80 FR 72465 - 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 223 (November 19, 2015)
Federal Register Volume 80, Issue 223 (November 19, 2015)
| Page Range | 72465-72468 | |
| FR Document | 2015-29490 |
[Federal Register Volume 80, Number 223 (Thursday, November 19, 2015)] [Notices] [Pages 72465-72468] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29490] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76438; File No. SR-NYSEARCA-2015-108] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule 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 2, 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 November 2, 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 in a number of different ways, effective November 2, 2015. Specifically, the Exchange proposes to increase certain Take Liquidity Fees charged; to introduce new posting credits; and to modify the Take Fee Discount Qualification, as described below. Transaction Fees for Taking Liquidity in Penny Pilot Issues The Exchange proposes to modify the fees paid by Market Makers, Lead Market Makers, Firms and Broker Dealers, and Professional Customers (collectively, ``Non-Customers'') for Taking Liquidity in Penny Pilot Issues (``Take Fees''). Currently, Non-Customers pay Take Fees of $0.50 per contract for electronic executions. The Exchange proposes to raise that fee to $0.52 per contract, which is within the range of fees charged by competing option exchanges.\4\ --------------------------------------------------------------------------- \4\ For example, MIAX charges $0.55 for executions [sic] in the following penny pilot options: EEM, GLD, IWM, QQQ and SPY. See MIAX fee schedule, available here, https://www.miaxoptions.com/sites/default/files/MIAX_Options_Fee_Schedule_10012015C.pdf. BOX assesses fees greater than $0.55 to Non-customers [sic] for executions in penny pilot options. See BOX Options fee schedule, available here, http://boxexchange.com/assets/BOX_Fee_Schedule.pdf. In addition, NOM recently proposed to charge non-NOM Market Markers $0.55 for executions in the following penny pilot options: EEM, GLD, IWM, QQQ, and SPY; and charge all other account types $0.50 for removing liquidity in these symbols. See File SR-NASDAQ-2015 [sic]. --------------------------------------------------------------------------- Customer Monthly Posting Credit Tiers for Penny Pilot Issues The Exchange is proposing to add a new tier to the Customer Monthly Posting Credit Tiers for Penny Pilot Issues (``Posting Credit Tiers,'' each a ``Tier''), which currently has six Tiers. [[Page 72466]] The Exchange currently offers incremental Posting Credit Tiers for Posted Electronic Customer and Professional Customer Executions in Penny Pilot Issues based on escalating levels of business executed on the Exchange and also on the NYSE Arca Equity Market. The Exchange proposes to add a new Tier that will replace Tier 6; current Tier 6 will have the same posting requirements, but will become Tier 7. To qualify for proposed Tier 6, Order Flow Providers (``OFPs'') must achieve at least 0.50% of Total Industry Customer equity and ETF option Average Daily Volume (``ADV'') from Customer and Professional Customer Posted Orders in all Issues Plus Executed ADV of 0.70% of U.S. Equity Market Share Posted and Executed on NYSE Arca Equity Market.\5\ OFPs that meet the qualifications for Tier 6 would receive a credit of $0.48 per contract applied to posted electronic Customer and Professional Customer executions in Penny Pilot issues. The Exchange believes this proposed change would provide additional incentive to direct Customer (and Professional Customer) order flow to the Exchange, which benefits all market participants through increased liquidity and enhanced price discovery. The Exchange also notes that cross-asset incentives are not new or novel, as the Exchange currently offers them (see, e.g., Tier 4), and proposed Tier 6 offers incentives similar to those recently introduced on a competing option exchange.\6\ --------------------------------------------------------------------------- \5\ The qualification level of U.S. Equity Market Share Posted and Executed on NYSE Arca Equity Market corresponds to Tier 1 on the NYSE Arca Equities Inc., Schedule of Fees and Charges for Exchange Services, available here, https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf. \6\ Specifically, NOM recently added a new tier that is eligible for a $0.51 per contract rebate provided that ``Participant (1) adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker- Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.85% of total industry customer equity and ETF option ADV contracts per day in a month and (2) the Participant has added liquidity in all securities through one or more of its Nasdaq Market Center MPIDs that represent 1.00% or more of Consolidated Volume during the month.'' See File No. SR-NASDAQ-2015-115. --------------------------------------------------------------------------- Customer and Professional Customer Incentive Program The Exchange is proposing two modifications to the Customer and Professional Customer Incentive Program, which provides four alternatives to earn credits. Currently, if an OTP Holder or OTP Firm (each an ``OTP'') executes at least 0.75% of Total Industry Customer equity and ETF option