80_FR_29456 80 FR 29358 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees

80 FR 29358 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 98 (May 21, 2015)

Page Range29358-29359
FR Document2015-12283

Federal Register, Volume 80 Issue 98 (Thursday, May 21, 2015)
[Federal Register Volume 80, Number 98 (Thursday, May 21, 2015)]
[Notices]
[Pages 29358-29359]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-12283]



[[Page 29358]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74975; File No. SR-ISE-2015-17]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Amend the Schedule of Fees

May 15, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on May 1, 2015, the International Securities Exchange, LLC (the 
``Exchange'' or the ``ISE'') filed with the Securities and Exchange 
Commission the proposed rule change, as described in Items I, II, and 
III below, which items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE proposes to amend the Schedule of Fees to introduce tiered 
Market Maker Plus rebates based on the time quoting at the national 
best bid or offer (``NBBO'') in specified series. The text of the 
proposed rule change is available on the Exchange's Web site (http://www.ise.com), at the principal office of the Exchange, and at the 
Commission's Public Reference Room.

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

    In its filing with the Commission, the 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 these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

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

1. Purpose
    In order to promote and encourage liquidity in Select Symbols,\3\ 
the Exchange currently offers Market Makers \4\ that meet the quoting 
requirements for Market Maker Plus \5\ enhanced rebates for adding 
liquidity in those symbols. In particular, Market Makers that qualify 
for Market Maker Plus are currently provided a maker rebate of $0.20 
per contract in Select Symbols instead of the $0.10 per contract maker 
fee that applies to orders from other Market Makers in those 
symbols.\6\ The Exchange now proposes to introduce three tiers of 
Market Maker Plus rebates based on time quoting at the NBBO. As 
proposed, a Market Maker will qualify for a ``Tier 1'' Market Maker 
Plus rebate of $0.10 per contract if the Market Maker is on the NBBO at 
least 80% but lower than 85% of the time for series trading between 
$0.03 and $3.00 (for options whose underlying stock's previous trading 
day's last sale price was less than or equal to $100) and between $0.10 
and $3.00 (for options whose underlying stock's previous trading day's 
last sale price was greater than $100) in premium in each of the front 
two expiration months. If the Market Maker is instead on the NBBO at 
least 85% but lower than 95% of the time for applicable series 
described above, that Market Maker will qualify for a ``Tier 2'' Market 
Maker Plus rebate of $0.18 per contract. Finally, a Market Maker that 
is on the NBBO at least 95% of the time, will qualify for a ``Tier 3'' 
Market Maker Plus rebate of $0.22 per contract.
---------------------------------------------------------------------------

    \3\ ``Select Symbols'' are options overlying all symbols listed 
on the ISE that are in the Penny Pilot Program.
    \4\ The term ``Market Makers'' refers to ``Competitive Market 
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule 
100(a)(25).
    \5\ A Market Maker Plus is a Market Maker that is on the 
National Best Bid or National Best Offer at least 80% of the time 
for series trading between $0.03 and $3.00 (for options whose 
underlying stock's previous trading day's last sale price was less 
than or equal to $100) and between $0.10 and $3.00 (for options 
whose underlying stock's previous trading day's last sale price was 
greater than $100) in premium in each of the front two expiration 
months. A Market Maker's single best and single worst quoting days 
each month based on the front two expiration months, on a per symbol 
basis, are excluded in calculating whether a Market Maker qualifies 
for this rebate, if doing so will qualify a Market Maker for the 
rebate.
    \6\ A $0.10 per contract fee applies when trading against 
Priority Customer complex orders that leg into the regular order 
book. There will be no fee charged or rebate provided when trading 
against non-Priority Customer complex orders that leg into the 
regular order book.
---------------------------------------------------------------------------

