80 FR 64046 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 204 (October 22, 2015)
Federal Register Volume 80, Issue 204 (October 22, 2015)
| Page Range | 64046-64048 | |
| FR Document | 2015-26810 |
[Federal Register Volume 80, Number 204 (Thursday, October 22, 2015)] [Notices] [Pages 64046-64048] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-26810] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76180; File No. SR-ISEGemini-2015-19] Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees October 16, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 1, 2015, ISE Gemini, LLC (the ``Exchange'' or ``ISE Gemini'') filed with the Securities and Exchange Commission (``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 [[Page 64047]] 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 ISE Gemini proposes to amend language in the Schedule of Fees related to excluding days from its average daily volume calculations when the market is not open for the entire trading day. The text of the proposed rule change is available on the Exchange's Internet Web site at http://www.ise.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, for purposes of determining a member's average daily volume (``ADV''), any day that the market is not open for the entire trading day may be excluded from such calculation. The Exchange proposes to amend language in the Schedule of Fees related to excluding days from the ADV calculations used to determine applicable fee and rebate tiers. Specifically, the Exchange proposes to permit days to be excluded from its ADV calculations where the Exchange is technically open for the entire trading day, but has instructed members to route away due to a systems or other error that ultimately does not impact trading on the Exchange. Currently, the Exchange's ability to remove days from its ADV calculations is limited to days where the market is not open for the entire trading day. This allows the Exchange to exclude days, for example, where the Exchange declares a trading halt in all securities, honors a market-wide trading halt declared by another market, or closes early for holiday observance. Because these days generally have artificially lower trading volume, the Exchange believes that it is reasonable and equitable to not include such days in determining fee and rebate tiers. The Exchange notes, however, that if it has a systems issue in the morning before the market opens, it may instruct members to route away to other markets. If the systems issue continues into trading hours, the Exchange is permitted to exclude the day for all members that would have a lower ADV with the day included. If, however, the systems issue is resolved prior to the opening of trading, the Exchange is not permitted to exclude the day from its ADV calculations. This is the case regardless of the fact that many members would have already made arrangements to route away in accordance with the Exchange's instructions. To prevent this undesirable result, and preserve the Exchange's intent behind adopting volume-based pricing, the Exchange proposes to allow days to be excluded from its ADV calculation whenever all members are instructed, in writing, to route their orders to other markets. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\3\ in general, and Section 6(b)(4) of the Act,\4\ in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that it is reasonable and equitable to exclude a day from its ADV calculations when members are instructed to route their orders to other markets as this preserves the Exchange's intent behind adopting volume-based pricing, and avoids penalizing members that follow this instruction. Without this change, members that route away in accordance with the Exchange's instructions may be negatively impacted, resulting in an effective cost increase for those members. The Exchange further believes that the proposed rule change is not unfairly discriminatory because it applies equally to all members and ADV calculations. As is the Exchange's current practice, the Exchange will inform members of any day to be excluded from its ADV calculations by sending members a notice and posting such notice on the Exchange's Web site. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78f. \4\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\5\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed modifications to its ADV calculation are pro-competitive and will result in lower total costs to end users, a positive outcome of competitive markets. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and rebates to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\6\ and subparagraph (f)(2) of Rule 19b-4 thereunder,\7\ because it establishes a due, fee, or other charge imposed by ISE Gemini. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A)(ii). \7\ 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 to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and [[Page 64048]] 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-ISEGemini-2015-19 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISEGemini-2015-19. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 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-ISEGemini-2015-19, and should be submitted on or before November 12, 2015. --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ Brent J. Fields, Secretary. [FR Doc. 2015-26810 Filed 10-21-15; 8:45 am] BILLING CODE 8011-01-P
![64046 Federal Register / Vol. 80, No. 204 / Thursday, October 22, 2015 / Notices
The large number of SROs, TRFs, BDs, C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the
and ATSs that currently produce Statement on Comments on the submission, all subsequent
proprietary data or are currently capable Proposed Rule Change Received From amendments, all written statements
of producing it provides further pricing Members, Participants, or Others with respect to the proposed rule
discipline for proprietary data products. The Exchange has not solicited, and change that are filed with the
Each SRO, TRF, ATS, and BD is does not intend to solicit, comments on Commission, and all written
currently permitted to produce this proposed rule change. The communications relating to the
proprietary data products, and many Exchange has not received any proposed rule change between the
currently do. unsolicited written comments from Commission and any person, other than
members or other interested parties. those that may be withheld from the
Any ATS or BD can combine with any public in accordance with the
other ATS, BD, or multiple ATSs or BDs III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
to produce joint proprietary data Proposed Rule Change and Timing for available for Web site viewing and
products. Additionally, order routers Commission Action printing in the Commission’s Public
and market data vendors can facilitate The foregoing rule change has become Reference Room, 100 F Street NE.,
single or multiple broker-dealers’ effective pursuant to Section Washington, DC 20549 on official
production of proprietary data products. 19(b)(3)(A)(ii) of the Act,23 and business days between the hours of
The potential sources of proprietary subparagraph (f)(2) of Rule 19b–4 10:00 a.m. and 3:00 p.m. Copies of such
products are virtually limitless. thereunder,24 because it establishes a filing also will be available for
due, fee, or other charge imposed by inspection and copying at the principal
The fact that proprietary data from
ISE. office of the Exchange. All comments
ATSs, BDs, and vendors can by-pass
At any time within 60 days of the received will be posted without change;
SROs is significant in two respects. the Commission does not edit personal
filing of such proposed rule change, the
First, non-SROs can compete directly identifying information from
Commission summarily may
with SROs for the production and sale submissions. You should submit only
temporarily suspend such rule change if
of proprietary data products, as BATS it appears to the Commission that such information that you wish to make
and Arca did before registering as action is necessary or appropriate in the available publicly. All submissions
exchanges by publishing proprietary public interest, for the protection of should refer to File Number SR–ISE–
book data on the Internet. Second, investors, or otherwise in furtherance of 2015–33, and should be submitted on or
because a single order or transaction the purposes of the Act. If the before November 12, 2015.
