[Federal Register Volume 81, Number 222 (Thursday, November 17, 2016)]
[Notices]
[Pages 81206-81209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27598]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79288; File No. SR-NASDAQ-2016-152]


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

November 10, 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 November 1, 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 transaction fees at Chapter XV, 
Section 2 entitled ``NASDAQ Options Market--Fees and Rebates,'' which 
governs pricing for Nasdaq Participants using the NASDAQ Options Market 
(``NOM''), Nasdaq's facility for executing and routing standardized 
equity and index options. The Exchange proposes to expand certain 
existing rebates related to the Market Access and Routing Subsidy or 
``MARS,'' for NOM Participants that are eligible for MARS.
    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
    NOM recently filed a proposal to its MARS subsidy program,\3\ which 
pays a subsidy to NOM Participants that provide certain order routing 
functionalities to other NOM Participants and/or use such 
functionalities themselves.\4\ Generally, under MARS, the Exchange pays 
participating NOM Participants to subsidize their costs of providing 
routing services to route orders to NOM. At this time, the Exchange 
proposes to amend two rebates at Chapter XV, Section 2(1) which pay NOM 
Participants an additional rebate provided the NOM Participant adds or 
removes liquidity on NOM as specified in more detail below. The 
Exchange believes that these incentives would continue to attract 
greater liquidity to NOM, to the benefit of all market participants.
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    \3\ MARS is described in Chapter XV, Section 2(6). A NOM 
Participant must have System Eligibility to qualify for MARS. In 
order to be eligible the NOM Participant's routing system must 
qualify under the conditions specified in Chapter XV, Section 2(6), 
which were amended by SR-NASDAQ-2016-149. MARS Payments are made to 
NOM Participants that have System Eligibility and have routed the 
requisite number of Eligible Contracts daily in a month (``Average 
Daily Volume''), which were executed on NOM. For the purpose of 
qualifying for the MARS Payment, Eligible Contracts may include 
Firm, Non-NOM Market Maker, Broker-Dealer, or Joint Back Office or 
``JBO'' equity option orders that add liquidity and are 
electronically delivered and executed. Eligible Contracts do not 
include Mini Option orders. The specified MARS Payment will be paid 
on all executed Eligible Contracts that add liquidity, which are 
routed to NOM through a participating NOM Participant's System and 
meet the requisite Eligible Contracts ADV. No payment will be made 
with respect to orders that are routed to NOM, but not executed.
    \4\ See SR-NASDAQ-2016-149 (not yet published).
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Amendment to Note ``d''
    Today, note ``d'' in Chapter XV, Section 2(1) provides that NOM 
Participants that qualify for MARS Payment Tiers 1, 2 or 3 will receive 
an additional $0.03 per contract Penny Pilot \5\ Options Customer and/
or Professional Rebate to Add Liquidity for each transaction which adds 
liquidity in Penny Pilot Options in that month, in addition to 
qualifying Penny Pilot Options Customer and/or Professional Rebate to 
Add Liquidity Tiers 1-8. NOM Participants that qualify for a note ``c'' 
incentive \6\ will receive the greater of the

[[Page 81207]]

note ``c'' or note ``d'' incentive. The Exchange pays Customers \7\ and 
Professionals \8\ a Penny Pilot Options Rebate to Add Liquidity on an 8 
tiered rebate schedule as described below:

