80_FR_27062 80 FR 26972 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees NYSE Amex Options Market Data To Add a Late Fee in Connection With Failure To Submit the Non-Display Use Declaration

80 FR 26972 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees NYSE Amex Options Market Data To Add a Late Fee in Connection With Failure To Submit the Non-Display Use Declaration

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 90 (May 11, 2015)

Page Range26972-26974
FR Document2015-11274

Federal Register, Volume 80 Issue 90 (Monday, May 11, 2015)
[Federal Register Volume 80, Number 90 (Monday, May 11, 2015)]
[Notices]
[Pages 26972-26974]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-11274]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74875; File No. SR-NYSEMKT-2015-37]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Amending the Fees NYSE 
Amex Options Market Data To Add a Late Fee in Connection With Failure 
To Submit the Non-Display Use Declaration

May 5, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on April 27, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE 
MKT'') filed with the Securities and Exchange Commission (the 
``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.

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[[Page 26973]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the fees for NYSE Amex Options 
market data to add a late fee in connection with failure to submit the 
non-display use declaration, operative on May 1, 2015. The text of the 
proposed rule change is available on the Exchange's Web site at 
www.nyse.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 self-regulatory organization 
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 those 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 parts of such statements.

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

1. Purpose
    The Exchange proposes to amend the fees for NYSE Amex Options 
market data, as set forth on the NYSE Amex Options Proprietary Market 
Data Fee Schedule (``Fee Schedule''), to add a late fee in connection 
with failure to submit an updated non-display use declaration. The 
proposed change to the Fee Schedule would be operative on May 1, 2015.
    The Exchange established the current fees for non-display services 
for ArcaBook for Amex Options, which consists of ArcaBook for Amex 
Options--Trades, ArcaBook for Amex Options--Top of Book, ArcaBook for 
Amex Options--Depth of Book, ArcaBook for Amex Options--Complex, 
ArcaBook for Amex Options--Series Status, and ArcaBook for Amex 
Options--Order Imbalance, in May 2013 and amended those fees in 
September 2014.\4\ In November 2014, the Exchange established the 
current fees, including non-display use fees, for ArcaBook for Amex 
Options--Complex on a standalone basis.\5\ The 2013 Non-Display Filing 
established a requirement that data recipients that receive real-time 
NYSE Amex Options market data subject to Non-Display Use fees submit a 
declaration with respect to their use of non-display data. In 
connection with the fee changes in the 2014 Non-Display Filing, the 
Exchange required data recipients that receive real-time NYSE Amex 
Options market data subject to Non-Display Use fees to complete and 
submit an updated Non-Display Use Declaration by September 1, 2014.\6\ 
The 2014 Non-Display Filing also established that data recipients are 
required to submit an updated annual Non-Display Use Declaration by 
January 31st of each year beginning in 2016. In addition, if a data 
recipient's use of real-time NYSE Amex Options market data changes at 
any time after the data recipient submits a Non-Display Use 
Declaration, the data recipient must inform the Exchange of the change 
by completing and submitting at the time of the change an updated 
declaration reflecting the change of use.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 69553 (May 10, 
2013), 78 FR 28926 (May 16, 2013) (SR-NYSEMKT-2013-40) (``2013 Non-
Display Filing'') and 73008 (Sept. 5, 2014), 79 FR 54325 (Sept. 11, 
2014) (SR-NYSEMKT-2014-73) (``2014 Non-Display Filing'').
    \5\ See Securities Exchange Act Release No. 73589 (Nov. 13, 
2014), 79 FR 68933 (Nov. 19, 2014) (SR-NYSEMKT-2014-94).
    \6\ The current form of the Non-Display Use Declaration 
reflected the changes to the non-display fees set forth in the 2014 
Non-Display Filing and replaced the NYSE Euronext Non-Display Use 
Declaration established in connection with the 2013 Non-Display 
Filing.
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    The Exchange notes that if a data recipient does not timely submit 
a Non-Display Use Declaration, the Exchange does not have up-to-date 
information about the data recipient's data use and therefore may not 
be charging the correct fees to the data recipient. In order to 
correctly assess fees for the non-display use of NYSE Amex Options 
market data, the Exchange needs to have current and accurate 
information about the use of NYSE Amex Options market data. The failure 
of data recipients to submit the Non-Display Use Declaration on time 
leads to potentially incorrect billing and administrative burdens, 
including tracking and obtaining late Non-Display Use Declarations and 
correcting customer records in connection with late Non-Display Use 
Declarations. The purpose of the proposed late fee is to incent data 
recipients to submit the Non-Display Use Declaration promptly to avoid 
the administrative burdens associated with the late submission of Non-
Display Use Declarations.
    The Exchange proposes to establish a Non-Display Declaration Late 
Fee of $1,000 per month. The proposed fee would be charged to any data 
recipient that pays an Access Fee for NYSE ArcaBook for Amex Options or 
NYSE ArcaBook for Amex Options--Complex that has failed to timely 
complete and submit a Non-Display Use Declaration.
    With respect to the Non-Display Use Declaration that was due by 
September 1, 2014, the Non-Display Declaration Late Fee would apply to 
NYSE Amex Options market data recipients that have not submitted the 
Non-Display Use Declaration by June 30, 2015, and would apply beginning 
July 1, 2015 and for each month thereafter until the data recipient has 
completed and submitted the Non-Display Use Declaration. With respect 
to the annual Non-Display Use Declaration due by January 31st of each 
year beginning in 2016, the Non-Display Declaration Late Fee would 
apply to data recipients that fail to complete and submit the annual 
Non-Display Use Declaration by the January 31st due date, and would 
apply beginning February 1st and for each month thereafter until the 
data recipient has completed and submitted the annual Non-Display Use 
Declaration. A Non-Display Use Declaration that is clearly incomplete 
would not be considered to have been completed and submitted to the 
Exchange on time.
    In addition to adding the Non-Display Declaration Late Fee for NYSE 
Amex Options market data to the Fee Schedule, the Exchange proposes to 
add an endnote to the Fee Schedule that would specify the effective 
dates for the Non-Display Declaration Late Fee as described above, and 
to change the numbering for the existing endnotes as needed.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\7\ in general, and 
Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it 
provides an equitable allocation of reasonable fees among users and 
recipients of the data and is not designed to permit unfair 
discrimination among customers, issuers, and brokers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4), (5).
---------------------------------------------------------------------------

