81 FR 22133 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (“BOX”) Options Facility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 72 (April 14, 2016)
Federal Register Volume 81, Issue 72 (April 14, 2016)
| Page Range | 22133-22136 | |
| FR Document | 2016-08559 |
[Federal Register Volume 81, Number 72 (Thursday, April 14, 2016)] [Notices] [Pages 22133-22136] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-08559] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77572; File No. SR-BOX-2016-14] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (``BOX'') Options Facility April 8, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 31, 2016, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend the Fee Schedule to revise certain qualification thresholds and fees in Section I.B. of the BOX Fee Schedule on the BOX Market LLC (``BOX'') options facility. While changes to the fee schedule pursuant to this proposal will be effective upon filing, the changes will become operative on April 1, 2016. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. 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 amend the Fee Schedule for trading on BOX. Specifically, the Exchange proposes to revise certain qualification thresholds and fees in Section I.B. of the BOX Fee Schedule, the Tiered Fee Schedule for Initiating Participants and BOX Volume Rebate (``BVR''). Under the Tiered Fee Schedule for Initiating Participants, the Exchange assesses a per contract execution fee to all Primary Improvement Order executions initiated by the particular Initiating Participant. Percentage thresholds are calculated on a monthly basis by totaling the Initiating Participant's Primary Improvement Order volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. The current tiered fee schedule for Initiating Participants is as follows: ------------------------------------------------------------------------ Percentage thresholds of national customer Per contract Tier volume in multiply- fee (all listed options classes account types) (monthly) ------------------------------------------------------------------------ 1.............................. 0.000%-0.079%.......... $0.25 [[Page 22134]] 2.............................. 0.080%-0.159%.......... 0.20 3.............................. 0.160%-0.339%.......... 0.12 4.............................. 0.340%-0.849%.......... 0.07 5.............................. 0.850% and Above....... 0.03 ------------------------------------------------------------------------ The Exchange proposes to adjust the percentage thresholds in Tiers 3 through 5. Additionally, the Exchange proposes to raise the fee associated with Tier 5 from $0.03 to $0.05. The new Tiered Fee Schedule for Initiating Participants set forth in Section I.B.1. of the BOX Fee Schedule will be as follows: ------------------------------------------------------------------------ Percentage thresholds of national customer Per contract Tier volume in multiply- fee (all listed options classes account types) (monthly) ------------------------------------------------------------------------ 1.............................. 0.000%-0.079%.......... $0.25 2.............................. 0.080%-0.159%.......... 0.20 3.............................. 0.160%-0.499%.......... 0.12 4.............................. 0.500%-0.999%.......... 0.07 5.............................. 1.000% and Above....... 0.05 ------------------------------------------------------------------------ Next, the Exchange proposes to revise certain qualification thresholds in the BVR. Under the current BVR, the Exchange offers a tiered per contract rebate for all PIP Orders and COPIP orders of 100 contracts and under. Percentage thresholds are calculated on a monthly basis by totaling the Participant's PIP and COPIP volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. The current per contract rebate for Participants in PIP and COPIP Transactions under the BVR is: ---------------------------------------------------------------------------------------------------------------- Per contract rebate (all Percentage thresholds of national account types) Tier customer volume in multiply-listed ------------------------------- options classes (monthly) PIP COPIP ---------------------------------------------------------------------------------------------------------------- 1.......................................... 0.000% to 0.159%................... ($0.00) ($0.00) 2.......................................... 0.160% to 0.339%................... ($0.04) ($0.02) 3.......................................... 0.340% to 0.849%................... ($0.11) ($0.04) 4.......................................... 0.850% and Above................... ($0.14) ($0.06) ---------------------------------------------------------------------------------------------------------------- The Exchange proposes to adjust the BVR percentage threshold for Tier 3 to ``0.340% to 0.99%'' and Tier 4 to ``1.00% and Above.'' The quantity submitted will continue to be calculated on a monthly basis by totaling the Participant's PIP and COPIP volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. The new BVR set forth in Section I.B.2 of the BOX Fee Schedule will be as follows: ---------------------------------------------------------------------------------------------------------------- Per contract rebate (all Percentage thresholds of national account types) Tier customer volume in multiply-listed ------------------------------- options classes (monthly) PIP COPIP ---------------------------------------------------------------------------------------------------------------- 1.......................................... 