80 FR 42584 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adding a Pricing Tier Applicable to Orders of ETP Holders for Tape A, Tape B and Tape C Securities That Are Eligible To Be Routed Away From the Exchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 137 (July 17, 2015)
Federal Register Volume 80, Issue 137 (July 17, 2015)
| Page Range | 42584-42587 | |
| FR Document | 2015-17489 |
[Federal Register Volume 80, Number 137 (Friday, July 17, 2015)] [Notices] [Pages 42584-42587] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17489] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75434; File No. SR-NYSEArca-2015-57] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adding a Pricing Tier Applicable to Orders of ETP Holders for Tape A, Tape B and Tape C Securities That Are Eligible To Be Routed Away From the Exchange July 13, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that, on June 30, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to add a pricing tier applicable to orders of ETP Holders for Tape A, Tape B and Tape C Securities that are eligible to be routed away from the Exchange. The Exchange proposes to implement the changes on 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. [[Page 42585]] 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to add a pricing tier applicable to orders of ETP Holders for Tape A, Tape B and Tape C Securities that are eligible to be routed away from the Exchange (``Routable Orders'').\3\ The Exchange proposes to implement the fee change on July 1, 2015. --------------------------------------------------------------------------- \3\ ETP Holders are able to include an instruction with their orders to determine whether the order will be eligible to route to an away exchange (e.g., to execute against trading interest with a better price than on the Exchange) or, for example, be cancelled if routing would otherwise occur. --------------------------------------------------------------------------- The Exchange proposes a new pricing tier called Routable Retail Order Tier pursuant to which ETP Holders would receive a credit of $0.0032 per share for their Routable and non-Routable Orders in Tape A and Tape C Securities that provide liquidity on the Exchange, and a credit of $0.0030 per share for their Routable and non-Routable Orders in Tape B Securities that provide liquidity on the Exchange, if such ETP Holders, including Market Makers, (1) provide liquidity of 0.20% or more of U.S. consolidated average daily volume (``U.S. CADV'') during the billing month across all Tapes, (2) maintain a ratio during the billing month across all Tapes of executed Routable Orders that provide liquidity to total executed provide liquidity of 55% or more, and (3) execute an average daily volume (``ADV'') of Retail Orders \4\ that provide liquidity during the billing month that is 0.10% or more of the U.S. CADV. For all other fees and credits, Tiered or Basic Rates apply based on a firm's qualifying levels. --------------------------------------------------------------------------- \4\ Retail Orders are defined in the Fee Schedule as orders designated as retail orders and that meet the requirements of Rule 7.44(a)(3), but that are not executed in the Retail Liquidity Program. The Retail Liquidity Program is a pilot program designed to attract additional retail order flow to the Exchange for NYSE Arca- listed securities and securities traded pursuant to unlisted trading privileges while also providing the potential for price improvement to such order flow. See Rule 7.44. See Securities Exchange Act Release No. 71176 (December 23, 2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107). --------------------------------------------------------------------------- For example, if U.S. CADV during the month is 6.45 billion shares, the ETP Holder would need to provide liquidity of at least 12.9 million shares to satisfy the first threshold (i.e., providing liquidity of 0.20% or more of U.S. CADV during the month), which can include Retail Orders, as well as non-Retail Orders. Additionally, based on a minimum of 12.9 million shares of required provide liquidity, the ETP Holder would need to execute at least 7.095 million Routable Orders that provide liquidity during the month (i.e., maintaining a ratio of executed Routable Orders that provide liquidity to total executed orders of 55% or more). Finally, the ETP Holder would need to execute an ADV of at least 6.45 million Retail Orders that provide liquidity during the month (i.e., executing an ADV of Retail Orders that provide liquidity during the billing month that is 0.10% or more of U.S. CADV). In connection with the adoption of the Routable Retail Order Tier, the Exchange proposes to revise the Tape B Step Up Tier, Tape C Step Up Tier and Tape C Step Up Tier 2. Currently, ETP Holders and Market Makers, that, on a daily basis, measured monthly, directly execute providing volume in Tape B Securities