    The Exchange believes that it is reasonable to impose a late fee in 
connection with the submission of the Non-Display Use Declaration. In 
order to correctly assess fees for the non-display use of NYSE Amex 
Options market data, the Exchange needs to have current and accurate 
information about the use of NYSE Amex Options market data. The failure 
of data recipients to submit the Non-Display Use Declaration on time 
leads to potentially incorrect

[[Page 26974]]

billing and administrative burdens, including tracking and obtaining 
late Non-Display Use Declarations and correcting and following up on 
payments owed in connection with late Non-Display Use Declarations. The 
purpose of the late fee is to incent data recipients to submit the Non-
Display Use Declaration promptly to avoid the administrative burdens 
associated with the late submission of Non-Display Use Declarations. 
The Non-Display Declaration Late Fee is equitable and not unfairly 
discriminatory because it will apply to all data recipients that choose 
to subscribe to the NYSE Amex Options market data feeds.
    The Non-Display Declaration Late Fee is also consistent with 
similar pricing adopted in 2013 by the Consolidated Tape Association 
(``CTA'').\9\ The CTA imposes a monthly fee of $2,500 for each of 
Network A and Network B for firms that fail to comply with their 
reporting obligations in a timely manner.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 70010 (July 19, 
2013), 78 FR 44984 (July 25, 2013) (SR-CTA/CQ-2013-04).
---------------------------------------------------------------------------

