80 FR 26960 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rules To Describe How All-or-None Orders Are Handled by Its New Options Floor Broker Management System
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 90 (May 11, 2015)
Federal Register Volume 80, Issue 90 (May 11, 2015)
| Page Range | 26960-26962 | |
| FR Document | 2015-11273 |
[Federal Register Volume 80, Number 90 (Monday, May 11, 2015)] [Notices] [Pages 26960-26962] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11273] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74874; File No. SR-Phlx-2015-37] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rules To Describe How All-or-None Orders Are Handled by Its New Options Floor Broker Management System May 5, 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 22, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend Exchange rules to describe how All- or-None (``AON'') orders are handled by its new Options Floor Broker Management System (``FBMS''). The text of the proposed rule change is below; proposed new language is italicized; proposed deletions are in brackets. * * * * * A-9 All-or-None Option Orders An all-or-none option order is a limit order which is to be executed in its entirety, or not at all. Unlike a fill-or-kill order, an all-or-none order is not cancelled if it is not executed as soon as it is represented in the trading crowd. An all-or-none order has no standing respecting executions in the crowd except with respect to other all-or-none orders. When represented in the crowd, [A]all-or-none orders are not included as part of the bid or offer. [However, an all-or-none order entrusted to a Specialist should be disclosed to the trading crowd if such order falls within or upon the bid or offer for the particular option series. For example, if the market in XYZ Oct 30 calls is 4-4.25, 10x15, and there is an all-or-none order on the Specialist's book to sell 10 XYZ Oct 30 calls at 4.25 all-or-none, the Specialist, in response to a request for the market in XYZ Oct 30 calls, should respond: ``The market is 4-4.25, 10x15, 10 (to sell) at 4.25 all-or- none.'' Accordingly, under this policy, all-or-none option orders should be announced to the trading crowd as part of the quoted market, but not as part of the bid or offer.] When entered electronically pursuant to Rule 1080 or into Options Floor Broker Management System pursuant to Rule 1063, an all-or-none order has standing and is eligible for execution in time priority with all other customer orders and all-or-none professional orders (as specified in Rule 1000(b)(14)) at that price if the all- or-none contingency can be met. FINE SCHEDULE Fine not applicable * * * * * 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 Background Today, the Exchange is operating two versions of FBMS as part of an implementation period for the new FBMS. The old FBMS enabled Floor Brokers and/or their employees to enter, route, and report transactions stemming from options orders executed manually (verbally) in open outcry on the Exchange. It also established an electronic audit trail for options orders represented by Floor Brokers on the Exchange. Floor Brokers can use old FBMS to submit orders to the PHLX XL II System (``System'') pursuant to Rule 1063, rather than executing the orders in the trading crowd. With the new FBMS, all options transactions on the Exchange involving at least one Floor Broker can continue to be represented in open outcry in the trading crowd but are now required to be executed by and through the new FBMS. In connection with order execution, the Exchange allows FBMS to execute two-sided orders entered by Floor Brokers, including multi-leg orders up to 15 legs, after the Floor Broker has represented the orders in the trading crowd. FBMS also provides Floor Brokers with an enhanced functionality called the complex calculator that calculates and displays a suggested price of each individual component of a multi-leg order, up to 15 legs, submitted on a net debit or credit basis. The Exchange deployed the new FBMS in March 2014. Despite the initial intent to phase out the old FBMS after an implementation period involving the old and new FBMS operating concurrently, the Exchange has determined to operate the old FBMS until November 3, 2015 and is planning to implement a new, third FBMS, the details of which will be filed as a proposed rule change.\3\ In the event that the Floor Broker is utilizing the new FBMS and the new FBMS malfunctions or is otherwise not available after a Floor Broker has entered an order, the Floor Broker can re-enter that order into the old FBMS. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 73586 (November 13, 2014), 79 FR 68931 (November 19, 2014) (SR-Phlx-2014-71). --------------------------------------------------------------------------- Proposal The purpose of the proposal is to address the way AON orders on the book are handled electronically by the new FBMS.\4\ In its filing for approval of the new FBMS, the Exchange addressed AON orders merely by referring to Advice A-9, which provides, in pertinent part, that an AON option order is a limit order which is to be executed in its entirety, or not at all.