80_FR_34299 80 FR 34185 - 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 34185 - 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 114 (June 15, 2015)

Page Range34185-34186
FR Document2015-14479

Federal Register, Volume 80 Issue 114 (Monday, June 15, 2015)
[Federal Register Volume 80, Number 114 (Monday, June 15, 2015)]
[Notices]
[Pages 34185-34186]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-14479]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75130; File No. SR-ISE-2015-19]


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

June 9, 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 June 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 increase certain 
complex order fees in Select Symbols, and to introduce tiered fees for 
certain Market Maker complex orders based on affiliated Priority 
Customer complex order volume. 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
    The purpose of the proposed rule change is to increase certain 
complex order fees in Select Symbols,\3\ and to introduce tiered fees 
for certain Market Maker \4\ complex orders based on affiliated 
Priority Customer \5\ complex order volume. Currently, the Exchange 
charges complex order taker fees in Select Symbols that are $0.43 per 
contract for Market Maker orders,\6\ and $0.44 per contract for Non-ISE 
Market Maker,\7\ Firm Proprietary \8\/Broker-Dealer,\9\ and
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    \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 Rule 
100(a)(25).
    \5\ A ``Priority Customer'' is a person or entity that is not a 
broker/dealer in securities, and does not place more than 390 orders 
in listed options per day on average during a calendar month for its 
own beneficial account(s), as defined in ISE Rule 100(a)(37A).
    \6\ ISE Market Makers making or taking liquidity receive a 
discount of $0.02 when trading against Priority Customer orders 
preferenced to them in the Complex Order Book in equity options that 
are able to be listed and traded on more than one options exchange. 
This discount does not apply to FX Options Symbols or to option 
classes designated by the Exchange to receive a guaranteed 
allocation pursuant to ISE Rule 722(b)(3)(i)(B).
    \7\ A ``Non-ISE Market Maker'' is a market maker as defined in 
Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, 
registered in the same options class on another options exchange.
    \8\ A ``Firm Proprietary'' order is an order submitted by a 
member for its own proprietary account.
    \9\ A ``Broker-Dealer'' order is an order submitted by a member 
for a broker-dealer account that is not its own proprietary account.
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    Professional Customer \10\ orders.\11\ The Exchange also charges an 
equivalent maker fee in Select Symbols that applies specifically when 
trading against Priority Customer orders. The Exchange now proposes to 
increase the above fees for Non-ISE Market Maker, Firm Proprietary/
Broker-Dealer, and Professional Customer orders to $0.47 per contract. 
For Market Maker orders, the Exchange proposes to charge a tiered fee 
based on total affiliated Priority Customer complex order average daily 
volume (``ADV'').\12\ As proposed, Market Makers with a total 
affiliated Priority Customer ADV of up to 149,999 contracts will pay a 
fee of $0.46 per contract, while Market Makers with a total affiliated 
Priority Customer Complex ADV of 150,000 or more contracts will pay 
fees at the current rate of $0.43 per contract.\13\
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    \10\ A ``Professional Customer'' is a person or entity that is 
not a broker/dealer and is not a Priority Customer.
    \11\ Priority Customer Complex Orders are not charged maker/
taker fees and are instead provided a volume based rebate that 
ranges from $0.30 per contract to $0.46 per contract in Select 
Symbols.
    \12\ As is the case for other fees based on affiliated member 
volume, the Exchange will continue to aggregate eligible volume from 
affiliated members in determining total affiliated Priority Customer 
Complex ADV, provided there is at least 75% common ownership between 
the Members as reflected on each Member's Form BD, Schedule A.
     For purposes of determining Priority Customer Complex ADV, any 
day that the complex 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.
    \13\ The fee for the highest volume tier achieved will be 
applied retroactively to all eligible volume once the threshold has 
been reached.
     Preferenced Market Makers will continue to be eligible for a 
$0.02 per contract discount as described in footnote 6 above.
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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,\14\ in general, and 
Section 6(b)(4) of the Act,\15\ 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.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f.
    \15\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposed fee increase is reasonable 
and equitable as the proposed fees are set at levels that the Exchange 
believes will continue to be attractive to market participants that 
trade on ISE, and offset rebates provided to Priority Customer complex 
orders, which were recently

