80 FR 39473 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule To Discontinue Certain Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 131 (July 9, 2015)
Federal Register Volume 80, Issue 131 (July 9, 2015)
| Page Range | 39473-39474 | |
| FR Document | 2015-16730 |
[Federal Register Volume 80, Number 131 (Thursday, July 9, 2015)] [Notices] [Pages 39473-39474] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16730] [[Page 39473]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75357; File No. SR-NYSEARCA-2015-53] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule To Discontinue Certain Fees July 2, 2015. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on June 30, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Options Fee Schedule (``Fee Schedule'') to discontinue certain fees. The Exchange proposes to implement the fee change effective July 1, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to discontinue certain fees as described below. The Exchange proposes to implement the fee change effective July 1, 2015. The Exchange proposes to discontinue fees for certain Manual transactions in options overlying IWM (the iShares Russell 2000 ETF).\4\ In April 2015, the Exchange implemented special pricing for IWM to encourage increased Manual trading in the product and to offset losses of Manual transactions associated with options in the iShares Russell Index (RUT), which is exclusively trading on another venue.\5\ The Exchange does not believe that the special pricing in IWM has achieved its intended objective of attracting additional volume. --------------------------------------------------------------------------- \4\ The Commission notes that as described further below, the special pricing for Manual transactions in options overlying IWM is being discontinued, which will result in Manual transactions in all symbols being subject to the same pricing. \5\ See Exchange Act Release No. 74694 (April 9, 2015) 80 FR 20273 (April 15, 2015) (SR-NYSEArca-2015-28). Specifically, the Exchange offered volume discounts for manual transactions in IWM to NYSE Arca Market Makers, Firms and Broker Dealers. As is the case today, Customers (including Professional Customers) are not charged for manual transactions in IWM. There is currently no Lead Market Maker in IWM and, therefore, no LMM will be impacted by this proposed fee change. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,\6\ in general, and furthers the objectives of sections 6(b)(4) and (5) of the Act,\7\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes the proposed fee change is reasonable and equitable because the discontinuance of the special pricing for Manual transactions in IWM will result in Manual transactions in all symbols being subject to the same pricing. The Exchange further believes the proposed rule change is equitably allocated and not unfairly discriminatory because it treats similarly situated market participants in the same manner. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with section 6(b)(8) of the Act,\8\ the Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under section 19(b)(2)(B) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule [[Page 39474]] change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEArca-2015-53 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2015-53. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2015- 53, and should be submitted on or before July 30, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-16730 Filed 7-8-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices 39473
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s For these reasons, the Exchange
COMMISSION Statement of the Purpose of, and the believes that the proposal is consistent
Statutory Basis for, the Proposed Rule with the Act.
[Release No. 34–75357; File No. SR– Change
B. Self-Regulatory Organization’s
NYSEARCA–2015–53] 1. Purpose Statement on Burden on Competition
Self-Regulatory Organizations; NYSE The purpose of this filing is to In accordance with section 6(b)(8) of
Arca, Inc.; Notice of Filing and discontinue certain fees as described the Act,8 the Exchange does not believe
Immediate Effectiveness of Proposed below. The Exchange proposes to that the proposed rule change will
implement the fee change effective July impose any burden on competition that
Rule Change Amending the NYSE Arca
1, 2015. is not necessary or appropriate in
Options Fee Schedule To Discontinue
furtherance of the purposes of the Act.
Certain Fees The Exchange proposes to The Exchange notes that it operates in
discontinue fees for certain Manual a highly competitive market in which
July 2, 2015. transactions in options overlying IWM market participants can readily favor
Pursuant to section 19(b)(1) 1 of the (the iShares Russell 2000 ETF).4 In competing venues. In such an
Securities Exchange Act of 1934 (the April 2015, the Exchange implemented environment, the Exchange must
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 special pricing for IWM to encourage continually review, and consider
notice is hereby given that, on June 30, increased Manual trading in the product adjusting, its fees and credits to remain
2015, NYSE Arca, Inc. (the ‘‘Exchange’’ and to offset losses of Manual competitive with other exchanges. For
or ‘‘NYSE Arca’’) filed with the transactions associated with options in the reasons described above, the
Securities and Exchange Commission the iShares Russell Index (RUT), which Exchange believes that the proposed
(the ‘‘Commission’’) the proposed rule is exclusively trading on another rule change reflects this competitive
change as described in Items I, II, and venue.5 The Exchange does not believe environment.
