80 FR 15650 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 56 (March 24, 2015)
Federal Register Volume 80, Issue 56 (March 24, 2015)
| Page Range | 15650-15651 | |
| FR Document | 2015-06624 |
[Federal Register Volume 80, Number 56 (Tuesday, March 24, 2015)] [Notices] [Pages 15650-15651] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06624] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74529; File No. SR-ISEGemini-2015-07] Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees March 18, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 13, 2015 ISE Gemini, LLC (the ``Exchange'' or ``ISE Gemini'') filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III below, which items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change ISE Gemini proposes to amend the Schedule of Fees to expand low latency Ethernet fees to non-members. The text of the proposed rule change is available on the Exchange's Internet Web site at http://www.ise.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 self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange charges an Ethernet fee for its four different Ethernet connection options, which is $1,000 per month for a 1 Gigabit (``Gb'') connection, $4,500 per month for a 10 Gb connection, $8,000 per month for a 10 Gb low latency connection, and $15,000 per month for a 40 Gb low latency connection. These Ethernet connectivity options provide access to both ISE Gemini and ISE Gemini's sister exchange, International Securities Exchange, LLC (``ISE'').\3\ While the 1 Gb and 10 Gb Ethernet fees apply to both members and non-members, the 10 Gb low latency and 40 Gb low latency fees apply only to members. The Exchange now proposes to amend the Schedule of Fees to apply the low latency Ethernet fee to non-members as well. The Exchange designates this filing to become effective on March 16, 2015. --------------------------------------------------------------------------- \3\ Market participants pay the same fees regardless of whether they choose to connect to both exchanges or solely to ISE Gemini. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\4\ in general, and Section 6(b)(4) of the Act,\5\ in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that it is reasonable, equitable, and not unfairly discriminatory to extend the low latency Ethernet fees to non-members. Market participants that establish connectivity to the Exchange will continue to pay the same fee based on the Ethernet options that they choose, and there will be no discrimination between the fees charged for members and non-members. While these low latency connections will likely continue to be of primary interest to Exchange members, the Exchange believes that these options should be available to interested non-members as well. Furthermore, the Exchange notes that the proposed rule change does not modify the fees applicable to these premium low latency Ethernet options, which will remain at their current levels. The low latency Ethernet fees described in this filing remain consistent with the Exchange's connectivity costs, including costs for software and hardware enhancements, and resources dedicated to development, quality assurance, and support. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f. \5\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\6\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change amends the Schedule of Fees to apply low latency Ethernet fees to non-members in addition to members, and is not intended to have any competitive effect. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\7\ and subparagraph (f)(2) of Rule 19b-4 thereunder,\8\ because it establishes a due, fee, or other charge imposed by ISE Gemini. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(ii). \8\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. [[Page 15651]] 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 CommentsUse 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-ISEGemini-2015-07 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-ISEGemini-2015-07. 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 a.m. and 3 p.m. Copies of such 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-ISEGemini-2015-07, and should be submitted on or before April 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-06624 Filed 3-23-15; 8:45 am] BILLING CODE 8011-01-P
![15650 Federal Register / Vol. 80, No. 56 / Tuesday, March 24, 2015 / Notices
For the Commission, by the Division of A. Self-Regulatory Organization’s and resources dedicated to
Trading and Markets, pursuant to delegated Statement of the Purpose of, and development, quality assurance, and
authority.28 Statutory Basis for, the Proposed Rule support.
Jill M. Peterson, Change
Assistant Secretary. B. Self-Regulatory Organization’s
1. Purpose Statement on Burden on Competition
[FR Doc. 2015–06621 Filed 3–23–15; 8:45 am]
BILLING CODE 8011–01–P
The Exchange charges an Ethernet fee In accordance with Section 6(b)(8) of
for its four different Ethernet connection the Act,6 the Exchange does not believe
options, which is $1,000 per month for that the proposed rule change will
SECURITIES AND EXCHANGE a 1 Gigabit (‘‘Gb’’) connection, $4,500 impose any burden on intermarket or
COMMISSION per month for a 10 Gb connection, intramarket competition that is not
$8,000 per month for a 10 Gb low necessary or appropriate in furtherance
[Release No. 34–74529; File No. SR– latency connection, and $15,000 per of the purposes of the Act. The
ISEGemini–2015–07] month for a 40 Gb low latency proposed rule change amends the
connection. These Ethernet connectivity Schedule of Fees to apply low latency
Self-Regulatory Organizations; ISE options provide access to both ISE Ethernet fees to non-members in
Gemini, LLC; Notice of Filing and Gemini and ISE Gemini’s sister addition to members, and is not
Immediate Effectiveness of Proposed exchange, International Securities intended to have any competitive effect.
