80 FR 72457 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule Effective December 1, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 223 (November 19, 2015)
Federal Register Volume 80, Issue 223 (November 19, 2015)
| Page Range | 72457-72458 | |
| FR Document | 2015-29491 |
[Federal Register Volume 80, Number 223 (Thursday, November 19, 2015)] [Notices] [Pages 72457-72458] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29491] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76439; File No. SR-NYSEARCA-2015-112] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule Effective December 1, 2015 November 13, 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 November 9, 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 changes effective December 1, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend the Fee Schedule, effective December 1, 2015. Specifically, the Exchange proposes to decrease certain fees charged to Market Makers, Lead Market Makers, Firms and Broker Dealers, and Professional Customers (collectively, ``Non- Customers'') for Taking Liquidity in Penny Pilot Issues (``Take Fees''). Last month the Exchange increased the Take Fees charged to Non-Customers from $0.50 to $0.52 per contract for electronic executions.\4\ The Exchange now proposes to reduce the Take Fees charged to Non-Customers back to $0.50 per contract after having considered the competitive landscape.\5\ --------------------------------------------------------------------------- \4\ See File No. SR-NYSEArca-2015-108 (November 2, 2015). \5\ See e.g., NASDAQ Options Market--Fees and Rebates, available at: http://www.nasdaqtrader.com/Micro.aspx?id=optionsPricing (charging non-customers take fees of $0.50 per contract in penny pilot issues other than in certain select symbols, for which the take fee is $0.55). See also MIAX fee schedule, available here: https://www.miaxoptions.com/sites/default/files/MIAX_Options_Fee_Schedule_10012015C.pdf (charging non-customers take fees of $0.47 per contract in penny pilot issues other than in certain select symbols, for which the take fee is $0.55). The Commission notes that the $0.55 take fee applies only to certain categories of non-customers (i.e. away market makers). --------------------------------------------------------------------------- 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 [[Page 72458]] 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 Take Fees for Non-Customers reasonable, equitable and not unfairly discriminatory because they are competitive with fees charged by other exchanges and are designed to attract (and compete for) order flow to the Exchange, which provides a greater opportunity for trading by all market participants.\8\ Moreover, the Exchange believes the proposed change does not unfairly discriminate because it applies equally to all Non-Customers who are removing liquidity. --------------------------------------------------------------------------- \8\ See supra n. 5. --------------------------------------------------------------------------- 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,\9\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Instead, the Exchange believes that the proposed change would continue to encourage competition and make the Exchange a more competitive venue for, among other things, order execution and price discovery. In addition, the proposed change would impact all affected order types (i.e., Professional Customers, Firm, Broker Dealers) in issues at the same rate. The Exchange does not believe that the proposed change will impair the ability of any market participants or competing order execution venues to maintain their competitive standing in the financial markets. 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) \10\ of the Act and subparagraph (f)(2) of Rule 19b-4 \11\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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) \12\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 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-2015-112 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEARCA-2015-112. 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 Section, 100 F Street NE., Washington, DC 20549-1090. 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-NYSEARCA-2015-112 and should be submitted on or before December 10, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-29491 Filed 11-18-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices 72457
written authorization from that outgoing correspondence and internal Exchange’s Web site at www.nyse.com,
individual for the representative to act memoranda. Sources include at the principal office of the Exchange,
on their behalf. The written individuals; state, local, tribal, and and at the Commission’s Public
authorization must also include an foreign government agencies as Reference Room.
original notarized statement or an appropriate; the executive and II. Self-Regulatory Organization’s
unsworn declaration, as described legislative branches of the Federal Statement of the Purpose of, and
above. Government; the Judiciary; and Statutory Basis for, the Proposed Rule
interested third parties. Change
AMENDMENT PROCEDURES:
Individuals wishing to amend SYSTEMS EXEMPT FROM CERTAIN PROVISIONS OF In its filing with the Commission, the
information maintained in the system THE ACT: self-regulatory organization included
should direct their requests to the FOIA/ A determination as to exemption shall statements concerning the purpose of,
PA Requester Service Center, U.S. Office be made at the time a request for access and basis for, the proposed rule change
of Personnel Management, 1900 E Street or amendment is received. OPM has and discussed any comments it received
NW., Room 5415, Washington, DC promulgated rules in 5 CFR 297.501(c) on the proposed rule change. The text
20415, or by emailing foia@opm.gov, reserving the right to assert exemptions of those statements may be examined at
stating clearly and concisely what for these records when received from the places specified in Item IV below.
information the individuals seek to another agency that could properly The Exchange has prepared summaries,
amend, the reasons for seeking claim such exemptions in responding to set forth in sections A, B, and C below,
amendment, and the proposed a request, and reserving the right to of the most significant parts of such
amendments. Some information is not refuse access to information compiled in statements.