during a billing month (``Tape B Adding ADV'') that is equal to at least 0.275% of the U.S. Tape B Consolidated Average Daily Volume (``Tape B CADV'') for the billing month over the ETP Holder's or Market Maker's May 2013 Tape B Adding ADV taken as a percentage of Tape B CADV (``Tape B Baseline % CADV'') receive a credit of $0.0004 per share for orders that provide liquidity to the Exchange in Tape B Securities, which is in addition to the ETP Holder's Tiered or Basic Rate credit(s). The Exchange proposes to specify in the Fee Schedule that ETP Holders that qualify for the Routable Retail Order Tier would not be eligible to qualify for the Tape B Step Up Tier. The Exchange believes that the credit of $0.0030 per share is sufficient that an ETP Holder that qualifies for the Routable Retail Order Tier should not also receive the increased credits applicable to the Tape B Step Up Tier. Similar to Retail Order Tier ETP Holders, Cross-Asset Tier ETP Holders \5\ and Market Makers, who are currently ineligible to qualify for the Tape B Step Up Tier, the Exchange proposes to exclude Routable Retail Order Tier ETP Holders from also qualifying for the Tape B Step Up Tier. --------------------------------------------------------------------------- \5\ The restriction for Cross-Asset Tier ETP Holders from qualifying for the Tape B Step Up Credit is scheduled to be implemented on July 1, 2015, subject to the Commission's publication of the notice for immediate effectiveness of SR-NYSE Arca-2015-55, filed by the Exchange on June 24, 2015 (``July Fee Filing''). Exhibit 5 of the instant filing reflects the rule text proposed in the July Fee Filing. --------------------------------------------------------------------------- Additionally, ETP Holders and Market Makers, that, on a daily basis, measured monthly, directly execute providing volume in Tape C Securities during the billing month (``Tape C Adding ADV'') that is at least the greater of (a) the ETP Holder's or Market Maker's January 2012 Tape C Adding ADV (``Tape C Baseline ADV'') plus 0.10% of US Tape C CADV3 for the billing month or (b) the ETP Holder's or Market Maker's Tape C Baseline ADV plus 20%, subject to the ETP Holders' and Market Makers' total providing liquidity in Tape A, Tape B, and Tape C Securities increasing in an amount no less than 0.03% of US CADV over their January 2012 providing liquidity receive a lower fee of $0.0029 per share for orders that take liquidity from the Book in Tape C Securities. The Exchange proposes to specify in the Fee Schedule that ETP Holders that qualify for the Routable Retail Order Tier would not be eligible to qualify for the Tape C Step Up Tier. The Exchange believes that the credit of $0.0032 per share is sufficient that an ETP Holder that qualifies for the Routable Retail Order Tier should not also receive the reduced fee applicable to the Tape C Step Up Tier. Similar to Retail Order Tier ETP Holders, Routable Order Tier ETP Holders and Market Makers, who are currently ineligible to qualify for the Tape C Step Up Tier, the Exchange proposes to exclude Routable Retail Order Tier ETP Holders from also qualifying for the Tape C Step Up Tier. Finally, ETP Holders and Market Makers, that, on a daily basis, measured monthly, directly execute Tape C Adding ADV during the billing month that is at least 2 million shares greater than the ETP Holder's or Market Maker's Tape C Adding ADV during Q2 2012, subject to the ETP Holder's or Market Maker's combined providing ADV in Tape A, Tape B, and Tape C Securities during the billing month as a percentage of CADV3 being no less than during Q2 2012 receive a credit of $0.0002 per share, which is in addition to the ETP Holder's Tiered or Basic Rate credit(s). The Exchange proposes to specify in the Fee Schedule that ETP Holders that qualify for the Routable Retail Order Tier would not be eligible to qualify for the Tape C Step Up Tier 2. The Exchange believes that the credit [[Page 42586]] of $0.0030 per share is sufficient that an ETP Holder that qualifies for the Routable Retail Order Tier should not also receive the increased credits applicable to the Tape C Step Up Tier 2. Similar to Retail Order Tier ETP Holders, Routable Order Tier ETP Holders and Market Makers, who are currently ineligible to qualify for the Tape C Step Up Tier 2, the Exchange proposes to exclude Routable Retail Order Tier ETP Holders from also qualifying for the Tape C Step Up Tier 2. The Exchange believes that the proposal would create an added incentive for ETP Holders to bring additional order flow to a public market. The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that ETP Holders would have in complying with the proposed changes. 