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. An exchange's ability to 
price its proprietary market data feed products is constrained by 
actual competition for the sale of proprietary market data products, 
the joint product nature of exchange platforms, and the existence of 
alternatives to the Exchange's proprietary data. In addition to being 
able to choose which proprietary data products (if any) to use and how 
to use them, a user can avoid the late fees that are the subject of 
this filing entirely by simply complying with the requisite deadlines.
    In setting the proposed fees, the Exchange considered the 
competitiveness of the market for proprietary data and all of the 
implications of that competition. The Exchange believes that it has 
considered all relevant factors and has not considered irrelevant 
factors in order to establish fair, reasonable, and not unreasonably 
discriminatory fees and an equitable allocation of fees among all 
users. The existence of fierce competition to sell proprietary data 
products and for order flow, as well as numerous alternatives to the 
Exchange's products, including proprietary data from other sources, 
ensures that the Exchange cannot set unreasonable fees, or fees that 
are unreasonably discriminatory, when vendors and subscribers can elect 
these alternatives or choose not to purchase a specific proprietary 
data product if the attendant fees are not justified by the returns 
that any particular vendor or data recipient would achieve through the 
purchase (the returns on use being a particularly important aspect of 
non-display uses of proprietary data).

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \11\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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 under 
Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSEMKT-2015-37 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-NYSEMKT-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 the filing will also be available 
for inspection and copying at the NYSE's principal office and on its 
Internet Web site at www.nyse.com. 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-NYSEMKT-2015-37 and should be submitted on or before 
June 1, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-11274 Filed 5-8-15; 8:45 am]
 BILLING CODE 8011-01-P



