80 FR 22756 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 78 (April 23, 2015)
Federal Register Volume 80, Issue 78 (April 23, 2015)
| Page Range | 22756-22759 | |
| FR Document | 2015-09426 |
[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)] [Notices] [Pages 22756-22759] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-09426] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74758; File No. SR-MIAX-2015-27] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule April 17, 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 April 7, 2015, Miami International Securities Exchange LLC (``MIAX'' 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- [[Page 22757]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX's principal office, 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 to amend its current Priority Customer Rebate Program (the ``Program'') to modify the volume thresholds of tiers 1- 5.\3\ Under the Program, the Exchange proposes to credit each Member the per contract amount set forth in the table below resulting from each Priority Customer \4\ order transmitted by that Member which is executed on the Exchange in all multiply-listed option classes (excluding mini-options, Priority Customer-to-Priority Customer Orders, PRIME AOC Responses, PRIME Contra-side Orders, PRIME Orders for which both the Agency and Contra-side Order are Priority Customers, and executions related to contracts that are routed to one or more exchanges in connection with the Options Order Protection and Locked/ Crossed Market Plan referenced in MIAX Rule 1400), provided the Member meets certain volume thresholds in a month as described below. For each Priority Customer order transmitted by that Member which is executed electronically on the Exchange in MIAX Select Symbols, MIAX will continue to credit each member at the separate per contract rate for MIAX Select Symbols.\5\ For each Priority Customer order submitted into the PRIME Auction as a PRIME Agency Order, MIAX will continue to credit each member at the separate per contract rate for PRIME Agency Orders.\6\ The volume thresholds are calculated based on the customer average daily volume over the course of the month. Volume will be recorded for and credits will be delivered to the Member Firm that submits the order to the Exchange. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release Nos. 74007 (January 9, 2015), 80 FR 1537 (January 12, 2015) (SR-MIAX-2014-69); 72799 (August 8, 2014), 79 FR 47698 (August 14, 2014) (SR-MIAX-2014-40); 72355 (June 10, 2014), 79 FR 34368 (June 16, 2014) (SR-MIAX-2014- 25); 71698 (March 12, 2014), 79 FR 15185 (March 18, 2014) (SR-MIAX- 2014-12); 71283 (January 10, 2014), 79 FR 2914 (January 16, 2014) (SR-MIAX-2013-63); 71009 (December 6, 2013), 78 FR 75629 (December 12, 2013) (SR-MIAX-2013-56). \4\ The term ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial accounts(s). See MIAX Rule 100. \5\ See Securities Exchange Release Nos. 74291 (February 18, 2015), 80 FR 9841 (February 24, 2015)(SR-MIAX-2015-09); 74288 (February 18, 2015), 80 FR 9837 (February 24, 2015) (SR-MIAX-2015- 08); 71700 (March 12, 2014), 79 FR 15188 (March 18, 2014) (SR-MIAX- 2014-13); 72356 (June 10, 2014), 79 FR 34384 (June 16, 2014) (SR- MIAX-2014-26); 72567 (July 8, 2014), 79 FR 40818 (July 14, 2014) (SR-MIAX-2014-34); 73328 (October 9, 2014), 79 FR 62230 (October 16, 2014) (SR-MIAX-2014-50). \6\ See Securities Exchange Release No. 72943 (August 28, 2014), 79 FR 52785 (September 4, 2014) (SR-MIAX-2014-45). ---------------------------------------------------------------------------------------------------------------- Per contract Percentage thresholds of national customer volume in multiply- Per contract Per contract credit for listed options classes listed on MIAX (Monthly) credit credit in MIAX PRIME agency select symbols order ---------------------------------------------------------------------------------------------------------------- 0.00%-0.40%..................................................... $0.00 $0.00 $0.10 Above 0.40%-0.75%............................................... 0.10 0.10 0.10 Above 0.75%-1.75%............................................... 0.15 0.20 0.10 Above 1.75%-2.40%............................................... 0.17 0.20 0.10 Above 2.40%..................................................... 0.18 0.20 0.10 ---------------------------------------------------------------------------------------------------------------- Other aspects of the Program will remain the same as before. Consistent with the current Fee Schedule, the Exchange will continue to aggregate the contracts resulting from Priority Customer orders transmitted and executed electronically on the Exchange from affiliated Members for purposes of the thresholds above, provided there is at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A. In the event of a MIAX System outage or other interruption of electronic trading on MIAX, the Exchange will adjust the national customer volume in multiply-listed options for the duration of the outage. A Member may request to receive its credit under the Priority Customer Rebate Program as a separate direct payment. In addition, the rebate payments will continue to be calculated from the first executed contract at the applicable threshold per contract credit with the rebate payments made at the highest achieved volume tier for each contract traded in that month. For example, if Member Firm XYZ, Inc. (``XYZ'') has enough Priority Customer contracts to achieve 3.25% of the national customer volume in multiply-listed option contracts during the month of April, XYZ will receive a credit of $0.18 for each Priority Customer contract executed in the month of April. The purpose of the Program is to encourage Members to direct greater Priority Customer trade volume