    \5\ The Penny Pilot was established in March 2008 and was last 
extended in 2016. 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); and 78037 (June 10, 2016), 81 FR 39299 (June 16, 2016) (SR-
NASDAQ-2016-052) (notice of filing and immediate effectiveness 
extending the Penny Pilot through December 31, 2016). All Penny 
Pilot Options listed on the Exchange can be found at http://www.nasdaqtrader.com/MicroNews.aspx?id=OTA2016-15.
    \6\ The note ``c'' incentive currently provides, ``Participants 
that: (1) 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 and/or 
Professional Rebate to Add Liquidity for each transaction which adds 
liquidity in Penny Pilot Options in that month; or (2) add Customer, 
Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer 
liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of 
1.30% or more of total industry customer equity and ETF option ADV 
contracts per day in a month will receive an additional $0.05 per 
contract Penny Pilot Options Customer and/or Professional Rebate to 
Add Liquidity for each transaction which adds liquidity in Penny 
Pilot Options in that month; or (3) (a) add Customer, Professional, 
Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny 
Pilot Options and/or Non-Penny Pilot Options above 0.80% of total 
industry customer equity and ETF option ADV contracts per day in a 
month, (b) add Customer, Professional, Firm, Non-NOM Market Maker 
and/or Broker-Dealer liquidity in Non-Penny Pilot Options above 
0.15% of total industry customer equity and ETF option ADV contracts 
per day in a month, and (c) execute greater than 0.04% of 
Consolidated Volume (``CV'') via Market-on-Close/Limit-on-Close 
(``MOC/LOC'') volume within the NASDAQ Stock Market Closing Cross 
within a month will receive an additional $0.05 per contract Penny 
Pilot Options Customer and/or Professional Rebate to Add Liquidity 
for each transaction which adds liquidity in Penny Pilot Options in 
a month. Consolidated Volume shall mean the total consolidated 
volume reported to all consolidated transaction reporting plans by 
all exchanges and trade reporting facilities during a month in 
equity securities, excluding executed orders with a size of less 
than one round lot. For purposes of calculating Consolidated Volume 
and the extent of an equity member's trading activity, expressed as 
a percentage of or ratio to Consolidated Volume, the date of the 
annual reconstitution of the Russell Investments Indexes shall be 
excluded from both total Consolidated Volume and the member's 
trading activity.''
    \7\ The term ``Customer'' or (``C'') applies to any transaction 
that is identified by a Participant for clearing in the Customer 
range at The Options Clearing Corporation which is not for the 
account of broker or dealer or for the account of a 
``Professional.'' See Chapter XV.
    \8\ The term ``Professional'' or (``P'') 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) pursuant 
to Chapter I, Section 1(a)(48). All Professional orders shall be 
appropriately marked by Participants.
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    *** The Customer and Professional Rebate to Add Liquidity in Penny 
Pilot Options will be paid as noted below. To determine the applicable 
percentage of total industry customer equity and ETF option average 
daily volume, unless otherwise stated, the Participant's Penny Pilot 
and Non-Penny Pilot Customer and/or Professional volume that adds 
liquidity will be included.