                                              26972                             Federal Register / Vol. 80, No. 90 / Monday, May 11, 2015 / Notices

                                                The proposed rule change is designed                    thereunder in that it effects a change               those that may be withheld from the
                                              to perfect the mechanism of a free and                    that: (i) Does not significantly affect the          public in accordance with the
                                              open market and, in general, to protect                   protection of investors or the public                provisions of 5 U.S.C. 552, will be
                                              investors and the public interest. As                     interest; (ii) does not impose any                   available for Web site viewing and
                                              noted above, the additional flexibility to                significant burden on competition; and               printing in the Commission’s Public
                                              be afforded to the Adviser under the                      (iii) by its terms, does not become                  Reference Room, 100 F Street NE.,
                                              proposed rule change is intended to                       operative for 30 days after the date of              Washington, DC 20549, on official
                                              enhance the Adviser’s ability to meet                     the filing, or such shorter time as the              business days between the hours of
                                              the Fund’s investment objectives.                         Commission may designate if consistent               10:00 a.m. and 3:00 p.m. Copies of the
                                              Further, as noted above, the Exchange                     with the protection of investors and the             filing also will be available for
                                              represents that trading in the Shares                     public interest.                                     inspection and copying at the principal
                                              would continue to be subject to the                          At any time within 60 days of the                 office of Nasdaq. All comments received
                                              existing trading surveillances,                           filing of the proposed rule change, the              will be posted without change; the
                                              administered by both NASDAQ and also                      Commission summarily may                             Commission does not edit personal
                                              FINRA on behalf of the Exchange,                          temporarily suspend such rule change if              identifying information from
                                              which are designed to detect violations                   it appears to the Commission that such               submissions. You should submit only
                                              of Exchange rules and applicable federal                  action is: (i) Necessary or appropriate in           information that you wish to make
                                              securities laws. In addition, as indicated                the public interest; (ii) for the protection         available publicly.
                                              in the Prior Release, investors would                     of investors; or (iii) otherwise in                     All submissions should refer to File
                                              continue to have ready access to                          furtherance of the purposes of the Act.              Number SR–NASDAQ–2015–044 and
                                              information regarding the Fund’s                          If the Commission takes such action, the             should be submitted on or before June
                                              holdings, the Intraday Indicative Value,                  Commission shall institute proceedings               1, 2015.
                                              the Disclosed Portfolio, and quotation                    to determine whether the proposed rule
                                              and last sale information for the Shares.                 should be approved or disapproved.                      For the Commission, by the Division of
                                              The Adviser represents that the                                                                                Trading and Markets, pursuant to delegated
                                                                                                        IV. Solicitation of Comments                         authority.15
                                              proposed rule change, as described
                                              above, is consistent with the Fund’s                        Interested persons are invited to                  Jill M. Peterson,
                                              investment objectives, and would                          submit written data, views, and                      Assistant Secretary.
                                              further assist the Adviser in achieving                   arguments concerning the foregoing,                  [FR Doc. 2015–11272 Filed 5–8–15; 8:45 am]
                                              such investment objectives.                               including whether the proposed rule
                                                                                                                                                             BILLING CODE 8011–01–P
                                                For the above reasons, the Exchange                     change is consistent with the Act.
                                              believes the proposed rule change is                      Comments may be submitted by any of
                                              consistent with the requirements of                       the following methods:
                                                                                                                                                             SECURITIES AND EXCHANGE
                                              Section 6(b)(5) of the Act.                               Electronic Comments                                  COMMISSION
                                              B. Self-Regulatory Organization’s                           • Use the Commission’s Internet
                                              Statement on Burden on Competition                        comment form (http://www.sec.gov/                    [Release No. 34–74875; File No. SR–
                                                The Exchange does not believe that                      rules/sro.shtml); or                                 NYSEMKT–2015–37]
                                              the proposed rule change will impose                        • Send an email to rule-comments@
                                              any burden on competition that is not                     sec.gov. Please include File Number SR–              Self-Regulatory Organizations; NYSE
                                              necessary or appropriate in furtherance                   NASDAQ–2015–044 on the subject line.                 MKT LLC; Notice of Filing and
                                              of the purposes of the Act. The                                                                                Immediate Effectiveness of Proposed
                                                                                                        Paper Comments                                       Rule Change Amending the Fees NYSE
                                              Exchange believes the proposed rule
                                                                                                           • Send paper comments in triplicate               Amex Options Market Data To Add a
                                              change will permit the Adviser
                                                                                                        to Brent J. Fields, Secretary, Securities            Late Fee in Connection With Failure To
                                              additional flexibility, thereby helping
                                                                                                        and Exchange Commission, Station                     Submit the Non-Display Use
                                              the Fund to achieve its investment
                                                                                                        Place, 100 F Street NE., Washington, DC              Declaration
                                              objectives and enhancing competition
                                                                                                        20549–1090.
                                              among issues of Managed Fund Shares.                                                                           May 5, 2015.
                                                                                                        All submissions should refer to File
                                              C. Self-Regulatory Organization’s                         Number SR–NASDAQ–2015–044. This                         Pursuant to Section 19(b)(1) 1 of the
                                              Statement on Comments on the                              file number should be included on the                Securities Exchange Act of 1934 (the
                                              Proposed Rule Change Received From                        subject line if email is used. To help the           ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
                                              Members, Participants or Others                           Commission process and review your                   notice is hereby given that, on April 27,
                                                Written comments were neither                           comments more efficiently, please use                2015, NYSE MKT LLC (the ‘‘Exchange’’
                                              solicited nor received.                                   only one method. The Commission will                 or ‘‘NYSE MKT’’) filed with the
                                                                                                        post all comments on the Commission’s                Securities and Exchange Commission
                                              III. Date of Effectiveness of the                         Internet Web site http://www.sec.gov/                (the ‘‘Commission’’) the proposed rule
                                              Proposed Rule Change and Timing for                       rules/sro.shtml.                                     change as described in Items I, II, and
                                              Commission Action                                            Copies of the submission, all                     III below, which Items have been
                                                 The foregoing rule change has become                   subsequent amendments, all written                   prepared by the self-regulatory
                                              effective pursuant to Section 19(b)(3)(A)                 statements with respect to the proposed              organization. The Commission is
                                              of the Act 13 and Rule 19b–4(f)(6) 14                     rule change that are filed with the                  publishing this notice to solicit
tkelley on DSK3SPTVN1PROD with NOTICES




                                                                                                        Commission, and all written                          comments on the proposed rule change
                                                13 15  U.S.C. 78s(b)(3)(A).                             communications relating to the                       from interested persons.
                                                14 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      proposed rule change between the
                                              4(f)(6) requires a self-regulatory organization to give
                                              the Commission written notice of its intent to file       Commission and any person, other than                  15 17 CFR 200.30–3(a)(12).
                                                                                                                                                               1 15 U.S.C. 78s(b)(1).
                                              the proposed rule change at least five business days
                                                                                                                                                               2 15 U.S.C. 78a.
                                              prior to the date of filing of the proposed rule          Commission. The Exchange has satisfied this
                                              change, or such shorter time as designated by the         requirement.                                           3 17 CFR 240.19b–4.