0.000% to 0.159%................... ($0.00) ($0.00) 2.......................................... 0.160% to 0.339%................... ($0.04) ($0.02) 3.......................................... 0.340% to 0.99%.................... ($0.11) ($0.04) 4.......................................... 1.00% and Above.................... ($0.14) ($0.06) ---------------------------------------------------------------------------------------------------------------- Lastly, the Exchange is proposing to remove reference and information relating to Mini Options, as the Exchange no longer lists or trades Mini Options and has no current plans to do so. The Exchange added rules relating to the listing of Mini Options (options overlying 10 shares of stock) in 2013 \5\ and later changed its Fee Schedule to address the treatment of Mini Options, including establishing transactions fees for these products.\6\ However, the Exchange no longer lists or trades Mini Option series, and has no current plans to do so and proposes to strip references, and charges related to, Mini Options from the Fee Schedule. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 68771 (January 30, 2013), 78 FR 8208 (February 5, 2013) (Notice of Filing and Immediate Effectiveness SR-BOX-2013-07). \6\ See Securities Exchange Act Release No. 69202 (March 21, 2013), 78 FR 18642 (March 27, 2013) (Notice of Filing and Immediate Effectiveness SR-BOX-2013-15). --------------------------------------------------------------------------- [[Page 22135]] 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, in general, and Section 6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among BOX Participants and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes the proposed amendments to the Tiered Fee Schedule for Initiating Participants in Section I.B.1. of the BOX Fee Schedule are reasonable, equitable and non-discriminatory. The reduced fees related to trading activity in BOX Auction Transactions are available to all BOX Options Participants that initiate Auction Transactions, and they may choose whether or not to trade on BOX to take advantage of the discounted fees for doing so. The Exchange also believes adjusting certain percentage thresholds within the tiers and a fee associated with a tier is reasonable and appropriate, as this Tiered Fee Schedule is in place to provide incentives to BOX Participants to submit their customer order into the PIP for potential price improvement. Further, the Exchange believes the proposed thresholds and fees remain competitive when compared to the auction transaction fees on other exchanges.\8\ --------------------------------------------------------------------------- \8\ Comparative fees at other exchanges range from $0.05 to $0.30. See Section IV of the Phlx Pricing Schedule entitled ``PIXL Pricing''; International Securities Exchange (``ISE'') Schedule of Fees, Section I. Regular Order Fees and Rebates ``Select Symbols.'' --------------------------------------------------------------------------- The Exchange also believes the proposed amendments to the BVR in Section I.B of the BOX Fee Schedule are reasonable, equitable and non- discriminatory. The BVR was adopted to attract Public Customer order flow to the Exchange by offering these Participants incentives to submit their PIP and COPIP Orders to the Exchange and the Exchange believes it is appropriate to now amend the BVR. The Exchange believes it is equitable and not unfairly discriminatory to amend the BVR, as all Participants have the ability to qualify for a rebate, and rebates are provided equally to qualifying Participants. Finally, the Exchange believes it is reasonable and appropriate to continue to provide incentives for Public Customers, which will result in greater liquidity and ultimately benefit all Participants trading on the Exchange. BOX believes it is reasonable, equitable and not unfairly discriminatory to adjust the monthly Percentage Thresholds of National Customer Volume in Multiply-Listed Options Classes. The volume thresholds and applicable rebates are meant to incentivize Participants to direct order flow to the Exchange to obtain the benefit of the rebate, which will in turn benefit all market participants by increasing liquidity on the Exchange. Other exchanges employ similar incentive programs; \9\ and the Exchange believes that the proposed changes to the volume thresholds and rebates are reasonable and competitive when compared to incentive structures at other exchanges. --------------------------------------------------------------------------- \9\ See Section B of the PHLX Pricing Schedule entitled ``Customer Rebate Program;'' ISE Gemini's Qualifying Tier Thresholds (page 6 of the ISE Gemini Fee Schedule); and CBOE's Volume Incentive Program (VIP). --------------------------------------------------------------------------- Lastly, the Exchange believes the proposed change to remove references and information relating to Mini Options from the Fee Schedule is reasonable, equitable, and not unfairly discriminatory, as the Exchange no longer lists or trades Mini-option series and has no intention to do so at this time. Thus, removing outmoded references on the Fee Schedule would alleviate potential investor confusion and improve the clarity and transparency of the Fee Schedule. The proposed change is also reasonable, equitable, and not unfairly discriminatory as it applies to all market participants. 