------------------------------------------------------------------------
                                                              Rebate to
                                    Monthly volume               add
                                                              liquidity
------------------------------------------------------------------------
Tier 1--.................  Participant adds Customer,              $0.20
                            Professional, Firm, Non-NOM
                            Market Maker and/or Broker-
                            Dealer liquidity in Penny Pilot
                            Options and/or Non-Penny Pilot
                            Options of up to 0.10% of total
                            industry customer equity and
                            ETF option average daily volume
                            (``ADV'') contracts per day in
                            a month.
Tier 2--.................  Participant adds Customer,               0.25
                            Professional, Firm, Non-NOM
                            Market Maker and/or Broker-
                            Dealer liquidity in Penny Pilot
                            Options and/or Non-Penny Pilot
                            Options above 0.10% to 0.20% of
                            total industry customer equity
                            and ETF option ADV contracts
                            per day in a month.
Tier 3--.................  Participant adds Customer,               0.42
                            Professional, Firm, Non-NOM
                            Market Maker and/or Broker-
                            Dealer liquidity in Penny Pilot
                            Options and/or Non-Penny Pilot
                            Options above 0.20% to 0.30% of
                            total industry customer equity
                            and ETF option ADV contracts
                            per day in a month.
Tier 4--.................  Participant adds Customer,               0.43
                            Professional, Firm, Non-NOM
                            Market Maker and/or Broker-
                            Dealer liquidity in Penny Pilot
                            Options and/or Non-Penny Pilot
                            Options above 0.30% to 0.40% of
                            total industry customer equity
                            and ETF option ADV contracts
                            per day in a month.
Tier 5--.................  Participant adds Customer,               0.45
                            Professional, Firm, Non-NOM
                            Market Maker and/or Broker-
                            Dealer liquidity in Penny Pilot
                            Options and/or Non-Penny Pilot
                            Options above 0.40% to 0.75% of
                            total industry customer equity
                            and ETF option ADV contracts
                            per day in a month.
Tier 6--.................  Participant has Total Volume of          0.45
                            100,000 or more contracts per
                            day in a month, of which 25,000
                            or more contracts per day in a
                            month must be Customer and/or
                            Professional liquidity in Penny
                            Pilot Options.
Tier 7--.................  Participant has Total Volume of          0.47
                            150,000 or more contracts per
                            day in a month, of which 50,000
                            or more contracts per day in a
                            month must be Customer and/or
                            Professional liquidity in Penny
                            Pilot Options.
Tier 8--.................  Participant adds Customer,               0.48
                            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
                            0.25% or more of total industry
                            customer equity and ETF option
                            ADV contracts per day in a
                            month, and (2) has added
                            liquidity in all securities
                            through one or more of its
                            Nasdaq Market Center MPIDs that
                            represent 1.00% or more of
                            Consolidated Volume in a month
                            or qualifies for MARS (defined
                            below).
------------------------------------------------------------------------

    The Exchange proposes to amend note ``d,'' to provide that NOM 
Participants that qualify for MARS Payment Tiers 1, 2, 3 or 4 will 
receive an additional $0.03 per contract in addition to any Penny Pilot 
Options Customer and/or Professional Rebate to Add Liquidity Tiers they 
may qualify for in that month, unless the Participant qualifies for a 
higher note ``c'' rebate, in which case the Participants would receive 
the appropriate note ``c'' rebate they qualified for in that month. The 
Exchange recently amended its MARS Payment Tiers to add a new tier 4 
rebate.\9\ The MARS Payment tiers, which are effective, are as follows:
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    \9\ SR-NASDAQ-2016-149 also bifurcated the MARS Payments to pay 
different rebates, per tier, for Penny and Non-Penny Pilot Options.
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MARS Payment
    NOM Participants that have System Eligibility and have executed the 
requisite number of Eligible Contracts in a month will be paid the 
following rebates:

----------------------------------------------------------------------------------------------------------------
                                                           Average daily       MARS Payment       MARS Payment
                         Tiers                           volume  (``ADV'')       (penny)          (non-penny)
----------------------------------------------------------------------------------------------------------------
1......................................................              2,500            * $0.07            * $0.15
2......................................................              5,000             * 0.09             * 0.20
3......................................................             10,000             * 0.11             * 0.30
4......................................................             20,000             * 0.15             * 0.50
----------------------------------------------------------------------------------------------------------------

    The Exchange proposes to amend note ``d'' in Chapter XV, Section 
2(1) to allow all tiers in the MARS Payment to qualify a NOM 
Participant for the additional $0.03 per contract incentive provided 
the NOM Participant qualifies for one of

[[Page 81208]]