[[Page 34186]]

increased.\16\ Moreover, the proposed fees are competitive with fees 
charged by other options exchanges and remain attractive to members for 
this reason. The Exchange notes that Priority Customer orders will 
continue to receive complex order rebates, while other market 
participants will continue to pay a fee. The Exchange does not believe 
that this is unfairly discriminatory as a Priority Customer is by 
definition not a broker or dealer in securities, and does not place 
more than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s). This limitation does 
not apply to participants whose behavior is substantially similar to 
that of market professionals, including Professional Customers, who 
will generally submit a higher number of orders (many of which do not 
result in executions) than Priority Customers. With respect to Market 
Maker orders, the Exchange believes that it is reasonable and equitable 
to charge lower fees to Market Makers with significant affiliated 
Priority Customer complex order volume, as this will incentivize 
members to bring additional order flow to ISE, creating additional 
liquidity to the benefit of all members that trade complex orders on 
the Exchange. The Exchange notes that the proposed tiered structure 
will allow Market Makers to continue to pay the same fees that they pay 
today by executing, through their affiliates, sufficient Priority 
Customer complex order volume to qualify for the lower fee. The 
Exchange does not believe that it is unfairly discriminatory only to 
provide these lower fees to Market Maker orders as Market Makers are 
subject to additional requirements and obligations (such as quoting 
requirements) that other market participants are not.
---------------------------------------------------------------------------

    \16\ See Securities Exchange Act Release No. 74525 (March 18, 
2015), 80 FR 15646 (March 24, 2015) (SR-ISE-2015-09).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\17\ 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 complex order fees remain competitive with 
fees charged by other options exchanges. 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.
---------------------------------------------------------------------------

    \17\ 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 \18\ and subparagraph (f)(2) of Rule 19b-4 
thereunder,\19\ because it establishes a due, fee, or other charge 
imposed by ISE.
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    \18\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \19\ 17 CFR 240.19b-4(f)(2).
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    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 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-ISE-2015-19 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 Number SR-ISE-2015-19. 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 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 Number SR-ISE-2015-19 and should be 
submitted on or before July 6, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14479 Filed 6-12-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                   Federal Register / Vol. 80, No. 114 / Monday, June 15, 2015 / Notices                                                           34185

