[Federal Register Volume 80, Number 181 (Friday, September 18, 2015)]
[Notices]
[Pages 56511-56515]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-23396]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75910; File No. SR-NASDAQ-2015-102]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Transaction Fees at Chapter XV, Section 2 Entitled ``NASDAQ 
Options Market--Fees and Rebates''

September 14, 2015.
    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 1, 2015, 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 transaction fees at Chapter XV, 
Section 2 entitled ``NASDAQ Options Market--Fees and Rebates,'' which 
governs pricing for NASDAQ members using the NASDAQ Options Market 
(``NOM''), NASDAQ's facility for executing and routing standardized 
equity and index options.
    While these amendments are effective upon filing, the Exchange has 
designated the proposed amendments to be operative on September 1, 
2015.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.cchwallstreet.com, at the principal office of 
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes the following five [sic] changes to the NOM 
transaction fees set forth at Chapter XV, Section 2 for executing and 
routing standardized equity and index options under the Penny Pilot 
options program. The Penny Pilot was established in March 2008 and has 
since been expanded and extended through June 30, 2016.\3\
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    \3\ See Securities Exchange Act Release Nos. 57579 (March 28, 
2008), 73 FR 18587 (April 4, 2008) (SR-NASDAQ-2008-026) (notice of 
filing and immediate effectiveness establishing Penny Pilot); 60874 
(October 23, 2009), 74 FR 56682 (November 2, 2009) (SR-NASDAQ-2009-
091) (notice of filing and immediate effectiveness expanding and 
extending Penny Pilot); 60965 (November 9, 2009), 74 FR 59292 
(November 17, 2009) (SR-NASDAQ-2009-097) (notice of filing and 
immediate effectiveness adding seventy-five classes to Penny Pilot); 
61455 (February 1, 2010), 75 FR 6239 (February 8, 2010) (SR-NASDAQ-
2010-013) (notice of filing and immediate effectiveness adding 
seventy-five classes to Penny Pilot); 62029 (May 4, 2010), 75 FR 
25895 (May 10, 2010) (SR-NASDAQ-2010-053) (notice of filing and 
immediate effectiveness adding seventy-five classes to Penny Pilot); 
65969 (December 15, 2011), 76 FR 79268 (December 21, 2011) (SR-
NASDAQ-2011-169) (notice of filing and immediate effectiveness 
extension and replacement of Penny Pilot); 67325 (June 29, 2012), 77 
FR 40127 (July 6, 2012) (SR-NASDAQ-2012-075) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through December 31, 2012); 68519 (December 21, 2012), 78 FR 136 
(January 2, 2013) (SR-NASDAQ-2012-143) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through June 30, 2013); 69787 (June 18, 2013), 78 FR 37858 (June 24, 
2013) (SR-NASDAQ-2013-082) (notice of filing and immediate 
effectiveness and extension and replacement of Penny Pilot through 
December 31, 2013); 71105 (December 17, 2013), 78 FR 77530 (December 
23, 2013) (SR-NASDAQ-2013-154) (notice of filing and immediate 
effectiveness and extension and replacement of Penny Pilot through 
June 30, 2014); 79 FR 31151 (May 23, 2014), 79 FR 31151 (May 30, 
2014) (SR-NASDAQ-2014-056) (notice of filing and immediate 
effectiveness and extension and replacement of Penny Pilot through 
December 31, 2014); 73686 (December 2, 2014), 79 FR 71477 (November 
25, 2014) (SR-NASDAQ-2014-115) (notice of filing and immediate 
effectiveness and extension and replacement of Penny Pilot through 
June 30, 2015) and 75283 (June 24, 2015), 80 FR 37347 (June 30, 
2015) (SR-NASDAQ-2015-063) (Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change Relating to Extension of the 
Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues 
That Have Been Delisted.) See also NOM Rules, Chapter VI, Section 5.