the Penny Pilot Options Customer and/or Professional Rebate to Add 
Liquidity tiers. The Exchange believes that this proposal will continue 
to attract Penny Pilot and Non-Penny Pilot Options liquidity to NOM. 
All market participants benefit from the increased order interaction 
when more order flow is available on NOM.
Amendment to Note ``4''
    Today, note ``4'' in Chapter XV, Section 2(1) provides that NOM 
Participants that qualify for MARS Payment Tiers 1, 2 or 3 will be 
assessed a Customer or Professional Penny Pilot Options Fee for 
Removing Liquidity of $0.48 per contract, excluding SPY.\10\ Today, 
Customers and Professionals are assessed a $0.50 per contract Fee for 
Removing Liquidity in Penny Pilot Options. This incentive permits NOM 
Participants removing Customer and Professional Penny Pilot Options to 
lower their fee.
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    \10\ A Customer or Professional that removes liquidity in SPY 
Options will be assessed a fee of $0.48 per contract.
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    The Exchange proposes to amend note ``4,'' to provide that NOM 
Participants that qualify for MARS Payment Tiers 1, 2, 3 or 4 will be 
assessed a Customer or Professional Penny Pilot Options Fee for 
Removing Liquidity of $0.48 per contract, excluding SPY. As described 
above, the Exchange recently amended its MARS Payment Tiers to add a 
new tier 4 rebate.\11\ The Exchange proposes to amend note ``4'' to 
permit all MARS Payment tiers to qualify a NOM Participant for this 
incentive. The Exchange believes this amendment will incentive NOM 
Participants to remove more liquidity in Penny Pilot Options.
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    \11\ See note 4 above.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\12\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among Participants and issuers and other persons using 
any facility or system which the Exchange operates or controls, and is 
not designed to permit unfair discrimination between customers, 
issuers, brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4) and (5).
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    The Commission and the courts have repeatedly expressed their 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, while adopting a series of steps to improve the current market 
model, the Commission highlighted the importance of market forces in 
determining prices and SRO revenues and, also, recognized that current 
regulation of the market system ``has been remarkably successful in 
promoting market competition in its broader forms that are most 
important to investors and listed companies.'' \14\
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    \14\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    Likewise, in NetCoalition v. Securities and Exchange Commission 
\15\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of 
a market-based approach in evaluating the fairness of market data fees 
against a challenge claiming that Congress mandated a cost-based 
approach.\16\ As the court emphasized, the Commission ``intended in 
Regulation NMS that `market forces, rather than regulatory 
requirements' play a role in determining the market data . . . to be 
made available to investors and at what cost.'' \17\
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    \15\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \16\ See NetCoalition, at 534-535.
    \17\ Id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is 
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market 
system, buyers and sellers of securities, and the broker-dealers that 
act as their order-routing agents, have a wide range of choices of 
where to route orders for execution'; [and] `no exchange can afford to 
take its market share percentages for granted' because `no exchange 
possesses a monopoly, regulatory or otherwise, in the execution of 
order flow from broker dealers' . . . .'' \18\ Although the court and 
the SEC were discussing the cash equities markets, the Exchange 
believes that these views apply with equal force to the options 
markets.
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    \18\ Id. at 539 (quoting Securities Exchange Act Release No. 
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) 
(SR-NYSEArca-2006-21)).
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Amendment to Note ``d''
    The Exchange's proposal to amend note ``d'' in Chapter XV, Section 
2(1) to permit any MARS Payment tier to qualify a NOM Participant for 
an additional $0.03 per contract Penny Pilot Options Customer and/or 
Professional Rebate to Add Liquidity for each transaction which adds 
liquidity in Penny Pilot Options in that month, in addition to 
qualifying for Penny Pilot Options Customer and/or Professional Rebate 
to Add Liquidity Tiers 1-8 \19\ is reasonable for the reasons which 
follow. The amendment will encourage NOM Participants to qualify for 
both a MARS Payment tier and a Penny Pilot Options Customer and/or 
Professional Rebate to Add Liquidity, thereby executing a greater 
amount of order flow on NOM to the benefit of all market participants 
who may interact with the order flow.
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    \19\ If the Participant qualified for a higher note ``c'' 
rebate, the Participant would receive the appropriate note ``c'' 
rebate they qualified for in that month.
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    The Exchange's proposal to amend note ``d'' in Chapter XV, Section 
2(1) to permit any MARS Payment tier to qualify a NOM Participant for 
an additional $0.03 per contract Penny Pilot Options Customer and/or 
Professional Rebate to Add Liquidity for each transaction which adds 
liquidity in Penny Pilot Options in that month, in addition to 
qualifying for Penny Pilot Options Customer and/or Professional Rebate 
to Add Liquidity Tiers 1-8 \20\ is equitable and not unfairly 
discriminatory for the reasons which follow. All NOM Participants are 
eligible to qualify for a MARS Payment, provided they have System 
Eligibility and all NOM Participants may be eligible for a Penny Pilot 
Options Customer and/or Professional Rebate to Add Liquidity provided 
they execute qualifying volume. All NOM Participants would therefore be 
eligible to qualify for the note ``d'' incentive if they meet the 
requirements.
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    \20\ Id.
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Amendment to Note``4''
    The Exchange's proposal to amend note ``4'' in Chapter XV, Section 
2(1) to permit NOM Participants to qualify for any MARS Payment tier 
and be assessed a Customer or Professional Penny Pilot Options, Fee for 
Removing Liquidity of $0.48 per contract, excluding SPY,\21\ is 
reasonable because it will encourage NOM Participants to continue to 
remove Customer and Professional Penny Pilot Options liquidity to lower 
their fee.
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    \21\ A Customer or Professional that removes liquidity in SPY 
Options will be assessed a fee of $0.48 per contract.
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    The Exchange's proposal to amend note ``4'' in Chapter XV, Section 
2(1) to permit NOM Participants to qualify for any MARS Payment tier 
and be assessed a Customer or Professional Penny Pilot Options, Fee for 
Removing Liquidity of $0.48 per contract, excluding SPY, is equitable 
and not unfairly discriminatory because all NOM Participants are 
eligible to qualify for a MARS Payment, provided they have System 
Eligibility. All NOM Participants would therefore be eligible to 
qualify for the note ``4'' incentive if they meet the requirements.