to the Exchange. Increased Priority Customer volume will provide for greater liquidity, which benefits all market participants. The practice of incentivizing increased retail customer order flow in order to attract professional liquidity providers (Market-Makers) is, and has been, commonly practiced in the options markets. As such, marketing fee programs,\7\ and customer posting incentive programs,\8\ are based on attracting public customer order flow. The Program similarly intends to attract Priority Customer order flow, which will increase liquidity, thereby providing greater trading opportunities and tighter spreads for other market [[Page 22758]] participants and causing a corresponding increase in order flow from such other market participants. --------------------------------------------------------------------------- \7\ See MIAX Fee Schedule, Section 1(b). \8\ See NYSE Arca, Inc. Fees Schedule, page 4 (section titled ``Customer Monthly Posting Credit Tiers and Qualifications for Executions in Penny Pilot Issues''). --------------------------------------------------------------------------- The specific volume thresholds of the Program's tiers were set based upon business determinations and an analysis of current volume levels. The volume thresholds are intended to incentivize firms that route some Priority Customer orders to the Exchange to increase the number of orders that are sent to the Exchange to achieve the next threshold and to incent new participants to send Priority Customer orders as well. Increasing the number of orders sent to the Exchange will in turn provide tighter and more liquid markets, and therefore attract more business overall. Similarly, the different credit rates at the different tier levels were based on an analysis of revenue and volume levels and are intended to provide increasing ``rewards'' for increasing the volume of trades sent to the Exchange. The specific amounts of the tiers and rates were set in order to encourage suppliers of Priority Customer order flow to reach for higher tiers. The credits paid out as part of the program will be drawn from the general revenues of the Exchange.\9\ The Exchange calculates volume thresholds on a monthly basis. --------------------------------------------------------------------------- \9\ Despite providing credits under the Program, the Exchange represents that it will continue to have adequate resources to fund its regulatory program and fulfill its responsibilities as a self- regulatory organization while the Program will be in effect. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with Section 6(b) of the Act \10\ in general, and furthers the objectives of Section 6(b)(4) of the Act \11\ in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed Priority Customer Rebate Program is fair, equitable and not unreasonably discriminatory. The Program is reasonably designed because it will incent providers of Priority Customer order flow to send that Priority Customer order flow to the Exchange in order to receive a credit in a manner that enables the Exchange to improve its overall competitiveness and strengthen its market quality for all market participants. The Program is also reasonably designed because the proposed credits are within the range of credits assessed by other exchanges employing similar rebate programs. The proposed rebate program is fair and equitable and not unreasonably discriminatory because it will apply equally to all Priority Customer orders. All similarly situated Priority Customer orders are subject to the same rebate schedule, and access to the Exchange is offered on terms that are not unfairly discriminatory. In addition, the Program is equitable and not unfairly discriminatory because, while only Priority Customer order flow qualifies for the Program, an increase in Priority Customer order flow will bring greater volume and liquidity, which benefit all market participants by providing more trading opportunities and tighter spreads. Similarly, offering increasing credits for executing higher percentages of total national customer volume (increased credit rates at increased volume tiers) is equitable and not unfairly discriminatory because such increased rates and tiers encourage Members to direct increased amounts of Priority Customer contracts to the Exchange. Market participants want to trade with Priority Customer order flow. To the extent Priority Customer order flow is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange including sending more orders and providing narrower and larger sized quotations in the effort to trade with such Priority Customer order flow. The resulting increased volume and liquidity will benefit those Members who receive the lower tier levels, or do not qualify for the Program at all, by providing more trading opportunities and tighter spreads. Limiting the Program to multiply-listed options classes listed on MIAX is reasonable because those parties trading heavily in multiply- listed classes will receive a credit for such trading, and is equitable and not unfairly discriminatory because the Exchange does not trade any singly-listed products at this time. If at such time the Exchange develops proprietary products, the Exchange anticipates having to devote a lot of resources to develop them, and therefore would need to retain funds collected in order to recoup those expenditures. 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 believes that the proposed change would increase both intermarket and intramarket competition by incenting Members to direct their Priority Customer orders to the Exchange, which will enhance the quality of quoting and increase the volume of contracts traded here. To the extent that there is additional competitive burden on non-Priority Customers, the Exchange believes that this is appropriate because the rebate program should incent Members to direct additional order flow to the Exchange and thus provide additional liquidity that enhances the quality of its markets and increases the volume of contracts traded here. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. Enhanced market quality and increased transaction volume that results from the anticipated increase in order flow directed to the Exchange will benefit all market participants and improve competition on the Exchange. 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. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow to the Exchange. The Exchange believes that the proposed rule change reflects this competitive environment because it reduces the Exchange's fees in a manner that encourages market participants to direct their customer order flow, to provide liquidity, and to attract additional transaction volume to the Exchange. Given the robust competition for volume among options markets, many of which offer the same products, implementing a volume based customer rebate program to attract order flow like the one being proposed in this filing is consistent with the above-mentioned goals of the Act. This is especially true for the smaller options markets, such as MIAX, which is competing for volume with much larger exchanges that dominate the options trading industry. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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\ At any time within 60 days of the filing of the proposed rule change, the Commission [[Page 22759]] 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-MIAX-2015-27 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-MIAX-2015-27. 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 such filing also will be available for inspection and copying at the principal offices 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-MIAX-2015-27, and should be submitted on or May 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-09426 Filed 4-22-15; 8:45 am] BILLING CODE 8011-01-P
![22756 Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices
control of the clearing agency or for therefore do not impose any burden on change that are filed with the
which it is responsible, and, in general, competition that is inappropriate in Commission, and all written
to protect investors and the public furtherance of the purposes of the Act. communications relating to the
interest consistent with Section proposed rule change between the
C. Self-Regulatory Organization’s
17A(b)(3)(F) of the Exchange Act.8 Commission and any person, other than
Statement on Comments on the
Furthermore, the proposed changes those that may be withheld from the
Proposed Rule Change Received From
are limited to CME’s futures and swaps public in accordance with the
Members, Participants, or Others
clearing businesses, which mean they provisions of 5 U.S.C. 552, will be
are limited in their effect to products CME has not solicited, and does not available for Web site viewing and
that are under the exclusive jurisdiction intend to solicit, comments regarding printing in the Commission’s Public
of the CFTC. As such, the proposed this proposed rule change. CME has not Reference Room, 100 F Street NE.,
changes are limited to CME’s activities received any unsolicited written Washington, DC 20549, on official
as a DCO clearing futures that are not comments from interested parties. business days between the hours of
security futures and swaps that are not III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such
security-based swaps. CME notes that Proposed Rule Change and Timing for filing also will be available for
the policies of the CFTC with respect to Commission Action inspection and copying at the principal
administering the CEA are comparable office of CME and on CME’s Web site at
to a number of the policies underlying The foregoing rule change has become http://www.cmegroup.com/market-
the Exchange Act, such as promoting effective upon filing pursuant to Section regulation/rule-filings.html.
market transparency for over-the- 19(b)(3)(A) 12 of the Act and Rule 19b– All comments received will be posted
counter derivatives markets, promoting 4(f)(4)(ii) 13 thereunder. At any time without change; the Commission does
the prompt and accurate clearance of within 60 days of the filing of the not edit personal identifying
transactions and protecting investors proposed rule change, the Commission information from submissions. You
and the public interest. summarily may temporarily suspend should submit only information that
Because the proposed changes are such rule change if it appears to the you wish to make available publicly. All
limited in their effect to CME’s futures Commission that such action is submissions should refer to File
and swaps clearing businesses, the necessary or appropriate in the public Number SR–CME–2015–013 and should
proposed changes are properly interest, for the protection of investors, be submitted on or before May 14, 2015.
classified as effecting a change in an or otherwise in furtherance of the
purposes of the Act. For the Commission, by the Division of
existing service of CME that: Trading and Markets, pursuant to delegated
(a) Primarily affects the clearing operations IV. Solicitation of Comments authority.14
of CME with respect to products that are not Interested persons are invited to Brent J. Fields,
securities, including futures that are not Secretary.
submit written data, views and
security futures, swaps that are not security-
based swaps or mixed swaps; and forwards arguments concerning the foregoing, [FR Doc. 2015–09429 Filed 4–22–15; 8:45 am]
that are not security forwards; and including whether the proposed rule BILLING CODE 8011–01–P
(b) does not significantly affect any change is consistent with the Act.
