80 FR 81589 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Participant Fee
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 250 (December 30, 2015)
Federal Register Volume 80, Issue 250 (December 30, 2015)
| Page Range | 81589-81590 | |
| FR Document | 2015-32813 |
[Federal Register Volume 80, Number 250 (Wednesday, December 30, 2015)] [Notices] [Pages 81589-81590] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-32813] [[Page 81589]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76754; File No. SR-BX-2015-083] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Participant Fee December 23, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 17, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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\ 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 Exchange's transaction fees to adopt a new Participant Fee at Chapter XV, entitled, ``Options Pricing,'' Section 10 entitled ``Participant Fee--Options.'' The Exchange purposes [sic] to adopt a Participant Fee, applicable to BX Options Participants, to recoup costs incurred by the Exchange. The Exchange's Participant Fee is competitive with those of other options exchanges.\3\ While the amendment proposed herein is effective upon filing, the Exchange has designated the amendment [sic] become operative on January 4, 2016. --------------------------------------------------------------------------- \3\ See note 14 below. --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.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 Exchange 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 The Exchange proposes to adopt a Participant Fee, applicable to BX Options Participants, so the Exchange can allocate its costs to various options market participants. Today, the Exchange does not assess BX Options Participants a fee to access the options market. The Exchange proposes to assess all BX Options Participants a $500 per month Participant Fee. The NASDAQ Options Market LLC (``NOM'') initially assessed a Participant Fee in 2012 to its Options Participants.\4\ BX is a smaller market, as compared to NOM, and, to date, the Exchange determined not to assess BX members an Options Participant Fee. Now, the Exchange is proposing such a fee, which would be assessed as of January 4, 2016, to all BX Options Participants. The proposed Participant Fee is in addition to the trading rights fee of $1,000 per month to be an Exchange member.\5\ --------------------------------------------------------------------------- \4\ See Securities and Exchange Act Release No. 68502 (December 20, 2012), 77 FR 76572 (December 28, 2012) (SR-NASDAQ-2012-139). \5\ See Exchange Rule 7001. --------------------------------------------------------------------------- The Exchange believes this Participant Fee is competitive with fees at other options exchanges.\6\ --------------------------------------------------------------------------- \6\ See note 14 below. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act \8\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which the Exchange operates or controls, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, for example, the Commission indicated that market forces should generally determine the price of non-core market data because national market system regulation ``has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.'' \9\ Likewise, in NetCoalition v. NYSE Arca, Inc.\10\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.\11\ As the court emphasized, the Commission ``intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.'' \12\ --------------------------------------------------------------------------- \9\ Securities Exchange Act Release No. 51808 at 37499 (June 9, 2005) (``Regulation NMS Adopting Release''). \10\ NetCoalition v. NYSE Arca, Inc., 615 F.3d 525 (D.C. Cir. 2010). \11\ See NetCoalition, at 534. \12\ Id. at 537. --------------------------------------------------------------------------- Further, ``[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution'; [and] `no exchange can afford to take its market share percentages for granted' because `no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers'. . . .'' \13\ Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets. --------------------------------------------------------------------------- \13\ Id. at 539 (quoting ArcaBook Order, 73 FR at 74782-74783). --------------------------------------------------------------------------- The Exchange's proposal to adopt a BX Options Participant Fee of $500 per month is reasonable because the Exchange is seeking to recoup costs related to membership administration. The proposed fee is lower than similar fees at other options exchanges.