ADV from Customer and Professional Customer Posted Orders in both Penny Pilot and non-Penny Pilot Issues, of which at least 0.25% of Total Industry Customer equity and ETF option ADV is from Customer and Professional Customer Posted Orders in non-Penny Pilot Issues, that OFP qualifies for an additional $0.03 Credit on Customer and Professional Customer Posting Credits. The Exchange proposes to increase the 0.75% minimum volume requirement to 1.00% and to increase the applicable additional credit to $0.04. The Exchange also proposes a fifth alternative to qualify for additional credits under the Customer and Professional Customer Incentive Program. The Exchange proposes that an OTP that has an executed ADV of 0.70% of U.S. equity market share posted and executed on NYSE Arca Equity Market \7\ would qualify for an additional $0.03 credit on Customer and Professional Customer posting credits. --------------------------------------------------------------------------- \7\ See supra n. 5. --------------------------------------------------------------------------- Take Liquidity Discount for Certain Market Participants Lastly, the Exchange proposes modifications to the Discount in Take Liquidity Fees for Professional Customer, Market Maker, Firm and Broker Dealer Liquidity Removing Orders (the ``Take Fee Discount'') for OTPs. Currently, the Take Fee Discount is applied if the OTP meets both qualifications of at least 1.00% of Total Industry Customer equity and ETF option ADV from Customer and Professional Customer Posted Orders in all Issues AND at least 2.00% of Total Industry Customer equity and ETF option ADV from Professional Customer, Market Maker, Firm, and Broker Dealer Liquidity Removing Orders in all Issues. The Take Fee Discount applied to orders meeting both qualifications is $0.02 in Penny Pilot issues, and $0.06 in non-Penny Pilot issues. The Exchange proposes to modify the qualifications such that meeting either qualification (rather than both) would enable an OTP to receive the discount, which would make the Discount easier to achieve. The Exchange also proposes to increase the Take Fee Discount for applicable orders in Penny Pilot Issues from $0.02 to $0.04, and to discontinue the Take Fee Discount applied to executions in non-Penny Pilot issues. Thus, as proposed, a discount of $0.04 in Penny Pilot issues would be applied if the OTP executes at least 1.00% of Total Industry Customer equity and ETF option ADV from Customer and Professional Customer Posted Orders in all Issues, OR executes at least 2.00% of Total Industry Customer equity and ETF option ADV from Professional Customer, Market Maker, Firm, and Broker Dealer Liquidity Removing Orders in all Issues. 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 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.\10\ In addition, the increased Take Fees are reasonable because the fees would generate revenue that would help to support the credits offered for posting liquidity, which are available to all market participants. Moreover, the Exchange believes the proposed change does not unfairly discriminate because it applies equally to all Non-Customers who are removing liquidity. --------------------------------------------------------------------------- \10\ See supra n. 4. --------------------------------------------------------------------------- The Exchange believes the introduction of a new Tier in the Customer and Professional Customer Monthly Posting Credit Tiers and Qualifications for Executions in Penny Pilot Issues is reasonable, equitable and not unfairly discriminatory because it is designed to attract additional Customer (and Professional Customer) electronic equity and ETF option volume to the Exchange, which additional liquidity would benefit all participants by offering greater price discovery, increased transparency, and an increased opportunity to trade on the Exchange. Additionally, the Exchange believes the proposed credits available on this new Tier are reasonable because they would incent OTPs to submit Customer (and Professional Customer) electronic equity and ETF option orders to the Exchange and would result in credits that are reasonably related to the Exchange's market quality that is associated with higher volumes. The Exchange also notes that cross-asset [[Page 72467]] incentives are not new or novel, as the Exchange currently offers them (see, e.g., Tier 4), and proposed Tier 6 offers incentives similar to those recently introduced on a competing option exchange.\11\ --------------------------------------------------------------------------- \11\ See supra n. 6. --------------------------------------------------------------------------- The Exchange believes the proposed modifications to the Customer and Professional Customer Incentive Program are reasonable, equitable and not unfairly discriminatory because they are designed to attract additional Customer (and Professional Customer) electronic equity and ETF option volume to the Exchange, which additional liquidity would benefit all participants by offering greater price discovery, increased transparency, and an increased opportunity to trade on the Exchange. Additionally, the Exchange believes the proposed credits available in the new (fifth) alternative would provide additional incentive to OTPs to submit