securities clearing operations of CME or any Comments may be submitted by any of
rights or obligations of CME with respect to the following methods: SECURITIES AND EXCHANGE
securities clearing or persons using such COMMISSION
securities-clearing service. Electronic Comments
[Release No. 34–74758; File No. SR–MIAX–
As such, the changes are therefore • Use the Commission’s Internet 2015–27]
consistent with the requirements of comment form (http://www.sec.gov/
Section 17A of the Exchange Act 9 and rules/sro.shtml), or Self-Regulatory Organizations; Miami
are properly filed under Section • Send an email to rule-comments@ International Securities Exchange LLC;
19(b)(3)(A) 10 and Rule 19b–4(f)(4)(ii) 11 sec.gov. Please include File Number SR– Notice of Filing and Immediate
thereunder. CME–2015–013 on the subject line. Effectiveness of a Proposed Rule
Paper Comments Change To Amend Its Fee Schedule
B. Self-Regulatory Organization’s
Statement on Burden on Competition • Send paper comments in triplicate April 17, 2015.
CME does not believe that the to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
proposed rule change will have any Commission, 100 F Street NE., Securities Exchange Act of 1934
impact, or impose any burden, on Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 thereunder,2
competition. The proposed rules merely All submissions should refer to File notice is hereby given that on April 7,
enhance CME’s existing liquidity Number SR–CME–2015–013. This file 2015, Miami International Securities
framework by providing additional number should be included on the Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’)
liquidity resources and a framework for subject line if email is used. To help the filed with the Securities and Exchange
establishment of additional highly Commission process and review your Commission (‘‘SEC’’ or ‘‘Commission’’)
reliable prearranged funding comments more efficiently, please use the proposed rule change as described
arrangements. Further, the changes are only one method. The Commission will in Items I, II, and III below, which Items
limited to CME’s futures and swaps post all comments on the Commission’s have been prepared by the Exchange.
mstockstill on DSK4VPTVN1PROD with NOTICES
clearing businesses and, as such, do not Internet Web site (http://www.sec.gov/ The Commission is publishing this
affect the security-based swap clearing rules/sro.shtml). Copies of the notice to solicit comments on the
activities of CME in any way and submission, all subsequent proposed rule change from interested
amendments, all written statements persons.
8 15 U.S.C. 78q–1(b)(3)(F). with respect to the proposed rule
9 15 U.S.C. 78q–1. 14 17 CFR 200.30–3(a)(12).
10 15 U.S.C. 78s(b)(3)(A). 12 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
11 17 CFR 240.19b–4(f)(4)(ii). 13 17 CFR 240.19b–4(f)(4)(ii). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices 22759
summarily may temporarily suspend available publicly. All submissions and basis for, the proposed rule change
such rule change if it appears to the should refer to File Number SR–MIAX– and discussed any comments it received
Commission that such action is 2015–27, and should be submitted on or on the proposed rule change. The text
necessary or appropriate in the public May 14, 2015. of those statements may be examined at
interest, for the protection of investors, For the Commission, by the Division of the places specified in Item IV below.
or otherwise in furtherance of the Trading and Markets, pursuant to delegated The Exchange has prepared summaries,
purposes of the Act. If the Commission authority.13 set forth in sections A, B, and C below,
takes such action, the Commission shall Brent J. Fields, of the most significant parts of such
institute proceedings to determine Secretary. statements.
whether the proposed rule should be [FR Doc. 2015–09426 Filed 4–22–15; 8:45 am]
approved or disapproved. A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P Statement of the Purpose of, and the
IV. Solicitation of Comments Statutory Basis for, the Proposed Rule
Interested persons are invited to Change
SECURITIES AND EXCHANGE
submit written data, views, and 1. Purpose
COMMISSION
arguments concerning the foregoing,
including whether the proposed rule [Release No. 34–74760; File No. SR– The purpose of this filing is to amend
change is consistent with the Act. NYSEMKT–2015–29] existing tiers and add a new tier to the
Comments may be submitted by any of ACE Program.
the following methods: Self-Regulatory Organizations; NYSE Section I.E. of the Fee Schedule
MKT LLC; Notice of Filing and describes the ACE Program,3 which
Electronic Comments Immediate Effectiveness of Proposed currently features four tiers expressed as
• Use the Commission’s Internet Rule Change Modifying the NYSE a percentage of total industry Customer
comment form (http://www.sec.gov/ Amex Options Fee Schedule Relating equity and ETF option average daily
rules/sro.shtml); or to the Amex Customer Engagement volume (‘‘ADV’’).4 Order Flow Providers
• Send an email to rule-comments@ Program (‘‘OFPs’’) receive per contract credits
sec.gov. Please include File Number SR– solely for Electronic Customer volume
April 17, 2015.
