80 FR 50707 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 161 (August 20, 2015)
Federal Register Volume 80, Issue 161 (August 20, 2015)
| Page Range | 50707-50708 | |
| FR Document | 2015-20547 |
[Federal Register Volume 80, Number 161 (Thursday, August 20, 2015)] [Notices] [Pages 50707-50708] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-20547] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75703; File No. SR-NYSEMKT-2015-63] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule August 14, 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 August 6, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 modify the NYSE Amex Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective August 6, 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend the Firm Monthly Fee Cap to establish tiers, effective on August 6, 2015. The Exchange is proposing to modify Section I.I. of the Fee Schedule to establish tiers for the Firm Monthly Fee Cap that are tied to tiers achieved in the Exchange's Amex Customer Engagement (``ACE'') Program.\4\ Currently, the Exchange places a limit, or cap, of $100,000 per month on fees incurred by Firms trading though a Floor Broker in open outcry or QCC (``Manual Transactions'').\5\ The Exchange is proposing to add tiered caps which correspond to tiers achieved in the ACE Program. Specifically, the higher the ACE Tier attained, the lower the cap on fees for applicable Manual Transactions. --------------------------------------------------------------------------- \4\ See Fee Schedule, section I.E. (describing ACE Program), available at, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf. \5\ Fees or volumes associated with a Strategy Execution described in section I.J., (e.g., reversal and conversion, box spread, short stock interest spread, merger spread and jelly roll) are not counted toward the $100,000 cap. Royalty Fees are charged at the rates described in section I.K., and do not count toward the $100,000 fee cap. Firm Facilitation Manual trades are executed at the rate of $0.00 per contract regardless of whether a Firm has reached the $100,000 cap or not. See Fee Schedule, section I.I. --------------------------------------------------------------------------- The proposed Firm Monthly Fee Cap tiers are set forth in the table below: ------------------------------------------------------------------------ ACE Tier Firm fee cap ------------------------------------------------------------------------ 1..................................................... $100,000 2..................................................... 85,000 3..................................................... 75,000 4..................................................... 70,000 5..................................................... 65,000 ------------------------------------------------------------------------ 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with [[Page 50708]] 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 change to institute tiered caps to the Firm Monthly Fee Cap is reasonable, equitable and not unfairly discriminatory because the tiers are based on the amount of business transacted on the Exchange. In addition, the Exchange believes that the proposed amendment is reasonable, equitable and not unfairly discriminatory because it would enhance the incentives for ACE Program participants who use Manual Transactions to execute those transactions on the Exchange, which would benefit all ATP Holders. Additionally, the Exchange believes the proposed changes are consistent with the Act because the proposal could incentivize additional ATP Holders to participate in the ACE Program, and (for those that already do) to achieve higher ACE tiers which may attract greater volume and liquidity to the Exchange, which would benefit all market participants by providing tighter quoting and better prices, all of which perfects the mechanism for a free and open market and national market system. 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. The Exchange believes the proposed amendments to the Firm Monthly Fee Cap are pro-competitive as the fees are to incentivize increases in volume and liquidity to the Exchange which would benefit all of [sic] Exchange participants through increased opportunities to trade as well as enhancing price discovery. --------------------------------------------------------------------------- \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 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-NYSEMKT-2015-63 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-NYSEMKT-2015-63. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2015-63, and should be submitted on or before September 10, 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. 2015-20547 Filed 8-19-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 161 / Thursday, August 20, 2015 / Notices 50707
III. Date of Effectiveness of the at the NYSE’s principal office and on its II. Self-Regulatory Organization’s
Proposed Rule Change and Timing for Internet Web site at www.nyse.com. All Statement of the Purpose of, and
Commission Action comments received will be posted Statutory Basis for, the Proposed Rule
Within 45 days of the date of without change; the Commission does Change
publication of this notice in the Federal not edit personal identifying In its filing with the Commission, the
Register or up to 90 days (i) as the information from submissions. You self-regulatory organization included
Commission may designate if it finds should submit only information that statements concerning the purpose of,
such longer period to be appropriate you wish to make available publicly. All and basis for, the proposed rule change
and publishes its reasons for so finding submissions should refer to File and discussed any comments it received
or (ii) as to which the self-regulatory Number SR–NYSEArca–2015–68 and on the proposed rule change. The text
organization consents, the Commission should be submitted on or before of those statements may be examined at
will: September 10, 2015. the places specified in Item IV below.
(A) By order approve or disapprove For the Commission, by the Division of The Exchange has prepared summaries,
the proposed rule change, or Trading and Markets, pursuant to delegated set forth in sections A, B, and C below,
(B) institute proceedings to determine authority.30 of the most significant parts of such
whether the proposed rule change Robert W. Errett, statements.
should be disapproved. Deputy Secretary.