                                         VerDate Sep<11>2014    17:00 May 08, 2015   Jkt 235001   PO 00000   Frm 00084   Fmt 4703   Sfmt 4703   E:\FR\FM\11MYN1.SGM    11MYN1


                                                                              Federal Register / Vol. 80, No. 90 / Monday, May 11, 2015 / Notices                                               26973

                                              I. Self-Regulatory Organization’s                       standalone basis.5 The 2013 Non-                       ArcaBook for Amex Options or NYSE
                                              Statement of the Terms of Substance of                  Display Filing established a requirement               ArcaBook for Amex Options—Complex
                                              the Proposed Rule Change                                that data recipients that receive real-                that has failed to timely complete and
                                                 The Exchange proposes to amend the                   time NYSE Amex Options market data                     submit a Non-Display Use Declaration.
                                              fees for NYSE Amex Options market                       subject to Non-Display Use fees submit                    With respect to the Non-Display Use
                                              data to add a late fee in connection with               a declaration with respect to their use of             Declaration that was due by September
                                              failure to submit the non-display use                   non-display data. In connection with                   1, 2014, the Non-Display Declaration
                                              declaration, operative on May 1, 2015.                  the fee changes in the 2014 Non-Display                Late Fee would apply to NYSE Amex
                                              The text of the proposed rule change is                 Filing, the Exchange required data                     Options market data recipients that have
                                              available on the Exchange’s Web site at                 recipients that receive real-time NYSE                 not submitted the Non-Display Use
                                              www.nyse.com, at the principal office of                Amex Options market data subject to                    Declaration by June 30, 2015, and would
                                              the Exchange, and at the Commission’s                   Non-Display Use fees to complete and                   apply beginning July 1, 2015 and for
                                              Public Reference Room.                                  submit an updated Non-Display Use                      each month thereafter until the data
                                                                                                      Declaration by September 1, 2014.6 The                 recipient has completed and submitted
                                              II. Self-Regulatory Organization’s                      2014 Non-Display Filing also                           the Non-Display Use Declaration. With
                                              Statement of the Purpose of, and                        established that data recipients are                   respect to the annual Non-Display Use
                                              Statutory Basis for, the Proposed Rule                  required to submit an updated annual                   Declaration due by January 31st of each
                                              Change                                                  Non-Display Use Declaration by January                 year beginning in 2016, the Non-Display
                                                 In its filing with the Commission, the               31st of each year beginning in 2016. In                Declaration Late Fee would apply to
                                              self-regulatory organization included                   addition, if a data recipient’s use of real-           data recipients that fail to complete and
                                              statements concerning the purpose of,                   time NYSE Amex Options market data                     submit the annual Non-Display Use
                                              and basis for, the proposed rule change                 changes at any time after the data                     Declaration by the January 31st due
                                              and discussed any comments it received                  recipient submits a Non-Display Use                    date, and would apply beginning
                                              on the proposed rule change. The text                   Declaration, the data recipient must                   February 1st and for each month
                                              of those statements may be examined at                  inform the Exchange of the change by                   thereafter until the data recipient has
                                              the places specified in Item IV below.                  completing and submitting at the time                  completed and submitted the annual
                                              The Exchange has prepared summaries,                    of the change an updated declaration                   Non-Display Use Declaration. A Non-
                                              set forth in sections A, B, and C below,                reflecting the change of use.                          Display Use Declaration that is clearly
                                              of the most significant parts of such                     The Exchange notes that if a data                    incomplete would not be considered to
                                              statements.                                             recipient does not timely submit a Non-                have been completed and submitted to
                                                                                                      Display Use Declaration, the Exchange                  the Exchange on time.
                                              A. Self-Regulatory Organization’s                       does not have up-to-date information                      In addition to adding the Non-Display
                                              Statement of the Purpose of, and the                    about the data recipient’s data use and                Declaration Late Fee for NYSE Amex
                                              Statutory Basis for, the Proposed Rule                  therefore may not be charging the                      Options market data to the Fee
                                              Change                                                  correct fees to the data recipient. In                 Schedule, the Exchange proposes to add
                                              1. Purpose                                              order to correctly assess fees for the                 an endnote to the Fee Schedule that
