80 FR 55665 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 179 (September 16, 2015)
Federal Register Volume 80, Issue 179 (September 16, 2015)
| Page Range | 55665-55667 | |
| FR Document | 2015-23214 |
[Federal Register Volume 80, Number 179 (Wednesday, September 16, 2015)] [Notices] [Pages 55665-55667] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-23214] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75881; File No. SR-NYSEArca-2015-75] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule September 10, 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 September 1, 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''). The Exchange proposes to implement the fee change effective September 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to modify the criteria used for Lead Market Makers and Market Makers (collectively, ``Market Makers'') to qualify for the Monthly Posting Credit Tiers For Executions in Penny Pilot Issues and SPY (the ``Posting Tiers''). The Exchange proposes to implement the fee change effective September 1, 2015. Currently, Market Makers qualify for the Posting Tiers by achieving certain volume-based criteria based on average electronic executions per day.\4\ The Posting Tiers include the Select, Super and Super II tiers and the volume requirements to achieve each are as follows: --------------------------------------------------------------------------- \4\ The Exchange notes that there is a posting credit associated with a Base Tier for which there is no volume requirement. ---------------------------------------------------------------------------Select Tier: a Market Maker must meet an Average Daily Volume (``ADV'') of 30,000 contracts from Market Maker Posted Orders in both Penny Pilot and non-Penny Pilot issues; Super Tier: a Market Maker must meet either (i) an ADV of 80,000 contracts from Market Maker Posted Orders in both Penny Pilot and non-Penny Pilot issues or (ii) an ADV of 200,000 contracts combined from all orders in Penny Pilot Issues,\5\ and at least 100,000 of those contracts have to be from Posted Orders in Penny Pilot Issues; and --------------------------------------------------------------------------- \5\ Unlike the Select Tier and Super Tier II, in calculating the Super Tier, the Exchange will include the ADV of the Market Maker's affiliate(s). --------------------------------------------------------------------------- Super Tier II: a Market Maker must meet an ADV of 200,000 contracts from Market Maker orders in all issues, and at least 110,000 of those contracts have to be from Posted Orders from both Penny Pilot and non-Penny Pilot issues. The Exchange is proposing to replace the existing thresholds that are based on static ADV of contracts traded with market share criteria, specifically percentages of total industry customer equity and exchange traded fund (``ETF'') option ADV.\6\ The Exchange believes this modification would enable Market Makers to achieve the Posting Tiers more consistently, despite monthly or seasonal fluctuations in industry volume. The Exchange is not proposing to adjust the source of the qualifying volume for each Posting Tier. Specifically, the Exchange proposes the market share requirements to achieve each Posting Tier as follows: --------------------------------------------------------------------------- \6\ The volume thresholds are based on Market Makers' volume transacted electronically as a percentage of total industry Customer equity and ETF options volumes as reported by the Options Clearing Corporation (the ``OCC''). Total industry customer equity and ETF option volume is comprised of those equity and ETF contracts that clear in the Customer account type at OCC and does not include contracts that clear in either the Firm or Market Maker account type at OCC or contracts overlying a security other than an equity or ETF security. See OCC Monthly Statistics Reports, available here, http://www.theocc.com/webapps/monthly-volume-reports. --------------------------------------------------------------------------- Select Tier: a Market Maker would have to achieve at least 0.25% of Total Industry Customer Equity and ETF option ADV from Market Maker Posted Orders in both Penny Pilot and non-Penny Pilot issues; Super Tier: a Market Maker would have to achieve either (i) at least 0.65% of Total Industry Customer Equity and ETF option ADV from Market Maker Posted Orders in both Penny Pilot and non-Penny Pilot issues or (ii) at least 1.60% of Total Industry Customer Equity and ETF option ADV from all orders in Penny Pilot Issues, all account types, with at least 0.80% of Total Industry Customer Equity and ETF option ADV from Posted Orders in Penny Pilot Issues; \7\ and --------------------------------------------------------------------------- \7\ As is the case today, in calculating the Super Tier, the Exchange will include the ADV of the Market Maker's affiliate(s). --------------------------------------------------------------------------- Super Tier II: a Market Maker must achieve at least 1.60% of Total Industry Customer Equity and ETF option ADV [[Page 55666]] from Market Maker orders in all issues, and at least 0.90% of Total Industry Customer Equity and ETF option ADV from Posted Orders from both Penny Pilot and non-Penny Pilot issues. The Exchange is not proposing any changes to the amount of the Posting Credits for any of the tiers. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\9\ 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that modifying the qualification criteria for Market Maker Posting Credit Tiers is reasonable, equitable, and not unfairly discriminatory because it makes the Posting Tiers more consistently achievable as the Tiers will be less dependent on fluctuations in overall industry volume. The Exchange believes modifying the Posting Tiers based on achieving percentages of market share is also not unfairly discriminatory as it is based on the amount of business conducted on the Exchange and therefore rewards similar efforts month-to-month, while not resulting in windfalls during periods of heavy volumes, or penalizing firms focused on trading at NYSE Arca during months of overall lower volumes. The Exchange believes modifying the Posting Tiers based on achieving percentages of market share is reasonable, equitable, and not unfairly discriminatory because the Exchange utilizes this criterion as a basis for determining posting credits to other market participants and this criterion is commonly used for this purpose by competing exchanges.\10\ --------------------------------------------------------------------------- \10\ See, e.g., Fee Schedule, available here, https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf (Customer and Professional Customer Monthly Posting Credit Tiers and Qualifications for Executions in Penny Pilot Issues and Customer and Professional Customer Posting Credit Tiers in Non Penny Pilot Issues, both based on percentage of Total Industry Customer Equity and ETF Option ADV); NASDAQ Options Market fee schedule, available at, http://www.nasdaqtrader.com/Micro.aspx?id=optionsPricing (NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options based on total industry customer equity and ETF option ADV contracts per day in a month); BATS Options Exchange fee schedule, available at, http://www.batsoptions.com/support/fee_schedule/ (Market Maker and Non-BATS Market Maker Penny Pilot Add Volume Tiers Market Maker and Non-BATS Market Maker Non Penny Pilot Add Volume Tiers, both based on percentage of total consolidated monthly volume calculated). --------------------------------------------------------------------------- The Exchange also believes that the proposed change to the qualification criteria is reasonable, equitable, and not unfairly discriminatory, as the Posting Credits are intended to encourage quoting at the National Best Bid and Offer (``NBBO'') which in turn benefits both Customers and non-Customers by having narrower spreads available for execution. 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,\11\ 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. Instead, the Exchange believes that the proposed change would encourage competition, including by attracting a wider variety of business to the Exchange, which would make the Exchange a more competitive venue for, among other things, order execution and price discovery. In addition, by adjusting the qualifications to a market share basis rather than per contract volume levels, the Exchange believes the proposed change encourages competition without undue burden by being based on a share of overall business rather than a static volume amount. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Moreover, because the proposed change continues to base the Posting Tiers on the amount of business conducted on the Exchange, it would apply equally to similarly-situated Marker Makers and would not impose a disparate burden on competition either among or between classes of market participants. 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) \12\ of the Act and subparagraph (f)(2) of Rule 19b-4 \13\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 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) \14\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \14\ 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 Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEArca-2015-75 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-2015-75. 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/ [[Page 55667]] 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 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-2015-75 and should be submitted on or before October 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-23214 Filed 9-15-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 55665
amendments, all written statements solicit comments on the proposed rule Penny Pilot issues or (ii) an ADV of
with respect to the proposed rule change from interested persons. 200,000 contracts combined from all
change that are filed with the orders in Penny Pilot Issues,5 and at
I. Self-Regulatory Organization’s
Commission, and all written least 100,000 of those contracts have to
Statement of the Terms of Substance of
communications relating to the be from Posted Orders in Penny Pilot
the Proposed Rule Change
proposed rule change between the Issues; and
Commission and any person, other than The Exchange proposes to amend the • Super Tier II: a Market Maker must
those that may be withheld from the NYSE Arca Options Fee Schedule (‘‘Fee meet an ADV of 200,000 contracts from
public in accordance with the Schedule’’). The Exchange proposes to Market Maker orders in all issues, and
provisions of 5 U.S.C. 552, will be implement the fee change effective at least 110,000 of those contracts have
available for Web site viewing and September 1, 2015. The text of the to be from Posted Orders from both
printing in the Commission’s Public proposed rule change is available on the Penny Pilot and non-Penny Pilot issues.