Customer (and Professional Customer) electronic equity and ETF option orders to the Exchange and would result in credits that are reasonably related to the Exchange's market quality that is associated with higher volumes. In addition, the proposed fifth alternative would attract additional posted order flow to NYSE Arca Equities, so as to provide additional opportunities for all ETP Holders to trade on NYSE Arca Equities. The Exchange believes the changes to the take Fee Discount for Non- Customers are reasonable, equitable and non-discriminatory because it makes the Discount easier to achieve which would incentivize OTPs to execute large volumes of orders on the Exchange, which benefits all market participants through increased liquidity and enhanced price discovery. The Exchange believes the elimination of the Discount for Non-Penny Issues encourages OTPs to bring more business to the Exchange in Penny Pilot issues, which are generally the most active issues, to the benefit of Customers and Non-Customers alike. The Exchange believes the Take Fee Discount is reasonable, equitable, and not unfairly discriminatory because it continues to apply to all participants other than Customers, who pay a much lower Take Liquidity Fee, and because it is available to all firms that provide Customer and Professional Customer orders. The Exchange also notes that the proposed Take Fee discount is consistent with those offered on competing options exchanges.\12\ --------------------------------------------------------------------------- \12\ See, e.g., BATS Options Exchange fee schedule (Non-Customer Penny Pilot Take Volume Tiers), available here, http://www.batsoptions.com/support/fee_schedule/. --------------------------------------------------------------------------- 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,\13\ 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 incentive will continued [sic] to encourage competition, including by attracting additional liquidity and a wider variety of business to the Exchange, which would continue to make the Exchange a more competitive venue for, among other things, order execution and price discovery. The also [sic] Exchange believes the proposed fee modifications do not impose an undue burden on competition because the changes offset an increase in fees for some transactions with a variety of means to achieve credits and discounts. The Exchange does not believe that the proposed changes would impair the ability of any market participants or competing order execution venues to maintain their competitive standing in the financial markets. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The increases in Take Liquidity fees will impact all affected order types (i.e., Professional Customers, Firm, Broker Dealers) in issues at the same rate. The proposed changes to the Customer Monthly Posting Credit Tiers, and the proposed modification to the Customer Incentives are designed to attract additional volume, in particular posted electronic Customer (and Professional Customer) executions, to the Exchange, which would promote price discovery and transparency in the securities markets thereby benefitting competition in the industry. As stated above, the Exchange believes that the proposed change would impact all similarly situated OTPs that post electronic Customer (and Professional Customer) executions on the Exchange equally, and as such, the proposed change 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) \14\ of the Act and subparagraph (f)(2) of Rule 19b-4 \15\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 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) \16\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \16\ 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 rule-comments@sec.gov. Please include File Number SR-NYSEARCA-2015-108 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-2015-108. This file number should be included on [[Page 72468]] 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- 108 and should be submitted on or before December 10, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-29490 Filed 11-18-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices 72465
approve the proposed rule change, as VI. Conclusion II. Self-Regulatory Organization’s
modified by Amendment Nos. 1, 3 and Statement of the Purpose of, and
5, on an accelerated basis. It is therefore ordered, pursuant to Statutory Basis for, the Proposed Rule
Section 19(b)(2) of the Act,38 that the Change
V. Solicitation of Comments on proposed rule change, as modified by
Amendment Nos. 3 and 5 In its filing with the Commission, the
Amendment Nos. 1, 3 and 5 (NYSE–
self-regulatory organization included
Interested persons are invited to 2015–35) be, and it hereby is, approved statements concerning the purpose of,
submit written data, views, and on an accelerated basis. and basis for, the proposed rule change
arguments concerning the foregoing, For the Commission, by the Division of and discussed any comments it received
including whether this filing, as Trading and Markets, pursuant to delegated on the proposed rule change. The text
modified by Amendment Nos. 3 and 5, authority.39 of those statements may be examined at
is consistent with the Act. Comments Brent J. Fields, the places specified in Item IV below.