subject to amendment. A determination reasonable anticipation of a civil action
whether a record may be amended will or litigation. A. Self-Regulatory Organization’s
be made at the time a request is Statement of the Purpose of, and the
[FR Doc. 2015–29583 Filed 11–18–15; 8:45 am]
received. Individuals must furnish the Statutory Basis for, the Proposed Rule
BILLING CODE 6325–47–P Change
following information in writing for
their records to be located: 1. Purpose
1. Full name, former name, and any
other names used. SECURITIES AND EXCHANGE The purpose of this filing is to amend
2. Date and place of birth. COMMISSION the Fee Schedule, effective December 1,
3. Social Security Number. 2015. Specifically, the Exchange
[Release No. 34–76439; File No. SR–
4. Signature. NYSEARCA–2015–112] proposes to decrease certain fees
5. Information the individual seeks to charged to Market Makers, Lead Market
amend, the reasons for seeking Self-Regulatory Organizations; NYSE Makers, Firms and Broker Dealers, and
amendment, and the proposed Arca, Inc.; Notice of Filing and Professional Customers (collectively,
amendments. Immediate Effectiveness of Proposed ‘‘Non-Customers’’) for Taking Liquidity
Individuals requesting access must Rule Change To Amend the NYSE Arca in Penny Pilot Issues (‘‘Take Fees’’). Last
also comply with OPM’s Privacy Act Options Fee Schedule Effective month the Exchange increased the Take
regulations regarding verification of December 1, 2015 Fees charged to Non-Customers from
identity and access to records (5 CFR $0.50 to $0.52 per contract for electronic
part 297). In addition, requestors must November 13, 2015. executions.4 The Exchange now
provide a notarized statement or an Pursuant to Section 19(b)(1) 1 of the proposes to reduce the Take Fees
unsworn declaration made in Securities Exchange Act of 1934 (the charged to Non-Customers back to $0.50
accordance with 28 U.S.C. 1746, in the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 per contract after having considered the
following format: notice is hereby given that, on competitive landscape.5
• If executed outside the United November 9, 2015, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 2. Statutory Basis
States: ‘‘I declare (or certify, verify, or
state) under penalty of perjury under the the Securities and Exchange The Exchange believes that the
laws of the United States of America Commission (the ‘‘Commission’’) the proposed rule change is consistent with
that the foregoing is true and correct. proposed rule change as described in Section 6(b) of the Act,6 in general, and
Executed on [date]. [signature].’’ Items I, II, and III below, which Items furthers the objectives of Sections
• If executed within the United have been prepared by the self- 6(b)(4) and (5) of the Act,7 in particular,
States, its territories, possessions, or regulatory organization. The because it provides for the equitable
commonwealths: ‘‘I declare (or certify, Commission is publishing this notice to allocation of reasonable dues, fees, and
verify, or state) under penalty of perjury solicit comments on the proposed rule
4 See File No. SR–NYSEArca–2015–108
that the foregoing is true and correct. change from interested persons.
(November 2, 2015).
Executed on [date]. [signature].’’
Attorneys or other persons acting on I. Self-Regulatory Organization’s 5 See e.g., NASDAQ Options Market—Fees and
Statement of the Terms of Substance of Rebates, available at: http://www.nasdaqtrader.
behalf of an individual must provide com/Micro.aspx?id=optionsPricing (charging non-
written authorization from that the Proposed Rule Change customers take fees of $0.50 per contract in penny
individual for the representative to act The Exchange proposes to amend the pilot issues other than in certain select symbols, for
which the take fee is $0.55). See also MIAX fee
on their behalf. The written NYSE Arca Options Fee Schedule (‘‘Fee schedule, available here: https://www.miaxoptions.
mstockstill on DSK4VPTVN1PROD with NOTICES
authorization must also include an Schedule’’). The Exchange proposes to com/sites/default/files/MIAX_Options_Fee_
original notarized statement or an implement the fee changes effective Schedule_10012015C.pdf (charging non-customers
December 1, 2015. The text of the take fees of $0.47 per contract in penny pilot issues
unsworn declaration, as described other than in certain select symbols, for which the
above. proposed rule change is available on the take fee is $0.55). The Commission notes that the
$0.55 take fee applies only to certain categories of
RECORD SOURCE CATEGORIES: 1 15 U.S.C. 78s(b)(1). non-customers (i.e. away market makers).
The information contained in this 2 15 U.S.C. 78a. 6 15 U.S.C. 78f(b).
system is derived from incoming and 3 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(4) and (5).
