81_FR_21502 81 FR 21433 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule To Add Fees for Reserve Market Maker Options Trading Permits

81 FR 21433 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule To Add Fees for Reserve Market Maker Options Trading Permits

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 69 (April 11, 2016)

Page Range21433-21435
FR Document2016-08181

Federal Register, Volume 81 Issue 69 (Monday, April 11, 2016)
[Federal Register Volume 81, Number 69 (Monday, April 11, 2016)]
[Notices]
[Pages 21433-21435]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08181]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77521; File No. SR-NYSEArca-2016-53]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE 
Arca Options Fee Schedule To Add Fees for Reserve Market Maker Options 
Trading Permits

April 5, 2016
    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 March 25, 2016, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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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'') to add fees for Reserve Market Maker Options Trading 
Permits. The Exchange proposes to implement the fee change effective 
April 1, 2016. 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 add fees for Reserve Market Maker 
Options Trading Permits (each a ``Reserve OTP'').
    Under the current NYSE Arca Fee Schedule (Fee Schedule),\4\ an OTP 
Holder or OTP Firm \5\ acting as a Market Maker must pay a monthly fee 
for each Options Trading Permit (``OTP'') it utilizes.\6\ In order to 
act as a Market Maker \7\ on the Exchange Floor, an individual must be 
specifically named on the relevant Market Maker's OTP. On occasions 
when a Market Maker operating on the Floor may is [sic] absent, the OTP 
Holder or OTP Firm may wish to have a Market Maker Authorized Trader 
\8\ (``MMAT'') employee engage in open outcry trading to cover for the 
absent Market Maker. However, an MMAT may only step in to cover for the 
absent Market Maker if it is specifically named on the relevant OTP; if 
such individual is not named, the OTP Holder or OTP Firm would be 
charged the full monthly fee if it activates the OTP to allow that 
individual to stand in for as briefly as one day.\9\
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    \4\ See Fee Schedule, available here, https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
    \5\ An OTP Holder is a natural person, in good standing, that 
has been issued an OTP. See Rule 1.1.(q). An OTP Firm is a sole 
proprietorship, partnership, corporation, limited liability company 
or other organization in good standing, who has been issued an OTP 
or upon whom an OTP Holder has conferred trading privileges on the 
Exchange. See Rule 1.1.(r).
    \6\ OTPs are issued by the Exchange for effecting approved 
securities transactions on the Exchange's Trading Facilities. See 
Rule 1.1.(p). The cost of each OTP ranges from $6,000, for the first 
OTP, to $1,000 for the fifth or greater OTP, as the cost decreases 
as the number of OTPs utilized per month increases. See supra n. 4. 
The first OTP allows a Market Maker to quote in up to 175 issues; a 
Market Maker is required to have four OTPs to quote all issues on 
the Exchange. See id.
    \7\ A Market Maker is an individual who is registered with the 
Exchange for the purpose of making transactions as a dealer-
specialist on the Floor of the Exchange or for the purpose of 
submitting quotes electronically and making transactions as a 
dealer-specialist through the NYSE Arca OX electronic trading 
system. See Rule 6.32(a).
    \8\ A Market Maker Authorized Trader is an authorized trader who 
performs market making activities pursuant to Rule 6 on behalf of an 
OTP Holder or OTP Firm registered as a Market Maker. See Rule 
6.1A(a)(9). A Market Maker Authorized Trader must meet the same 
registration requirements as a Market Maker before they can be 
designated as a Market Maker Authorized Trader. See Rule 6.33.
    \9\ The Monthly OTP fee is based on the maximum number of OTPs 
held by an OTP Firm or OTP Holder during a calendar month. See supra 
n. 4, endnote 1.

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[[Page 21434]]