may be submitted by any of the The Exchange has prepared summaries,
Secretary.
following methods: set forth in sections A, B, and C below,
[FR Doc. 2015–29488 Filed 11–18–15; 8:45 am]
Electronic Comments of the most significant parts of such
BILLING CODE 8011–01–P statements.
• Use the Commission’s Internet A. Self-Regulatory Organization’s
comment form (http://www.sec.gov/ Statement of the Purpose of, and the
rules/sro.shtml); or SECURITIES AND EXCHANGE
COMMISSION Statutory Basis for, the Proposed Rule
• Send an email to rule-comments@ Change
sec.gov. Please include File Number SR–
NYSE–2015–35 on the subject line. [Release No. 34–76438; File No. SR– 1. Purpose
NYSEARCA–2015–108] The purpose of this filing is to amend
Paper Comments
the Fee Schedule in a number of
Self-Regulatory Organizations; NYSE
• Send paper comments in triplicate Arca, Inc.; Notice of Filing and
different ways, effective November 2,
to Brent J. Fields, Secretary, Securities 2015. Specifically, the Exchange
Immediate Effectiveness of Proposed proposes to increase certain Take
and Exchange Commission, 100 F Street
Rule Change Amending the NYSE Arca Liquidity Fees charged; to introduce
NE., Washington, DC 20549–1090.
Options Fee Schedule new posting credits; and to modify the
All submissions should refer to File
November 13, 2015. Take Fee Discount Qualification, as
Number SR–NYSE–2015–35. This file
described below.
number should be included on the Pursuant to Section 19(b)(1) 1 of the
subject line if email is used. To help the Securities Exchange Act of 1934 (the Transaction Fees for Taking Liquidity in
Commission process and review your ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Penny Pilot Issues
comments more efficiently, please use notice is hereby given that, on The Exchange proposes to modify the
only one method. The Commission will November 2, 2015, NYSE Arca, Inc. (the fees paid by Market Makers, Lead
post all comments on the Commission’s ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with Market Makers, Firms and Broker
Internet Web site (http://www.sec.gov/ Dealers, and Professional Customers
the Securities and Exchange
rules/sro.shtml). Copies of the (collectively, ‘‘Non-Customers’’) for
Commission (the ‘‘Commission’’) the
submission, all subsequent Taking Liquidity in Penny Pilot Issues
proposed rule change as described in
amendments, all written statements (‘‘Take Fees’’). Currently, Non-
with respect to the proposed rule Items I, II, and III below, which Items
have been prepared by the self- Customers pay Take Fees of $0.50 per
change that are filed with the contract for electronic executions. The
Commission, and all written regulatory organization. The
Commission is publishing this notice to Exchange proposes to raise that fee to
communications relating to the $0.52 per contract, which is within the
proposed rule change between the solicit comments on the proposed rule
range of fees charged by competing
Commission and any person, other than change from interested persons.
option exchanges.4
those that may be withheld from the I. Self-Regulatory Organization’s
public in accordance with the Customer Monthly Posting Credit Tiers
Statement of the Terms of Substance of for Penny Pilot Issues
provisions of 5 U.S.C. 552, will be the Proposed Rule Change
available for Web site viewing and The Exchange is proposing to add a
printing in the Commission’s Public The Exchange proposes to amend the new tier to the Customer Monthly
Reference Room, 100 F Street NE., NYSE Arca Options Fee Schedule (‘‘Fee Posting Credit Tiers for Penny Pilot
Washington, DC 20549 on official Schedule’’). The Exchange proposes to Issues (‘‘Posting Credit Tiers,’’ each a
business days between the hours of implement the fee changes effective ‘‘Tier’’), which currently has six Tiers.