Reference Room, 100 F Street NE., Exchange’s Web site at www.nyse.com, The Exchange is proposing to replace
Washington, DC 20549, on official at the principal office of the Exchange, the existing thresholds that are based on
business days between the hours of and at the Commission’s Public static ADV of contracts traded with
10:00 a.m. and 3:00 p.m. Copies of such Reference Room. market share criteria, specifically
filing will also be available for II. Self-Regulatory Organization’s percentages of total industry customer
inspection and copying at the principal Statement of the Purpose of, and equity and exchange traded fund
office of the Exchange. All comments Statutory Basis for, the Proposed Rule (‘‘ETF’’) option ADV.6 The Exchange
received will be posted without change; Change believes this modification would enable
the Commission does not edit personal Market Makers to achieve the Posting
identifying information from In its filing with the Commission, the Tiers more consistently, despite
submissions. You should submit only self-regulatory organization included monthly or seasonal fluctuations in
information that you wish to make statements concerning the purpose of, industry volume. The Exchange is not
available publicly. All submissions and basis for, the proposed rule change proposing to adjust the source of the
should refer to File Number SR– and discussed any comments it received qualifying volume for each Posting Tier.
NASDAQ–2015–105 and should be on the proposed rule change. The text Specifically, the Exchange proposes the
submitted on or before October 7, 2015. of those statements may be examined at market share requirements to achieve
the places specified in Item IV below. each Posting Tier as follows:
For the Commission, by the Division of The Exchange has prepared summaries,
Trading and Markets, pursuant to delegated • Select Tier: a Market Maker would
set forth in sections A, B, and C below, have to achieve at least 0.25% of Total
authority.15
of the most significant parts of such Industry Customer Equity and ETF
Robert W. Errett, statements. option ADV from Market Maker Posted
Deputy Secretary.
A. Self-Regulatory Organization’s Orders in both Penny Pilot and non-
[FR Doc. 2015–23213 Filed 9–15–15; 8:45 am]
Statement of the Purpose of, and Penny Pilot issues;
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule • Super Tier: a Market Maker would
Change have to achieve either (i) at least 0.65%
of Total Industry Customer Equity and
SECURITIES AND EXCHANGE 1. Purpose ETF option ADV from Market Maker
COMMISSION
The purpose of this filing is to modify Posted Orders in both Penny Pilot and
the criteria used for Lead Market Makers non-Penny Pilot issues or (ii) at least
[Release No. 34–75881; File No. SR– and Market Makers (collectively, 1.60% of Total Industry Customer
NYSEArca–2015–75] ‘‘Market Makers’’) to qualify for the Equity and ETF option ADV from all
Monthly Posting Credit Tiers For orders in Penny Pilot Issues, all account
Self-Regulatory Organizations; NYSE
Executions in Penny Pilot Issues and types, with at least 0.80% of Total
Arca, Inc.; Notice of Filing and
SPY (the ‘‘Posting Tiers’’). The Industry Customer Equity and ETF
Immediate Effectiveness of Proposed
Exchange proposes to implement the fee option ADV from Posted Orders in
Rule Change Amending the NYSE Arca
change effective September 1, 2015. Penny Pilot Issues; 7 and
Options Fee Schedule Currently, Market Makers qualify for • Super Tier II: a Market Maker must
September 10, 2015. the Posting Tiers by achieving certain achieve at least 1.60% of Total Industry
volume-based criteria based on average Customer Equity and ETF option ADV
Pursuant to Section 19(b)(1) 1 of the electronic executions per day.4 The
Securities Exchange Act of 1934 (the Posting Tiers include the Select, Super 5 Unlike the Select Tier and Super Tier II, in
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 and Super II tiers and the volume calculating the Super Tier, the Exchange will
notice is hereby given that, on requirements to achieve each are as include the ADV of the Market Maker’s affiliate(s).