\5\ Advice A-9 further provides that an AON order has no standing in the crowd except with respect to other AON orders. Accordingly, when a Floor Broker using [[Page 26961]] the old FBMS executes an order in the trading crowd today where there is an AON order executable against the Floor Broker's order on the contra-side, the Floor Broker can skip that AON order and trade with another quote or order at that price, because the AON order has no standing. This would continue to be the case for verbal executions, which occur when the old FBMS is used, when the new FBMS malfunctions \6\ and where there is no Floor Broker involved.\7\ The Exchange is not proposing to change this, other than to make a slight language change to clarify that the execution is occurring in the trading crowd. --------------------------------------------------------------------------- \4\ Only customers and professionals can submit AON orders. See Rules 1000(b)(14) and Rule 1080(b). \5\ See also Rule 1066(c)(4). \6\ Rule 1063(e)(ii). \7\ Rule 1000(f)(ii). --------------------------------------------------------------------------- Although this is how AON orders are treated on the trading floor today when executed manually in the trading crowd, AON orders are treated differently when the new FBMS is used because the System performs the execution. Specifically, in the new FBMS, AON orders that can trade against any eligible interest, not just other AON orders, and they are not skipped. When a Floor Broker seeks to execute an order using the new FBMS where there is an AON order at a price equal to or better than the Floor Broker's order on the contra-side, the Floor Broker must enter his order into the new FBMS and execute against the full size of the AON order electronically. If the Floor Broker does not fulfill the full size of the AON order, the Floor Broker's order will be returned with no execution occurring. This is the same way that AON orders are treated by the System; they are subject to the normal price and time priority principles of Rule 1014, except that the AON contingency must be met for the AON order to trade. An AON order with time priority will trade in time priority before another customer order if its size contingency can be met. If the size contingency order cannot be met, the AON order will be skipped and a customer order behind it in time priority may execute. Because the new FBMS executes orders electronically and generally provides more electronic functionality, the Exchange believes it is appropriate to address AON orders executed against orders submitted through the new FBMS in the same way. Accordingly, Advice A-9 is proposed to be amended to expressly state that how AON orders are handled when executed manually (verbally) as well as when executed electronically. With respect to electronic AON orders, the Exchange proposes to expressly state that an AON order has standing and is eligible for execution in time priority with all other customer orders and AON professional orders (as specified in Rule 1000(b)(14)) at that price if the AON contingency can be met. The Exchange is not changing what types of orders a professional can submit nor the priority of those orders. Rule 1000(b)(14) will continue to state that 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). It will also continue to state that a professional will be treated in the same manner as an off-floor broker-dealer for purposes of Rules 1014(g)(except with respect to AON orders, which will be treated like customer orders, except that orders submitted pursuant to Rule 1080(n) for the beneficial account(s) of professionals with an AON designation will be treated in the same manner as off-floor broker-dealer orders), 1033(e), 1064.02 (except professional orders will be considered customer orders subject to facilitation), 1080(n) and 1080.08 as well as Options Floor Procedure Advices B-6, B-11 and F-5. The Exchange also proposes to delete the example at the end of Advice A-9. It is obsolete for several reasons; it refers to the ``Specialist's book,'' which is now generally considered the Exchange's book, the limit order book or just the book; and announcing AON orders on the book to the crowd does not occur where there is a remote specialist. For similar reasons, the Exchange proposes to delete reference to an AON order being ``entrusted to a Specialist.'' This process is no longer performed. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \8\ in general, and furthers the objectives of Section 6(b)(5) of the Act \9\ in particular, in that it is designed to promote just and equitable principles of trade and to protect investors and the public interest, by specifically providing how an AON order executes against orders submitted through the new FBMS and by improving the treatment of such AON orders as opposed to AON orders handled manually. Specifically, the proposal results in improving the treatment of electronic AON orders by increasing their interaction with other orders on the Exchange, because AON orders are electronically executed against contra-side orders entered into the new FBMS. More specifically, such orders have standing and time priority, as explained above. The Exchange is not changing the priority of afforded to electronic AON orders, but rather is codifying such treatment in its rules. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. This treatment of AON orders should help the Exchange compete with other floor-based exchanges for AON orders. More importantly, the proposal should result in more interaction between AON orders and all other orders, as explained above, thereby promoting a more competitive marketplace. 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days after the date of filing.\12\ However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\13\ The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Commission notes that the proposal is designed to provide Exchange members with more specificity regarding how the Exchange handles AON orders in the [[Page 26962]] new FBMS system. The Commission also notes that the Exchange represents that the proposal does not affect the priority of electronic AON orders. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ Id. \14\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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.\15\ If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(C). \16\ Id. --------------------------------------------------------------------------- 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-Phlx-2015-37 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-Phlx-2015-37. 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-Phlx-2015-37, and should be submitted on or before June 1, 2015. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-11273 Filed 5-8-15; 8:45 am] BILLING CODE 8011-01-P
![26960 Federal Register / Vol. 80, No. 90 / Monday, May 11, 2015 / Notices
1. The Commission establishes Docket A–9 All-or-None Option Orders from options orders executed manually
No. CP2015–62 for consideration of the An all-or-none option order is a limit order (verbally) in open outcry on the
matters raised by the Postal Service’s which is to be executed in its entirety, or not Exchange. It also established an
Notice. at all. Unlike a fill-or-kill order, an all-or- electronic audit trail for options orders
2. Pursuant to 39 U.S.C. 505, Cassie none order is not cancelled if it is not represented by Floor Brokers on the
D’Souza is appointed to serve as an executed as soon as it is represented in the Exchange. Floor Brokers can use old
trading crowd. An all-or-none order has no
officer of the Commission to represent FBMS to submit orders to the PHLX XL
standing respecting executions in the crowd
the interests of the general public in this except with respect to other all-or-none II System (‘‘System’’) pursuant to Rule
proceeding (Public Representative). orders. 1063, rather than executing the orders in
3. Comments are due no later than When represented in the crowd, [A]all-or- the trading crowd.
May 13, 2015. none orders are not included as part of the With the new FBMS, all options
4. The Secretary shall arrange for bid or offer. [However, an all-or-none order transactions on the Exchange involving
publication of this order in the Federal entrusted to a Specialist should be disclosed at least one Floor Broker can continue
Register. to the trading crowd if such order falls within to be represented in open outcry in the
or upon the bid or offer for the particular trading crowd but are now required to
By the Commission. option series. be executed by and through the new
Shoshana M. Grove, For example, if the market in XYZ Oct 30
calls is 4–4.25, 10×15, and there is an all-or-
FBMS. In connection with order
Secretary. execution, the Exchange allows FBMS
none order on the Specialist’s book to sell 10
[FR Doc. 2015–11330 Filed 5–8–15; 8:45 am] to execute two-sided orders entered by
XYZ Oct 30 calls at 4.25 all-or-none, the
BILLING CODE 7710–FW–P Specialist, in response to a request for the Floor Brokers, including multi-leg
market in XYZ Oct 30 calls, should respond: orders up to 15 legs, after the Floor
‘‘The market is 4–4.25, 10×15, 10 (to sell) Broker has represented the orders in the
at 4.25 all-or-none.’’ trading crowd. FBMS also provides
SECURITIES AND EXCHANGE Accordingly, under this policy, all-or-none
COMMISSION Floor Brokers with an enhanced
option orders should be announced to the functionality called the complex
trading crowd as part of the quoted market,
[Release No. 34–74874; File No. SR–Phlx–
but not as part of the bid or offer.]
calculator that calculates and displays a
2015–37] When entered electronically pursuant to suggested price of each individual
Rule 1080 or into Options Floor Broker component of a multi-leg order, up to 15
Self-Regulatory Organizations; Management System pursuant to Rule 1063, legs, submitted on a net debit or credit
NASDAQ OMX PHLX LLC; Notice of an all-or-none order has standing and is basis. The Exchange deployed the new
Filing and Immediate Effectiveness of eligible for execution in time priority with all FBMS in March 2014. Despite the initial
Proposed Rule Change To Amend other customer orders and all-or-none intent to phase out the old FBMS after
Exchange Rules To Describe How All- professional orders (as specified in Rule an implementation period involving the
or-None Orders Are Handled by Its 1000(b)(14)) at that price if the all-or-none old and new FBMS operating
New Options Floor Broker contingency can be met.
concurrently, the Exchange has
Management System FINE SCHEDULE determined to operate the old FBMS
Fine not applicable until November 3, 2015 and is planning
May 5, 2015.