III below, which Items have been that the special pricing in IWM has
achieved its intended objective of C. Self-Regulatory Organization’s
prepared by the self-regulatory
attracting additional volume. Statement on Comments on the
organization. The Commission is Proposed Rule Change Received From
publishing this notice to solicit 2. Statutory Basis Members, Participants, or Others
comments on the proposed rule change
from interested persons. The Exchange believes that the No written comments were solicited
proposed rule change is consistent with or received with respect to the proposed
I. Self-Regulatory Organization’s section 6(b) of the Act,6 in general, and rule change.
Statement of the Terms of Substance of furthers the objectives of sections 6(b)(4)
and (5) of the Act,7 in particular, III. Date of Effectiveness of the
the Proposed Rule Change
because it provides for the equitable Proposed Rule Change and Timing for
The Exchange proposes to amend the allocation of reasonable dues, fees, and Commission Action
NYSE Arca Options Fee Schedule (‘‘Fee other charges among its members, The foregoing rule change is effective
Schedule’’) to discontinue certain fees. issuers and other persons using its upon filing pursuant to section
The Exchange proposes to implement facilities and does not unfairly 19(b)(3)(A) 9 of the Act and
the fee change effective July 1, 2015. discriminate between customers, subparagraph (f)(2) of Rule 19b–4 10
The text of the proposed rule change is issuers, brokers or dealers. thereunder, because it establishes a due,
available on the Exchange’s Web site at The Exchange believes the proposed fee, or other charge imposed by the
www.nyse.com, at the principal office of fee change is reasonable and equitable Exchange.
the Exchange, and at the Commission’s because the discontinuance of the At any time within 60 days of the
Public Reference Room. special pricing for Manual transactions filing of such proposed rule change, the
in IWM will result in Manual Commission summarily may
II. Self-Regulatory Organization’s temporarily suspend such rule change if
transactions in all symbols being subject
Statement of the Purpose of, and it appears to the Commission that such
to the same pricing. The Exchange
Statutory Basis for, the Proposed Rule action is necessary or appropriate in the
further believes the proposed rule
Change public interest, for the protection of
change is equitably allocated and not
unfairly discriminatory because it treats investors, or otherwise in furtherance of
In its filing with the Commission, the the purposes of the Act. If the
self-regulatory organization included similarly situated market participants in
the same manner. Commission takes such action, the
statements concerning the purpose of, Commission shall institute proceedings
and basis for, the proposed rule change under section 19(b)(2)(B) 11 of the Act to
4 The Commission notes that as described further
and discussed any comments it received determine whether the proposed rule
below, the special pricing for Manual transactions
on the proposed rule change. The text in options overlying IWM is being discontinued, change should be approved or
of those statements may be examined at which will result in Manual transactions in all disapproved.
the places specified in Item IV below. symbols being subject to the same pricing.
The Exchange has prepared summaries,
5 See Exchange Act Release No. 74694 (April 9, IV. Solicitation of Comments
2015) 80 FR 20273 (April 15, 2015) (SR–NYSEArca–
set forth in sections A, B, and C below, 2015–28). Specifically, the Exchange offered Interested persons are invited to
srobinson on DSK5SPTVN1PROD with NOTICES
of the most significant parts of such volume discounts for manual transactions in IWM submit written data, views, and
statements. to NYSE Arca Market Makers, Firms and Broker arguments concerning the foregoing,
Dealers. As is the case today, Customers (including
Professional Customers) are not charged for manual
including whether the proposed rule
transactions in IWM. There is currently no Lead
8 15 U.S.C. 78f(b)(8).
Market Maker in IWM and, therefore, no LMM will
1 15 U.S.C. 78s(b)(1). be impacted by this proposed fee change. 9 15 U.S.C. 78s(b)(3)(A).
2 15 U.S.C. 78a. 6 15 U.S.C. 78f(b). 10 17 CFR 240.19b–4(f)(2).
3 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(4) and (5). 11 15 U.S.C. 78s(b)(2)(B).
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![39474 Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices
change is consistent with the Act. SECURITIES AND EXCHANGE hearing may request notification by
Comments may be submitted by any of COMMISSION writing to the Commission’s Secretary.
the following methods: ADDRESSES: Secretary, U.S. Securities
[Release No. IC–31704; File No. 812–14460] and Exchange Commission, 100 F Street
Electronic Comments
NE., Washington, DC 20549–1090;
Macquarie Capital (USA) Inc., et al.; Applicants: Macquarie Capital and
• Use the Commission’s Internet Notice of Application and Temporary
comment form (http://www.sec.gov/ MCIM: 125 West 55th Street, 22nd
Order Floor, New York, NY 10019, DMBT,
rules/sro.shtml); or
July 6, 2015. FCCM and Delaware Distributors: 2005
• Send an email to rule-comments@ Market Street, Philadelphia, PA 19103,
sec.gov. Please include File Number SR– AGENCY: Securities and Exchange
Commission (‘‘Commission’’). and MFMHK: One International Finance
NYSEArca–2015–53 on the subject line. Center, 1 Harbour View Street, Central,
ACTION: Temporary order and notice of Hong Kong SAR.
Paper Comments application for a permanent order under
FOR FURTHER INFORMATION CONTACT:
• Send paper comments in triplicate section 9(c) of the Investment Company
Robert H. Shapiro, Senior Counsel, at
to Brent J. Fields, Secretary, Securities Act of 1940 (‘‘Act’’). (202) 551–7758, or Mary Kay Frech,
and Exchange Commission, 100 F Street Branch Chief, at (202) 551–6821
SUMMARY OF APPLICATION: Applicants
NE., Washington, DC 20549–1090. (Division of Investment Management,
have received a temporary order
Chief Counsel’s Office).