10:00 a.m. and 3:00 p.m. Copies of such November 2, 2015. The text of the
filing also will be available for proposed rule change is available on the
4 For example, MIAX charges $0.55 for executions
inspection and copying at the principal [sic] in the following penny pilot options: EEM,
Exchange’s Web site at www.nyse.com, GLD, IWM, QQQ and SPY. See MIAX fee schedule,
office of the Exchange. All comments at the principal office of the Exchange, available here, https://www.miaxoptions.com/sites/
received will be posted without change; default/files/MIAX_Options_Fee_Schedule_
and at the Commission’s Public
the Commission does not edit personal 10012015C.pdf. BOX assesses fees greater than
mstockstill on DSK4VPTVN1PROD with NOTICES
Reference Room. $0.55 to Non-customers [sic] for executions in
identifying information from
penny pilot options. See BOX Options fee schedule,
submissions. You should submit only available here, http://boxexchange.com/assets/
information that you wish to make 38 15 U.S.C. 78s(b)(2). BOX_Fee_Schedule.pdf. In addition, NOM recently
available publicly. All submissions 39 17 CFR 200.30–3(a)(12). proposed to charge non-NOM Market Markers $0.55
should refer to File Number SR–NYSE– 1 15 U.S.C. 78s(b)(1).
for executions in the following penny pilot options:
EEM, GLD, IWM, QQQ, and SPY; and charge all
2015–35, and should be submitted on or 2 15 U.S.C. 78a.
other account types $0.50 for removing liquidity in
before December 10, 2015. 3 17 CFR 240.19b–4. these symbols. See File SR–NASDAQ–2015 [sic].
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incentives are not new or novel, as the For these reasons, the Exchange the reasons described above, the
Exchange currently offers them (see, believes that the proposal is consistent Exchange believes that the proposed
e.g., Tier 4), and proposed Tier 6 offers with the Act. rule change reflects this competitive
incentives similar to those recently environment.
B. Self-Regulatory Organization’s
introduced on a competing option Statement on Burden on Competition C. Self-Regulatory Organization’s
exchange.11
In accordance with Section 6(b)(8) of Statement on Comments on the
The Exchange believes the proposed Proposed Rule Change Received From
the Act,13 the Exchange does not believe
modifications to the Customer and Members, Participants, or Others
that the proposed rule change will
Professional Customer Incentive impose any burden on competition that
Program are reasonable, equitable and No written comments were solicited
is not necessary or appropriate in or received with respect to the proposed
not unfairly discriminatory because they furtherance of the purposes of the Act.
are designed to attract additional rule change.
Instead, the Exchange believes that the
Customer (and Professional Customer) proposed incentive will continued [sic] III. Date of Effectiveness of the
electronic equity and ETF option to encourage competition, including by Proposed Rule Change and Timing for
volume to the Exchange, which attracting additional liquidity and a Commission Action
additional liquidity would benefit all wider variety of business to the The foregoing rule change is effective
participants by offering greater price Exchange, which would continue to upon filing pursuant to Section
discovery, increased transparency, and make the Exchange a more competitive 19(b)(3)(A) 14 of the Act and
an increased opportunity to trade on the venue for, among other things, order subparagraph (f)(2) of Rule 19b–4 15
Exchange. Additionally, the Exchange execution and price discovery. The also thereunder, because it establishes a due,
believes the proposed credits available [sic] Exchange believes the proposed fee fee, or other charge imposed by the
in the new (fifth) alternative would modifications do not impose an undue Exchange.
provide additional incentive to OTPs to burden on competition because the At any time within 60 days of the
submit Customer (and Professional changes offset an increase in fees for filing of such proposed rule change, the
Customer) electronic equity and ETF some transactions with a variety of Commission summarily may
option orders to the Exchange and means to achieve credits and discounts. temporarily suspend such rule change if
would result in credits that are The Exchange does not believe that the it appears to the Commission that such
reasonably related to the Exchange’s proposed changes would impair the action is necessary or appropriate in the
market quality that is associated with ability of any market participants or public interest, for the protection of
higher volumes. In addition, the competing order execution venues to investors, or otherwise in furtherance of
proposed fifth alternative would attract maintain their competitive standing in the purposes of the Act. If the
additional posted order flow to NYSE the financial markets. Commission takes such action, the
Arca Equities, so as to provide The increases in Take Liquidity fees Commission shall institute proceedings
additional opportunities for all ETP will impact all affected order types (i.e., under Section 19(b)(2)(B) 16 of the Act to
Holders to trade on NYSE Arca Equities. Professional Customers, Firm, Broker determine whether the proposed rule
The Exchange believes the changes to Dealers) in issues at the same rate. The change should be approved or
the take Fee Discount for Non- proposed changes to the Customer disapproved.