                                                                                                      non-display use of NYSE Amex Options                   would specify the effective dates for the
                                                 The Exchange proposes to amend the                                                                          Non-Display Declaration Late Fee as
                                                                                                      market data, the Exchange needs to have
                                              fees for NYSE Amex Options market                                                                              described above, and to change the
                                                                                                      current and accurate information about
                                              data, as set forth on the NYSE Amex                                                                            numbering for the existing endnotes as
                                                                                                      the use of NYSE Amex Options market
                                              Options Proprietary Market Data Fee                                                                            needed.
                                                                                                      data. The failure of data recipients to
                                              Schedule (‘‘Fee Schedule’’), to add a late
                                                                                                      submit the Non-Display Use Declaration                 2. Statutory Basis
                                              fee in connection with failure to submit
                                                                                                      on time leads to potentially incorrect
                                              an updated non-display use declaration.                                                                           The Exchange believes that the
                                                                                                      billing and administrative burdens,
                                              The proposed change to the Fee                                                                                 proposed rule change is consistent with
                                                                                                      including tracking and obtaining late
                                              Schedule would be operative on May 1,                                                                          the provisions of Section 6 of the Act,7
                                                                                                      Non-Display Use Declarations and
                                              2015.                                                                                                          in general, and Sections 6(b)(4) and
                                                 The Exchange established the current                 correcting customer records in
                                                                                                      connection with late Non-Display Use                   6(b)(5) of the Act,8 in particular, in that
                                              fees for non-display services for                                                                              it provides an equitable allocation of
                                              ArcaBook for Amex Options, which                        Declarations. The purpose of the
                                                                                                      proposed late fee is to incent data                    reasonable fees among users and
                                              consists of ArcaBook for Amex                                                                                  recipients of the data and is not
                                              Options—Trades, ArcaBook for Amex                       recipients to submit the Non-Display
                                                                                                      Use Declaration promptly to avoid the                  designed to permit unfair
                                              Options—Top of Book, ArcaBook for                                                                              discrimination among customers,
                                              Amex Options—Depth of Book,                             administrative burdens associated with
                                                                                                      the late submission of Non-Display Use                 issuers, and brokers.
                                              ArcaBook for Amex Options—Complex,                                                                                The Exchange believes that it is
                                              ArcaBook for Amex Options—Series                        Declarations.
                                                                                                        The Exchange proposes to establish a                 reasonable to impose a late fee in
                                              Status, and ArcaBook for Amex                                                                                  connection with the submission of the
                                                                                                      Non-Display Declaration Late Fee of
                                              Options—Order Imbalance, in May 2013                                                                           Non-Display Use Declaration. In order
                                                                                                      $1,000 per month. The proposed fee
                                              and amended those fees in September                                                                            to correctly assess fees for the non-
                                                                                                      would be charged to any data recipient
                                              2014.4 In November 2014, the Exchange                                                                          display use of NYSE Amex Options
                                                                                                      that pays an Access Fee for NYSE
                                              established the current fees, including                                                                        market data, the Exchange needs to have
                                              non-display use fees, for ArcaBook for                    5 See Securities Exchange Act Release No. 73589      current and accurate information about
tkelley on DSK3SPTVN1PROD with NOTICES