September 1, 2015, NYSE Arca, Inc. (the follows:
6 The volume thresholds are based on Market
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with Makers’ volume transacted electronically as a
• Select Tier: a Market Maker must percentage of total industry Customer equity and
the Securities and Exchange meet an Average Daily Volume (‘‘ADV’’) ETF options volumes as reported by the Options
Commission (the ‘‘Commission’’) the of 30,000 contracts from Market Maker Clearing Corporation (the ‘‘OCC’’). Total industry
proposed rule change as described in Posted Orders in both Penny Pilot and customer equity and ETF option volume is
comprised of those equity and ETF contracts that
asabaliauskas on DSK7TPTVN1PROD with NOTICES
Items I, II, and III below, which Items non-Penny Pilot issues; clear in the Customer account type at OCC and does
have been prepared by the self- • Super Tier: a Market Maker must not include contracts that clear in either the Firm
regulatory organization. The meet either (i) an ADV of 80,000 or Market Maker account type at OCC or contracts
Commission is publishing this notice to contracts from Market Maker Posted overlying a security other than an equity or ETF
security. See OCC Monthly Statistics Reports,
Orders in both Penny Pilot and non- available here, http://www.theocc.com/webapps/
15 17 CFR 200.30–3(a)(12). monthly-volume-reports.
1 15 U.S.C. 78s(b)(1). 4 The Exchange notes that there is a posting credit 7 As is the case today, in calculating the Super
2 15 U.S.C. 78a.
associated with a Base Tier for which there is no Tier, the Exchange will include the ADV of the
3 17 CFR 240.19b–4. volume requirement. Market Maker’s affiliate(s).
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![Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 55667
rules/sro.shtml). Copies of the The Commission is publishing this simultaneously decrease the credit from
submission, all subsequent notice to solicit comments on the $0.0005 to $0.0000 per share executed
amendments, all written statements proposed rule change from interested for other non-displayed orders that
with respect to the proposed rule persons. provide liquidity.
change that are filed with the
I. Self-Regulatory Organization’s 2. Statutory Basis
Commission, and all written
communications relating to the Statement of the Terms of Substance of The Exchange believes that the
proposed rule change between the the Proposed Rule Change proposed rule change is consistent with
Commission and any person, other than The Exchange proposes to amend the the provisions of Section 6 of the Act,3
those that may be withheld from the Exchange’s Pricing Schedule under in general, and with Section 6(b)(4) and
public in accordance with the Section VIII, entitled ‘‘NASDAQ OMX 6(b)(5) of the Act,4 in particular, in that
provisions of 5 U.S.C. 552, will be PSX FEES,’’ with respect to execution it provides for the equitable allocation
available for Web site viewing and and routing of orders in securities of reasonable dues, fees and other
printing in the Commission’s Public priced at $1 or more per share. charges among members and issuers and
Reference Room, 100 F Street NE., While the changes proposed herein other persons using any facility or
Washington, DC 20549, on official are effective upon filing, the Exchange system which the Exchange operates or
business days between the hours of has designated that the amendments be controls, and is not designed to permit
10:00 a.m. and 3:00 p.m. Copies of such operative on September 1, 2015. unfair discrimination between
filing also will be available for The text of the proposed rule change customers, issuers, brokers, or dealers.
inspection and copying at the principal is available on the Exchange’s Web site The proposed changes to the charge
office of the Exchange. All comments at http:// and credits in the fee schedule under
received will be posted without change; nasdaqomxphlx.cchwallstreet.com/, at the Exchange’s Pricing Schedule under
the Commission does not edit personal the principal office of the Exchange, and Section VIII are reflective of the
identifying information from at the Commission’s Public Reference Exchange’s ongoing efforts to use
submissions. You should submit only Room. pricing incentive programs to attract
information that you wish to make order flow to the Exchange and improve
available publicly. All submissions II. Self-Regulatory Organization’s market quality. The goal of these pricing
should refer to File Number SR– Statement of the Purpose of, and incentives is to provide meaningful
NYSEArca–2015–75 and should be Statutory Basis for, the Proposed Rule incentives for members to increase their
submitted on or before October 7, 2015. Change participation on the Exchange.