    To provide an option to Market Maker firms to address such short-
term absences in a more economical way, the Exchange recently adopted 
paragraph (i) to Rule 6.2 (Admission to and Conduct on the Options 
Trading Floor) to create a Reserve OTP.\10\ A Reserve OTP would permit 
an OTP Holder or OTP Firm to have a qualified MMAT employee cover for 
the absent Market Maker under the firm's OTP, effectively empowering 
the individual acting as a qualified MMAT to act as a Market Maker in 
lieu of the absent individual until such time as the absent Market 
Maker returns.\11\
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    \10\ See Securities Exchange Act Release No. 77440 (March 24, 
2016), (SR-NYSEArca-2016-50) (adopting Reserve OTP on immediately 
effective basis, with waiver of 30-day operative delay). In its 
filing, the Exchange noted that other options exchanges likewise 
offer a ``Reserve'' concept. See, e.g., Securities Exchange Act 
Release No. 66237 (January 25, 2012), 77 FR 4848 (January 31, 2012) 
(SR-NYSEAmex-2012-02) (amending Rule 902NY to create a Reserve Floor 
Market Maker Amex Trading Permit (``Reserve ATP'')).
    \11\ See id.; see also Rule 6.2(i).
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    The Exchange now proposes to charge each OTP Holder and OTP Firm a 
$175 monthly fee for a Reserve OTP. The fee would be assessed to each 
OTP Holder and OTP Firm that notifies the Exchange that it would like 
to utilize a Reserve OTP, such that an MMAT in its employ would be 
eligible to be named to the OTP to act as a Floor Market Maker to cover 
for another Floor Market Maker who is otherwise absent from the Trading 
Floor that day. The proposed fee change would be implemented on April 
1, 2016.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\12\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\13\ 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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes the proposed fee is equitably allocated and 
not unfairly discriminatory because it would apply equally to all OTP 
Holders or OTP Firms that opt to utilize the Reserve OTP alternative. 
The Exchange believes that the proposed fee is reasonable because it 
provides a method for OTP Holders and OTP Firms to have fully qualified 
personnel step in for absent employees without having to pay the full 
fee every month that the OTP is used by such substitute persons. The 
Exchange believes the option of a Reserve OTP would encourage the 
efficient use of personnel resources for OTP Holders and OTP Firms, 
which contributes to fair and orderly markets. The Exchange notes that 
the proposed $175 fee is consistent with fees on other option 
exchanges.\14\
---------------------------------------------------------------------------

    \14\ See NYSE Amex Options Fee Schedule, Section III.A. 
(charging $175 monthly fee for Reserve Floor Market Maker ATP), 
available here, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf.
---------------------------------------------------------------------------

    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,\15\ 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.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The proposed fee would enable the Exchange to compete more 
effectively with options exchanges that already provide the cost-
effective alternative of a ``Reserve'' trading permit to address 
personnel coverage for absent Floor Market Makers.\16\ The Exchange 
believes that by improving the competitiveness of Exchange Market 
Makers it would, in turn, promote competition for order flow among 
market participants and the options exchanges.
---------------------------------------------------------------------------

    \16\ See supra n. 14.
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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) \17\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \18\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 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) \19\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEARCA-2016-53 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2016-53. 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 the 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

[[Page 21435]]

submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
NYSEArca-2016-53, and should be submitted on or before May 2, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08181 Filed 4-8-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                   Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices                                                      21433