\14\ The [[Page 81590]] Exchange's proposal to adopt a BX Options Participant Fee of $500 is equitable and not unfairly discriminatory because the Participant Fee will be assessed uniformly to each BX Options Participant. --------------------------------------------------------------------------- \14\ See The Chicago Board Options Exchange, Incorporated's Fees Schedule. Per month a Market Maker Trading Permit is $5,500, an SPX Tier Appointment is $3,000, a VIX Tier Appointment is $2,000, and an Electronic Access Permit is $1,600. See also the International Securities Exchange LLC's Schedule of Fees. Per month an Electronic Access Member is assessed $500.00 for membership and a market maker is assessed from $2,000 to $4,000 per membership depending on the type of market maker. See also C2 Options Exchange, Incorporated's Fees Schedule. Per month, a market-maker is assessed a $5,000 permit fee, an Electronic Access Permit is assessed a $1,000 permit fee. See also NYSE Arca, Inc.'s Fee Schedule. Per month, a Clearing Firm is assessed a $1,000 per month fee for the first Options Trading Permit (``OTP'') and $250 thereafter, and a market maker is assessed a permit based on the maximum number of OTPs held by an OTP Firm or OTP Holder during a calendar month ranging from $1,000 to $6,000 a month. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In terms of intra-market competition, the Exchange's proposal to adopt a BX Options Participant Fee of $500 per month does not impose an undue burden on competition because the Exchange would uniformly assess the same Participant Fee to each BX Options Participant. If the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose Participants. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. 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.\15\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 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-BX-2015-083 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-BX-2015-083. 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-BX-2015-083, and should be submitted on or before January 20, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-32813 Filed 12-29-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 250 / Wednesday, December 30, 2015 / Notices 81589
SECURITIES AND EXCHANGE Exchange has prepared summaries, set successful in promoting market
COMMISSION forth in sections A, B, and C below, of competition in its broader forms that are
[Release No. 34–76754; File No. SR–BX– the most significant aspects of such most important to investors and listed
2015–083] statements. companies.’’ 9 Likewise, in NetCoalition
A. Self-Regulatory Organization’s v. NYSE Arca, Inc.10 (‘‘NetCoalition’’)
Self-Regulatory Organizations; Statement of the Purpose of, and the D.C. Circuit upheld the
NASDAQ OMX BX, Inc.; Notice of Filing Statutory Basis for, the Proposed Rule Commission’s use of a market-based
and Immediate Effectiveness of Change approach in evaluating the fairness of
Proposed Rule Change To Adopt a market data fees against a challenge
Participant Fee 1. Purpose claiming that Congress mandated a cost-
December 23, 2015.
The Exchange proposes to adopt a based approach.11 As the court
Pursuant to Section 19(b)(1) of the Participant Fee, applicable to BX emphasized, the Commission ‘‘intended
Securities Exchange Act of 1934 Options Participants, so the Exchange in Regulation NMS that ‘market forces,
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 can allocate its costs to various options rather than regulatory requirements’
notice is hereby given that on December market participants. Today, the play a role in determining the market
17, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ Exchange does not assess BX Options data . . . to be made available to
or ‘‘Exchange’’) filed with the Securities Participants a fee to access the options investors and at what cost.’’ 12
and Exchange Commission (‘‘SEC’’ or market. The Exchange proposes to
Further, ‘‘[n]o one disputes that
‘‘Commission’’) the proposed rule assess all BX Options Participants a
competition for order flow is ‘fierce.’
change as described in Items I, II, and $500 per month Participant Fee. The
. . . As the SEC explained, ‘[i]n the U.S.
III below, which Items have been NASDAQ Options Market LLC (‘‘NOM’’)
initially assessed a Participant Fee in national market system, buyers and
prepared by the Exchange. The sellers of securities, and the broker-
Commission is publishing this notice to 2012 to its Options Participants.4 BX is
a smaller market, as compared to NOM, dealers that act as their order-routing
solicit comments on the proposed rule agents, have a wide range of choices of
change from interested persons. and, to date, the Exchange determined
not to assess BX members an Options where to route orders for execution’;
I. Self-Regulatory Organization’s Participant Fee. Now, the Exchange is [and] ‘no exchange can afford to take its
Statement of the Terms of Substance of proposing such a fee, which would be market share percentages for granted’
the Proposed Rule Change assessed as of January 4, 2016, to all BX because ‘no exchange possesses a
The Exchange proposes to amend the Options Participants. The proposed monopoly, regulatory or otherwise, in
Exchange’s transaction fees to adopt a Participant Fee is in addition to the the execution of order flow from broker
new Participant Fee at Chapter XV, trading rights fee of $1,000 per month to dealers’. . . .’’ 13 Although the court and
entitled, ‘‘Options Pricing,’’ Section 10 be an Exchange member.5 the SEC were discussing the cash
entitled ‘‘Participant Fee—Options.’’ The Exchange believes this equities markets, the Exchange believes
The Exchange purposes [sic] to adopt Participant Fee is competitive with fees that these views apply with equal force
a Participant Fee, applicable to BX at other options exchanges.6 to the options markets.