    In addition, the Exchange notes that Market Makers that qualify for 
Market Maker Plus and execute a total affiliated Priority Customer 
average daily volume (``ADV'') \7\ of 200,000 contracts or more are 
currently provided an increased Market Maker Plus rebate of $0.22 per 
contract. The Exchange now proposes to eliminate this enhanced rebate 
based on affiliated Priority Customer volume.
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    \7\ Priority Customer ADV includes all volume in all symbols and 
order types. All eligible volume from affiliated Members will be 
aggregated in determining total affiliated Priority Customer ADV, 
provided there is at least 75% common ownership beween the Members 
as reflected on each Member's Form BD, Schedule A.
    For purposes of determining Priority Customer ADV, any day that 
the regular order book is not open for the entire trading day may be 
excluded from such calculation; provided that the Exchange will only 
remove the day for members that would have a lower ADV with the day 
included.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\8\ in general, and Section 
6(b)(4) of the Act,\9\ in particular, in that it is designed to provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members and other persons using its facilities.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that it is reasonable and equitable to offer 
tiered Market Maker Plus rebates as these rebates would reward members 
based on maintaining tight markets in series that they quote on ISE. 
The Exchange believes that maintaining tight markets benefits all 
market participants that trade on ISE, and has therefore determined to 
reflect this more fully in the rebates offered. With this proposal, 
Market Makers that qualify for Market Maker Plus will receive rebates 
that reflect the liquidity that they provide at the NBBO. The Exchange 
notes that it already provides a Market Maker Plus rebate for Market 
Makers that quote at the NBBO. The proposed rule change merely allows 
the Exchange to further incentivize Market Makers by reserving the very 
best rebates for Market Makers that maintain quotes that are at the 
NBBO the vast majority of the time. In this regard, the Exchange notes 
that Market Makers that are on the lower end of the current Market 
Maker Plus requirement will receive lower rebates than they do today, 
while Market Makers that routinely quote at the NBBO will receive 
higher rebates than currently offered. The Exchange does not believe 
that this is unfairly

[[Page 29359]]

discriminatory as all Market Makers are eligible to receive the higher 
tier Market Maker Plus rebates based on the percentage of time that 
they maintain quotes at the NBBO. Furthermore, the Exchange does not 
believe that it is unfairly discriminatory to offer these rebates only 
to Market Makers as Market Makers, and, in particular, those Market 
Makers that achieve Market Maker Plus status, are subject to additional 
requirements and obligations (such as quoting requirements) that other 
market participants are not.
    The Exchange further believes that it is reasonable, equitable, and 
not unfairly discriminatory to eliminate the higher Market Maker Plus 
rebate currently provided to Market Makers that qualify for Market 
Maker Plus and execute a total affiliated Priority Customer ADV of 
200,000 contracts or more as this incentive is no longer needed. Market 
Makers that wish to receive higher rebates may continue to do so by 
qualifying for the new highest tier of Market Maker Plus rebate offered 
to Market Makers that are on the NBBO in applicable series at least 95% 
of the time. The Exchange believes that this will be a more effective 
incentive for Market Makers to actively participate in the Market Maker 
Plus program as it is based on the quality of markets quoted and not 
tied to affiliated member volume.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\10\ the Exchange 
does not believe that the proposed rule change will impose any burden 
on intermarket or intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange 
believes that the proposed Market Maker Plus rebates provide a valuable 
incentive for Market Makers to maintain tight markets on ISE and will 
thereby help the Exchange maintain its competitive standing. The 
Exchange operates in a highly competitive market in which market 
participants can readily direct their order flow to competing venues. 
In such an environment, the Exchange must continually review, and 
consider adjusting, its fees and rebates to remain competitive with 
other exchanges. For the reasons described above, the Exchange believes 
that the proposed fee changes reflect this competitive environment.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \11\ and subparagraph (f)(2) of Rule 19b-4 
thereunder,\12\ because it establishes a due, fee, or other charge 
imposed by ISE.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposal 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 No. SR-ISE-2015-17 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549.