                                                  Paper Comments                                            SECURITIES AND EXCHANGE                               A. Self-Regulatory Organization’s
                                                                                                            COMMISSION                                            Statement of the Purpose of, and the
                                                    • Send paper comments in triplicate                                                                           Statutory Basis for, the Proposed Rule
                                                  to Secretary, Securities and Exchange                                                                           Change
                                                                                                            [Release No. 34–77521; File No. SR–
                                                  Commission, 100 F Street NE.,
                                                  Washington, DC 20549–1090.
                                                                                                            NYSEArca–2016–53]                                     1. Purpose
                                                                                                                                                                     The purpose of this filing is to add
                                                  All submissions should refer to File No.                  Self-Regulatory Organizations; NYSE
                                                                                                                                                                  fees for Reserve Market Maker Options
                                                  SR–NYSEArca–2016–15. This file                            Arca, Inc.; Notice of Filing and
                                                                                                                                                                  Trading Permits (each a ‘‘Reserve
                                                  number should be included on the                          Immediate Effectiveness of Proposed                   OTP’’).
                                                  subject line if email is used. To help the                Rule Change Amending the NYSE Arca                       Under the current NYSE Arca Fee
                                                  Commission process and review your                        Options Fee Schedule To Add Fees for                  Schedule (Fee Schedule),4 an OTP
                                                  comments more efficiently, please use                     Reserve Market Maker Options Trading                  Holder or OTP Firm 5 acting as a Market
                                                  only one method. The Commission will                      Permits                                               Maker must pay a monthly fee for each
                                                  post all comments on the Commission’s                                                                           Options Trading Permit (‘‘OTP’’) it
                                                                                                            April 5, 2016
                                                  Internet Web site (http://www.sec.gov/                                                                          utilizes.6 In order to act as a Market
                                                  rules/sro.shtml). Copies of the                              Pursuant to Section 19(b)(1) 1 of the              Maker 7 on the Exchange Floor, an
                                                  submission, all subsequent                                Securities Exchange Act of 1934 (the                  individual must be specifically named
                                                  amendments, all written statements                        ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                on the relevant Market Maker’s OTP. On
                                                  with respect to the proposed rule                         notice is hereby given that, on March                 occasions when a Market Maker
                                                  change that are filed with the                            25, 2016, NYSE Arca, Inc. (the                        operating on the Floor may is [sic]
                                                  Commission, and all written                               ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with             absent, the OTP Holder or OTP Firm
                                                  communications relating to the                            the Securities and Exchange                           may wish to have a Market Maker
                                                  proposed rule change between the                          Commission (the ‘‘Commission’’) the                   Authorized Trader 8 (‘‘MMAT’’)
                                                  Commission and any person, other than                     proposed rule change as described in                  employee engage in open outcry trading
                                                                                                            Items I, II, and III below, which Items               to cover for the absent Market Maker.
                                                  those that may be withheld from the
                                                                                                            have been prepared by the self-                       However, an MMAT may only step in to
                                                  public in accordance with the
                                                                                                            regulatory organization. The                          cover for the absent Market Maker if it
                                                  provisions of 5 U.S.C. 552, will be                                                                             is specifically named on the relevant
                                                  available for Web site viewing and                        Commission is publishing this notice to
                                                                                                            solicit comments on the proposed rule                 OTP; if such individual is not named,
                                                  printing in the Commission’s Public                                                                             the OTP Holder or OTP Firm would be
                                                  Reference Room, 100 F Street NE.,                         change from interested persons.
                                                                                                                                                                  charged the full monthly fee if it
                                                  Washington, DC 20549 on official                          I. Self-Regulatory Organization’s                     activates the OTP to allow that
                                                  business days between the hours of                        Statement of the Terms of Substance of                individual to stand in for as briefly as
                                                  10:00 a.m. and 3:00 p.m. Copies of such                   the Proposed Rule Change                              one day.9
                                                  filing also will be available for
                                                  inspection and copying at the principal                     The Exchange proposes to amend the                     4 See Fee Schedule, available here, https://

                                                  office of the Exchange. All comments                      NYSE Arca Options Fee Schedule (‘‘Fee                 www.nyse.com/publicdocs/nyse/markets/arca-
                                                                                                            Schedule’’) to add fees for Reserve                   options/NYSE_Arca_Options_Fee_Schedule.pdf.
                                                  received will be posted without change;                                                                            5 An OTP Holder is a natural person, in good
                                                  the Commission does not edit personal                     Market Maker Options Trading Permits.                 standing, that has been issued an OTP. See Rule
                                                  identifying information from                              The Exchange proposes to implement                    1.1.(q). An OTP Firm is a sole proprietorship,
                                                  submissions. You should submit only                       the fee change effective April 1, 2016.               partnership, corporation, limited liability company
                                                                                                            The proposed rule change is available                 or other organization in good standing, who has
                                                  information that you wish to make                                                                               been issued an OTP or upon whom an OTP Holder
                                                  available publicly. All submissions                       on the Exchange’s Web site at                         has conferred trading privileges on the Exchange.
                                                  should refer to File No. SR–NYSEArca–                     www.nyse.com, at the principal office of              See Rule 1.1.(r).
                                                  2016–15, and should be submitted on or                    the Exchange, and at the Commission’s                    6 OTPs are issued by the Exchange for effecting