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[[Page 56512]]

    The proposed changes are as follows:
    Rebate to Add Liquidity in Penny Pilot Options: the Exchange 
proposes to
    1. Increase the rebates to Participants that qualify for Tiers 8 of 
the Customer \4\ and Professional \5\ rebate program and that add 
greater than 1.40 percent of total Customer interest for the month.
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    \4\ The term ``Customer'' refers to a customer in a transaction 
that is marked by a Participant in the Customer range for clearing 
purposes at The Options Clearing Corporation (``OCC''). Such a 
transaction is not for the account of a broker, dealer or 
``Professional'' (see next footnote).
    \5\ The term ``Professional'' means any person or entity that 
(i) is not a broker or dealer in securities, and (ii) places more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s), See Chapter I, 
Section 1(a)(48). All Professional orders must be appropriately 
marked by Participants.
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    Fee for Removing Liquidity in Penny Pilot Options: the Exchange 
proposes to:
    2. Increase fees from $0.50 to $0.54 per contract for all 
Participant categories other than Customer, which remains at $0.48. 
Fees for removing liquidity in SPY \6\ will remain unchanged by this 
proposal.
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    \6\ SPDR[supreg] S&P 500[supreg] ETF Trust.
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    3. Increase the fee for removing liquidity for Participants that 
qualify for Tiers 7 and 8 of the Customer and Professional rebate 
program.
    Each specific change is described in greater detail below.
Change 1
    The Exchange is proposing to increase the rebates paid for 
providing Customer and Professional liquidity in Penny Pilot options. 
Currently, the Exchange offers eight volume-based rebate Tiers for 
Participants providing Customer or Professional liquidity in Penny 
Pilot options. These rebates range from $0.20 (Tier 1) to $0.48 (Tier 
8) per contract depending upon the level of liquidity provided. Tiers 1 
through 4 are based on Participants adding Customer, Professional, 
Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny 
Pilot Options and/or Non-Penny Pilot Options as a percentage of total 
industry customer equity and ETF option ADV contracts per day in a 
month. Participants qualifying for Tiers 1 through 4 earn a rebate of 
$0.20 to $0.43 per contract. Tiers 5 through 7 add other, challenging 
volume-based requirements and offer rebates of $0.45 to $0.47 per 
contract of Customer or Professional liquidity provided in Penny Pilot 
options. Tiers 1 through 7 of the Customer or Professional rebate 
program will remain unchanged.
    The Exchange is proposing to change only Tier 8 which currently 
offers a $0.48 rebate for executed Customer or Professional liquidity 
where:

    Participant adds Customer, Professional, Firm, Non-NOM Market 
Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or 
Non-Penny Pilot Options above 0.75% or more of total industry 
customer equity and ETF option ADV contracts per day in a month or 
Participant adds (1) Customer and/or Professional liquidity in Penny 
Pilot Options and/or Non-Penny Pilot Options of 30,000 or more 
contracts per day in a month, (2) the Participant has certified for 
the Investor Support Program set forth in Rule 7014, and (3) the 
Participant qualifies for rebates under the Qualified Market Maker 
(``QMM'') Program set forth in Rule 7014.

    In addition, Participants that qualify for Tier 8 can get a 
supplemental rebate if they add:

    Customer, Professional, Firm, Non-NOM Market Maker and/or 
Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny 
Pilot Options of 1.15% or more of total industry customer equity and 
ETF option ADV contracts per day in a month will receive an 
additional $0.02 per contract Penny Pilot Options Customer Rebate to 
Add Liquidity for each transaction which adds liquidity in Penny 
Pilot Options in that month.