                                                    and trading of Exchange-Traded                          the Exchange, and at the Commission’s                       Professional Customer 10 orders.11 The
                                                    Managed Fund Shares, so that it has                     Public Reference Room.                                    Exchange also charges an equivalent
                                                    sufficient time to consider this proposed                                                                         maker fee in Select Symbols that applies
                                                    rule change.                                            II. Self-Regulatory Organization’s
                                                                                                                                                                      specifically when trading against
                                                      Accordingly, the Commission,                          Statement of the Purpose of, and
                                                                                                                                                                      Priority Customer orders. The Exchange
                                                    pursuant to Section 19(b)(2) of the Act,6               Statutory Basis for, the Proposed Rule
                                                                                                                                                                      now proposes to increase the above fees
                                                    designates July 28, 2015, as the date by                Change
                                                                                                                                                                      for Non-ISE Market Maker, Firm
                                                    which the Commission shall either                                                                                 Proprietary/Broker-Dealer, and
                                                                                                              In its filing with the Commission, the
                                                    approve or disapprove, or institute                                                                               Professional Customer orders to $0.47
                                                                                                            self-regulatory organization included
                                                    proceedings to determine whether to                                                                               per contract. For Market Maker orders,
                                                                                                            statements concerning the purpose of,
                                                    disapprove, the proposed rule change                                                                              the Exchange proposes to charge a tiered
                                                    (File No. SR–NASDAQ–2015–036).                          and basis for, the proposed rule change
                                                                                                            and discussed any comments it received                    fee based on total affiliated Priority
                                                      For the Commission, by the Division of                on the proposed rule change. The text                     Customer complex order average daily
                                                    Trading and Markets, pursuant to delegated                                                                        volume (‘‘ADV’’).12 As proposed,
                                                    authority.7
                                                                                                            of these statements may be examined at
                                                                                                            the places specified in Item IV below.                    Market Makers with a total affiliated
                                                    Robert W. Errett,
                                                                                                            The self-regulatory organization has                      Priority Customer ADV of up to 149,999
                                                    Deputy Secretary.                                                                                                 contracts will pay a fee of $0.46 per
                                                                                                            prepared summaries, set forth in
                                                    [FR Doc. 2015–14477 Filed 6–12–15; 8:45 am]                                                                       contract, while Market Makers with a
                                                                                                            sections A, B and C below, of the most
                                                    BILLING CODE 8011–01–P
                                                                                                            significant aspects of such statements.                   total affiliated Priority Customer
                                                                                                                                                                      Complex ADV of 150,000 or more
                                                                                                            A. Self-Regulatory Organization’s                         contracts will pay fees at the current
                                                    SECURITIES AND EXCHANGE                                 Statement of the Purpose of, and                          rate of $0.43 per contract.13
                                                    COMMISSION                                              Statutory Basis for, the Proposed Rule
                                                                                                            Change                                                    2. Statutory Basis
                                                    [Release No. 34–75130; File No. SR–ISE–
                                                    2015–19]                                                1. Purpose                                                  The Exchange believes that the
                                                                                                                                                                      proposed rule change is consistent with
                                                    Self-Regulatory Organizations;                             The purpose of the proposed rule                       the provisions of Section 6 of the Act,14
                                                    International Securities Exchange,                      change is to increase certain complex                     in general, and Section 6(b)(4) of the
                                                    LLC; Notice of Filing and Immediate                     order fees in Select Symbols,3 and to                     Act,15 in particular, in that it is designed
                                                    Effectiveness of Proposed Rule                          introduce tiered fees for certain Market                  to provide for the equitable allocation of
                                                    Change To Amend the Schedule of                         Maker 4 complex orders based on
                                                    Fees                                                                                                              reasonable dues, fees, and other charges
                                                                                                            affiliated Priority Customer 5 complex                    among its members and other persons
                                                    June 9, 2015.                                           order volume. Currently, the Exchange                     using its facilities.
                                                       Pursuant to Section 19(b)(1) of the                  charges complex order taker fees in
                                                                                                            Select Symbols that are $0.43 per                           The Exchange believes that the
                                                    Securities Exchange Act of 1934 (the                                                                              proposed fee increase is reasonable and
                                                    ‘‘Act’’),1 and Rule 19b–4 thereunder,2                  contract for Market Maker orders,6 and
                                                                                                            $0.44 per contract for Non-ISE Market                     equitable as the proposed fees are set at
                                                    notice is hereby given that on June 1,                                                                            levels that the Exchange believes will
                                                    2015, the International Securities                      Maker,7 Firm Proprietary 8/Broker-
                                                                                                                                                                      continue to be attractive to market
                                                    Exchange, LLC (the ‘‘Exchange’’ or the                  Dealer,9 and
                                                                                                                                                                      participants that trade on ISE, and offset
                                                    ‘‘ISE’’) filed with the Securities and
                                                                                                                                                                      rebates provided to Priority Customer
                                                    Exchange Commission the proposed                           3 ‘‘Select Symbols’’ are options overlying all