MIAX–2015–27 on the subject line. that the OFP, as agent, submits to the
Pursuant to Section 19(b)(1) of the
Paper Comments Exchange.5 The ACE Program offers the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 following two methods for OFPs to
• Send paper comments in triplicate receive credits:
to Secretary, Securities and Exchange notice is hereby given that on April 10,
1. By calculating, on a monthly basis,
Commission, 100 F Street NE., 2015, NYSE MKT LLC (the ‘‘Exchange’’
the average daily Customer contract
Washington, DC 20549–1090. or ‘‘NYSE MKT’’) filed with the
volume an OFP executes Electronically
All submissions should refer to File Securities and Exchange Commission
on the Exchange as a percentage of total
Number SR–MIAX–2015–27. This file (‘‘SEC’’ or ‘‘Commission’’) the proposed
average daily industry Customer equity
number should be included on the rule change as described in Items I, II,
and ETF options volume or 6;
subject line if email is used. To help the and III below, which Items have been
prepared by the Exchange. The 2. By calculating, on a monthly basis,
Commission process and review your the average daily contract volume an
comments more efficiently, please use Commission is publishing this notice to
solicit comments on the proposed rule OFP executes Electronically in all
only one method. The Commission will participant types (i.e., Customer, Firm,
post all comments on the Commission’s change from interested persons.
Broker-Dealer, NYSE Amex Options
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s Market Maker, Non-NYSE Amex
rules/sro.shtml). Copies of the Statement of the Terms of Substance of Options Market Maker, and Professional
submission, all subsequent the Proposed Rule Change Customer) on the Exchange, as a
amendments, all written statements
The Exchange proposes to modify the
with respect to the proposed rule 3 See NYSE Amex Options Fee Schedule,
NYSE Amex Options Fee Schedule
change that are filed with the available here, https://www.theice.com/publicdocs/
(‘‘Fee Schedule’’) related to the Amex nyse/markets/amex-options/NYSE_Amex_Options_
Commission, and all written
Customer Engagement (‘‘ACE’’) Fee_Schedule.pdf.
communications relating to the
Program. The Exchange proposes to 4 In calculating ADV, the Exchange utilizes
proposed rule change between the monthly reports published by the OCC for equity
implement the fee change effective
Commission and any person, other than options and ETF options that show cleared volume
April 10, 2015. The text of the proposed by account type. See OCC Monthly Statistics
those that may be withheld from the
rule change is available on the Reports, available here, http://www.theocc.com/
public in accordance with the
Exchange’s Web site at www.nyse.com, webapps/monthly-volume-reports (including for
provisions of 5 U.S.C. 552, will be equity options and ETF options volume, subtotaled
at the principal office of the Exchange,
available for Web site viewing and by exchange, along with OCC total industry
and at the Commission’s Public volume). The Exchange calculates the total OCC
printing in the Commission’s Public
Reference Room. volume for equity and ETF options that clear in the
Reference Room, 100 F Street NE., Customer account type and divide this total by the
Washington, DC 20549 on official II. Self-Regulatory Organization’s number of trading days for that month (i.e., any day
business days between the hours of Statement of the Purpose of, and the Exchange is open for business). For example, in
10:00 a.m. and 3:00 p.m. Copies of such Statutory Basis for, the Proposed Rule a month having 21 trading days where there were
Change 252,000,000 equity option and ETF option contracts
mstockstill on DSK4VPTVN1PROD with NOTICES
filing also will be available for that cleared in the Customer account type, the
inspection and copying at the principal In its filing with the Commission, the calculated ADV would be 12,000,000 (252,000,000/
offices of the Exchange. All comments self-regulatory organization included 21= 12,000,000).
received will be posted without change; statements concerning the purpose of,
5 Electronic Customer volume is volume executed
the Commission does not edit personal electronically through the Exchange System, on
behalf of an individual or organization that is not
identifying information from 13 17 CFR 200.30–3(a)(12). a Broker-Dealer and who does not meet the
submissions. You should submit only 1 15 U.S.C. 78s(b)(1). definition of a Professional Customer.
information that you wish to make 2 17 CFR 240.19b–4. 6 See supra n. 4
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Document Created: 2015-12-16 08:41:12
Document Modified: 2015-12-16 08:41:12
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 22756 |
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