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. The Exchange is simply proposing to revise certain qualification thresholds and fees in the Section I.B. of the BOX Fee Schedule. The Exchange believes that the volume based rebates and fees increase intermarket and intramarket competition by incenting Participants to direct their order flow to the exchange, which benefits all participants by providing more trading opportunities and improves competition on the Exchange. The Exchange also believes the removal of references to Mini Options will not impose any burden on competition but will serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. 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 Exchange Act \10\ and Rule 19b-4(f)(2) thereunder,\11\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). \11\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further 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-BOX-2016-14 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-BOX-2016-14. 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 [[Page 22136]] 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-BOX-2016-14, and should be submitted on or before May 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-08559 Filed 4-13-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices 22133
SECURITIES AND EXCHANGE Affairs, Office of Management and certain qualification thresholds and fees
COMMISSION Budget, Room 10102, New Executive in Section I.B. of the BOX Fee Schedule
Office Building, Washington, DC 20503, on the BOX Market LLC (‘‘BOX’’)
Submission for OMB Review; or by sending an email to: Shagufta_ options facility. While changes to the
Comment Request Ahmed@omb.eop.gov; and (ii) Pamela fee schedule pursuant to this proposal
Dyson, Director/Chief Information will be effective upon filing, the changes
Upon Written Request Copies Available
Officer, Securities and Exchange will become operative on April 1, 2016.
From: Securities and Exchange
Commission, c/o Remi Pavlik-Simon, The text of the proposed rule change is
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC 20549 available from the principal office of the
100 F Street NE., Washington, DC
or send an email to: PRA_Mailbox@ Exchange, at the Commission’s Public
20549–2736.
sec.gov. Comments must be submitted to Reference Room and also on the
Extension: Form F–7, OMB Control No. OMB within 30 days of this notice. Exchange’s Internet Web site at http://
3235–0383, SEC File No. 270–331 boxexchange.com.
Dated: April 8, 2016.
Notice is hereby given that, pursuant Robert W. Errett, II. Self-Regulatory Organization’s
to the Paperwork Reduction Act of 1995 Deputy Secretary. Statement of the Purpose of, and
(44 U.S.C. 3501 et seq.), the Securities
[FR Doc. 2016–08550 Filed 4–13–16; 8:45 am] Statutory Basis for, the Proposed Rule
and Exchange Commission
BILLING CODE 8011–01–P Change
(‘‘Commission’’) has submitted to the
Office of Management and Budget this In its filing with the Commission, the
request for extension of the previously SECURITIES AND EXCHANGE Exchange included statements
approved collection of information COMMISSION concerning the purpose of and basis for
discussed below. the proposed rule change and discussed
Form F–7 (17 CFR 239.37) is a [Release No. 34–77572; File No. SR–BOX– any comments it received on the
registration statement under the 2016–14]
proposed rule change. The text of these
Securities Act of 1933 (15 U.S.C. 77a et statements may be examined at the
Self-Regulatory Organizations; BOX
seq.) used to register securities that are places specified in Item IV below. The
Options Exchange LLC; Notice of
offered for cash upon the exercise of Exchange has prepared summaries, set
Filing and Immediate Effectiveness of
rights granted to a registrant’s existing forth in Sections A, B, and C below, of
a Proposed Rule Change To Amend
security holders to purchase or the most significant aspects of such
the Fee Schedule on the BOX Market
subscribe such securities. The statements.
LLC (‘‘BOX’’) Options Facility
information collected is intended to
ensure that the information required to April 8, 2016. A. Self-Regulatory Organization’s
be filed by the Commission permits Pursuant to Section 19(b)(1) of the Statement of the Purpose of, and
verification of compliance with Securities Exchange Act of 1934 (the Statutory Basis for, the Proposed Rule
securities law requirements and assures ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Change
the public availability of such notice is hereby given that on March 31, 1. Purpose
information. The information provided 2016, BOX Options Exchange LLC (the
is mandatory and all information is ‘‘Exchange’’) filed with the Securities The Exchange proposes to amend the
made available to the public upon and Exchange Commission Fee Schedule for trading on BOX.