                                                                                                            Public Reference Room.                                approved securities transactions on the Exchange’s
                                                  before May 2, 2016.                                                                                             Trading Facilities. See Rule 1.1.(p). The cost of each
                                                                                                            II. Self-Regulatory Organization’s                    OTP ranges from $6,000, for the first OTP, to $1,000
                                                    For the Commission, by the Division of
                                                                                                                                                                  for the fifth or greater OTP, as the cost decreases
                                                  Trading and Markets, pursuant to delegated                Statement of the Purpose of, and                      as the number of OTPs utilized per month
                                                  authority.23                                              Statutory Basis for, the Proposed Rule                increases. See supra n. 4. The first OTP allows a
                                                  Robert W. Errett,                                         Change                                                Market Maker to quote in up to 175 issues; a Market
                                                                                                                                                                  Maker is required to have four OTPs to quote all
                                                  Deputy Secretary.                                           In its filing with the Commission, the              issues on the Exchange. See id.
                                                                                                                                                                     7 A Market Maker is an individual who is
                                                  [FR Doc. 2016–08178 Filed 4–8–16; 8:45 am]                self-regulatory organization included                 registered with the Exchange for the purpose of
                                                  BILLING CODE 8011–01–P                                    statements concerning the purpose of,                 making transactions as a dealer-specialist on the
                                                                                                            and basis for, the proposed rule change               Floor of the Exchange or for the purpose of
                                                                                                            and discussed any comments it received                submitting quotes electronically and making
                                                                                                                                                                  transactions as a dealer-specialist through the NYSE
                                                                                                            on the proposed rule change. The text                 Arca OX electronic trading system. See Rule 6.32(a).
                                                                                                            of those statements may be examined at                   8 A Market Maker Authorized Trader is an

                                                                                                            the places specified in Item IV below.                authorized trader who performs market making
                                                                                                                                                                  activities pursuant to Rule 6 on behalf of an OTP
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                                                                                                            The Exchange has prepared summaries,
                                                                                                                                                                  Holder or OTP Firm registered as a Market Maker.
                                                                                                            set forth in sections A, B, and C below,              See Rule 6.1A(a)(9). A Market Maker Authorized
                                                                                                            of the most significant parts of such                 Trader must meet the same registration
                                                                                                            statements.                                           requirements as a Market Maker before they can be
                                                                                                                                                                  designated as a Market Maker Authorized Trader.
                                                                                                                                                                  See Rule 6.33.
                                                                                                              1 15 U.S.C. 78s(b)(1).                                 9 The Monthly OTP fee is based on the maximum
                                                                                                              2 15 U.S.C. 78a.                                    number of OTPs held by an OTP Firm or OTP
                                                    23 17   CFR 200.30–3(a)(12).                              3 17 CFR 240.19b–4.                                                                             Continued




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                                                  21434                           Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices

                                                     To provide an option to Market Maker                 the full fee every month that the OTP is              action is necessary or appropriate in the
                                                  firms to address such short-term                        used by such substitute persons. The                  public interest, for the protection of
                                                  absences in a more economical way, the                  Exchange believes the option of a                     investors, or otherwise in furtherance of
                                                  Exchange recently adopted paragraph (i)                 Reserve OTP would encourage the                       the purposes of the Act. If the
                                                  to Rule 6.2 (Admission to and Conduct                   efficient use of personnel resources for              Commission takes such action, the
                                                  on the Options Trading Floor) to create                 OTP Holders and OTP Firms, which                      Commission shall institute proceedings
                                                  a Reserve OTP.10 A Reserve OTP would                    contributes to fair and orderly markets.              under Section 19(b)(2)(B) 19 of the Act to
                                                  permit an OTP Holder or OTP Firm to                     The Exchange notes that the proposed                  determine whether the proposed rule
                                                  have a qualified MMAT employee cover                    $175 fee is consistent with fees on other             change should be approved or
                                                  for the absent Market Maker under the                   option exchanges.14                                   disapproved.
                                                  firm’s OTP, effectively empowering the                    For these reasons, the Exchange                     IV. Solicitation of Comments
                                                  individual acting as a qualified MMAT                   believes that the proposal is consistent
                                                  to act as a Market Maker in lieu of the                 with the Act.                                           Interested persons are invited to
                                                  absent individual until such time as the                                                                      submit written data, views, and
                                                                                                          B. Self-Regulatory Organization’s                     arguments concerning the foregoing,
                                                  absent Market Maker returns.11
                                                                                                          Statement on Burden on Competition                    including whether the proposed rule
                                                     The Exchange now proposes to charge
                                                  each OTP Holder and OTP Firm a $175                        In accordance with Section 6(b)(8) of              change is consistent with the Act.
                                                  monthly fee for a Reserve OTP. The fee                  the Act,15 the Exchange does not believe              Comments may be submitted by any of
                                                  would be assessed to each OTP Holder                    that the proposed rule change will                    the following methods:
                                                  and OTP Firm that notifies the                          impose any burden on competition that                 Electronic Comments
                                                  Exchange that it would like to utilize a                is not necessary or appropriate in
                                                                                                          furtherance of the purposes of the Act.                 • Use the Commission’s Internet
                                                  Reserve OTP, such that an MMAT in its                                                                         comment form (http://www.sec.gov/
                                                  employ would be eligible to be named                       The proposed fee would enable the
                                                                                                                                                                rules/sro.shtml); or
                                                  to the OTP to act as a Floor Market                     Exchange to compete more effectively
                                                                                                                                                                  • Send an email to rule-
                                                  Maker to cover for another Floor Market                 with options exchanges that already                   comments@sec.gov. Please include File
                                                  Maker who is otherwise absent from the                  provide the cost-effective alternative of             Number SR–NYSEARCA–2016–53 on
                                                  Trading Floor that day. The proposed                    a ‘‘Reserve’’ trading permit to address               the subject line.
                                                  fee change would be implemented on                      personnel coverage for absent Floor
                                                  April 1, 2016.                                          Market Makers.16 The Exchange                         Paper Comments
                                                  2. Statutory Basis
                                                                                                          believes that by improving the                           • Send paper comments in triplicate
                                                                                                          competitiveness of Exchange Market                    to Secretary, Securities and Exchange
                                                     The Exchange believes that the                       Makers it would, in turn, promote                     Commission, 100 F Street NE.,
                                                  proposed rule change is consistent with                 competition for order flow among                      Washington, DC 20549–1090.
                                                  Section 6(b) of the Act,12 in general, and              market participants and the options                   All submissions should refer to File
                                                  furthers the objectives of Sections                     exchanges.                                            Number SR–NYSEArca-2016–53. This
                                                  6(b)(4) and (5) of the Act,13 in particular,                                                                  file number should be included on the
                                                                                                          C. Self-Regulatory Organization’s
                                                  because it provides for the equitable                                                                         subject line if email is used. To help the
                                                                                                          Statement on Comments on the
                                                  allocation of reasonable dues, fees, and                                                                      Commission process and review your