All submissions should refer to File No. SR-ISE-2015-17. 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 changes between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the ISE. 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 No. SR-ISE-2015-17 and should be 
submitted on or before June 11, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12283 Filed 5-20-15; 8:45 am]
BILLING CODE 8011-01-P



                                              29358                             Federal Register / Vol. 80, No. 98 / Thursday, May 21, 2015 / Notices

                                              SECURITIES AND EXCHANGE                                    A. Self-Regulatory Organization’s                       Market Maker Plus rebate of $0.22 per
                                              COMMISSION                                                 Statement of the Purpose of, and                        contract.
                                                                                                         Statutory Basis for, the Proposed Rule                     In addition, the Exchange notes that
                                              [Release No. 34–74975; File No. SR–ISE–                    Change                                                  Market Makers that qualify for Market
                                              2015–17]
                                                                                                                                                                 Maker Plus and execute a total affiliated
                                                                                                         1. Purpose                                              Priority Customer average daily volume
                                              Self-Regulatory Organizations;                                In order to promote and encourage                    (‘‘ADV’’) 7 of 200,000 contracts or more
                                              International Securities Exchange,                         liquidity in Select Symbols,3 the                       are currently provided an increased
                                              LLC; Notice of Filing and Immediate                        Exchange currently offers Market                        Market Maker Plus rebate of $0.22 per
                                              Effectiveness of Proposed Rule                                                                                     contract. The Exchange now proposes to
                                                                                                         Makers 4 that meet the quoting
                                                                                                                                                                 eliminate this enhanced rebate based on
                                              Change To Amend the Schedule of                            requirements for Market Maker Plus 5
                                                                                                                                                                 affiliated Priority Customer volume.
                                              Fees                                                       enhanced rebates for adding liquidity in
                                                                                                         those symbols. In particular, Market                    2. Statutory Basis
                                              May 15, 2015.                                              Makers that qualify for Market Maker                       The Exchange believes that the
                                                 Pursuant to Section 19(b)(1) of the                     Plus are currently provided a maker                     proposed rule change is consistent with
                                              Securities Exchange Act of 1934 (the                       rebate of $0.20 per contract in Select                  the provisions of Section 6 of the Act,8
                                              ‘‘Act’’),1 and Rule 19b–4 thereunder,2                     Symbols instead of the $0.10 per                        in general, and Section 6(b)(4) of the
                                              notice is hereby given that on May 1,                      contract maker fee that applies to orders               Act,9 in particular, in that it is designed
                                              2015, the International Securities                         from other Market Makers in those                       to provide for the equitable allocation of
                                              Exchange, LLC (the ‘‘Exchange’’ or the                     symbols.6 The Exchange now proposes                     reasonable dues, fees, and other charges
                                              ‘‘ISE’’) filed with the Securities and                     to introduce three tiers of Market Maker                among its members and other persons
                                              Exchange Commission the proposed                           Plus rebates based on time quoting at                   using its facilities.
                                              rule change, as described in Items I, II,                  the NBBO. As proposed, a Market Maker                      The Exchange believes that it is
                                              and III below, which items have been                       will qualify for a ‘‘Tier 1’’ Market Maker              reasonable and equitable to offer tiered
                                              prepared by the self-regulatory                            Plus rebate of $0.10 per contract if the                Market Maker Plus rebates as these
                                              organization. The Commission is                            Market Maker is on the NBBO at least                    rebates would reward members based
                                              publishing this notice to solicit                          80% but lower than 85% of the time for                  on maintaining tight markets in series
                                              comments on the proposed rule change                       series trading between $0.03 and $3.00                  that they quote on ISE. The Exchange
                                              from interested persons.                                   (for options whose underlying stock’s                   believes that maintaining tight markets
                                                                                                         previous trading day’s last sale price                  benefits all market participants that
                                              I. Self-Regulatory Organization’s                          was less than or equal to $100) and                     trade on ISE, and has therefore
                                              Statement of the Terms of Substance of                     between $0.10 and $3.00 (for options                    determined to reflect this more fully in
                                              the Proposed Rule Change                                   whose underlying stock’s previous                       the rebates offered. With this proposal,
                                                                                                         trading day’s last sale price was greater               Market Makers that qualify for Market
                                                The ISE proposes to amend the                            than $100) in premium in each of the                    Maker Plus will receive rebates that
                                              Schedule of Fees to introduce tiered                       front two expiration months. If the                     reflect the liquidity that they provide at
                                              Market Maker Plus rebates based on the                     Market Maker is instead on the NBBO                     the NBBO. The Exchange notes that it
                                              time quoting at the national best bid or                   at least 85% but lower than 95% of the                  already provides a Market Maker Plus
                                              offer (‘‘NBBO’’) in specified series. The                  time for applicable series described                    rebate for Market Makers that quote at
                                              text of the proposed rule change is                        above, that Market Maker will qualify                   the NBBO. The proposed rule change
                                              available on the Exchange’s Web site                       for a ‘‘Tier 2’’ Market Maker Plus rebate               merely allows the Exchange to further
                                              (http://www.ise.com), at the principal                     of $0.18 per contract. Finally, a Market                incentivize Market Makers by reserving
                                              office of the Exchange, and at the                         Maker that is on the NBBO at least 95%                  the very best rebates for Market Makers
                                              Commission’s Public Reference Room.                        of the time, will qualify for a ‘‘Tier 3’’              that maintain quotes that are at the
                                                                                                                                                                 NBBO the vast majority of the time. In
                                              II. Self-Regulatory Organization’s                                                                                 this regard, the Exchange notes that
                                                                                                            3 ‘‘Select Symbols’’ are options overlying all
                                              Statement of the Purpose of, and                           symbols listed on the ISE that are in the Penny Pilot   Market Makers that are on the lower end
                                              Statutory Basis for, the Proposed Rule                     Program.                                                of the current Market Maker Plus
                                              Change                                                        4 The term ‘‘Market Makers’’ refers to
                                                                                                                                                                 requirement will receive lower rebates
                                                                                                         ‘‘Competitive Market Makers’’ and ‘‘Primary Market
                                                                                                                                                                 than they do today, while Market
                                                In its filing with the Commission, the                   Makers’’ collectively. See ISE Rule 100(a)(25).
                                                                                                            5 A Market Maker Plus is a Market Maker that is      Makers that routinely quote at the
                                              self-regulatory organization included                                                                              NBBO will receive higher rebates than
                                                                                                         on the National Best Bid or National Best Offer at
                                              statements concerning the purpose of,                      least 80% of the time for series trading between        currently offered. The Exchange does
                                              and basis for, the proposed rule change                    $0.03 and $3.00 (for options whose underlying           not believe that this is unfairly
                                              and discussed any comments it received                     stock’s previous trading day’s last sale price was
                                                                                                         less than or equal to $100) and between $0.10 and
                                              on the proposed rule change. The text                      $3.00 (for options whose underlying stock’s
                                                                                                                                                                    7 Priority Customer ADV includes all volume in