Participants that qualify for Tier 8 and the supplemental rebate 
receive a total rebate of $0.50 per contract of Customer liquidity 
provided in Penny Pilot options.
    Beginning September 1, the Exchange is proposing to offer an 
increased supplemental rebate for certain Participants that qualify for 
Tier 8. Specifically, the Exchange proposes to offer an additional 
$0.05 rebate per contract for adding Customer liquidity in Penny Pilot 
Options in that month for Participants that add Customer, Professional, 
Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny 
Pilot Options and/or Non- Penny Pilot Options of 1.40% or more of total 
industry customer equity and ETF option ADV contracts per day in a 
month. Participants that qualify for Tier 8 and the new supplemental 
rebate will receive a total rebate of $0.53 per contract of Customer 
liquidity executed in Penny Pilot options. This represents an increase 
of $0.03 per contract for Participants qualifying for this new 
supplemental rebate.
Change 2
    The Exchange also proposes, beginning September 1, to increase from 
$0.50 to $0.54 per contract the fees assessed for removing liquidity in 
Penny Pilot options for all Participant categories other than Customer, 
which will remain unchanged at $0.48. This will represent an increase 
of $0.04 per contract of liquidity removed in the Professional, Firm, 
NOM Market Maker, Non-NOM Market Maker, and Broker Dealer categories 
for Participants that qualify for no fee reductions. For executions in 
SPY, the fees will remain unchanged by this proposal. Specially, the 
fees assessed for executions in SPY will remain $0.48 per contact for 
Customer and $0.50 per contract for all other Participants.
Change 3
    The Exchange proposes to increase the fee assessed for removing 
liquidity for Participants that qualify for Tiers 7 and 8 of the 
Customer and Professional rebate program. As described above, the 
Exchange currently offers eight tiers of volume-based rebates for 
Participants that add Customer or Professional liquidity in Penny Pilot 
options. Relative to other Participants, Participants that qualify for 
Tiers 7 and 8 receive increased rebates for adding liquidity, and they 
also are assessed reduced fees for removing liquidity. Specifically, 
Participants that qualify for Customer or Professional Rebate to Add 
Liquidity Tiers 7 or 8 in a given month are assessed a Professional, 
Firm, Non-NOM Market Maker, NOM Market Maker or Broker-Dealer Fee for 
Removing Liquidity in Penny Pilot Options of $0.48 per contract and a 
Customer Fee for Removing Liquidity in Penny Pilot Options of $0.47 per 
contract. Participants that do not qualify for Tiers 7 and 8 currently 
pay $0.50 per contract for removing liquidity in the Professional, 
Firm, Non-NOM Market Maker, NOM Market Maker or Broker-Dealer 
categories, and $0.48 per contract for removing liquidity in the 
Customer category. In other words, this represents a relative reduction 
of $0.02 in the Professional, Firm, Non-NOM Market Maker, NOM Market 
Maker or Broker-Dealer categories, and a $0.01 relative reduction in 
the Customer liquidity category.
    Beginning September 1, the Exchange proposes to charge these same 
Participants (those that qualify for Customer or Professional Rebate to 
Add Liquidity Tiers 7 or 8 in a given month) a fee of $0.50 for 
removing liquidity for Professional, Firm, Non-NOM Market Maker, NOM 
Market Maker or Broker-

[[Page 56513]]