Options Participants, to recoup costs 2. Statutory Basis The Exchange’s proposal to adopt a
incurred by the Exchange. The BX Options Participant Fee of $500 per
The Exchange believes that its
Exchange’s Participant Fee is month is reasonable because the
proposal is consistent with Section 6(b)
competitive with those of other options Exchange is seeking to recoup costs
of the Act 7 in general, and furthers the
exchanges.3 While the amendment related to membership administration.
objectives of Sections 6(b)(4) and 6(b)(5)
proposed herein is effective upon filing, The proposed fee is lower than similar
of the Act 8 in particular, in that it
the Exchange has designated the fees at other options exchanges.14 The
provides for the equitable allocation of
amendment [sic] become operative on
reasonable dues, fees and other charges
January 4, 2016. 9 Securities Exchange Act Release No. 51808 at
The text of the proposed rule change among members and issuers and other 37499 (June 9, 2005) (‘‘Regulation NMS Adopting
is available on the Exchange’s Web site persons using any facility or system Release’’).
at http:// which the Exchange operates or 10 NetCoalition v. NYSE Arca, Inc., 615 F.3d 525
controls, and is not designed to permit (D.C. Cir. 2010).
nasdaqomxbx.cchwallstreet.com/, at the 11 See NetCoalition, at 534.
principal office of the Exchange, and at unfair discrimination between 12 Id. at 537.
the Commission’s Public Reference customers, issuers, brokers, or dealers. 13 Id. at 539 (quoting ArcaBook Order, 73 FR at
The Commission and the courts have
Room. 74782–74783).
repeatedly expressed their preference 14 See The Chicago Board Options Exchange,
II. Self-Regulatory Organization’s for competition over regulatory Incorporated’s Fees Schedule. Per month a Market
Statement of the Purpose of, and intervention in determining prices, Maker Trading Permit is $5,500, an SPX Tier
Statutory Basis for, the Proposed Rule products, and services in the securities Appointment is $3,000, a VIX Tier Appointment is
$2,000, and an Electronic Access Permit is $1,600.
Change markets. In Regulation NMS, for See also the International Securities Exchange
In its filing with the Commission, the example, the Commission indicated that LLC’s Schedule of Fees. Per month an Electronic
market forces should generally Access Member is assessed $500.00 for membership
Exchange included statements and a market maker is assessed from $2,000 to
concerning the purpose of and basis for determine the price of non-core market $4,000 per membership depending on the type of
the proposed rule change and discussed data because national market system market maker. See also C2 Options Exchange,
mstockstill on DSK4VPTVN1PROD with NOTICES
any comments it received on the regulation ‘‘has been remarkably Incorporated’s Fees Schedule. Per month, a market-
maker is assessed a $5,000 permit fee, an Electronic
proposed rule change. The text of these 4 See Securities and Exchange Act Release No. Access Permit is assessed a $1,000 permit fee. See
statements may be examined at the 68502 (December 20, 2012), 77 FR 76572 (December
also NYSE Arca, Inc.’s Fee Schedule. Per month, a
places specified in Item IV below. The Clearing Firm is assessed a $1,000 per month fee
28, 2012) (SR–NASDAQ–2012–139).
5 See Exchange Rule 7001.
for the first Options Trading Permit (‘‘OTP’’) and
$250 thereafter, and a market maker is assessed a
1 15 U.S.C. 78s(b)(1). 6 See note 14 below.
permit based on the maximum number of OTPs
2 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b).
held by an OTP Firm or OTP Holder during a
3 See note 14 below. 8 15 U.S.C. 78f(b)(4) and (5). Continued
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![81590 Federal Register / Vol. 80, No. 250 / Wednesday, December 30, 2015 / Notices
Exchange’s proposal to adopt a BX III. Date of Effectiveness of the Washington, DC 20549 on official
Options Participant Fee of $500 is Proposed Rule Change and Timing for business days between the hours of
equitable and not unfairly Commission Action 10:00 a.m. and 3:00 p.m. Copies of such
discriminatory because the Participant The foregoing rule change has become filing also will be available for
Fee will be assessed uniformly to each effective pursuant to Section inspection and copying at the principal
BX Options Participant. 19(b)(3)(A)(ii) of the Act.15 office of the Exchange. All comments
At any time within 60 days of the received will be posted without change;
B. Self-Regulatory Organization’s the Commission does not edit personal
filing of the proposed rule change, the
Statement on Burden on Competition identifying information from
Commission summarily may
temporarily suspend such rule change if submissions. You should submit only
The Exchange does not believe that information that you wish to make
the proposed rule change will impose it appears to the Commission that such
action is: (i) Necessary or appropriate in available publicly. All submissions
any burden on competition not should refer to File Number SR–BX–
necessary or appropriate in furtherance the public interest; (ii) for the protection
2015–083, and should be submitted on
of the purposes of the Act. In terms of of investors; or (iii) otherwise in
or before January 20, 2016.
inter-market competition, the Exchange furtherance of the purposes of the Act.