* * * * * to implement a new, third FBMS, the
Pursuant to Section 19(b)(1) of the details of which will be filed as a
Securities Exchange Act of 1934 II. Self-Regulatory Organization’s proposed rule change.3 In the event that
(‘‘Act’’) 1, and Rule 19b–4 thereunder,2 Statement of the Purpose of, and the Floor Broker is utilizing the new
notice is hereby given that on April 22, Statutory Basis for, the Proposed Rule FBMS and the new FBMS malfunctions
2015, NASDAQ OMX PHLX LLC Change or is otherwise not available after a
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the In its filing with the Commission, the Floor Broker has entered an order, the
Securities and Exchange Commission Exchange included statements Floor Broker can re-enter that order into
(‘‘SEC’’ or ‘‘Commission’’) the proposed concerning the purpose of and basis for the old FBMS.
rule change as described in Items I and the proposed rule change and discussed
II below, which Items have been Proposal
any comments it received on the
prepared by the Exchange. The proposed rule change. The text of these The purpose of the proposal is to
Commission is publishing this notice to statements may be examined at the address the way AON orders on the
solicit comments on the proposed rule places specified in Item IV below. The book are handled electronically by the
change from interested persons. Exchange has prepared summaries, set new FBMS.4 In its filing for approval of
I. Self-Regulatory Organization’s forth in sections A, B, and C below, of the new FBMS, the Exchange addressed
Statement of the Terms of the Substance the most significant aspects of such AON orders merely by referring to
of the Proposed Rule Change statements. Advice A–9, which provides, in
pertinent part, that an AON option order
The Exchange proposes to amend A. Self-Regulatory Organization’s is a limit order which is to be executed
Exchange rules to describe how All-or- Statement of the Purpose of, and in its entirety, or not at all.5 Advice
None (‘‘AON’’) orders are handled by its Statutory Basis for, the Proposed Rule A–9 further provides that an AON order
new Options Floor Broker Management Change has no standing in the crowd except
System (‘‘FBMS’’). with respect to other AON orders.
1. Purpose
The text of the proposed rule change Accordingly, when a Floor Broker using
is below; proposed new language is Background
tkelley on DSK3SPTVN1PROD with NOTICES
italicized; proposed deletions are in Today, the Exchange is operating two 3 Securities Exchange Act Release No. 73586
brackets. versions of FBMS as part of an (November 13, 2014), 79 FR 68931 (November 19,
2014) (SR–Phlx–2014–71).
* * * * * implementation period for the new 4 Only customers and professionals can submit
FBMS. The old FBMS enabled Floor AON orders. See Rules 1000(b)(14) and Rule
1 15 U.S.C. 78s(b)(1). Brokers and/or their employees to enter, 1080(b).
2 17 CFR 240.19b–4. route, and report transactions stemming 5 See also Rule 1066(c)(4).
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![26962 Federal Register / Vol. 80, No. 90 / Monday, May 11, 2015 / Notices
new FBMS system. The Commission those that may be withheld from the I. Self-Regulatory Organization’s
also notes that the Exchange represents public in accordance with the Statement of the Terms of Substance of
that the proposal does not affect the provisions of 5 U.S.C. 552, will be the Proposed Rule Change
priority of electronic AON orders. available for Web site viewing and The Exchange proposes to amend the
Accordingly, the Commission hereby printing in the Commission’s Public fees for NYSE OpenBook to add a late
waives the 30-day operative delay and Reference Room, 100 F Street NE., fee in connection with failure to submit
designates the proposal operative upon Washington, DC 20549, on official the non-display use declaration,
filing.14 business days between the hours of operative on May 1, 2015. The text of
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such the proposed rule change is available on
filing of the proposed rule change, the the Exchange’s Web site at
filing also will be available for
Commission summarily may www.nyse.com, at the principal office of
inspection and copying at the principal
temporarily suspend such rule change if the Exchange, and at the Commission’s
it appears to the Commission that such offices of the Exchange. All comments
received will be posted without change; Public Reference Room.
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection the Commission does not edit personal II. Self-Regulatory Organization’s
of investors; or (iii) otherwise in identifying information from Statement of the Purpose of, and
furtherance of the purposes of the Act.15 submissions. You should submit only Statutory Basis for, the Proposed Rule
If the Commission takes such action, the information that you wish to make Change
Commission shall institute proceedings available publicly. All submissions In its filing with the Commission, the
to determine whether the proposed rule should refer to File Number SR-Phlx- self-regulatory organization included
change should be approved or 2015–37, and should be submitted on or statements concerning the purpose of,
disapproved.16 before June 1, 2015. and basis for, the proposed rule change
IV. Solicitation of Comments For the Commission, by the Division of and discussed any comments it received
Trading and Markets, pursuant to delegated on the proposed rule change. The text
Interested persons are invited to of those statements may be examined at
authority.17
submit written data, views, and the places specified in Item IV below.
