, a
newly-approved DLP will receive the additional $0.0001 per share
executed rebate in Tape C ETPs as described above when it is initially
assigned an ETP under the DLP Program if the total number of ETPs
assigned is less than ten, but the newly-approved DLP would not be
eligible for additional $0.0001 per share executed rebates for
subsequent 100% increases to the number of assigned ETPs.
Third Change
    The purpose of the third change is to change the name of the
program. The Lead Market Maker Program had previously been named the
Designated Liquidity Provider Program. In 2015, the Exchange changed
the name of the program to the Lead Market Maker program and,
accordingly, changed references to ``Designated Liquidity Providers''
and ``DLPs'' to ``Lead Market Makers'' and ``LMMs,'' respectively.\10\
At the time, the Exchange noted that the term Lead Market Maker was
more descriptive of who was eligible for the program (i.e., market
makers), as opposed to a Designated Liquidity Provider, which could
lead a market participant to believe that any market participant was
eligible to qualify for the program. After receiving industry feedback,
the Exchange now believes that the name Designated Liquidity Provider
is, in fact, not confusing to market participants. Moreover, the
Exchange notes that the rule explicitly defines an LMM (now DLP) as a
``registered Nasdaq market maker.'' \11\ Consequently, Nasdaq is
changing the name of the program back to the ``Designated Liquidity
Provider Program.'' As was the case when the Exchange renamed the
program in 2015, the proposed change in the program's name and
terminology does not impact the operation of the program.\12\
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    \10\ See Securities Exchange Act Release No. 75389 (July 8,
2015), 80 FR 41133 (July 14, 2015) (SR-NASDAQ-2015-071).
    \11\ See Rule 7014(f)(2).
    \12\ Supra note 10.
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2. Statutory Basis

    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\13\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\14\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility or system which the Exchange operates or controls, and 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; and are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(4) and (5).
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First Change
    The Exchange believes that amending the criteria required for a DLP
to be eligible for the rebates by better aligning the behavior required
to qualify for rebates with the nature of the rebates provided is
reasonable because the Exchange must from time to time assess the
effectiveness of the incentives it provides to market participants in
return for the beneficial behavior required to receive the incentive.
In this case, the Exchange is amending the program to include more
targeted incentives and is applying not only the current NBBO-based
criteria, but also other measures of beneficial market participation
and ETP market quality. Specifically, the Exchange is applying an
average daily volume standard to determine if an ETP qualifies for the
New Product Support Incentives, which ties the availability of the
incentive to a certain relatively low level of ADV thus ensuring that
the ETP's market quality needs improvement. As used in the DLP Program,
ADV is, for each individual security, the total consolidated volume
reported to all consolidated transaction reporting plans by all
exchanges and trade reporting facilities during a month divided by the
number of trading days during the month.
    The Exchange is also applying a measure of average liquidity
provided in the DLP's assigned ETPs to qualify for the Additional Tape
C ETP Incentives, which requires the DLP to, on average, provide at
least 5% of the liquidity provided on Nasdaq in their assigned ETPs.
The Exchange believes that the proposed ETP liquidity criteria of the
Additional Tape C ETP Incentive tier ensures that the DLP is providing
an adequate level of liquidity in an ETP in addition to quoting at the
NBBO in all of its assigned ETPs at an average at least 20% of the time
in each ETP.
    The Exchange believes that the proposed eligibility criteria are an
equitable allocation and are not unfairly discriminatory because the
Exchange will apply the same criteria to all DLPs. The Exchange also
believes that the proposed eligibility criteria are an equitable
allocation and are not unfairly discriminatory among Exchange members
because any member may become a market maker and take the steps
necessary to also become a DLP, including meeting the proposed minimum
criteria under Rule 7014(f)(4). The DLP Program is limited to Exchange
market makers because of their unique role in the markets, including
their obligation to provide liquidity in the securities in which they
are registered.\15\ Thus, the DLP Program is a further extension of the
market maker's role in providing liquidity in specific securities, to
the benefit of all market participants.
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    \15\ See Rule 4613 for a description of Exchange market maker
obligations.
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Second Change
    The Exchange believes that the proposed new rebates are reasonable
because they are better designed to provide incentives to DLPs to
improve the market in ETPs that are in need of improved market quality.
With respect to the Basic Rebates, the Exchange is providing three
tiers of rebates, ranging from $0.0036 to $0.0047 per executed share of
displayed liquidity in the ETP. The current Displayed Liquidity Rebate
(for executions $1 per share and above) ranges from $0.0040 to $0.0046
per share executed. Thus, the levels of the rebates currently offered
and proposed are comparable.
    The Exchange believes that the proposed rebates provided under the
New Product Support Incentives are reasonable because they provide
significant incentive in return for critical support of new ETPs.
Generally, new ETPs launch with low volume, yet improve significantly
over time. Low volume leads to less liquid markets for participants
seeking to transact in these newly-listed securities. Consequently, the
Exchange is proposing to provide incentives that decrease over time,
beginning with a rebate to qualifying DLPs of $0.0070 during the first
twelve months post ETP launch, $0.0065