request. Form F–7 takes approximately (‘‘Commission’’) the proposed rule Specifically, the Exchange proposes to
4 hours per response to prepare and is change as described in Items I, II, and revise certain qualification thresholds
filed by approximately 5 respondents. III below, which Items have been and fees in Section I.B. of the BOX Fee
We estimate that 25% of 4 hours per prepared by the Exchange. The Schedule, the Tiered Fee Schedule for
response (one hour) is prepared by the Exchange filed the proposed rule change Initiating Participants and BOX Volume
company for a total annual reporting pursuant to Section 19(b)(3)(A)(ii) of the Rebate (‘‘BVR’’).
burden of 5 hours (one hour per Act,3 and Rule 19b–4(f)(2) thereunder,4 Under the Tiered Fee Schedule for
response × 5 responses). which renders the proposal effective Initiating Participants, the Exchange
An agency may not conduct or upon filing with the Commission. The assesses a per contract execution fee to
sponsor, and a person is not required to Commission is publishing this notice to all Primary Improvement Order
respond to, a collection of information solicit comments on the proposed rule executions initiated by the particular
unless it displays a currently valid change from interested persons. Initiating Participant. Percentage
control number. thresholds are calculated on a monthly
The public may view the background I. Self-Regulatory Organization’s basis by totaling the Initiating
documentation for this information Statement of the Terms of the Substance Participant’s Primary Improvement
collection at the following Web site, of the Proposed Rule Change Order volume submitted to BOX,
www.reginfo.gov. Comments should be The Exchange is filing with the relative to the total national Customer
directed to: (i) Desk Officer for the Securities and Exchange Commission volume in multiply-listed options
Securities and Exchange Commission, (‘‘Commission’’) a proposed rule change classes. The current tiered fee schedule
Office of Information and Regulatory to amend the Fee Schedule to revise for Initiating Participants is as follows:
Per contract
mstockstill on DSK4VPTVN1PROD with NOTICES
Percentage thresholds of national customer volume in multiply-listed options classes fee
Tier (monthly) (all account
types)
1 ..................................... 0.000%–0.079% ...................................................................................................................................... $0.25
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(ii).
2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(2).
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![22136 Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices
Commission, and all written Register on February 25, 2016.3 On SECURITIES AND EXCHANGE
communications relating to the April 7, 2016, the Exchange submitted COMMISSION
proposed rule change between the Amendment No. 1 to the proposed rule [Release No. 34–77565; File No. SR–FINRA–
Commission and any person, other than change.4 The Commission received no 2016–005]
those that may be withheld from the comment letters on the proposed rule
public in accordance with the change. Self-Regulatory Organizations;
provisions of 5 U.S.C. 552, will be Financial Industry Regulatory
available for Web site viewing and Section 19(b)(2) of the Act 5 provides
that, within 45 days of the publication Authority, Inc.; Order Approving a
printing in the Commission’s Public Proposed Rule Change To Reduce the
Reference Room, 100 F Street NE., of notice of the filing of a proposed rule
Synchronization Tolerance for
Washington, DC 20549 on official change, or within such longer period up
Computer Clocks That Are Used To
business days between the hours of to 90 days as the Commission may
Record Events in NMS Securities and
10:00 a.m. and 3:00 p.m. Copies of such designate if it finds such longer period OTC Equity Securities
filing also will be available for to be appropriate and publishes its
inspection and copying at the principal reasons for so finding or as to which the April 8, 2016.
office of the Exchange. All comments self-regulatory organization consents, I. Introduction
received will be posted without change; the Commission shall either approve the
the Commission does not edit personal proposed rule change, disapprove the On February 9, 2016, the Financial
identifying information from Industry Regulatory Authority, Inc.
proposed rule change, or institute
submissions. You should submit only (‘‘FINRA’’) filed with the Securities and
proceedings to determine whether the
information that you wish to make Exchange Commission (‘‘Commission’’)
proposed rule change should be pursuant to Section 19(b)(1) of the
available publicly. All submissions disapproved. The Commission is
should refer to File Number SR–BOX– Securities Exchange Act of 1934
extending this 45-day time period. (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
2016–14, and should be submitted on or
before May 5, 2016. The Commission finds that it is proposed rule change to reduce the
appropriate to designate a longer period synchronization tolerance for computer
For the Commission, by the Division of clocks that are used to record events in
Trading and Markets, pursuant to delegated
within which to take action on the
authority.12 proposed rule change so that it has NMS Securities, including standardized
sufficient time to consider the proposed options and OTC Equity Securities. The
Robert W. Errett,
rule change. Accordingly, the proposed rule change was published for
Deputy Secretary.