                                              of these statements may be examined at                     previous trading day’s last sale price was greater      all symbols and order types. All eligible volume
                                              the places specified in Item IV below.                     than $100) in premium in each of the front two          from affiliated Members will be aggregated in
                                                                                                         expiration months. A Market Maker’s single best         determining total affiliated Priority Customer ADV,
                                              The self-regulatory organization has                                                                               provided there is at least 75% common ownership
                                                                                                         and single worst quoting days each month based on
                                              prepared summaries, set forth in                           the front two expiration months, on a per symbol        beween the Members as reflected on each Member’s
                                              sections A, B and C below, of the most                     basis, are excluded in calculating whether a Market     Form BD, Schedule A.
tkelley on DSK3SPTVN1PROD with NOTICES




                                              significant aspects of such statements.                    Maker qualifies for this rebate, if doing so will          For purposes of determining Priority Customer
                                                                                                         qualify a Market Maker for the rebate.                  ADV, any day that the regular order book is not
                                                                                                            6 A $0.10 per contract fee applies when trading      open for the entire trading day may be excluded
                                                                                                         against Priority Customer complex orders that leg       from such calculation; provided that the Exchange
                                                                                                         into the regular order book. There will be no fee       will only remove the day for members that would
                                                                                                         charged or rebate provided when trading against         have a lower ADV with the day included.
                                                1 15   U.S.C. 78s(b)(1).                                                                                            8 15 U.S.C. 78f.
                                                                                                         non-Priority Customer complex orders that leg into
                                                2 17   CFR 240.19b–4.                                    the regular order book.                                    9 15 U.S.C. 78f(b)(4).