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![72458 Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices
other charges among its members, C. Self-Regulatory Organization’s Commission’s Internet Web site (http://
issuers and other persons using its Statement on Comments on the www.sec.gov/rules/sro.shtml). Copies of
facilities and does not unfairly Proposed Rule Change Received From the submission, all subsequent
discriminate between customers, Members, Participants, or Others amendments, all written statements
issuers, brokers or dealers. No written comments were solicited with respect to the proposed rule
or received with respect to the proposed change that are filed with the
The Exchange believes that the
rule change. Commission, and all written
proposed Take Fees for Non-Customers communications relating to the
reasonable, equitable and not unfairly III. Date of Effectiveness of the proposed rule change between the
discriminatory because they are Proposed Rule Change and Timing for Commission and any person, other than
competitive with fees charged by other Commission Action those that may be withheld from the
exchanges and are designed to attract The foregoing rule change is effective public in accordance with the
(and compete for) order flow to the upon filing pursuant to Section provisions of 5 U.S.C. 552, will be
Exchange, which provides a greater 19(b)(3)(A) 10 of the Act and available for Web site viewing and
opportunity for trading by all market subparagraph (f)(2) of Rule 19b–4 11 printing in the Commission’s Public
participants.8 Moreover, the Exchange thereunder, because it establishes a due, Reference Section, 100 F Street NE.,
believes the proposed change does not fee, or other charge imposed by the Washington, DC 20549–1090. Copies of
unfairly discriminate because it applies Exchange. the filing will also be available for
equally to all Non-Customers who are At any time within 60 days of the inspection and copying at the NYSE’s
removing liquidity. filing of such proposed rule change, the principal office and on its Internet Web
Commission summarily may site at www.nyse.com. All comments
For these reasons, the Exchange
temporarily suspend such rule change if received will be posted without change;
believes that the proposal is consistent the Commission does not edit personal
with the Act. it appears to the Commission that such
action is necessary or appropriate in the identifying information from
B. Self-Regulatory Organization’s public interest, for the protection of submissions. You should submit only
Statement on Burden on Competition investors, or otherwise in furtherance of information that you wish to make
the purposes of the Act. If the available publicly. All submissions
In accordance with Section 6(b)(8) of Commission takes such action, the should refer to File Number SR–
the Act,9 the Exchange does not believe Commission shall institute proceedings NYSEARCA–2015–112 and should be
that the proposed rule change will under Section 19(b)(2)(B) 12 of the Act to submitted on or before December 10,
impose any burden on competition that determine whether the proposed rule 2015.
is not necessary or appropriate in change should be approved or For the Commission, by the Division of
furtherance of the purposes of the Act. disapproved. Trading and Markets, pursuant to delegated
authority.13
Instead, the Exchange believes that IV. Solicitation of Comments Brent J. Fields,
the proposed change would continue to
Interested persons are invited to Secretary.
encourage competition and make the
submit written data, views, and [FR Doc. 2015–29491 Filed 11–18–15; 8:45 am]
Exchange a more competitive venue for, arguments concerning the foregoing, BILLING CODE 8011–01–P
among other things, order execution and including whether the proposed rule
price discovery. In addition, the change is consistent with the Act.
proposed change would impact all Comments may be submitted by any of SECURITIES AND EXCHANGE
affected order types (i.e., Professional the following methods: COMMISSION
Customers, Firm, Broker Dealers) in
issues at the same rate. The Exchange Electronic Comments [Release No. 34–76437; File No. SR–ICC–
2015–018]
does not believe that the proposed • Use the Commission’s Internet
change will impair the ability of any comment form (http://www.sec.gov/ Self-Regulatory Organizations; ICE
market participants or competing order rules/sro.shtml); or Clear Credit LLC; Notice of Filing and
execution venues to maintain their • Send an email to rule-comments@ Immediate Effectiveness of Proposed
competitive standing in the financial sec.gov. Please include File Number SR– Rule Change To Revise ICC End-of-
markets. NYSEARCA–2015–112 on the subject Day Price Discovery Policies and
line. Procedures
The Exchange notes that it operates in
a highly competitive market in which Paper Comments
November 13, 2015.
market participants can readily favor • Send paper comments in triplicate Pursuant to Section 19(b)(1) of the
competing venues. In such an to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934
environment, the Exchange must and Exchange Commission, 100 F Street (‘‘Act’’),1 and Rule 19b–4 thereunder,2
continually review, and consider NE., Washington, DC 20549–1090. notice is hereby given that on November
adjusting, its fees and credits to remain All submissions should refer to File 5, 2015, ICE Clear Credit LLC (‘‘ICC’’)
competitive with other exchanges. For Number SR–NYSEARCA–2015–112. filed with the Securities and Exchange
the reasons described above, the This file number should be included on Commission (‘‘Commission’’) the
Exchange believes that the proposed the subject line if email is used. To help proposed rule change as described in
mstockstill on DSK4VPTVN1PROD with NOTICES
rule change reflects this competitive the Commission process and review Items I, II, and III below, which Items
environment. your comments more efficiently, please have been prepared primarily by ICC.
use only one method. The Commission ICC filed the proposed rule change
will post all comments on the pursuant to Section 19(b)(3)(A) of the
10 15 U.S.C. 78s(b)(3)(A). 13 17 CFR 200.30–3(a)(12).
8 See supra n. 5. 11 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1).
9 15 U.S.C. 78f(b)(8). 12 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-14 13:57:18
Document Modified: 2015-12-14 13:57:18
| 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 72457 |
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