                                                                                                          Proposed Rule Change Received From
                                                  other charges among its members,                                                                              comments more efficiently, please use
                                                                                                          Members, Participants, or Others
                                                  issuers and other persons using its                                                                           only one method. The Commission will
                                                  facilities and does not unfairly                          No written comments were solicited                  post all comments on the Commission’s
                                                  discriminate between customers,                         or received with respect to the proposed              Internet Web site (http://www.sec.gov/
                                                  issuers, brokers or dealers.                            rule change.                                          rules/sro.shtml). Copies of the
                                                     The Exchange believes the proposed                   III. Date of Effectiveness of the                     submission, all subsequent
                                                  fee is equitably allocated and not                      Proposed Rule Change and Timing for                   amendments, all written statements
                                                  unfairly discriminatory because it                      Commission Action                                     with respect to the proposed rule
                                                  would apply equally to all OTP Holders                                                                        change that are filed with the
                                                  or OTP Firms that opt to utilize the                       The foregoing rule change is effective
                                                                                                                                                                Commission, and all written
                                                  Reserve OTP alternative. The Exchange                   upon filing pursuant to Section
                                                                                                                                                                communications relating to the
                                                  believes that the proposed fee is                       19(b)(3)(A) 17 of the Act and
                                                                                                                                                                proposed rule change between the
                                                  reasonable because it provides a method                 subparagraph (f)(2) of Rule 19b–4 18
                                                                                                                                                                Commission and any person, other than
                                                  for OTP Holders and OTP Firms to have                   thereunder, because it establishes a due,
                                                                                                                                                                those that may be withheld from the
                                                  fully qualified personnel step in for                   fee, or other charge imposed by the
                                                                                                                                                                public in accordance with the
                                                  absent employees without having to pay                  Exchange.
                                                                                                                                                                provisions of 5 U.S.C. 552, will be
                                                                                                             At any time within 60 days of the
                                                                                                                                                                available for Web site viewing and
                                                  Holder during a calendar month. See supra n. 4,         filing of such proposed rule change, the
                                                                                                                                                                printing in the Commission’s Public
                                                  endnote 1.                                              Commission summarily may
                                                     10 See Securities Exchange Act Release No. 77440                                                           Reference Room, 100 F Street NE.,
                                                                                                          temporarily suspend such rule change if
                                                  (March 24, 2016), (SR–NYSEArca-2016–50)                                                                       Washington, DC 20549, on official
                                                  (adopting Reserve OTP on immediately effective
                                                                                                          it appears to the Commission that such
                                                                                                                                                                business days between the hours of
                                                  basis, with waiver of 30-day operative delay). In its
                                                  filing, the Exchange noted that other options             14 See NYSE Amex Options Fee Schedule,              10:00 a.m. and 3:00 p.m. Copies of the
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                                                  exchanges likewise offer a ‘‘Reserve’’ concept. See,    Section III.A. (charging $175 monthly fee for         filing also will be available for
                                                  e.g., Securities Exchange Act Release No. 66237         Reserve Floor Market Maker ATP), available here,      inspection and copying at the principal
                                                  (January 25, 2012), 77 FR 4848 (January 31, 2012)       https://www.nyse.com/publicdocs/nyse/markets/         office of the Exchange. All comments
                                                  (SR–NYSEAmex–2012–02) (amending Rule 902NY              amex-options/
                                                  to create a Reserve Floor Market Maker Amex             NYSE_Amex_Options_Fee_Schedule.pdf.                   received will be posted without change;
                                                  Trading Permit (‘‘Reserve ATP’’)).                        15 15 U.S.C. 78f(b)(8).                             the Commission does not edit personal
                                                     11 See id.; see also Rule 6.2(i).                      16 See supra n. 14.                                 identifying information from
                                                     12 15 U.S.C. 78f(b).                                   17 15 U.S.C. 78s(b)(3)(A).
                                                     13 15 U.S.C. 78f(b)(4) and (5).                        18 17 CFR 240.19b–4(f)(2).                            19 15   U.S.C. 78s(b)(2)(B).