Customers are reasonable, equitable and Monthly Posting Credit Tiers, and the
non-discriminatory because it makes the proposed modification to the Customer IV. Solicitation of Comments
Discount easier to achieve which would Incentives are designed to attract Interested persons are invited to
incentivize OTPs to execute large additional volume, in particular posted submit written data, views, and
volumes of orders on the Exchange, electronic Customer (and Professional arguments concerning the foregoing,
which benefits all market participants Customer) executions, to the Exchange, including whether the proposed rule
through increased liquidity and which would promote price discovery change is consistent with the Act.
enhanced price discovery. The and transparency in the securities Comments may be submitted by any of
Exchange believes the elimination of the markets thereby benefitting competition the following methods:
Discount for Non-Penny Issues in the industry. As stated above, the Electronic Comments
encourages OTPs to bring more business Exchange believes that the proposed
to the Exchange in Penny Pilot issues, change would impact all similarly • Use the Commission’s Internet
which are generally the most active situated OTPs that post electronic comment form (http://www.sec.gov/
issues, to the benefit of Customers and Customer (and Professional Customer) rules/sro.shtml); or
Non-Customers alike. The Exchange executions on the Exchange equally, • Send an email to rule-comments@
believes the Take Fee Discount is and as such, the proposed change would sec.gov. Please include File Number SR–
reasonable, equitable, and not unfairly not impose a disparate burden on NYSEARCA–2015–108 on the subject
discriminatory because it continues to competition either among or between line.
apply to all participants other than classes of market participants. Paper Comments
Customers, who pay a much lower Take The Exchange notes that it operates in
Liquidity Fee, and because it is a highly competitive market in which • Send paper comments in triplicate
available to all firms that provide market participants can readily favor to Brent J. Fields, Secretary, Securities
Customer and Professional Customer competing venues. In such an and Exchange Commission, 100 F Street
mstockstill on DSK4VPTVN1PROD with NOTICES
orders. The Exchange also notes that the environment, the Exchange must NE., Washington, DC 20549–1090.
proposed Take Fee discount is continually review, and consider All submissions should refer to File
consistent with those offered on adjusting, its fees and credits to remain Number SR–NYSEARCA–2015–108.
competing options exchanges.12 competitive with other exchanges. For This file number should be included on
11 See 14 15 U.S.C. 78s(b)(3)(A).
supra n. 6. available here, http://www.batsoptions.com/
12 See,
e.g., BATS Options Exchange fee schedule support/fee_schedule/. 15 17 CFR 240.19b–4(f)(2).
(Non-Customer Penny Pilot Take Volume Tiers), 13 15 U.S.C. 78f(b)(8). 16 15 U.S.C. 78s(b)(2)(B).
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![72468 Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices
the subject line if email is used. To help SOCIAL SECURITY ADMINISTRATION referencing Docket ID Number [SSA–
the Commission process and review 2015–0068].
[Docket No SSA–2015–0068]
your comments more efficiently, please I. The information collections below
use only one method. The Commission Agency Information Collection are pending at SSA. SSA will submit
will post all comments on the Activities: Proposed Request and them to OMB within 60 days from the
Commission’s Internet Web site (http:// Comment Request date of this notice. To be sure we
www.sec.gov/rules/sro.shtml). Copies of
the submission, all subsequent The Social Security Administration consider your comments, we must
amendments, all written statements (SSA) publishes a list of information receive them no later than January 19,
with respect to the proposed rule collection packages requiring clearance 2016. Individuals can obtain copies of
change that are filed with the by the Office of Management and the collection instruments by writing to
Commission, and all written Budget (OMB) in compliance with the above email address.