Dealer in Penny Pilot Options. As described above, also beginning 
September 1, Participants that do not qualify for Tiers 7 and 8 will 
pay $0.54 per contract for removing liquidity in the Professional, 
Firm, Non-NOM Market Maker, NOM Market Maker or Broker-Dealer 
categories, and $0.48 per contract for removing liquidity in the 
Customer category. As a result, beginning September 1, Participants 
that qualify for Tiers 7 and 8 will enjoy a relative fee reduction of 
$0.04 in the Professional, Firm, Non-NOM Market Maker, NOM Market Maker 
or Broker-Dealer categories, and will pay the same Customer fee for 
removing liquidity of $0.48 per contract as is the case for all other 
Participants.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\7\ in general, and with Section 
6(b)(4) and 6(b)(5) of the Act,\8\ 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 NASDAQ operates or controls, and is not designed to permit 
unfair discrimination between customers, issuers, brokers, or dealers.
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    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(4) and (5).
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Change 1
    The Exchange believes that it is an equitable allocation of 
reasonable fees to offer an additional $0.05 rebate per contract for 
adding Customer liquidity in Penny Pilot Options in that month for 
Participants that add Customer, Professional, Firm, Non-NOM Market 
Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- 
Penny Pilot Options of 1.40% or more of total industry customer equity 
and ETF option ADV contracts per day in a month. As stated above, the 
use of volume-based rebate tiers is well accepted as consistent with an 
equitable allocation of reasonable fees under the Act. In fact, the 
Exchange's proposal represents only a minor extension of the rebate 
program that already exists on the Exchange: Participants that qualify 
for Tier 8 and the new supplemental rebate will receive a total rebate 
of $0.53 per contract of Customer liquidity executed in Penny Pilot 
options which is an increase of $0.03 per contract beyond the existing 
supplemental rebate of $0.02.
    The Exchange's proposal to increase the supplemental rebate for 
providing Customer liquidity in Penny Pilot options is also equitable 
and not unfairly discriminatory under the Act. As stated above, the use 
of volume-based incentives has long been accepted as an equitable and 
not unfairly discriminatory pricing practice employed at multiple 
competing options exchanges. In fact, the specific volume-based 
incentive proposed here--a supplemental rebate for providing greater 
amounts of Customer liquidity in Penny Pilot options--is currently 
employed by NOM and it has been accepted as equitable and not unfairly 
discriminatory under the Act. As is true of the existing supplemental 
rebate, the proposed $0.03 additional supplement is a ``fair'' form of 
discrimination because it benefits all market Participants by 
attracting valuable liquidity to the market and thereby enhancing the 
trading quality and efficiency of all.
Change 2
    It is also an equitable allocation of reasonable fees for the 
Exchange to increase from $0.50 to $0.54 per contract the fees assessed 
for removing liquidity in Penny Pilot options for all Participant 
categories other than Customer, while the rebate [sic] for Customer 
liquidity remains unchanged at $0.48. The increase of $0.04 per 
contract of liquidity removed in the Professional, Firm, NOM Market 
Maker, Non-NOM Market Maker, and Broker Dealer categories results in a 
maximum fee that is within the range of maximum fees at other exchanges 
Penny Pilot options that have been accepted as an equitable allocation 
of reasonable fees under the Act.\9\ The total differential of $0.06 
also is below the maximum differentials employed by other exchanges 
that have previously been and currently are accepted as equitable and 
reasonable under the Act. Finally, this proposed fee increase for 
removing liquidity must be read in conjunction with Change 1, which 
increase rebates for providing liquidity, when determining the overall 
equity and reasonableness of this proposed rule change.
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    \9\ For example, MIAX charges $0.55 for executions in the 
following penny pilot options: EEM, GLD, IWM, QQQ and SPY (see MIAX 
fee schedule). BOX assesses fees greater than $0.55 to Non-customers 
for executions in Penny Pilot options (see BOX Options fee 
schedule).
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    The Exchange also believes that maintaining the current execution 
prices for SPY while raising fees for other options is consistent with 
an equitable allocation of reasonable fees and is not unfairly 
discriminatory. Multiple exchanges have adopted pricing for a select 
group of symbols, a practice that has been accepted as consistent with 
an equitable allocation of reasonable fees under the Act.\10\ The 
unique nature of trading in SPY, the most actively traded standardized 
option in the U.S, justifies differentiating it from other symbols, 
particularly where that differentiation results in maintaining lower 
execution fees.
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    \10\ See, e.g., fee schedules of MIAX and CBOE (both CBOE and 
C2).
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    The Exchange's proposal is equitable and not unfairly 
discriminatory for many of the same reasons. It is common practice 
among options exchanges to differentiate between fees for removing 
Customer liquidity and fees for removing other categories of liquidity, 
and such differentiation has been accepted as not unfairly 
discriminatory under the Act. Charging lower fees for removing Customer 
liquidity has been considered beneficial in that attracting this 
liquidity benefits all market Participants by improving the overall 
quality of trading on the Exchange. The level of differentiation 
($0.06) is also within the bounds of what has been accepted as not 
unfairly discriminatory under the Act. Finally, the proposed fees will 
be imposed equally within each category of liquidity removed among all 
Participants.
Change 3
    It is an equitable allocation of reasonable fees for the Exchange 
to charge Participants that qualify for Customer or Professional Rebate 
to Add Liquidity Tiers 7 or 8 in a given month a fee of $0.50 (an 
increase from $0.48) for removing liquidity in Penny Pilot Options for 
Professional, Firm, Non-NOM Market Maker, NOM Market Maker or Broker-
Dealer Fee and $0.48 (an increase from $0.47) for removing Customer 
liquidity. The total maximum fee for qualifying Participants will be 
$0.50, which is below the maximum fees assessed by other exchanges for 
similar executions. Moreover, the increase of $0.01 for the removal of 
liquidity in the Customer category and $0.02 for removing liquidity in 
all other categories is a modest increase in isolation, and even more 
so when read in conjunction with the proposed increased rebates for 
providing liquidity described above regarding Changes 1, 2, and 3. 
Finally, Participants that qualify for Tiers 7 and 8 and that pay this 
increased fee will actually enjoy a slightly higher differential of 
$0.04 as opposed to the current differentials of $0.01 and $0.02 
relative to non-qualifying Participants.