A. Self-Regulatory Organization’s
[FR Doc. 2015–20542 Filed 8–19–15; 8:45 am]
IV. Solicitation of Comments Statement of the Purpose of, and
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Interested persons are invited to
submit written data, views, and Change
arguments concerning the foregoing, SECURITIES AND EXCHANGE 1. Purpose
including whether the proposed rule COMMISSION The purpose of this filing is to amend
change is consistent with the Act. the Firm Monthly Fee Cap to establish
Comments may be submitted by any of [Release No. 34–75703; File No. SR– tiers, effective on August 6, 2015.
the following methods: NYSEMKT–2015–63] The Exchange is proposing to modify
Electronic Comments Section I.I. of the Fee Schedule to
Self-Regulatory Organizations; NYSE establish tiers for the Firm Monthly Fee
• Use the Commission’s Internet MKT LLC; Notice of Filing and Cap that are tied to tiers achieved in the
comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed Exchange’s Amex Customer Engagement
rules/sro.shtml); or Rule Change Modifying the NYSE (‘‘ACE’’) Program.4 Currently, the
• Send an email to rule-comments@ Amex Options Fee Schedule Exchange places a limit, or cap, of
sec.gov. Please include File Number SR– $100,000 per month on fees incurred by
NYSEArca–2015–68 on the subject line. August 14, 2015.
Firms trading though a Floor Broker in
Paper Comments Pursuant to section 19(b)(1) 1 of the open outcry or QCC (‘‘Manual
Securities Exchange Act of 1934 (the Transactions’’).5 The Exchange is
• Send paper comments in triplicate ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 proposing to add tiered caps which
to Secretary, Securities and Exchange notice is hereby given that, on August correspond to tiers achieved in the ACE
Commission, 100 F Street NE., 6, 2015, NYSE MKT LLC (the Program. Specifically, the higher the
Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with ACE Tier attained, the lower the cap on
All submissions should refer to File the Securities and Exchange fees for applicable Manual Transactions.
Number SR–NYSEArca–2015–68. This Commission (the ‘‘Commission’’) the The proposed Firm Monthly Fee Cap
file number should be included on the proposed rule change as described in tiers are set forth in the table below:
subject line if email is used. To help the Items I, II, and III below, which Items
Commission process and review your have been prepared by the self- ACE Tier Firm fee cap
comments more efficiently, please use regulatory organization. The
only one method. The Commission will Commission is publishing this notice to 1 ........................................ $100,000
post all comments on the Commission’s solicit comments on the proposed rule 2 ........................................ 85,000
3 ........................................ 75,000
Internet Web site (http://www.sec.gov/ change from interested persons. 4 ........................................ 70,000
rules/sro.shtml). Copies of the 5 ........................................ 65,000
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements 2. Statutory Basis
the Proposed Rule Change
with respect to the proposed rule
change that are filed with the The Exchange believes that the
The Exchange proposes to modify the
Commission, and all written proposed rule change is consistent with
NYSE Amex Options Fee Schedule
communications relating to the (‘‘Fee Schedule’’). The Exchange 4 See Fee Schedule, section I.E. (describing ACE
proposed rule change between the proposes to implement the fee change Program), available at, https://www.nyse.com/
Commission and any person, other than effective August 6, 2015. The text of the publicdocs/nyse/markets/amex-options/NYSE_
those that may be withheld from the proposed rule change is available on the Amex_Options_Fee_Schedule.pdf.
public in accordance with the Exchange’s Web site at www.nyse.com, 5 Fees or volumes associated with a Strategy
provisions of 5 U.S.C. 552, will be Execution described in section I.J., (e.g., reversal
at the principal office of the Exchange, and conversion, box spread, short stock interest
tkelley on DSK3SPTVN1PROD with NOTICES
available for Web site viewing and and at the Commission’s Public spread, merger spread and jelly roll) are not
printing in the Commission’s Public Reference Room. counted toward the $100,000 cap. Royalty Fees are
Reference Section, 100 F Street NE., charged at the rates described in section I.K., and
Washington, DC 20549 on official 30 17
do not count toward the $100,000 fee cap. Firm
CFR 200.30–3(a)(12). Facilitation Manual trades are executed at the rate
business days between 10:00 a.m. and 1 15 U.S.C. 78s(b)(1). of $0.00 per contract regardless of whether a Firm
3:00 p.m. Copies of the filing will also 2 15 U.S.C. 78a.
has reached the $100,000 cap or not. See Fee
be available for inspection and copying 3 17 CFR 240.19b–4. Schedule, section I.I.
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![50708 Federal Register / Vol. 80, No. 161 / Thursday, August 20, 2015 / Notices
section 6(b) of the Act,6 in general, and adjusting, its fees and credits to remain file number should be included on the
furthers the objectives of sections 6(b)(4) competitive with other exchanges. For subject line if email is used.
and (5) of the Act,7 in particular, the reasons described above, the To help the Commission process and
because it provides for the equitable Exchange believes that the proposed review your comments more efficiently,
allocation of reasonable dues, fees, and rule change reflects this competitive please use only one method. The
other charges among its members, environment. Commission will post all comments on
issuers and other persons using its the Commission’s Internet Web site
facilities and does not unfairly C. Self-Regulatory Organization’s (http://www.sec.gov/rules/sro.shtml).