All submissions should refer to File (‘‘Temporary Order’’) exempting them
SUPPLEMENTARY INFORMATION: The
Number SR–NYSEArca–2015–53. This from section 9(a) of the Act, with
respect to an injunction entered against following is a temporary order and a
file number should be included on the
Macquarie Capital (USA) Inc. summary of the application. The
subject line if email is used. To help the
(‘‘Macquarie Capital’’) on April 1, 2015 complete application may be obtained
Commission process and review your
by the United States District Court for via the Commission’s Web site by
comments more efficiently, please use searching for the file number, or an
only one method. The Commission will the Southern District of New York
applicant using the Company name box,
post all comments on the Commission’s (‘‘District Court’’), until the Commission
at http://www.sec.gov/search/
Internet Web site (http://www.sec.gov/ takes final action on an application for
search.htm, or by calling (202) 551–
rules/sro.shtml). Copies of the a permanent order (the ‘‘Permanent
8090.
submission, all subsequent Order,’’ and with the Temporary Order,
amendments, all written statements the ‘‘Orders’’). Applicants also have Applicants’ Representations
with respect to the proposed rule applied for a Permanent Order. 1. Macquarie Capital, a Delaware
change that are filed with the APPLICANTS: Macquarie Capital, corporation, is an indirect, wholly-
Commission, and all written Delaware Management Business Trust owned subsidiary of Macquarie Group
communications relating to the (‘‘DMBT’’), on behalf of its series, Limited (‘‘MGL’’) and a broker-dealer
proposed rule change between the Delaware Management Company registered under the Securities
Commission and any person, other than (‘‘DMC’’) and Delaware Investments Exchange Act of 1934 (the ‘‘Exchange
those that may be withheld from the Fund Advisers (‘‘DIFA’’), Four Corners Act’’). MCIM, a Delaware limited
public in accordance with the Capital Management, LLC (‘‘FCCM’’), liability company, is an indirect,
provisions of 5 U.S.C. 552, will be Macquarie Capital Investment wholly-owned subsidiary of MGL and
available for Web site viewing and Management LLC (‘‘MCIM’’), Macquarie an investment adviser registered under
printing in the Commission’s Public Funds Management Hong Kong Limited the Investment Advisers Act of 1940
Reference Room, 100 F Street NE., (‘‘MFMHK’’), and Delaware Distributors, (the ‘‘Advisers Act’’). DMC and DIFA
Washington, DC 20549 on official L.P. (‘‘Delaware Distributors’’) are series of DMBT, which is a Delaware
business days between the hours of (collectively, the ‘‘Applicants’’). statutory trust and an indirect, wholly-
10:00 a.m. and 3:00 p.m. Copies of such FILING DATES: The application was filed owned subsidiary of MGL. DMBT is an
filing also will be available for on May 15, 2015 and amended on June investment adviser registered under the
inspection and copying at the principal 10, 2015. Advisers Act. FCCM, a Delaware limited
offices of the Exchange. All comments liability company, is a wholly-owned
HEARING OR NOTIFICATION OF HEARING: An
received will be posted without change; subsidiary of a series of DMBT and an
order granting the application will be
the Commission does not edit personal investment adviser registered under the
issued unless the Commission orders a
identifying information from Advisers Act. Delaware Distributors, a
hearing. Interested persons may request
submissions. You should submit only Delaware limited partnership, is an
a hearing by writing to the
information that you wish to make indirect, wholly-owned subsidiary of
Commission’s Secretary and serving
available publicly. All submissions MGL and a broker-dealer registered
Applicants with a copy of the request,
should refer to File Number SR– under the Exchange Act. MFMHK is an
personally or by mail. Hearing requests
NYSEArca–2015–53, and should be indirect, wholly-owned subsidiary of
should be received by the Commission
MGL and an investment adviser
submitted on or before July 30, 2015. by 5:30 p.m. on July 31, 2015, and registered under the Advisers Act. DMC
For the Commission, by the Division of should be accompanied by proof of and DIFA, as series of DMBT, MCIM,
Trading and Markets, pursuant to delegated service on Applicants, in the form of an FCCM, and MFMHK (collectively, the
affidavit, or for lawyers, a certificate of
srobinson on DSK5SPTVN1PROD with NOTICES
authority.12 ‘‘Adviser Applicants’’) each serve as
Robert W. Errett,
service. Pursuant to rule 0–5 under the investment adviser or investment sub-
Act, hearing requests should state the adviser to investment companies
Deputy Secretary. nature of the writer’s interest, any facts
[FR Doc. 2015–16730 Filed 7–8–15; 8:45 am] registered under the Act, or series of
bearing upon the desirability of a such companies (each, a ‘‘Fund’’) 1 and
BILLING CODE 8011–01–P hearing on the matter, the reason for the
request, and the issues contested. 1 The term ‘‘Fund’’ refers to any registered
12 17 CFR 200.30–3(a)(12). Persons who wish to be notified of a investment company, including any registered unit
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Document Created: 2018-02-23 09:14:00
Document Modified: 2018-02-23 09:14:00
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 39473 |
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