                                              Amex Options—Complex on a                               (Nov. 13, 2014), 79 FR 68933 (Nov. 19, 2014) (SR–      the use of NYSE Amex Options market
                                                                                                      NYSEMKT–2014–94).                                      data. The failure of data recipients to
                                                4 See Securities Exchange Act Release Nos. 69553        6 The current form of the Non-Display Use
                                                                                                                                                             submit the Non-Display Use Declaration
                                              (May 10, 2013), 78 FR 28926 (May 16, 2013) (SR–         Declaration reflected the changes to the non-display
                                              NYSEMKT–2013–40) (‘‘2013 Non-Display Filing’’)          fees set forth in the 2014 Non-Display Filing and
                                                                                                                                                             on time leads to potentially incorrect
                                              and 73008 (Sept. 5, 2014), 79 FR 54325 (Sept. 11,       replaced the NYSE Euronext Non-Display Use
                                                                                                                                                              7 15   U.S.C. 78f(b).
                                              2014) (SR–NYSEMKT–2014–73) (‘‘2014 Non-                 Declaration established in connection with the 2013
                                              Display Filing’’).                                      Non-Display Filing.                                     8 15   U.S.C. 78f(b)(4), (5).



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                                              26974                           Federal Register / Vol. 80, No. 90 / Monday, May 11, 2015 / Notices