during the second twelve-month period, and $0.0055 for the third
twelve-month period. The Exchange believes that these graduated rebates
will provide adequate incentive to DLPs to support trading in new ETPs
until they have reached a level of maturity where such support is not
needed.
    The Exchange believes that the proposed Additional Tape C ETP
rebates are reasonable because they provide additional incentive to
DLPs to register in ETPs. Increasing the number of DLPs that any given
ETP has will improve market quality in the ETP, since DLPs have
performance requirements designed to improve market quality in the
assigned ETP. The rebates are tied to the number of ETPs a DLP that
meets the proposed eligibility criteria under Rule 7014(f)(4) is
assigned, increasing in conjunction with the number of assigned ETPs.
Moreover, the Exchange is providing a one-time $0.0001 per executed
share rebate in Tape C ETPs to both existing and newly-approved DLPs
that have less than ten ETPs assigned, but increase the number of ETPs
assigned by 100%. The Exchange believes that this one-time rebate may
provide incentive to DLPs to increase the number of ETPs assigned
significantly, and also incentivize market makers who are not DLPs to
participate in the program thereby promoting greater participation in
the program to the benefit of all market participants transacting in
the DLP Program ETPs.
    The Exchange believes that all of the proposed rebates are an
equitable allocation and are not unfairly discriminatory because the
Exchange will provide the same rebate to all similarly situated DLPs.
The Exchange believes that limiting securities eligible for the program
to ETPs that are new or have relatively low volumes is an equitable
allocation and is not unfairly discriminatory because these securities
are the most in need of improved market quality. Moreover, the New
Product Support Incentives are reduced over time as the ETP matures and
the market in the ETP improves, eventually ending 36 months after the
ETPs inception date. Thus, the New Product Support Incentives are of
limited duration, with the ETPs eligible for New Product Support
Incentives treated like other ETPs of the DLP Program once they reach
the 36 month from product inception limit of these incentives. The
Exchange also believes that the proposed rebates are an equitable
allocation and are not unfairly discriminatory among Exchange members
because, as noted above, any member may become an Exchange market maker
and take the steps necessary to also become a DLP, including meeting
the proposed minimum criteria under Rule 7014(f)(4). As noted above,
the DLP Program is limited to Exchange market makers because of their
unique role in the markets, including their obligation to provide
liquidity in the securities that they are registered in. Thus, the DLP
Program is a further extension of the market maker's role in providing
liquidity in specific securities.
Third Change
    The Exchange believes that the proposed change in the name of the
program and its terminology further perfects the mechanism of a free
and open market and a national market system, and, in general, promotes
public interest because it reverts the program to its long-standing
former name and terminology. As noted, the Exchange is making the
change in response to industry feedback, which noted a preference for
the prior name and terminology, and did not believe that it would be
confusing. In support of this last point, the Exchange notes that the
rule clearly indicates that it applies to only registered Nasdaq market
makers. Thus, the Exchange believes that reverting the name of the
program and its terminology is consistent with further perfecting the
mechanism of a free and open market and a national market system.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
    In this instance, the Exchange is proposing to modify the
incentives provided to market makers for participation in the DLP
program in an effort to improve the program by providing more targeted
incentives to improve market quality in ETPs that are in need of such
improvement the most. The Exchange uses incentives, such as the rebates
of the DLP program, to incentivize market participants to improve the
market. The Exchange must, from time to time, assess the effectiveness
of incentives and adjust them when they are not as effective as the
Exchange believes they could be. Moreover, the Exchange is ultimately
limited in the amount of rebates it may offer. The proposed new
criteria and incentives are reflective of such an analysis.
    The Exchange notes that participation in the DLP program is
entirely voluntary and, to the extent that registered market makers
determine that the rebates are not in line with the level of market-
improving behavior the Exchange requires, a DLP may elect to deregister
as such with no penalty. The Exchange notes that it is raising the
minimum criteria required for a DLP to receive a rebate under the
program, and thus there is a risk that a DLP may not qualify for any of
the incentives under the amended program if it provides the same level
market participation.
    The Exchange does not believe that the change places an unnecessary
burden on competition because the increase in the minimum criteria is
relatively small and the level of rebate a DLP may receive is
significantly higher in lower volume ETPs under the Basic Rebates. In
sum, if the changes proposed herein are unattractive to market makers,
it is likely that the Exchange will lose participation in the DLP
program as a result. As noted above, the Exchange is continuing to
limit eligibility for the program to Exchange market makers. The
Exchange believes that Exchange market makers are best positioned to
provide market improvement in DLP Program ETPs in light of their unique
function in the markets. Moreover, any Exchange member may elect to
take the steps necessary to become an Exchange market maker and
therefore become eligible for the program if they choose. Thus, the
Exchange does not believe that the proposal represents a burden on
competition among Exchange members, or that the proposal will impair
the ability of members or competing order execution venues to maintain
their competitive standing in the financial markets.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\16\
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    \16\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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_ADDRESS>Please include
File Number SR-NASDAQ-2016-130 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2016-130. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2016-130 and should
be submitted on or before October 20, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-23490 Filed 9-28-16; 8:45 am]
 BILLING CODE P


[Federal Register Volume 84, Number 171 (Wednesday, September 4, 2019)]
[Notices]
[Page 46505]
[FR Doc No: 2019-19041]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER02-2309-000]

Whitewater Hill Wind Partners, LLC; Supplemental Notice That
Initial Market-Based Rate Filing Includes Request for Blanket Section
204 Authorization

    This is a supplemental notice in the above-referenced Whitewater
Hill Wind Partners, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is September 4, 2019.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: August 28, 2019.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-19041 Filed 9-3-19; 8:45 am]
 BILLING CODE 6717-01-P