[[Page 56514]]

    The Exchange's proposal is equitable and not unfairly 
discriminatory for many of the same reasons. It is common practice 
among options exchanges to differentiate between fees for removing 
Customer liquidity and fees for removing other categories of liquidity, 
and such differentiation has been accepted as not unfairly 
discriminatory under the Act. In fact, the NOM fee reductions for 
Participants qualifying for Tiers 7 and 8 of the Customer and 
Professional rebate program has existed and been accepted as consistent 
with the Act for some time. The level of differentiation created by 
this minor revision ($0.04) is within the bounds of what has been 
accepted as not unfairly discriminatory under the Act. Finally, the 
proposed fees will be imposed equally within each category of liquidity 
removed among all Participants.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange operates in a 
highly competitive market in which many sophisticated and knowledgeable 
market participants can readily and do send order flow to competing 
exchanges if they deem fee levels or rebate incentives at a particular 
exchange to be excessive or inadequate. Additionally, new competitors 
have entered the market and still others are reportedly entering the 
market shortly. These market forces ensure that the Exchange's fees and 
rebates remain competitive with the fee structures at other trading 
platforms. In that sense, the Exchange's proposal is actually pro-
competitive because the Exchange is simply responding to competition by 
adjusting rebates and fees in order to remain competitive in the 
current environment.
Change 1
    The Exchange does not believe that increasing the rebates to 
Participants that qualify for Tiers 8 of the Customer and Professional 
rebate program and that add greater than 1.40 percent of total Customer 
interest for the month places any burden on competition not necessary 
or appropriate in furtherance of the purposes of the Act. As described 
above, the use of volume-based tiers has been accepted as consistent 
with the Act, including Tiers 1 through 8 of the existing Customer and 
Professional rebate program for Penny Pilot options. Volume-based fee 
reductions such as that proposed here are recognized by economists as a 
pro-competitive reflection of a competitive marketplace such as the SEC 
has fostered in the national market system for standardized options.
    Additionally, the proposed change is pro-competitive because it 
encourages Participants to add more liquidity to the NOM market and 
thereby strengthen NOM's competitive position. Greater liquidity 
benefits all market participants by providing more trading 
opportunities and attracting greater participation by market makers. An 
increase in the activity of these market participants in turn 
facilitates tighter spreads. All Participants are eligible to 
participate in the Firm category if they choose, and each can thereby 
become eligible to earn the rebates by transacting the requisite 
volume.
Change 2
    The Exchange does not believe that increase fees from $0.50 to 
$0.54 per contract for all Participant categories other than Customer, 
which remains at $0.48 places any burden on competition not necessary 
or appropriate in furtherance of the purposes of the Act. In a 
competitive marketplace such as that for trading of standardized 
options, the Exchange is constrained from raising prices to super-
competitive levels by the risk of losing out to better-priced 
competitors. The resulting fee of $0.54 is below fees charged by other 
Exchanges, which have themselves been considered consistent with the 
Act. In addition, the fee increase should be read in conjunction with 
increased rebates (lower fees) described above that offset the fee 
increase and that the Exchange believes are necessary and well-targeted 
to increase the overall competitiveness of the market.
    The Exchange does not believe that maintaining existing fees for 
executions in SPY ($0.48 per contract for Customer liquidity and $0.50 
for all other liquidity), which remains at $0.48 places any burden on 
competition not necessary or appropriate in furtherance of the purposes 
of the Act. Rather, the Exchange believes that distinguishing between 
SPY and all other options is pro-competitive in that it reflects the 
unique nature of the fierce competition that exists in SPY as the most 
actively traded multiply listed option in the U.S. Multiple exchanges 
set prices that apply to a select group of symbols and those pricing 
programs have been accepted as consistent with the Act.\11\
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    \11\ For example, MIAX charges $0.55 for executions in the 
following penny pilot options: EEM, GLD, IWM, QQQ and SPY (see MIAX 
fee schedule). See also CBOE and C2 fee schedules.
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Change 3
    The Exchange does not believe that increasing the fee for removing 
liquidity for Participants that qualify for Tiers 7 and 8 of the 
Customer and Professional rebate program places any burden on 
competition not necessary or appropriate in furtherance of the purposes 
of the Act. In a competitive marketplace such as that for trading of 
standardized options, the Exchange is constrained from raising prices 
to super-competitive levels by the risk of losing out to better-priced 
competitors. The fee increases of $0.02 or $0.01 are modest, and the 
resulting fees of $0.50 and $0.48 are below fees charged by other 
Exchanges, which have themselves been considered consistent with the 
Act. In addition, the fee increase should be read in conjunction with 
increased rebates (lower fees) described above that offset the fee 
increase and that the Exchange believes are necessary and well-targeted 
to increase the overall competitiveness of the market.

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.\12\
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    \12\ 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

[[Page 56515]]

     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2015-102 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2015-102. 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-2015-102 and should 
be submitted on or before October 9, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-23396 Filed 9-17-15; 8:45 am]
BILLING CODE 8011-01-P