communications relating to the Public Law 104–13, the Paperwork 1. Privacy and Disclosure of Official
proposed rule change between the Reduction Act of 1995, effective October Records and Information; Availability of
Commission and any person, other than 1, 1995. This notice includes revisions Information and Records to the Public—
those that may be withheld from the and an extension of OMB-approved 20 CFR 401.40(b)&(c), 401.55(b),
public in accordance with the information collections. 401.100(a), 402.130, 402.185—0960–
provisions of 5 U.S.C. 552, will be SSA is soliciting comments on the 0566. SSA established methods for the
available for Web site viewing and accuracy of the agency’s burden
public to: (1) Access their SSA records;
printing in the Commission’s Public estimate; the need for the information;
(2) allow SSA to disclose records; (3)
Reference Section, 100 F Street NE., its practical utility; ways to enhance its
quality, utility, and clarity; and ways to correct or amend their SSA records; (4)
Washington, DC 20549–1090. Copies of
the filing will also be available for minimize burden on respondents, consent to release of their records; (5)
inspection and copying at the NYSE’s including the use of automated request records under the Freedom of
principal office and on its Internet Web collection techniques or other forms of Information Act (FOIA); (6) request SSA
site at www.nyse.com. All comments information technology. Mail, email, or waive or reduce fees normally charges
received will be posted without change; fax your comments and for release of FOIA; and (7) request
the Commission does not edit personal recommendations on the information access to an extract of their SSN record.
identifying information from collection(s) to the OMB Desk Officer SSA often collects the necessary
submissions. You should submit only and SSA Reports Clearance Officer at information for these requests through a
information that you wish to make the following addresses or fax numbers. written letter, with the exception of the
available publicly. All submissions (OMB) Office of Management and consent for release of records, for which
should refer to File Number SR– Budget, Attn: Desk Officer for SSA, we use Form SSA–3288. The
NYSEARCA–2015–108 and should be Fax: 202–395–6974, Email address: respondents are individuals requesting
submitted on or before December 10, OIRA_Submission@omb.eop.gov. access to, correction of, or disclosure of
2015. (SSA) Social Security Administration, SSA records.
For the Commission, by the Division of OLCA, Attn: Reports Clearance Type of Request: Revision of an OMB-
Trading and Markets, pursuant to delegated Director, 3100 West High Rise, 6401 approved information collection.
authority.17 Security Blvd., Baltimore, MD 21235,
Brent J. Fields, Fax: 410–966–2830, Email address:
Secretary. OR.Reports.Clearance@ssa.gov.
[FR Doc. 2015–29490 Filed 11–18–15; 8:45 am] Or you may submit your comments
BILLING CODE 8011–01–P online through www.regulations.gov,
Average Estimated total
Number of Frequency of burden per
Modality of completion annual burden
responses response response (hours)
(minutes)
Access to Records ........................................................................................... 10,000 1 11 1,833
Designating a Representative for Disclosure of Records ............................... 3,000 1 120 6,000
Amendment of Records ................................................................................... 100 1 10 17
Consent of Release of Records ...................................................................... 3,000,000 1 3 150,000
FOIA Requests for Records ............................................................................ 15,000 1 5 1,250
Waiver/Reduction of Fees ............................................................................... 400 1 5 33
Respondents who request access to an extract of their SSN record ............. 10 1 8.5 1
Totals ........................................................................................................ 3,028,510 ........................ ........................ 159,134
2. International Direct Deposit—31 States. SSA uses Form SSA–1199- variation of the Treasury Department’s
CFR 210—0960–0686. SSA’s (Country) to enroll Title II beneficiaries Form SF–1199A for each country. The
mstockstill on DSK4VPTVN1PROD with NOTICES
International Direct Deposit (IDD) residing abroad in IDD, and to obtain respondents are Social Security
Program allows beneficiaries living the direct deposit information for beneficiaries residing abroad who want
abroad to receive their payments via foreign accounts. Routing account SSA to deposit their Title II benefit
direct deposit to an account at a number information varies slightly for payments directly to a foreign financial
financial institution outside the United each foreign country, so we use a institution.
17 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-14 13:56:41
Document Modified: 2015-12-14 13:56:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
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