[[Page 81209]]

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 
sum, if the changes proposed herein are unattractive to market 
participants, it is likely that the Exchange will lose market share as 
a result. Accordingly, the Exchange does not believe that the proposed 
changes will impair the ability of members or competing order execution 
venues to maintain their competitive standing in the financial markets.
Amendment to Note ``d''
    The Exchange's proposal to amend note ``d'' in Chapter XV, Section 
2(1) to permit any MARS Payment tier to qualify a NOM Participant for 
an additional $0.03 per contract Penny Pilot Options Customer and/or 
Professional Rebate to Add Liquidity for each transaction which adds 
liquidity in Penny Pilot Options in that month, in addition to 
qualifying for Penny Pilot Options Customer and/or Professional Rebate 
to Add Liquidity Tiers 1-8 \22\ does not impose an undue burden on 
intra-market competition. All NOM Participants are eligible to qualify 
for a MARS Payment, provided they have System Eligibility and all NOM 
Participants may receive a Penny Pilot Options Customer and/or 
Professional Rebate to Add Liquidity provided they execute qualifying 
volume. All NOM Participants would therefore be eligible to qualify for 
the note ``d'' incentive if they meet the requirements.
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    \22\ Id.
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Amendment to Note ``4''
    The Exchange's proposal to amend note ``4'' in Chapter XV, Section 
2(1) to permit NOM Participants to qualify for any MARS Payment tier 
and be assessed a Customer or Professional Penny Pilot Options, Fee for 
Removing Liquidity of $0.48 per contract, excluding SPY, does not 
impose an undue burden on intra-market competition because all NOM 
Participants are eligible to qualify for a MARS Payment, provided they 
have System Eligibility. All NOM Participants would therefore be 
eligible to qualify for the note ``4'' incentive if they meet the 
requirements.

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.\23\
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    \23\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2016-152 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-2016-152. 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-2016-152 and 
should be submitted on or before December 8, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-27598 Filed 11-16-16; 8:45 am]
 BILLING CODE 8011-01-P