If the Commission takes such action, the For the Commission, by the Division of
notes that it operates in a highly Trading and Markets, pursuant to delegated
Commission shall institute proceedings
competitive market in which market authority.16
to determine whether the proposed rule
participants can readily favor competing Brent J. Fields,
should be approved or disapproved.
venues if they deem fee levels at a Secretary.
particular venue to be excessive, or IV. Solicitation of Comments [FR Doc. 2015–32813 Filed 12–29–15; 8:45 am]
rebate opportunities available at other Interested persons are invited to BILLING CODE 8011–01–P
venues to be more favorable. In such an submit written data, views, and
environment, the Exchange must arguments concerning the foregoing,
continually adjust its fees to remain including whether the proposed rule SECURITIES AND EXCHANGE
competitive with other exchanges and change is consistent with the Act. COMMISSION
with alternative trading systems that Comments may be submitted by any of [Release No. 34–76757; File No. SR–FINRA–
have been exempted from compliance the following methods: 2015–057]
with the statutory standards applicable Electronic Comments
to exchanges. Because competitors are Self-Regulatory Organizations;
free to modify their own fees in • Use the Commission’s Internet Financial Industry Regulatory
response and because market comment form (http://www.sec.gov/ Authority, Inc.; Notice of Filing of a
participants may readily adjust their rules/sro.shtml); or Proposed Rule Change To Adopt
• Send an email to rule-comments@ FINRA Rule 2273 (Educational
order routing practices, the Exchange
sec.gov. Please include File Number SR– Communication Related to
believes that the degree to which fee
BX–2015–083 on the subject line. Recruitment Practices and Account
changes in this market may impose any
Paper Comments Transfers)
burden on competition is extremely
limited. • Send paper comments in triplicate December 23, 2015.
In terms of intra-market competition, to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
the Exchange’s proposal to adopt a BX Commission, 100 F Street NE., Securities Exchange Act of 1934
Options Participant Fee of $500 per Washington, DC 20549–1090. (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
month does not impose an undue notice is hereby given that on December
All submissions should refer to File 16, 2015, Financial Industry Regulatory
burden on competition because the Number SR–BX–2015–083. This file Authority, Inc. (‘‘FINRA’’) filed with the
Exchange would uniformly assess the number should be included on the Securities and Exchange Commission
same Participant Fee to each BX subject line if email is used. To help the (‘‘SEC’’ or ‘‘Commission’’) the proposed
Options Participant. If the changes Commission process and review your rule change as described in Items I, II,
proposed herein are unattractive to comments more efficiently, please use and III below, which Items have been
market participants, it is likely that the only one method. The Commission will substantially prepared by FINRA. The
Exchange will lose Participants. post all comments on the Commission’s Commission is publishing this notice to
Accordingly, the Exchange does not Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule
believe that the proposed changes will rules/sro.shtml). Copies of the change from interested persons.
impair the ability of members or submission, all subsequent
competing order execution venues to amendments, all written statements I. Self-Regulatory Organization’s
maintain their competitive standing in with respect to the proposed rule Statement of the Terms of Substance of
change that are filed with the the Proposed Rule Change
the financial markets.
Commission, and all written FINRA is proposing to adopt FINRA
C. Self-Regulatory Organization’s communications relating to the Rule 2273, which would establish an
Statement on Comments on the proposed rule change between the obligation for a member to deliver an
Proposed Rule Change Received From Commission and any person, other than educational communication in
mstockstill on DSK4VPTVN1PROD with NOTICES
Members, Participants, or Others those that may be withheld from the connection with member recruitment
public in accordance with the practices and account transfers. The text
No written comments were either provisions of 5 U.S.C. 552, will be of the proposed rule change is available
solicited or received. available for Web site viewing and on FINRA’s Web site at http://
printing in the Commission’s Public
Reference Room, 100 F Street NE., 16 17 CFR 200.30–3(a)(12).
calendar month ranging from $1,000 to $6,000 a 1 15 U.S.C. 78s(b)(1).
month. 15 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-30 03:16:18
Document Modified: 2015-12-30 03:16:18
| 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 81589 |
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