discriminate between customers, Statement on Comments on the Copies of the submission, all subsequent
issuers, brokers or dealers. Proposed Rule Change Received From amendments, all written statements
The Exchange believes that the Members, Participants, or Others with respect to the proposed rule
proposed change to institute tiered caps No written comments were solicited change that are filed with the
to the Firm Monthly Fee Cap is or received with respect to the proposed Commission, and all written
reasonable, equitable and not unfairly rule change. communications relating to the
discriminatory because the tiers are proposed rule change between the
III. Date of Effectiveness of the
based on the amount of business Commission and any person, other than
Proposed Rule Change and Timing for
transacted on the Exchange. In addition, those that may be withheld from the
Commission Action
the Exchange believes that the proposed public in accordance with the
amendment is reasonable, equitable and The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
not unfairly discriminatory because it upon filing pursuant to section available for Web site viewing and
would enhance the incentives for ACE 19(b)(3)(A) 9 of the Act and printing in the Commission’s Public
Program participants who use Manual subparagraph (f)(2) of Rule 19b–4 10 Reference Room, 100 F Street NE.,
Transactions to execute those thereunder, because it establishes a due, Washington, DC 20549, on official
transactions on the Exchange, which fee, or other charge imposed by the business days between the hours of
would benefit all ATP Holders. Exchange. 10:00 a.m. and 3:00 p.m. Copies of the
Additionally, the Exchange believes the At any time within 60 days of the filing will also be available for
proposed changes are consistent with filing of such proposed rule change, the inspection and copying at the NYSE’s
the Act because the proposal could Commission summarily may principal office and on its Internet Web
incentivize additional ATP Holders to temporarily suspend such rule change if site at www.nyse.com. All comments
participate in the ACE Program, and (for it appears to the Commission that such received will be posted without change;
those that already do) to achieve higher action is necessary or appropriate in the the Commission does not edit personal
ACE tiers which may attract greater public interest, for the protection of identifying information from
volume and liquidity to the Exchange, investors, or otherwise in furtherance of submissions. You should submit only
which would benefit all market the purposes of the Act. If the information that you wish to make
participants by providing tighter Commission takes such action, the available publicly. All submissions
quoting and better prices, all of which Commission shall institute proceedings should refer to File Number SR–
perfects the mechanism for a free and under section 19(b)(2)(B) 11 of the Act to NYSEMKT–2015–63, and should be
open market and national market determine whether the proposed rule submitted on or before September 10,
system. change should be approved or 2015.
For these reasons, the Exchange disapproved.
For the Commission, by the Division of
believes that the proposal is consistent Trading and Markets, pursuant to delegated
IV. Solicitation of Comments
with the Act. authority.12
Interested persons are invited to
B. Self-Regulatory Organization’s Robert W. Errett,
submit written data, views, and
Statement on Burden on Competition arguments concerning the foregoing, Deputy Secretary.
In accordance with section 6(b)(8) of including whether the proposed rule [FR Doc. 2015–20547 Filed 8–19–15; 8:45 am]
the Act,8 the Exchange does not believe change is consistent with the Act. BILLING CODE 8011–01–P
that the proposed rule change will Comments may be submitted by any of
impose any burden on competition that the following methods:
is not necessary or appropriate in SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
furtherance of the purposes of the Act.
The Exchange believes the proposed • Use the Commission’s Internet
In the Matter of Internal Fixation
amendments to the Firm Monthly Fee comment form (http://www.sec.gov/
Systems, Inc., File No. 500–1; Order of
Cap are pro-competitive as the fees are rules/sro.shtml); or
Suspension of Trading
to incentivize increases in volume and • Send an email to rule-comments@
liquidity to the Exchange which would sec.gov. Please include File Number SR– August 18, 2015.
benefit all of [sic] Exchange participants NYSEMKT–2015–63 on the subject line. It appears to the Securities and
through increased opportunities to trade Paper Comments Exchange Commission that there is a
as well as enhancing price discovery. lack of current and accurate information
The Exchange notes that it operates in • Send paper comments in triplicate concerning the securities of Internal
a highly competitive market in which to Secretary, Securities and Exchange Fixation Systems, Inc. (CIK No.
market participants can readily favor Commission, 100 F Street NE., 1501732) (‘‘IFIXQ’’ 1), a dissolved
tkelley on DSK3SPTVN1PROD with NOTICES
competing venues. In such an Washington, DC 20549–1090. Florida corporation with its principal
environment, the Exchange must All submissions should refer to File place of business listed as South Miami,
continually review, and consider Number SR–NYSEMKT–2015–63. This Florida, with stock quoted on OTC Link
6 15 U.S.C. 78f(b). 9 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 200.30–3(a)(12).
7 15 U.S.C. 78f(b)(4) and (5). 10 17 CFR 240.19b–4(f)(2). 1 The short form of the issuer’s name is also its
8 15 U.S.C. 78f(b)(8). 11 15 U.S.C. 78s(b)(2)(B). ticker symbol.
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Document Created: 2015-12-15 11:08:33
Document Modified: 2015-12-15 11:08:33
| 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 50707 |
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