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 that the proposed fee change is reasonable because the proposed Routable Retail Order Tier would contribute to incentivizing ETP Holders to submit additional orders on the Exchange that are eligible to be routed away from the Exchange. The Exchange believes the proposed fee change would increase the liquidity available on the Exchange because, if a Routable Order were routed and returned unexecuted, the order would be available for execution on the Exchange. Therefore, the Exchange believes that Routable Orders add to the quality of the Exchange's market because they may provide liquidity on the Exchange of a longer duration. The Routable Retail Order Tier therefore would support the quality of price discovery and promote market transparency, thereby benefiting all market participants. In this regard, the Exchange believes that the rate proposed for the Routable Retail Order Tier is reasonable because it takes into account the amount of Routable Orders that an ETP Holder would be required to execute on the Exchange during a month. The Exchange believes the proposed fee change is reasonable, equitable and not unfairly discriminatory because the Routable Retail Order Tier pricing would apply to executions of Tape A, Tape B and Tape C Securities, and the Exchange notes that these credits are available on other tiers (e.g., $.0.0032 credit for Tape A and C Securities with Arca's Routable Tier, and $0.0030 credit for Tape B Securities with Cross-Asset Tier). Furthermore, the Exchange believes it is reasonable and equitable to apply the Routable Retail Order Tier to Routable and non-Routable Orders of a qualifying ETP Holder because this would create a further incentive for ETP Holders to submit Routable Orders to the Exchange. This is also true because the thresholds applicable to the Routable Retail Order Tier pertain to liquidity that consists of Routable Orders as well as the overall liquidity of an ETP Holder, including non- Routable Orders. Furthermore, the Exchange believes that the proposed Routable Retail Order Tier is equitable and not unfairly discriminatory because all ETP Holders have the ability to designate their orders as Routable Orders. Additionally, the proposed credit of $0.0032 per share in Tape A and Tape C Securities, and $0.0030 per share in Tape B Securities, for Routable Orders that provide liquidity to the Exchange would be available to all ETP Holders that qualify for the Routable Retail Order Tier. The proposed thresholds are also equitable and not unfairly discriminatory because they are based on objective criteria and the same criteria would be applicable to all ETP Holders. The Exchange believes that prohibiting Routable Retail Order Tier ETP Holders from qualifying for the Tape B Step Up Tier is reasonable, equitable and not unfairly discriminatory because ETP Holders that qualify for the Routable Retail Order Tier would already receive a higher credit of $0.0030 before the Tape B Step Up Credit, which is higher than other tiers with the Tape B Step Up credit. For example, Tier 1 ETP Holders that qualify for Tape B Step Up Tier would receive a Tier 1 credit of $0.0023 plus a Tape B Step Up credit of $0.0004 for a total credit of $0.0027, compared with the standalone Routable Retail Order Tier credit of $0.0030. The Exchange notes that Retail Order ETP Holders, Cross-Asset Tier ETP Holders and Market Makers currently do not qualify for Tape B Step Up Tier credit. The Exchange further believes that prohibiting Routable Retail Order Tier ETP Holders from qualifying for the Tape C Step Up Tier is reasonable, equitable and not unfairly discriminatory because ETP Holders that qualify for the Routable Retail Order Tier would already receive a higher credit of $0.0032 before the Tape C Step Up Credit, which is higher than other tiers that can qualify for the Tape C Step Up credit. For example, Tier 1 ETP Holders that qualify for Tape C Step Up Tier would receive a Tier 1 credit of $0.0030 for orders that provide liquidity, plus a lower Tape C Step Up fee of $0.0029 for orders that take liquidity from the Book in Tape C Securities, compared with the standalone Routable Retail Order Tier credit of $0.0032 for orders that provide liquidity and a fee of $0.0030 share for orders that take liquidity from the Book in Tape C Securities. The Exchange notes that Retail Order ETP Holders, Routable Order Tier ETP Holders and Market Makers currently do not qualify for Tape C Step Up Tier credit. Finally, the Exchange believes that prohibiting Routable Retail Order Tier ETP Holders from qualifying for the Tape C Step Up Tier 2 is reasonable, equitable and not unfairly discriminatory because ETP Holders that qualify for the Routable Retail Order Tier would already receive a higher credit of $0.0032 before the Tape C Step Up 2 Credit, which is higher than other tiers with the Tape C Step Up 2 credit. For example, Tier 1 ETP Holders that qualify for Tape C Step Up 2 Tier would receive a Tier 1 credit of $0.0030 plus a Tape C Step Up 2 credit of $0.0002 for a total credit of $0.0032, which is comparable to the standalone Routable Retail Order Tier credit of $0.0032. The Exchange notes that Retail Order ETP Holders, Routable Order Tier ETP Holders and Market Makers currently do not qualify for Tape C Step Up Tier 2 credit. Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. 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 believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposed fee change will encourage competition, including by attracting additional [[Page 42587]] liquidity to the Exchange, which will make the Exchange a more competitive venue for, among other things, order execution and price discovery. In general, ETP Holders impacted by the proposed change may readily adjust their trading behavior to maintain or increase their credits or decrease their fees in a favorable manner, and will therefore not be disadvantaged in their ability to compete. Specifically, an ETP Holder could qualify for the proposed new Routable Retail Order Type by providing sufficient liquidity to satisfy the applicable proposed volume requirements. Additionally, all ETP Holders have the ability to designate their orders as Routable Orders and therefore any ETP Holder could qualify for the proposed Routable Retail Order Tier by satisfying the proposed liquidity thresholds. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, 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 promotes a 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 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-2015-57 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2015-57. 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 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-2015-57 and should be submitted on or before August 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-17489 Filed 7-16-15; 8:45 am] BILLING CODE 8011-01-P
![42584 Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices
equitable and reasonable because it III. Date of Effectiveness of the inspection and copying at the principal
accounts for the pricing changes on Proposed Rule Change and Timing for office of the Exchange. All comments
EDGX. In addition, the proposal allows Commission Action received will be posted without change;
the Exchange to charge its Members a The foregoing rule change has become the Commission does not edit personal
pass-through rate for orders that are effective pursuant to section 19(b)(3)(A) identifying information from
routed to EDGX. Furthermore, the of the Act 20 and paragraph (f) of Rule submissions. You should submit only
Exchange notes that routing through 19b–4 thereunder.21 At any time within information that you wish to make
BATS Trading is voluntary. Lastly, the 60 days of the filing of the proposed rule available publicly. All submissions
Exchange also believes that the change, the Commission summarily may should refer to File Number SR–EDGA–
proposed amendment is non- temporarily suspend such rule change if 2015–27 and should be submitted on or
discriminatory because it applies it appears to the Commission that such before August 7, 2015.
uniformly to all Members. action is necessary or appropriate in the For the Commission, by the Division of
public interest, for the protection of Trading and Markets, pursuant to delegated
(B) Self-Regulatory Organization’s investors, or otherwise in furtherance of authority.22
Statement on Burden on Competition the purposes of the Act. Brent J. Fields,
Secretary.
These proposed rule changes do not IV. Solicitation of Comments
[FR Doc. 2015–17488 Filed 7–16–15; 8:45 am]
impose any burden on competition that Interested persons are invited to BILLING CODE 8011–01–P
is not necessary or appropriate in submit written data, views, and
furtherance of the purposes of the Act. arguments concerning the foregoing,
The Exchange does not believe that any including whether the proposed rule SECURITIES AND EXCHANGE
of these changes represent a significant change is consistent with the Act. COMMISSION
departure from previous pricing offered Comments may be submitted by any of
by the Exchange or pricing offered by [Release No. 34–75434; File No. SR–
the following methods:
NYSEArca–2015–57]
the Exchange’s competitors.
Electronic Comments
Additionally, Members may opt to Self-Regulatory Organizations; NYSE
disfavor EDGA’s pricing if they believe • Use the Commission’s Internet Arca, Inc.; Notice of Filing and
that alternatives offer them better value. comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed
Accordingly, the Exchange does not rules/sro.shtml); or Rule Change Adding a Pricing Tier
believe that the proposed changes will • Send an email to rule-comments@
Applicable to Orders of ETP Holders
sec.gov. Please include File Number SR–
impair the ability of Members or for Tape A, Tape B and Tape C
EDGA–2015–27 on the subject line.
competing venues to maintain their Securities That Are Eligible To Be
competitive standing in the financial Paper Comments Routed Away From the Exchange
markets. The Exchange believes that its • Send paper comments in triplicate July 13, 2015.