Rule Change To Amend the Schedule Exchange, LLC (‘‘ISE’’).3 While the 1 Gb The Exchange operates in a highly
of Fees and 10 Gb Ethernet fees apply to both competitive market in which market
members and non-members, the 10 Gb participants can readily direct their
March 18, 2015. low latency and 40 Gb low latency fees order flow to competing venues. In such
Pursuant to Section 19(b)(1) of the apply only to members. The Exchange an environment, the Exchange must
Securities Exchange Act of 1934 (the now proposes to amend the Schedule of continually review, and consider
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Fees to apply the low latency Ethernet
adjusting, its fees to remain competitive
notice is hereby given that on March 13, fee to non-members as well. The
with other exchanges. For the reasons
2015 ISE Gemini, LLC (the ‘‘Exchange’’ Exchange designates this filing to
described above, the Exchange believes
or ‘‘ISE Gemini’’) filed with the become effective on March 16, 2015.
that the proposed fee changes reflect
Securities and Exchange Commission
2. Statutory Basis this competitive environment.
the proposed rule change, as described
in Items I, II, and III below, which items The Exchange believes that the C. Self-Regulatory Organization’s
have been prepared by the self- proposed rule change is consistent with Statement on Comments on the
regulatory organization. The the provisions of Section 6 of the Act,4 Proposed Rule Change Received From
Commission is publishing this notice to in general, and Section 6(b)(4) of the Members, Participants, or Others
solicit comments on the proposed rule Act,5 in particular, in that it is designed
change from interested persons. to provide for the equitable allocation of The Exchange has not solicited, and
reasonable dues, fees, and other charges does not intend to solicit, comments on
I. Self-Regulatory Organization’s among its members and other persons this proposed rule change. The
Statement of the Terms of the Substance using its facilities. The Exchange Exchange has not received any
of the Proposed Rule Change believes that it is reasonable, equitable, unsolicited written comments from
ISE Gemini proposes to amend the and not unfairly discriminatory to members or other interested parties.
Schedule of Fees to expand low latency extend the low latency Ethernet fees to III. Date of Effectiveness of the
Ethernet fees to non-members. The text non-members. Market participants that Proposed Rule Change and Timing for
of the proposed rule change is available establish connectivity to the Exchange Commission Action
on the Exchange’s Internet Web site at will continue to pay the same fee based
http://www.ise.com, at the principal on the Ethernet options that they The foregoing rule change has become
office of the Exchange, and at the choose, and there will be no effective pursuant to Section
Commission’s Public Reference Room. discrimination between the fees charged 19(b)(3)(A)(ii) of the Act,7 and
for members and non-members. While subparagraph (f)(2) of Rule 19b–4
II. Self-Regulatory Organization’s these low latency connections will thereunder,8 because it establishes a
Statement of the Purpose of, and likely continue to be of primary interest due, fee, or other charge imposed by ISE
Statutory Basis for, the Proposed Rule to Exchange members, the Exchange Gemini.
Change believes that these options should be At any time within 60 days of the
In its filing with the Commission, the available to interested non-members as filing of such proposed rule change, the
Exchange included statements well. Furthermore, the Exchange notes Commission summarily may
concerning the purpose of, and basis for, that the proposed rule change does not temporarily suspend such rule change if
the proposed rule change and discussed modify the fees applicable to these it appears to the Commission that such
any comments it received on the premium low latency Ethernet options, action is necessary or appropriate in the
proposed rule change. The text of these which will remain at their current public interest, for the protection of
statements may be examined at the levels. The low latency Ethernet fees investors, or otherwise in furtherance of
places specified in Item IV below. The described in this filing remain the purposes of the Act. If the
consistent with the Exchange’s
mstockstill on DSK4VPTVN1PROD with NOTICES
self-regulatory organization has Commission takes such action, the
prepared summaries, set forth in connectivity costs, including costs for Commission shall institute proceedings
Sections A, B and C below, of the most software and hardware enhancements, to determine whether the proposed rule
significant aspects of such statements. 3 Market participants pay the same fees regardless
should be approved or disapproved.
of whether they choose to connect to both
28 17 CFR 200.30–3(a)(12). exchanges or solely to ISE Gemini. 6 15 U.S.C. 78f(b)(8).
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f. 7 15 U.S.C. 78s(b)(3)(A)(ii).
2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(4). 8 17 CFR 240.19b–4(f)(2).
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![Federal Register / Vol. 80, No. 56 / Tuesday, March 24, 2015 / Notices 15651
IV. Solicitation of Comments For the Commission, by the Division of The self-regulatory organization has
Trading and Markets, pursuant to delegated prepared summaries, set forth in
Interested persons are invited to authority.9 sections A, B and C below, of the most
submit written data, views, and Jill M. Peterson, significant aspects of such statements.
arguments concerning the foregoing, Assistant Secretary.