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                                                                                   Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices                                             21435

                                                  submissions. You should submit only                       technical data, and defense services to               Dear Mr. Speaker: Pursuant to Section
                                                  information that you wish to make                         the United Arab Emirates, France and                  36(c) of the Arms Export Control Act, I
                                                  available publicly. All submissions                       the United Kingdom to support the                     am transmitting certification of a
                                                  should refer to File Number SR–                           integration, operation, training, testing,            proposed license for the export of
                                                  NYSEArca-2016–53, and should be                           repair and operational level                          defense articles, including technical
                                                  submitted on or before May 2, 2016.                       maintenance of the Maverick AGM–65                    data, and defense services in the amount
                                                    For the Commission, by the Division of                  Weapons System and Paveway II,                        of $50,000,000 or more.
                                                  Trading and Markets, pursuant to delegated                Paveway III, Enhanced Paveway II, and                    The transaction contained in the
                                                  authority.20                                              Enhanced Paveway III Weapons                          attached certification involves the
                                                  Robert W. Errett,                                         Systems for end-use by the United Arab                export of technical data and defense
                                                  Deputy Secretary.                                         Emirates.                                             services for the marketing, sale, and
                                                  [FR Doc. 2016–08181 Filed 4–8–16; 8:45 am]
                                                                                                               The United States government is                    support of the ScanEagle UAS and the
                                                                                                            prepared to license the export of these               Integrator UAS to the United Arab
                                                  BILLING CODE 8011–01–P
                                                                                                            items having taken into account                       Emirates.
                                                                                                            political, military, economic, human                     The United States government is
                                                                                                            rights, and arms control considerations.              prepared to license the export of these
                                                  DEPARTMENT OF STATE                                          More detailed information is                       items having taken into account
                                                  [Public Notice: 9513]                                     contained in the formal certification                 political, military, economic, human
                                                                                                            which, though unclassified, contains                  rights, and arms control considerations.
                                                  Bureau of Political-Military Affairs,                     business information submitted to the                    More detailed information is
                                                  Directorate of Defense Trade Controls:                    Department of State by the applicant,                 contained in the formal certification
                                                  Notifications to the Congress of                          publication of which could cause                      which, though unclassified, contains
                                                  Proposed Commercial Export Licenses                       competitive harm to the United States                 business information submitted to the
                                                                                                            firm concerned.                                       Department of State by the applicant,
                                                  AGENCY:     Department of State.
                                                  ACTION:     Notice.                                       Sincerely,                                            publication of which could cause
                                                                                                            Julia Frifield,                                       competitive harm to the United States
                                                  SUMMARY:  Notice is hereby given that                     Assistant Secretary Legislative Affairs.              firm concerned.
                                                  the Department of State has forwarded                     Enclosure: Transmittal No. DDTC 15–064.
                                                                                                                                                                  Sincerely,
                                                  the attached Notifications of Proposed                    October 16, 2015                                      Julia Frifield,
                                                  Export Licenses to the Congress on the                    Honorable John A. Boehner, Speaker of                 Assistant Secretary Legislative Affairs.
                                                  dates indicated on the attachments                           the House of Representatives.                      Enclosure: Transmittal No. DDTC 15–041.
                                                  pursuant to sections 36(c) and 36(d),                     Dear Mr. Speaker: Pursuant to Section
                                                  and in compliance with section 36(f), of                                                                        October 23, 2015
                                                                                                            36(d) of the Arms Export Control Act, I               Honorable Joseph R. Biden, President of
                                                  the Arms Export Control Act.                              am transmitting certification of a
                                                  DATES: As shown on each of the 33                                                                                  the Senate.
                                                                                                            proposed license for the export of
                                                  letters.                                                  defense articles, including technical                 Dear Mr. President: Pursuant to Section
                                                                                                            data, and defense services for the                    36(c) of the Arms Export Control Act, I
                                                  FOR FURTHER INFORMATION CONTACT:      Ms.
                                                                                                            manufacture of significant military                   am transmitting certification of a
                                                  Lisa V. Aguirre, Directorate of Defense
                                                                                                            equipment abroad.                                     proposed license for the export of
                                                  Trade Controls, Department of State,
                                                                                                               The transaction contained in the                   firearm, parts and components abroad
                                                  telephone (202) 663–2830; email
                                                                                                            attached certification involves the                   controlled under Category I of the
                                                  DDTCResponseTeam@state.gov. ATTN:
                                                                                                            transfer of technical data and defense                United States Munitions List in amount
                                                  Congressional Notification of Licenses.
                                                                                                            services to support the replication of the            of $1,000,000 or more.
                                                  SUPPLEMENTARY INFORMATION: Section
                                                                                                            Have Quick I/II and SATURN Electronic                    The transaction contained in the
                                                  36(f) of the Arms Export Control Act (22                                                                        attached certification involves the
                                                  U.S.C. 2778) mandates that notifications                  Counter-Counter Measure (ECCM) for
                                                                                                            integration into Radio Communications                 export of various calibers of machine
                                                  to the Congress pursuant to sections                                                                            guns to the government of Lebanon.
                                                  36(c) and 36(d) must be published in the                  equipment in Germany.
                                                                                                               The United States Government is                       The United States government is
                                                  Federal Register when they are                                                                                  prepared to license the export of these
                                                  transmitted to Congress or as soon                        prepared to license the export of these
                                                                                                            items having taken into account                       items having taken into account
                                                  thereafter as practicable.                                                                                      political, military, economic, human
                                                     Following are such notifications to                    political, military, economic, human
                                                                                                            rights and arms control considerations.               rights, and arms control considerations.
                                                  the Congress:
                                                                                                               More detailed information is                          More detailed information is
                                                  October 01, 2015                                                                                                contained in the formal certification
                                                                                                            contained in the formal certification
                                                  Honorable John A. Boehner, Speaker of                     which, though unclassified, contains                  which, though unclassified, contains
                                                     the House of Representatives.                          business information submitted to the                 business information submitted to the
                                                  Dear Mr. Speaker: Pursuant to Section                     Department of State by the applicant,                 Department of State by the applicant,
                                                  36(c) of the Arms Export Control Act, I                   publication of which could cause                      publication of which could cause
                                                  am transmitting certification of a                        competitive harm to the United States                 competitive harm to the United States
                                                  proposed license amendment for the                        firm concerned.                                       firm concerned.
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                                                  export of defense articles, including                                                                           Sincerely,
                                                                                                            Sincerely,
                                                  technical data, and defense services in
                                                                                                            Julia Frifield,                                       Julia Frifield,
                                                  the amount of $50,000,000 or more.                                                                              Assistant Secretary Legislative Affairs.
                                                                                                            Assistant Secretary Legislative Affairs.
                                                     The transaction contained in the                       Enclosure: Transmittal No. DDTC 15–027.               Enclosure: Transmittal No. DDTC 15–090.
                                                  attached certification involves the
                                                  export of defense articles, including                     October 16, 2015                                      October 23, 2015.
                                                                                                            Honorable John A. Boehner, Speaker of                 Honorable Joseph R. Biden, Jr. President
                                                    20 17   CFR 200.30–3(a)(12).                             the House of Representatives.                         of the Senate.


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Document Created: 2016-04-09 00:10:58
Document Modified: 2016-04-09 00:10:58
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 21433 

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