proposal to pass through a fee of to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the
$0.00290 per share for Members’ orders and Exchange Commission, 100 F Street Securities Exchange Act of 1934
that yield fee code MT would increase NE., Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
intermarket competition because it All submissions should refer to File notice is hereby given that, on June 30,
offers customers an alternative means to Number SR–EDGA–2015–27. This file 2015, NYSE Arca, Inc. (the ‘‘Exchange’’
route to EDGX. The Exchange believes number should be included on the or ‘‘NYSE Arca’’) filed with the
that its proposal would not burden subject line if email is used. To help the Securities and Exchange Commission
intramarket competition because the Commission process and review your (‘‘SEC’’ or ‘‘Commission’’) the proposed
proposed rate would apply uniformly to comments more efficiently, please use rule change as described in Items I, II,
all Members. Lastly, the Exchange does only one method. The Commission will and III below, which Items have been
not believe the updated description of post all comments on the Commission’s prepared by the Exchange. The
fee code MT imposes any burden on Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
competition as it is not designed to have rules/sro.shtml). Copies of the solicit comments on the proposed rule
a competitive impact. Rather, it is submission, all subsequent change from interested persons.
intended to update the description of amendments, all written statements
fee code MT to reflect the scenarios with respect to the proposed rule I. Self-Regulatory Organization’s
under which an order would be eligible change that are filed with the Statement of the Terms of Substance of
Commission, and all written the Proposed Rule Change
to yield fee code MT as a result of the
proposed rule and fee changes proposed communications relating to the The Exchange proposes to add a
by EDGX discussed herein.19 proposed rule change between the pricing tier applicable to orders of ETP
Commission and any person, other than Holders for Tape A, Tape B and Tape C
(C) Self-Regulatory Organization’s those that may be withheld from the Securities that are eligible to be routed
Statement on Comments on the public in accordance with the away from the Exchange. The Exchange
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be proposes to implement the changes on
Members, Participants or Others available for Web site viewing and July 1, 2015. The text of the proposed
printing in the Commission’s Public rule change is available on the
The Exchange has not solicited, and
srobinson on DSK5SPTVN1PROD with NOTICES
Reference Room, 100 F Street NE., Exchange’s Web site at www.nyse.com,
does not intend to solicit, comments on Washington, DC 20549, on official at the principal office of the Exchange,
this proposed rule change. The business days between the hours of and at the Commission’s Public
Exchange has not received any 10:00 a.m. and 3:00 p.m. Copies of the Reference Room.
unsolicited written comments from filing will also be available for
Members or other interested parties. 22 17 CFR 200.30–3(a)(12).
20 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
19 Id. 21 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices 42587
liquidity to the Exchange, which will determine whether the proposed rule For the Commission, by the Division of
make the Exchange a more competitive change should be approved or Trading and Markets, pursuant to delegated
venue for, among other things, order disapproved. authority.12
execution and price discovery. In Brent J. Fields,
IV. Solicitation of Comments
general, ETP Holders impacted by the Secretary.
proposed change may readily adjust Interested persons are invited to [FR Doc. 2015–17489 Filed 7–16–15; 8:45 am]
their trading behavior to maintain or submit written data, views and BILLING CODE 8011–01–P
increase their credits or decrease their arguments concerning the foregoing,
fees in a favorable manner, and will including whether the proposed rule
therefore not be disadvantaged in their change is consistent with the Act. SECURITIES AND EXCHANGE
ability to compete. Specifically, an ETP Comments may be submitted by any of COMMISSION
Holder could qualify for the proposed the following methods:
new Routable Retail Order Type by
providing sufficient liquidity to satisfy Electronic Comments [Release No. 34–75440; File No. SR–
the applicable proposed volume NYSEArca–2015–60]
• Use the Commission’s Internet
requirements. Additionally, all ETP comment form (http://www.sec.gov/
Holders have the ability to designate Self-Regulatory Organizations; NYSE
rules/sro.shtml); or Arca, Inc.; Notice of Filing and
their orders as Routable Orders and
• Send an email to rule-comments@ Immediate Effectiveness of Proposed
therefore any ETP Holder could qualify
sec.gov. Please include File Number SR– Rule Change Allowing the Listing of
for the proposed Routable Retail Order
NYSEArca–2015–57 on the subject line. Options Overlying Portfolio Depositary
Tier by satisfying the proposed liquidity
thresholds. Paper Comments Receipts and Index Fund Shares That
Finally, the Exchange notes that it are Listed Pursuant to Generic Listing
operates in a highly competitive market • Send paper comments in triplicate Standards on Equities Exchanges for
in which market participants can to Secretary, Securities and Exchange Series of ETFs Based on International
readily favor competing venues. In such Commission, 100 F Street NE., or Global Indexes Under Which a
an environment, the Exchange must Washington, DC 20549–1090. Comprehensive Surveillance Sharing
continually review, and consider All submissions should refer to File Agreement Is Not Required
adjusting, its fees and credits to remain Number SR–NYSEArca–2015–57. This
competitive with other exchanges. For July 13, 2015.