                                                                                                            symbols listed on the ISE that are in the Penny Pilot     complex orders, which were recently
                                                    rule change, as described in Items I, II,
                                                    and III below, which items have been                    Program.
                                                                                                               4 The term ‘‘Market Makers’’ refers to                    10 A ‘‘Professional Customer’’ is a person or entity
                                                    prepared by the self-regulatory                         ‘‘Competitive Market Makers’’ and ‘‘Primary Market        that is not a broker/dealer and is not a Priority
                                                    organization. The Commission is                         Makers’’ collectively. See Rule 100(a)(25).               Customer.
                                                    publishing this notice to solicit                          5 A ‘‘Priority Customer’’ is a person or entity that      11 Priority Customer Complex Orders are not

                                                    comments on the proposed rule change                    is not a broker/dealer in securities, and does not        charged maker/taker fees and are instead provided
                                                    from interested persons.                                place more than 390 orders in listed options per day      a volume based rebate that ranges from $0.30 per
                                                                                                            on average during a calendar month for its own            contract to $0.46 per contract in Select Symbols.
                                                    I. Self-Regulatory Organization’s                       beneficial account(s), as defined in ISE Rule
                                                                                                                                                                         12 As is the case for other fees based on affiliated

                                                    Statement of the Terms of Substance of                  100(a)(37A).                                              member volume, the Exchange will continue to
                                                                                                                                                                      aggregate eligible volume from affiliated members
                                                    the Proposed Rule Change                                   6 ISE Market Makers making or taking liquidity
                                                                                                                                                                      in determining total affiliated Priority Customer
                                                                                                            receive a discount of $0.02 when trading against
                                                       The ISE proposes to amend the                                                                                  Complex ADV, provided there is at least 75%
                                                                                                            Priority Customer orders preferenced to them in the
                                                                                                                                                                      common ownership between the Members as
                                                    Schedule of Fees to increase certain                    Complex Order Book in equity options that are able        reflected on each Member’s Form BD, Schedule A.
                                                    complex order fees in Select Symbols,                   to be listed and traded on more than one options
                                                                                                                                                                         For purposes of determining Priority Customer
                                                    and to introduce tiered fees for certain                exchange. This discount does not apply to FX              Complex ADV, any day that the complex order book
                                                                                                            Options Symbols or to option classes designated by        is not open for the entire trading day may be
                                                    Market Maker complex orders based on                    the Exchange to receive a guaranteed allocation           excluded from such calculation; provided that the
                                                    affiliated Priority Customer complex                    pursuant to ISE Rule 722(b)(3)(i)(B).                     Exchange will only remove the day for members
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    order volume. The text of the proposed                     7 A ‘‘Non-ISE Market Maker’’ is a market maker
                                                                                                                                                                      that would have a lower ADV with the day
                                                    rule change is available on the                         as defined in Section 3(a)(38) of the Securities          included.
                                                    Exchange’s Web site (http://                            Exchange Act of 1934, as amended, registered in the          13 The fee for the highest volume tier achieved
                                                                                                            same options class on another options exchange.           will be applied retroactively to all eligible volume
                                                    www.ise.com), at the principal office of                   8 A ‘‘Firm Proprietary’’ order is an order             once the threshold has been reached.
                                                                                                            submitted by a member for its own proprietary                Preferenced Market Makers will continue to be
                                                      6 Id.
                                                                                                            account.                                                  eligible for a $0.02 per contract discount as
                                                      7 17 CFR 200.30–3(a)(31).                                9 A ‘‘Broker-Dealer’’ order is an order submitted      described in footnote 6 above.
                                                      1 15 U.S.C. 78s(b)(1).                                                                                             14 15 U.S.C. 78f.
                                                                                                            by a member for a broker-dealer account that is not
                                                      2 17 CFR 240.19b–4.                                   its own proprietary account.                                 15 15 U.S.C. 78f(b)(4).