                                              billing and administrative burdens,                     Exchange cannot set unreasonable fees,                 Paper Comments
                                              including tracking and obtaining late                   or fees that are unreasonably
                                              Non-Display Use Declarations and                        discriminatory, when vendors and                         • Send paper comments in triplicate
                                              correcting and following up on                          subscribers can elect these alternatives               to Brent J. Fields, Secretary, Securities
                                              payments owed in connection with late                   or choose not to purchase a specific                   and Exchange Commission, 100 F Street
                                              Non-Display Use Declarations. The                       proprietary data product if the attendant              NE., Washington, DC 20549–1090.
                                              purpose of the late fee is to incent data               fees are not justified by the returns that             All submissions should refer to File
                                              recipients to submit the Non-Display                    any particular vendor or data recipient                Number SR–NYSEMKT–2015–37. This
                                              Use Declaration promptly to avoid the                   would achieve through the purchase                     file number should be included on the
                                              administrative burdens associated with                  (the returns on use being a particularly
                                                                                                                                                             subject line if email is used. To help the
                                              the late submission of Non-Display Use                  important aspect of non-display uses of
                                                                                                                                                             Commission process and review your
                                              Declarations. The Non-Display                           proprietary data).
                                              Declaration Late Fee is equitable and                                                                          comments more efficiently, please use
                                                                                                      C. Self-Regulatory Organization’s                      only one method. The Commission will
                                              not unfairly discriminatory because it
                                                                                                      Statement on Comments on the                           post all comments on the Commission’s
                                              will apply to all data recipients that
                                                                                                      Proposed Rule Change Received From                     Internet Web site (http://www.sec.gov/
                                              choose to subscribe to the NYSE Amex
                                                                                                      Members, Participants, or Others                       rules/sro.shtml). Copies of the
                                              Options market data feeds.
                                                 The Non-Display Declaration Late Fee                   No written comments were solicited                   submission, all subsequent
                                              is also consistent with similar pricing                 or received with respect to the proposed               amendments, all written statements
                                              adopted in 2013 by the Consolidated                     rule change.                                           with respect to the proposed rule
                                              Tape Association (‘‘CTA’’).9 The CTA                                                                           change that are filed with the
                                              imposes a monthly fee of $2,500 for                     III. Date of Effectiveness of the                      Commission, and all written
                                              each of Network A and Network B for                     Proposed Rule Change and Timing for                    communications relating to the
                                              firms that fail to comply with their                    Commission Action                                      proposed rule change between the
                                              reporting obligations in a timely                                                                              Commission and any person, other than
                                                                                                         The foregoing rule change is effective
                                              manner.                                                                                                        those that may be withheld from the
                                                                                                      upon filing pursuant to Section
                                              B. Self-Regulatory Organization’s                       19(b)(3)(A) 10 of the Act and                          public in accordance with the
                                              Statement on Burden on Competition                      subparagraph (f)(2) of Rule 19b–4 11                   provisions of 5 U.S.C. 552, will be
                                                                                                      thereunder, because it establishes a due,              available for Web site viewing and
                                                 The Exchange does not believe that
                                                                                                      fee, or other charge imposed by the                    printing in the Commission’s Public
                                              the proposed rule change will impose
                                              any burden on competition that is not                   Exchange.                                              Reference Room, 100 F Street NE.,
                                              necessary or appropriate in furtherance                    At any time within 60 days of the                   Washington, DC 20549 on official
                                              of the purposes of the Act. An                          filing of such proposed rule change, the               business days between the hours of
                                              exchange’s ability to price its                         Commission summarily may                               10:00 a.m. and 3:00 p.m. Copies of the
                                              proprietary market data feed products is                temporarily suspend such rule change if                filing will also be available for
                                              constrained by actual competition for                   it appears to the Commission that such                 inspection and copying at the NYSE’s
                                              the sale of proprietary market data                     action is necessary or appropriate in the              principal office and on its Internet Web
                                              products, the joint product nature of                   public interest, for the protection of                 site at www.nyse.com. All comments
                                              exchange platforms, and the existence of                investors, or otherwise in furtherance of              received will be posted without change;
                                              alternatives to the Exchange’s                          the purposes of the Act. If the                        the Commission does not edit personal
                                              proprietary data. In addition to being                  Commission takes such action, the                      identifying information from
                                              able to choose which proprietary data                   Commission shall institute proceedings                 submissions. You should submit only
                                              products (if any) to use and how to use                 under Section 19(b)(2)(B) 12 of the Act to             information that you wish to make
                                              them, a user can avoid the late fees that               determine whether the proposed rule                    available publicly. All submissions
                                              are the subject of this filing entirely by              change should be approved or                           should refer to File Number SR–
                                              simply complying with the requisite                     disapproved.                                           NYSEMKT–2015–37 and should be
                                              deadlines.                                              IV. Solicitation of Comments                           submitted on or before June 1, 2015.
                                                 In setting the proposed fees, the
                                              Exchange considered the                                                                                           For the Commission, by the Division of
                                                                                                        Interested persons are invited to                    Trading and Markets, pursuant to delegated
                                              competitiveness of the market for                       submit written data, views, and
                                              proprietary data and all of the                                                                                authority.13
                                                                                                      arguments concerning the foregoing,
                                              implications of that competition. The                                                                          Jill M. Peterson,
                                                                                                      including whether the proposed rule
                                              Exchange believes that it has considered                change is consistent with the Act.                     Assistant Secretary.
                                              all relevant factors and has not                        Comments may be submitted by any of                    [FR Doc. 2015–11274 Filed 5–8–15; 8:45 am]
                                              considered irrelevant factors in order to               the following methods:                                 BILLING CODE 8011–01–P
                                              establish fair, reasonable, and not
                                              unreasonably discriminatory fees and an                 Electronic Comments
                                              equitable allocation of fees among all                    • Use the Commission’s Internet
                                              users. The existence of fierce                          comment form (http://www.sec.gov/
                                              competition to sell proprietary data                    rules/sro.shtml); or
                                              products and for order flow, as well as
tkelley on DSK3SPTVN1PROD with NOTICES




                                              numerous alternatives to the Exchange’s                   • Send an email to rule-comments@
                                              products, including proprietary data                    sec.gov. Please include File Number SR–
                                              from other sources, ensures that the                    NYSEMKT–2015–37 on the subject line.

                                                 9 See Securities Exchange Act Release No. 70010       10 15 U.S.C. 78s(b)(3)(A).
                                                                                                       11 17 CFR 240.19b–4(f)(2).
                                              (July 19, 2013), 78 FR 44984 (July 25, 2013) (SR–
                                              CTA/CQ–2013–04).                                         12 15 U.S.C. 78s(b)(2)(B).                              13 17   CFR 200.30–3(a)(12).



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Document Created: 2018-02-21 10:25:57
Document Modified: 2018-02-21 10:25:57
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 26972 

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