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                                                                                Federal Register / Vol. 80, No. 98 / Thursday, May 21, 2015 / Notices                                                    29359

                                              discriminatory as all Market Makers are                    C. Self-Regulatory Organization’s                       rules/sro.shtml). Copies of the
                                              eligible to receive the higher tier Market                 Statement on Comments on the                            submission, all subsequent
                                              Maker Plus rebates based on the                            Proposed Rule Change Received From                      amendments, all written statements
                                              percentage of time that they maintain                      Members, Participants, or Others                        with respect to the proposed rule
                                              quotes at the NBBO. Furthermore, the                         The Exchange has not solicited, and                   change that are filed with the
                                              Exchange does not believe that it is                       does not intend to solicit, comments on                 Commission, and all written
                                              unfairly discriminatory to offer these                     this proposed rule change. The                          communications relating to the
                                              rebates only to Market Makers as Market                    Exchange has not received any                           proposed rule changes between the
                                              Makers, and, in particular, those Market                   unsolicited written comments from                       Commission and any person, other than
                                              Makers that achieve Market Maker Plus                      members or other interested parties.                    those that may be withheld from the
                                              status, are subject to additional                                                                                  public in accordance with the
                                                                                                         III. Date of Effectiveness of the                       provisions of 5 U.S.C. 552, will be
                                              requirements and obligations (such as                      Proposed Rule Change and Timing for
                                              quoting requirements) that other market                                                                            available for Web site viewing and
                                                                                                         Commission Action                                       printing in the Commission’s Public
                                              participants are not.
                                                                                                            The foregoing rule change has become                 Reference Room, 100 F Street NE.,
                                                 The Exchange further believes that it                   effective pursuant to Section                           Washington, DC 20549 on official
                                              is reasonable, equitable, and not                          19(b)(3)(A)(ii) of the Act 11 and                       business days between the hours of
                                              unfairly discriminatory to eliminate the                   subparagraph (f)(2) of Rule 19b–4                       10:00 a.m. and 3:00 p.m. Copies of the
                                              higher Market Maker Plus rebate                            thereunder,12 because it establishes a                  filing also will be available for
                                              currently provided to Market Makers                        due, fee, or other charge imposed by                    inspection and copying at the principal
                                              that qualify for Market Maker Plus and                     ISE.                                                    office of the ISE. All comments received
                                              execute a total affiliated Priority                           At any time within 60 days of the                    will be posted without change; the
                                              Customer ADV of 200,000 contracts or                       filing of such proposed rule change, the                Commission does not edit personal
                                              more as this incentive is no longer                        Commission summarily may                                identifying information from
                                              needed. Market Makers that wish to                         temporarily suspend such rule change if                 submissions. You should submit only
                                              receive higher rebates may continue to                     it appears to the Commission that such                  information that you wish to make
                                              do so by qualifying for the new highest                    action is necessary or appropriate in the               available publicly. All submissions
                                              tier of Market Maker Plus rebate offered                   public interest, for the protection of                  should refer to File No. SR–ISE–2015–
                                              to Market Makers that are on the NBBO                      investors, or otherwise in furtherance of               17 and should be submitted on or before
                                              in applicable series at least 95% of the                   the purposes of the Act. If the                         June 11, 2015.
                                              time. The Exchange believes that this                      Commission takes such action, the                         For the Commission, by the Division of
                                              will be a more effective incentive for                     Commission shall institute proceedings                  Trading and Markets, pursuant to delegated
                                              Market Makers to actively participate in                   to determine whether the proposed rule                  authority.13
                                              the Market Maker Plus program as it is                     should be approved or disapproved.                      Robert W. Errett,
                                              based on the quality of markets quoted                     IV. Solicitation of Comments                            Deputy Secretary.
                                              and not tied to affiliated member                            Interested persons are invited to                     [FR Doc. 2015–12283 Filed 5–20–15; 8:45 am]
                                              volume.                                                    submit written data, views, and                         BILLING CODE 8011–01–P