file number should be included on the
the reasons described above, the subject line if email is used. To help the Pursuant to section 19(b)(1) 1 of the
Exchange believes that the proposed Commission process and review your Securities Exchange Act of 1934 (the
rule change promotes a competitive comments more efficiently, please use ‘‘Act’’),2 and Rule 19b–4 thereunder,3
environment. only one method. The Commission will notice is hereby given that on July 2,
C. Self-Regulatory Organization’s post all comments on the Commission’s 2015, NYSE Arca, Inc. (the ‘‘Exchange’’
Statement on Comments on the Internet Web site (http://www.sec.gov/ or ‘‘NYSE Arca’’) filed with the
Proposed Rule Change Received From rules/sro.shtml). Copies of the Securities and Exchange Commission
Members, Participants, or Others submission, all subsequent (the ‘‘Commission’’) the proposed rule
amendments, all written statements change as described in Items I and II
No written comments were solicited with respect to the proposed rule
or received with respect to the proposed below, which Items have been prepared
change that are filed with the by the self-regulatory organization. The
rule change. Commission, and all written Commission is publishing this notice to
III. Date of Effectiveness of the communications relating to the solicit comments on the proposed rule
Proposed Rule Change and Timing for proposed rule change between the change from interested persons.
Commission Action Commission and any person, other than
The foregoing rule change is effective those that may be withheld from the I. Self-Regulatory Organization’s
upon filing pursuant to Section public in accordance with the Statement of the Terms of the Substance
19(b)(3)(A) 9 of the Act and provisions of 5 U.S.C. 552, will be of the Proposed Rule Change
subparagraph (f)(2) of Rule 19b–4 10 available for Web site viewing and
printing in the Commission’s Public The Exchange proposes to allow the
thereunder, because it establishes a due, listing of options overlying portfolio
fee, or other charge imposed by the Reference Room, 100 F Street NE.,
Washington, DC 20549, on official depositary receipts and index fund
Exchange. shares (collectively, ‘‘ETFs’’) that are
At any time within 60 days of the business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the listed pursuant to generic listing
filing of such proposed rule change, the
Commission summarily may filing also will be available for standards on equities exchanges for
temporarily suspend such rule change if inspection and copying at the principal series of ETFs based on international or
it appears to the Commission that such office of the Exchange. All comments global indexes under which a
action is necessary or appropriate in the received will be posted without change; comprehensive surveillance sharing
public interest, for the protection of the Commission does not edit personal agreement is not required. The text of
investors, or otherwise in furtherance of identifying information from the proposed rule change is available on
submissions. You should submit only the Exchange’s Web site at
srobinson on DSK5SPTVN1PROD with NOTICES
the purposes of the Act. If the
Commission takes such action, the information that you wish to make www.nyse.com, at the principal office of
Commission shall institute proceedings available publicly. All submissions the Exchange, and at the Commission’s
under Section 19(b)(2)(B) 11 of the Act to should refer to File Number SR– Public Reference Room.
NYSEArca–2015–57 and should be
9 15 U.S.C. 78s(b)(3)(A). submitted on or before August 7, 2015. 1 15 U.S.C. 78s(b)(1).
10 17 CFR 240.19b–4(f)(2). 2 15 U.S.C. 78a.
11 15 U.S.C. 78s(b)(2)(B). 12 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
VerDate Sep<11>2014 20:59 Jul 16, 2015 Jkt 235001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\17JYN1.SGM 17JYN1](https://thefederalregister.org/doc/80_FR_42721/page/4.svg)
Document Created: 2018-02-23 09:21:41
Document Modified: 2018-02-23 09:21:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 42584 |
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