In its filing with the Commission, the The Exchange believes that the slight
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Exchange included statements decrease in the charge to a member
authority.15 concerning the purpose of and basis for organization entering an order that
Robert W. Errett, the proposed rule change and discussed executes in PSX from $0.0027 to
Deputy Secretary. any comments it received on the $0.0026 per share executed in securities
proposed rule change. The text of these on exchanges other than Nasdaq and
[FR Doc. 2015–23214 Filed 9–15–15; 8:45 am]
statements may be examined at the NYSE is reasonable because it provides
BILLING CODE 8011–01–P
places specified in Item IV below. The such member organizations with a
Exchange has prepared summaries, set modest benefit of entering orders on the
SECURITIES AND EXCHANGE forth in sections A, B, and C below, of PSX System of securities listed on
COMMISSION the most significant aspects of such exchanges other than Nasdaq and NYSE
statements. and should incentivize more
[Release No. 34–75889; File No. SR–Phlx– participants in the market.
2015–78] A. Self-Regulatory Organization’s Phlx also believes that this proposed
Statement of the Purpose of, and rule changes is consistent with an
Self-Regulatory Organizations; Statutory Basis for, the Proposed Rule equitable allocation of fees and are not
NASDAQ OMX PHLX LLC; Notice of Change unfairly discriminatory because it is
Filing and Immediate Effectiveness of
1. Purpose uniformly available to all members
Proposed Rule Change Relating to the
entering order that execute on PSX for
Exchange’s Pricing Schedule Under The purpose of the proposed rule securities listed on exchanges other than
Section VIII With Respect to Execution change is to amend a charge and certain Nasdaq and NYSE and affects all such
and Routing of Orders in Securities credits for order execution and routing members equally and in the same way.
Priced at $1 or More Per Share applicable to the use of the order The Exchange is also proposing to
September 10, 2015. execution and routing services of the increase the non-displayed order credit
Pursuant to Section 19(b)(1) of the NASDAQ OMX PSX System (‘‘PSX’’) by for non-displayed orders from $0.0020
Securities Exchange Act of 1934 member organizations for all securities to $0.0023 per share executed for all
(‘‘Act,’’) 1 and Rule 19b–4 2 thereunder, traded at $1 or more per share. orders with midpoint pegging that
notice is hereby given that, on The Exchange proposes to slightly provide liquidity, but simultaneously
September 1, 2015, NASDAQ OMX decrease the charge to a member decrease the credit from $0.0005 to
PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed organization entering an order that $0.0000 per share executed for other
executes in PSX from $0.0027 to
asabaliauskas on DSK7TPTVN1PROD with NOTICES
with the Securities and Exchange non-displayed orders that provide
Commission (‘‘Commission’’) the $0.0026 per share executed in securities liquidity. The Exchange believes the
proposed rule change as described in on exchanges other than Nasdaq and proposed change to increase the credit
Items I, II, and III, below, which Items NYSE. for all non-displayed orders with
have been prepared by the Exchange. Phlx also proposes to increase the midpoint pegging that provide liquidity
credit for non-displayed orders from is reasonable because it provides
15 17 CFR 200.30–3(a)(12). $0.0020 to $0.0023 per share executed
1 15 U.S.C. 78s(b)(1). for all orders with midpoint pegging 3 15 U.S.C. 78f.
2 17 CFR 240.19b–4. that provide liquidity, but 4 15 U.S.C. 78f(b)(4) and (5).
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Document Created: 2018-02-26 10:16:52
Document Modified: 2018-02-26 10:16:52
| 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 55665 |
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