                                               VerDate Sep<11>2014   16:39 Jun 12, 2015   Jkt 235001   PO 00000   Frm 00058   Fmt 4703   Sfmt 4703   E:\FR\FM\15JNN1.SGM      15JNN1


                                                    34186                          Federal Register / Vol. 80, No. 114 / Monday, June 15, 2015 / Notices

                                                    increased.16 Moreover, the proposed                     their order flow to competing venues. In               All submissions should refer to File
                                                    fees are competitive with fees charged                  such an environment, the Exchange                      Number SR–ISE–2015–19. This file
                                                    by other options exchanges and remain                   must continually review, and consider                  number should be included on the
                                                    attractive to members for this reason.                  adjusting, its fees and rebates to remain              subject line if email is used. To help the
                                                    The Exchange notes that Priority                        competitive with other exchanges. For                  Commission process and review your
                                                    Customer orders will continue to                        the reasons described above, the                       comments more efficiently, please use
                                                    receive complex order rebates, while                    Exchange believes that the proposed fee                only one method. The Commission will
                                                    other market participants will continue                 changes reflect this competitive                       post all comments on the Commission’s
                                                    to pay a fee. The Exchange does not                     environment.                                           Internet Web site (http://www.sec.gov/
                                                    believe that this is unfairly                                                                                  rules/sro.shtml). Copies of the
                                                                                                            C. Self-Regulatory Organization’s
                                                    discriminatory as a Priority Customer is                                                                       submission, all subsequent
                                                                                                            Statement on Comments on the
                                                    by definition not a broker or dealer in                                                                        amendments, all written statements
                                                                                                            Proposed Rule Change Received From
                                                    securities, and does not place more than                                                                       with respect to the proposed rule
                                                                                                            Members, Participants, or Others
                                                    390 orders in listed options per day on                                                                        change that are filed with the
                                                    average during a calendar month for its                   The Exchange has not solicited, and                  Commission, and all written
                                                    own beneficial account(s). This                         does not intend to solicit, comments on                communications relating to the
                                                    limitation does not apply to participants               this proposed rule change. The                         proposed rule change between the
                                                    whose behavior is substantially similar                 Exchange has not received any                          Commission and any person, other than
                                                    to that of market professionals,                        unsolicited written comments from                      those that may be withheld from the
                                                    including Professional Customers, who                   members or other interested parties.                   public in accordance with the
                                                    will generally submit a higher number                   III. Date of Effectiveness of the                      provisions of 5 U.S.C. 552, will be
                                                    of orders (many of which do not result                  Proposed Rule Change and Timing for                    available for Web site viewing and
                                                    in executions) than Priority Customers.                 Commission Action                                      printing in the Commission’s Public
                                                    With respect to Market Maker orders,                                                                           Reference Room, 100 F Street NE.,
                                                                                                               The foregoing rule change has become                Washington, DC 20549 on official
                                                    the Exchange believes that it is
                                                                                                            effective pursuant to Section                          business days between the hours of
                                                    reasonable and equitable to charge
                                                                                                            19(b)(3)(A)(ii) of the Act 18 and                      10:00 a.m. and 3:00 p.m. Copies of the
                                                    lower fees to Market Makers with                        subparagraph (f)(2) of Rule 19b–4
                                                    significant affiliated Priority Customer                                                                       filing also will be available for
                                                                                                            thereunder,19 because it establishes a                 inspection and copying at the principal
                                                    complex order volume, as this will                      due, fee, or other charge imposed by
                                                    incentivize members to bring additional                                                                        office of the ISE. All comments received
                                                                                                            ISE.                                                   will be posted without change; the
                                                    order flow to ISE, creating additional                     At any time within 60 days of the
                                                    liquidity to the benefit of all members                                                                        Commission does not edit personal
                                                                                                            filing of such proposed rule change, the               identifying information from
                                                    that trade complex orders on the                        Commission summarily may