                                              B. Self-Regulatory Organization’s                          arguments concerning the foregoing,
                                              Statement on Burden on Competition                         including whether the proposal is
                                                                                                         consistent with the Act. Comments may                   SECURITIES AND EXCHANGE
                                                In accordance with Section 6(b)(8) of                    be submitted by any of the following                    COMMISSION
                                              the Act,10 the Exchange does not believe                   methods:                                                [Release No. 34–74979; File No. SR–
                                              that the proposed rule change will                                                                                 NASDAQ–2015–049]
                                                                                                         Electronic Comments
                                              impose any burden on intermarket or
                                              intramarket competition that is not                          • Use the Commission’s Internet                       Self-Regulatory Organizations; The
                                              necessary or appropriate in furtherance                    comment form (http://www.sec.gov/                       NASDAQ Stock Market LLC; Notice of
                                              of the purposes of the Act. The                            rules/sro.shtml); or                                    Filing of Proposed Rule Change
                                              Exchange believes that the proposed                          • Send an email to rule-comments@                     Relating to the Listing and Trading of
                                              Market Maker Plus rebates provide a                        sec.gov. Please include File No. SR–ISE–                the Shares of the PowerShares DB
                                              valuable incentive for Market Makers to                    2015–17 on the subject line.                            Optimum Yield Diversified Commodity
                                              maintain tight markets on ISE and will                     Paper Comments                                          Strategy Portfolio, PowerShares
                                              thereby help the Exchange maintain its                                                                             Agriculture Commodity Strategy
                                                                                                            • Send paper comments in triplicate                  Portfolio, PowerShares Precious
                                              competitive standing. The Exchange                         to Secretary, Securities and Exchange
                                              operates in a highly competitive market                                                                            Metals Commodity Strategy Portfolio,
                                                                                                         Commission, 100 F Street NE.,                           PowerShares Energy Commodity
                                              in which market participants can                           Washington, DC 20549.
                                              readily direct their order flow to                                                                                 Strategy Portfolio, PowerShares Base
                                                                                                         All submissions should refer to File No.                Metals Commodity Strategy Portfolio
                                              competing venues. In such an                               SR–ISE–2015–17. This file number
                                              environment, the Exchange must                                                                                     and PowerShares Bloomberg
                                                                                                         should be included on the subject line                  Commodity Strategy Portfolio, Each a
                                              continually review, and consider                           if email is used. To help the
                                              adjusting, its fees and rebates to remain                                                                          Series of PowerShares Actively
                                                                                                         Commission process and review your                      Managed Exchange-Traded
                                              competitive with other exchanges. For
tkelley on DSK3SPTVN1PROD with NOTICES




                                                                                                         comments more efficiently, please use                   Commodity Fund Trust
                                              the reasons described above, the                           only one method. The Commission will
                                              Exchange believes that the proposed fee                    post all comments on the Commission’s                   May 15, 2015.
                                              changes reflect this competitive                           Internet Web site (http://www.sec.gov/                    Pursuant to Section 19(b)(1) of the
                                              environment.                                                                                                       Securities Exchange Act of 1934
                                                                                                          11 15   U.S.C. 78s(b)(3)(A)(ii).
                                                10 15   U.S.C. 78f(b)(8).                                 12 17   CFR 240.19b–4(f)(2).                             13 17   CFR 200.30–3(a)(12).



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Document Created: 2018-10-24 10:27:09
Document Modified: 2018-10-24 10:27:09
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 29358 

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