including whether the proposed rule A. Self-Regulatory Organization’s
[FR Doc. 2015–06624 Filed 3–23–15; 8:45 am] Statement of the Purpose of, and
change is consistent with the Act. BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Comments may be submitted by any of
Change
the following methods:
SECURITIES AND EXCHANGE 1. Purpose
Electronic Comments
COMMISSION The Exchange charges an Ethernet fee
• Use the Commission’s Internet [Release No. 34–74528; File No. SR–ISE– for its four different Ethernet connection
comment form (http://www.sec.gov/ 2015–10] options, which is $1,000 per month for
rules/sro.shtml); or a 1 Gigabit (‘‘Gb’’) connection, $4,500
Self-Regulatory Organizations; per month for a 10 Gb connection,
• Send an email to rule-
International Securities Exchange, $8,000 per month for a 10 Gb low
comments@sec.gov. Please include File
LLC; Notice of Filing and Immediate latency connection, and $15,000 per
Number SR–ISEGemini-2015–07 on the month for a 40 Gb low latency
Effectiveness of Proposed Rule
subject line. connection. These Ethernet connectivity
Change To Amend the Schedule of
Paper Comments Fees options provide access to both the ISE
and the ISE’s sister exchange, ISE
• Send paper comments in triplicate March 18, 2015. Gemini, LLC (‘‘ISE Gemini’’).4 While the
to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the 1 Gb and 10 Gb Ethernet fees apply to
and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the both members and non-members, the 10
NE., Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Gb low latency and 40 Gb low latency
notice is hereby given that on March 13, fees apply only to members. The
All submissions should refer to File 2015, the International Securities Exchange now proposes to amend the
Number SR–ISEGemini-2015–07. This Exchange, LLC (the ‘‘Exchange’’ or the Schedule of Fees to apply the low
file number should be included on the ‘‘ISE’’) filed with the Securities and latency Ethernet fee to non-members as
subject line if email is used. To help the Exchange Commission (the well. The Exchange designates this
Commission process and review your ‘‘Commission’’) the proposed rule filing to become effective on March 16,
comments more efficiently, please use change, as described in Items I, II, and 2015.
only one method. The Commission will III below, which items have been
prepared by the self-regulatory 2. Statutory Basis
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ organization. The Commission is The Exchange believes that the
rules/sro.shtml). Copies of the publishing this notice to solicit proposed rule change is consistent with
submission, all subsequent comments on the proposed rule change the provisions of Section 6 of the Act,5
amendments, all written statements from interested persons. in general, and Section 6(b)(4) of the
with respect to the proposed rule Act,6 in particular, in that it is designed
I. Self-Regulatory Organization’s to provide for the equitable allocation of
change that are filed with the Statement of the Terms of Substance of
Commission, and all written reasonable dues, fees, and other charges
the Proposed Rule Change among its members and other persons
communications relating to the
The ISE proposes to amend the using its facilities. The Exchange
proposed rule change between the
Schedule of Fees to expand low latency believes that it is reasonable, equitable,
Commission and any person, other than Ethernet fees to non-members. The text and not unfairly discriminatory to
those that may be withheld from the of the proposed rule change is available extend the low latency Ethernet fees to
public in accordance with the on the Exchange’s Web site (http:// non-members. Market participants that
provisions of 5 U.S.C. 552, will be www.ise.com), at the principal office of establish connectivity to the Exchange
available for Web site viewing and the Exchange, and at the Commission’s will continue to pay the same fee based
printing in the Commission’s Public Public Reference Room.3 on the Ethernet options that they
Reference Room, 100 F Street NE., choose, and there will be no
Washington, DC 20549 on official II. Self-Regulatory Organization’s
discrimination between the fees charged
business days between the hours of 10 Statement of the Purpose of, and
for members and non-members. While
a.m. and 3 p.m. Copies of such filing Statutory Basis for, the Proposed Rule
these low latency connections will
Change
also will be available for inspection and likely continue to be of primary interest
copying at the principal office of the In its filing with the Commission, the to Exchange members, the Exchange
Exchange. All comments received will self-regulatory organization included believes that these options should be
be posted without change; the statements concerning the purpose of, available to interested non-members as
Commission does not edit personal and basis for, the proposed rule change well. Furthermore, the Exchange notes
identifying information from and discussed any comments it received that the proposed rule change does not
submissions. You should submit only on the proposed rule change. The text modify the fees applicable to these
mstockstill on DSK4VPTVN1PROD with NOTICES
information that you wish to make of these statements may be examined at premium low latency Ethernet options,
available publicly. All submissions the places specified in Item IV below. which will remain at their current
should refer to File Number SR– 9 17 CFR 200.30–3(a)(12). 4 Market participants pay the same fees regardless
ISEGemini–2015–07, and should be 1 15 U.S.C. 78s(b)(1). of whether they choose to connect to both
submitted on or before April 14, 2015. 2 17 CFR 240.19b–4. exchanges or solely to the ISE.
3 The text of the proposed rule change is marked 5 15 U.S.C. 78f.
to show changes made by ISE–2015–11. 6 15 U.S.C. 78f(b)(4).
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Document Created: 2015-12-18 11:45:18
Document Modified: 2015-12-18 11:45:18
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 15650 |
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