report can appear in an SRO proprietary Commission takes such action, the For the Commission, by the Division of
product, a non-SRO proprietary Commission shall institute proceedings Trading and Markets, pursuant to delegated
product, or both, the data available in to determine whether the proposed rule authority.25
proprietary products is exponentially should be approved or disapproved.
greater than the actual number of orders Brent J. Fields,
IV. Solicitation of Comments Secretary.
and transaction reports that exist in the
marketplace. Market data vendors Interested persons are invited to [FR Doc. 2015–26811 Filed 10–21–15; 8:45 am]
provide another form of price discipline submit written data, views, and BILLING CODE 8011–01–P
for proprietary data products because arguments concerning the foregoing,
they control the primary means of including whether the proposed rule
access to end users. Vendors impose change is consistent with the Act. SECURITIES AND EXCHANGE
price restraints based upon their Comments may be submitted by any of COMMISSION
the following methods:
business models. For example, vendors [Release No. 34–76180; File No. SR–
such as Bloomberg and Reuters that Electronic Comments ISEGemini–2015–19]
assess a surcharge on data they sell may • Use the Commission’s Internet
refuse to offer proprietary products that Self-Regulatory Organizations; ISE
comment form (http://www.sec.gov/ Gemini, LLC; Notice of Filing and
end users will not purchase in sufficient rules/sro.shtml); or Immediate Effectiveness of Proposed
numbers. Internet portals, such as • Send an email to rule-comments@ Rule Change To Amend the Schedule
Google, impose a discipline by sec.gov. Please include File Number SR– of Fees
providing only data that will enable ISE–2015–33 on the subject line.
them to attract ‘‘eyeballs’’ that Paper Comments
October 16, 2015.
contribute to their advertising revenue. Pursuant to Section 19(b)(1) of the
Retail broker-dealers, such as Schwab • Send paper comments in triplicate Securities Exchange Act of 1934 (the
and Fidelity, offer their customers to Brent J. Fields, Secretary, Securities ‘‘Act’’),1 and Rule 19b–4 thereunder,2
proprietary data only if it promotes and Exchange Commission, 100 F Street notice is hereby given that on October
NE., Washington, DC 20549–1090. 1, 2015, ISE Gemini, LLC (the
trading and generates sufficient
commission revenue. Although the All submissions should refer to File ‘‘Exchange’’ or ‘‘ISE Gemini’’) filed with
business models may differ, these Number SR–ISE–2015–33. This file the Securities and Exchange
number should be included on the Commission (‘‘Commission’’) the
vendors’ pricing discipline is the same:
subject line if email is used. To help the proposed rule change, as described in
They can simply refuse to purchase any
Commission process and review your Items I, II, and III below, which Items
proprietary data product that fails to
tkelley on DSK3SPTVN1PROD with NOTICES
comments more efficiently, please use have been prepared by the self-
provide sufficient value. The Exchange only one method. The Commission will regulatory organization. The
and other producers of proprietary data post all comments on the Commission’s Commission is publishing this notice to
products must understand and respond Internet Web site (http://www.sec.gov/
to these varying business models and 25 17CFR 200.30–3(a)(12).
pricing disciplines in order to market 23 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
proprietary data products successfully. 24 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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![64048 Federal Register / Vol. 80, No. 204 / Thursday, October 22, 2015 / Notices
arguments concerning the foregoing, SMALL BUSINESS ADMINISTRATION Total Estimated Annual Hour Burden:
including whether the proposed rule 35,500.
change is consistent with the Act. Data Collection Available for Public
Comments may be submitted by any of Comments Curtis B. Rich,
the following methods: Management Analyst.
60-day notice and request for
ACTION: [FR Doc. 2015–26664 Filed 10–21–15; 8:45 am]
Electronic Comments comments.