arguments concerning the foregoing, Jill M. Peterson,
The Exchange has prepared summaries,
including whether the proposed rule Assistant Secretary.
set forth in sections A, B, and C below,
change is consistent with the Act. [FR Doc. 2015–11273 Filed 5–8–15; 8:45 am]
of the most significant parts of such
Comments may be submitted by any of BILLING CODE 8011–01–P statements.
the following methods:
A. Self-Regulatory Organization’s
Electronic Comments Statement of the Purpose of, and the
SECURITIES AND EXCHANGE
• Use the Commission’s Internet COMMISSION Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Change
rules/sro.shtml); or
• Send an email to rule-comments@ [Release No. 34–74870; File No. SR–NYSE– 1. Purpose
sec.gov. Please include File Number SR– 2015–20] The Exchange proposes to amend the
Phlx–2015–37 on the subject line. fees for NYSE OpenBook, as set forth on
Self-Regulatory Organizations; New the NYSE Proprietary Market Data Fee
Paper Comments York Stock Exchange LLC; Notice of Schedule (‘‘Fee Schedule’’), to add a late
• Send paper comments in triplicate Filing and Immediate Effectiveness of fee in connection with failure to submit
to Secretary, Securities and Exchange Proposed Rule Change Amending the an updated non-display use declaration.
Commission, 100 F Street NE., Fees for NYSE OpenBook To Add a The proposed change to the Fee
Washington, DC 20549–1090. Late Fee in Connection With Failure To Schedule would be operative on May 1,
All submissions should refer to File Submit the Non-Display Use 2015.
Number SR–Phlx–2015–37. This file Declaration The Exchange established the current
number should be included on the fees for non-display services for NYSE
May 5, 2015. OpenBook in April 2013 and amended
subject line if email is used. To help the
Commission process and review your Pursuant to Section 19(b)(1) 1 of the those fees in September 2014.4 The 2013
comments more efficiently, please use Securities Exchange Act of 1934 (the Non-Display Filing established a
only one method. The Commission will ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 requirement that data recipients that
post all comments on the Commission’s notice is hereby given that, on April 24, receive real-time NYSE market data
Internet Web site (http://www.sec.gov/ 2015, New York Stock Exchange LLC subject to Non-Display Use fees submit
rules/sro.shtml). Copies of the (‘‘NYSE’’ or the ‘‘Exchange’’) filed with a declaration with respect to their use of
submission, all subsequent the Securities and Exchange non-display data.5 In connection with
amendments, all written statements Commission (the ‘‘Commission’’) the the fee changes in the 2014 Non-Display
with respect to the proposed rule proposed rule change as described in 4 See Securities Exchange Act Release Nos. 69278
change that are filed with the Items I, II, and III below, which Items (April 2, 2013), 78 FR 20973 (April 8, 2013) (SR–
Commission, and all written have been prepared by the self- 2013–25 [sic]) (‘‘2013 Non-Display Filing’’) and
communications relating to the regulatory organization. The 72923 (Aug. 26, 2014), 79 FR 52079 (Sept. 2, 2014)
proposed rule change between the Commission is publishing this notice to (SR–NYSE–2014–43) (‘‘2014 Non-Display Filing’’).
5 The non-display fee structure established in the
tkelley on DSK3SPTVN1PROD with NOTICES
Commission and any person, other than solicit comments on the proposed rule 2013 Non-Display Filing replaced a monthly
14 For purposes only of waiving the 30-day
change from interested persons. reporting obligation with respect to non-display
devices with the requirement to submit the non-
operative delay, the Commission has considered the display use declaration. The Exchange also notes
17 17 CFR 200.30–3(a)(12).
proposed rule’s impact on efficiency, competition, that if a data recipient only subscribes to products
and capital formation. See 15 U.S.C. 78c(f). 1 15 U.S.C.78s(b)(1). for which there are no non-display usage fees, e.g.,
15 15 U.S.C. 78s(b)(3)(C). 2 15 U.S.C. 78a.
NYSE Realtime Reference Prices, then no
16 Id. 3 17 CFR 240.19b–4. declaration is required.
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Document Created: 2018-02-21 10:26:12
Document Modified: 2018-02-21 10:26:12
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| FR Citation | 80 FR 26960 |
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