Commission, pursuant to Section comment in the Federal Register on
[FR Doc. 2016–08559 Filed 4–13–16; 8:45 am] February 25, 2016.3 Four comments
19(b)(2) of the Act,6 designates May 25,
BILLING CODE 8011–01–P
2016, as the date by which the were received in response to the
proposal.4 This order approves the
Commission should either approve or
proposed rule change.
SECURITIES AND EXCHANGE disapprove or institute proceedings to
COMMISSION determine whether to disapprove the II. Description of the Proposed Rule
proposed rule change (File Number SR– Change
[Release No. 34–77571; File No. SR–
NYSEArca–2016–28] NYSEArca–2016–28), as modified FINRA rules require that firms
byAmendment No. 1. synchronize their business clocks in
Self-Regulatory Organizations; NYSE For the Commission, by the Division of conformity with procedures prescribed
Arca, Inc.; Notice of Designation of a Trading and Markets, pursuant to delegated by FINRA. Specifically, FINRA Rule
Longer Period for Commission Action authority.7 7430 requires that firms synchronize
on a Proposed Rule Change, as their business clocks that are used for
Robert W. Errett,
Modified by Amendment No. 1, To List purposes of recording the date and time
and Trade of Shares of RiverFront Deputy Secretary. of any event that must be recorded
Dynamic US Dividend Advantage ETF [FR Doc. 2016–08558 Filed 4–13–16; 8:45 am] pursuant to the FINRA By-Laws or other
and RiverFront Dynamic US Flex-Cap BILLING CODE 8011–01–P FINRA rules (i.e., the time a trade was
ETF Under NYSE Arca Equities Rule executed or the time an order was
8.600 received or routed), with reference to a
time source as designated by FINRA.
April 8, 2016.
Current OATS technical specifications
On February 5, 2016, NYSE Arca, Inc. provide that all computer system clocks
(‘‘Exchange’’) filed with the Securities and mechanical time stamping devices
and Exchange Commission must be synchronized to within one
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act 1 15 U.S.C. 78s(b)(1).
of 1934 (‘‘Act’’) 1 and Rule 19b–4 2 17 CFR 240.19b–4.
thereunder,2 a proposed rule change to 3 See Securities Exchange Act Release No. 77196
list and trade shares (‘‘Shares’’) of the (Feb. 19, 2016), 81 FR 9550 (‘‘Notice’’).
following under NYSE Arca Equities 4 See Letter from Kermit Kubitz, dated March 18,
Rule 8.600: RiverFront Dynamic US 2016 (‘‘Kubitz Letter’’); Letter from Dave Lauer,
Chairman, Healthy Markets Association, to Brent J.
mstockstill on DSK4VPTVN1PROD with NOTICES
Dividend Advantage ETF and 3 See Securities Exchange Act Release No. 34–
Fields, Secretary, Commission, dated March 17,
RiverFront Dynamic US Flex-Cap ETF. 77183 (February 19, 2016), 81 FR 9535 (February 2016 (‘‘Healthy Markets Letter); Letter from
The Commission published notice of the 25, 2016) (NYSEArca–2016–28). Manisha Kimmel, Chief Regulatory Officer, Wealth
proposed rule change in the Federal 4 Amendment No. 1 replaced and superseded the Management, Thompson Reuters, to Brent J. Fields,
original filing in its entirety. Secretary, Commission, dated March 17, 2015
5 15 U.S.C. 78s(b)(2).
(‘‘Reuters Letter’’); Letter from Mary Lou Von
12 17 CFR 200.30–3(a)(12). Kaenel, Managing Director, Financial Information
1 15 6 Id.
U.S.C. 78s(b)(1). Forum, to Brent J. Fields, Secretary, Commission,
2 17 CFR 240.19b–4. 7 17 CFR 200.30–3(a)(31). dated March 22, 2016 (‘‘FIF Letter’’).
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Document Created: 2018-02-07 13:47:56
Document Modified: 2018-02-07 13:47:56
| 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 | 81 FR 22133 |
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