                                                    Exchange. The Exchange notes that the                                                                          submissions. You should submit only
                                                                                                            temporarily suspend such rule change if                information that you wish to make
                                                    proposed tiered structure will allow                    it appears to the Commission that such
                                                    Market Makers to continue to pay the                                                                           available publicly. All submissions
                                                                                                            action is necessary or appropriate in the              should refer to File Number SR–ISE–
                                                    same fees that they pay today by                        public interest, for the protection of
                                                    executing, through their affiliates,                                                                           2015–19 and should be submitted on or
                                                                                                            investors, or otherwise in furtherance of              before July 6, 2015.
                                                    sufficient Priority Customer complex                    the purposes of the Act. If the
                                                    order volume to qualify for the lower                   Commission takes such action, the                        For the Commission, by the Division of
                                                    fee. The Exchange does not believe that                 Commission shall institute proceedings                 Trading and Markets, pursuant to delegated
                                                    it is unfairly discriminatory only to                                                                          authority.20
                                                                                                            to determine whether the proposed rule
                                                    provide these lower fees to Market                                                                             Robert W. Errett,
                                                                                                            should be approved or disapproved.
                                                    Maker orders as Market Makers are                                                                              Deputy Secretary.
                                                    subject to additional requirements and                  IV. Solicitation of Comments                           [FR Doc. 2015–14479 Filed 6–12–15; 8:45 am]
                                                    obligations (such as quoting                              Interested persons are invited to                    BILLING CODE 8011–01–P
                                                    requirements) that other market                         submit written data, views, and
                                                    participants are not.                                   arguments concerning the foregoing,
                                                                                                            including whether the proposed rule                    SECURITIES AND EXCHANGE
                                                    B. Self-Regulatory Organization’s                                                                              COMMISSION
                                                                                                            change is consistent with the Act.
                                                    Statement on Burden on Competition
                                                                                                            Comments may be submitted by any of                    [Release No. 34–75131; File No. SR–ISE–
                                                      In accordance with Section 6(b)(8) of                 the following methods:                                 2015–20]
                                                    the Act,17 the Exchange does not believe
                                                    that the proposed rule change will                      Electronic Comments
                                                                                                                                                                   Self-Regulatory Organizations;
                                                    impose any burden on intermarket or                       • Use the Commission’s Internet                      International Securities Exchange,
                                                    intramarket competition that is not                     comment form (http://www.sec.gov/                      LLC; Notice of Filing and Immediate
                                                    necessary or appropriate in furtherance                 rules/sro.shtml); or                                   Effectiveness of Proposed Rule
                                                    of the purposes of the Act. The                           • Send an email to rule-comments@                    Change To Amend the Schedule of
                                                    Exchange believes that the proposed                     sec.gov. Please include File Number SR–                Fees
                                                    complex order fees remain competitive                   ISE–2015–19 on the subject line.
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    with fees charged by other options                                                                             June 9, 2015.
                                                                                                            Paper Comments                                            Pursuant to Section 19(b)(1) of the
                                                    exchanges. The Exchange operates in a
                                                    highly competitive market in which                        • Send paper comments in triplicate                  Securities Exchange Act of 1934 (the
                                                    market participants can readily direct                  to Secretary, Securities and Exchange                  ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                            Commission, 100 F Street NE.,                          notice is hereby given that on June 1,
                                                      16 See Securities Exchange Act Release No. 74525      Washington, DC 20549.
                                                                                                                                                                     20 17 CFR 200.30–3(a)(12).
                                                    (March 18, 2015), 80 FR 15646 (March 24, 2015)
                                                    (SR–ISE–2015–09).                                         18 15 U.S.C. 78s(b)(3)(A)(ii).                         1 15 U.S.C. 78s(b)(1).
                                                      17 15 U.S.C. 78f(b)(8).                                 19 17 CFR 240.19b–4(f)(2).                             2 17 CFR 240.19b–4.




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Document Created: 2015-12-15 15:13:42
Document Modified: 2015-12-15 15:13:42
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 34185 

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