BILLING CODE 8025–01–P
• Use the Commission’s Internet SUMMARY: The Small Business
comment form (http://www.sec.gov/ Administration (SBA) intends to request
rules/sro.shtml); or approval, from the Office of
• Send an email to rule-comments@ Management and Budget (OMB) for the SOCIAL SECURITY ADMINISTRATION
sec.gov. Please include File Number SR– collection of information described
ISEGemini–2015–19 on the subject line. below. The Paperwork Reduction Act [Docket No: SSA–2015–0062 ]
Paper Comments (PRA) of 1995, 44 U.S.C Chapter 35
• Send paper comments in triplicate requires federal agencies to publish a Agency Information Collection
to Brent J. Fields, Secretary, Securities notice in the Federal Register Activities: Proposed Request and
and Exchange Commission, 100 F Street concerning each proposed collection of Comment Request
NE., Washington, DC 20549–1090. information before submission to OMB,
and to allow 60 days for public The Social Security Administration
All submissions should refer to File comment in response to the notice. This (SSA) publishes a list of information
Number SR–ISEGemini–2015–19. This notice complies with that requirement. collection packages requiring clearance
file number should be included on the
DATES: Submit comments on or before by the Office of Management and
subject line if email is used. To help the
December 21, 2015. Budget (OMB) in compliance with
Commission process and review your
comments more efficiently, please use ADDRESSES: Send all comments to Public Law 104–13, the Paperwork
only one method. The Commission will Travis Farris, Counsel to Inspector Reduction Act of 1995, effective October
post all comments on the Commission’s General, Office of Inspector General, 1, 1995. This notice include an
Internet Web site (http://www.sec.gov/ Small Business Administration, 409 3rd extension and a revision of OMB-
rules/sro.shtml). Copies of the Street, 5th Floor, Washington, DC approved information collections.
submission, all subsequent 20416.
SSA is soliciting comments on the
amendments, all written statements FOR FURTHER INFORMATION CONTACT: accuracy of the agency’s burden
with respect to the proposed rule Travis Farris, Counsel to Inspector estimate; the need for the information;
change that are filed with the General, Inspector General, its practical utility; ways to enhance its
Commission, and all written travis.farris@sba.gov 202–205–7178, or quality, utility, and clarity; and ways to
communications relating to the Curtis B. Rich, Management Analyst, minimize burden on respondents,
proposed rule change between the 202–205–7030, curtis.rich@sba.gov. including the use of automated
Commission and any person, other than SUPPLEMENTARY INFORMATION: Small collection techniques or other forms of
those that may be withheld from the Business Administration SBA Form 912 information technology. Mail, email, or
public in accordance with the is used to collect information needed to fax your comments and
provisions of 5 U.S.C. 552, will be make character determinations with recommendations on the information
available for Web site viewing and respect to applicants for monetary loan
printing in the Commission’s Public collection(s) to the OMB Desk Officer
assistance or applicants for participation
Reference Room, 100 F Street NE., and SSA Reports Clearance Officer at
in SBA programs. The information
Washington, DC 20549 on official the following addresses or fax numbers.
collected is used as the basis for
business days between the hours of conducting name checks at national (OMB) Office of Management and
10:00 a.m. and 3:00 p.m. Copies of such Federal Bureau of Investigations (FBI) Budget, Attn: Desk Officer for SSA,
filing also will be available for and local levels. Fax: 202–395–6974, Email address:
inspection and copying at the principal OIRA_Submission@omb.eop.gov.
office of the Exchange. All comments Solicitation of Public Comments
(SSA) Social Security Administration,
received will be posted without change; SBA is requesting comments on (a)
OLCA, Attn: Reports Clearance
the Commission does not edit personal Whether the collection of information is
Director, 3100 West High Rise, 6401
identifying information from necessary for the agency to properly
Security Blvd., Baltimore, MD 21235,
submissions. You should submit only perform its functions; (b) whether the
burden estimates are accurate; (c) Fax: 410–966–2830, Email address:
information that you wish to make
whether there are ways to minimize the OR.Reports.Clearance@ssa.gov.
available publicly. All submissions
should refer to File Number SR– burden, including through the use of Or you may submit your comments
ISEGemini–2015–19, and should be automated techniques or other forms of online through www.regulations.gov,
submitted on or before November 12, information technology; and (d) whether referencing Docket ID Number [SSA–
2015. there are ways to enhance the quality, 2015–0062].
For the Commission, by the Division of
utility, and clarity of the information. I. The information collection below is
Trading and Markets, pursuant to delegated Summary of Information Collection pending at SSA. SSA will submit it to
authority.8 OMB within 60 days from the date of
tkelley on DSK3SPTVN1PROD with NOTICES
Title: Statement of Personal History.
Brent J. Fields, this notice. To be sure we consider your
Description of Respondents:
Secretary. Applicants participationing in SBA comments, we must receive them no
[FR Doc. 2015–26810 Filed 10–21–15; 8:45 am] programs. later than December 21, 2015.
BILLING CODE 8011–01–P Form Number: SBA Form 912. Individuals can obtain copies of the
Total Estimated Annual Responses: collection instruments by writing to the
8 17 CFR 200.30–3(a)(12). 142,000. above email address.
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Document Created: 2015-12-14 15:34:00
Document Modified: 2015-12-14 15:34:00
| 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 64046 |
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