81 FR 22151 - 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 | 22151-22154 | |
| FR Document | 2016-08555 |
[Federal Register Volume 81, Number 72 (Thursday, April 14, 2016)] [Notices] [Pages 22151-22154] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-08555] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77568; File No. SR-BOX-2016-15] 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 the Complex Order pricing structure and make a clerical correction to Section III 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 to adopt a new pricing structure for Complex Orders. Currently, Complex Orders executed on BOX are assessed differing fees and credits depending on where the Complex Order executes. Complex Orders that executed against orders on the BOX Book are assessed a flat fee depending on the account type of the Participant submitting the order; while Complex Orders that execute against other Complex Orders on the Complex Order Book are assessed a fee or credit [[Page 22152]] depending upon (i) the account type of the Participant submitting the order; and (ii) the account type of the contra party in the transaction. First, the Exchange proposes to revise the Complex Order pricing structure to remove the execution distinction. Specifically, Complex Orders will now be assessed the same fee or credit regardless of whether the Complex Order executes against an Order on the BOX Book or against another Complex Order. To effect this change, the Exchange proposes to remove Section III.A. (Complex Orders Executed Against Orders on the BOX Book) and Section III.B. (Complex Orders Executed Against Other Complex Orders) and create a new Section III.A. entitled (All Complex Orders). The Exchange then proposes to adopt a contra party pricing structure in this new section that will assess transaction fees and credits dependent upon three factors: (i) The account type of the Participant submitting the order; (ii) whether the Participant is a liquidity provider or liquidity taker; and (iii) the account type of the contra party.\5\ The Exchange notes that Complex Orders in Penny Pilot Classes and Non-Penny Pilot Classes will continue to be assessed differently, a distinction that occurs across the entirety of the BOX Fee Schedule. --------------------------------------------------------------------------- \5\ This pricing model is similar to the Non-Auction Transactions fee structure in Section I of the BOX Fee Schedule. --------------------------------------------------------------------------- The Exchange proposed fee structure for all Complex Orders will be as follows: ---------------------------------------------------------------------------------------------------------------- Penny pilot classes Non-penny pilot classes --------------------------------------------------- Account type Contra party Maker fee/ Taker fee/ Maker fee/ Taker fee/ credit credit credit credit ---------------------------------------------------------------------------------------------------------------- Public Customer..................... Public Customer....... $0.00 $0.00 $0.00 $0.00 Professional Customer/ (0.35) (0.35) (0.70) (0.70) Broker Dealer. Market Maker.......... (0.35) (0.35) (0.70) (0.70) Professional Customer or Broker Public Customer....... (0.10) 0.45 (0.10) 0.80 Dealer. Professional Customer/ (0.10) 0.30 (0.10) 0.45 Broker Dealer. Market Maker.......... (0.10) 0.30 (0.10) 0.45 Market Maker........................ Public Customer....... (0.10) 0.40 (0.10) 0.75 Professional Customer/ (0.10) 0.30 (0.10) 0.45 Broker Dealer. Market Maker.......... (0.10) 0.30 (0.10) 0.45 ---------------------------------------------------------------------------------------------------------------- For example, if a Public Customer submitted a Complex Order in a Penny Pilot Class (making liquidity), the Public Customer would be credited $0.35 if the Complex Order interacted with a Market Maker's Complex Order and the Market Maker (taking liquidity) would be charged $0.40. To expand on this example, if the Market Maker instead submitted a Complex Order in a Penny Pilot Class (making liquidity), the Market Maker would be credited $0.10 if the order interacted with a Public Customer's order and the Public Customer (taking liquidity) would be credited $0.35. The Exchange also proposes to make a clerical correction to Section III of the BOX Fee Schedule. Specifically, the third paragraph in the introduction to this section references a Market Maker's ADV (Average Daily Volume). The Exchange no longer uses a Participant's ADV to determine volume based tiers for rebates and fees. Instead, the qualification thresholds are based on a percentage of the Participant's volume relative to the account type's overall total industry equity and ETF option volume. Therefore, the Exchange proposes to remove the reference in this sentence to ADV and replace it with ``executed volume on BOX.'' 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,\6\ 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed Complex Order Fees are reasonable, equitable and not unfairly discriminatory. In particular, the proposed Complex Order Fees will allow the Exchange to be competitive with other exchanges and to apply fees and credits in a manner that is equitable among all BOX Participants. The Exchange operates within a highly competitive market in which market participants can readily direct order flow to any other competing exchange if they determine fees at a particular exchange to be excessive. The proposed Complex Order Fees are intended to attract Complex Orders to the Exchange by offering market participants incentives to submit their Complex Orders to the Exchange. The Exchange believes it is appropriate to provide incentives for market participants to submit Complex Orders, resulting in greater liquidity and ultimately benefiting all Participants trading on the Exchange. The Exchange believes revising the Complex Order pricing structure to assess the same fee or credit regardless of whether the Complex Order executes against an Order on the BOX Book or against another Complex Order is reasonable, equitable and not unfairly discriminatory. With the adoption of the proposed Complex Order pricing structure, the Exchange believes it is no longer necessary to differentiate these transaction fees by where the Complex Order executes, and doing so will reduce investor confusion with respect to the applicable Complex Order fees and credits. The Exchange believes the proposed Complex Order fee structure is reasonable, equitable and not unfairly discriminatory. The proposed fee structure is similar to the structure already in place for Complex Orders that execute against other Complex Orders, and simply adds a Make/Take factor. Further, a similar fee structure is already in place for Non-Auction Transactions on the Exchange and has been accepted by both the Commission and the industry.\7\ The result of this structure is that a Participant does not know the fee it will be charged when submitting the Complex Order. [[Page 22153]] Therefore, the Participant must recognize that it could be charged the highest applicable fee on the Exchange's Complex Order schedule, which may, instead, be lowered or changed to a rebate depending upon how the Complex Order interacts. --------------------------------------------------------------------------- \7\ See supra note 5. --------------------------------------------------------------------------- The Exchange believes that the proposed credits for Public Customers in Complex Orders are reasonable. Under the proposed fee structure, Public Customers will never pay a fee for a Complex Order, but may receive a credit of $0.35 in Penny Pilot Classes and $0.70 in Non-Penny Pilot Classes. The Exchange believes providing a credit or charging no fee to Public Customers for Complex Orders is equitable and not unfairly discriminatory. The securities markets generally, and BOX in particular, have historically aimed to improve markets for investors and develop various features within the market structure for Public Customer benefit. Accordingly, the Exchange believes that charging no fee or providing a credit for Public Customers is appropriate and not unfairly discriminatory. Public Customers are less sophisticated than other Participants and the credit will help to attract a high level of Public Customer order flow to the BOX Book and create liquidity, which the Exchange believes will ultimately benefit all Participants trading on BOX. The Exchange also believes it is reasonable, equitable and not unfairly discriminatory to give Public Customers a credit when their Complex Order executes against a non-Public Customer and, accordingly, charge non-Public Customers a higher fee when their Complex Order executes against a Public Customer compared to the fee or rebate they would be assessed if their Complex Order interacts with a non-Public Customer. As stated above, the Exchange aims to improve markets by developing features for the benefit of its Public Customers. Similar to the payment for order flow and other pricing models that have been adopted by the Exchange and other exchanges to attract Public Customer order flow, the Exchange increases fees to non-Public Customers to provide incentives for Public Customers. The Exchange believes that providing incentives for Complex Orders by Public Customers is reasonable and, ultimately, will benefit all Participants trading on the Exchange by attracting Public Customer order flow. The Exchange believes that the proposed fees for Professional Customers and Broker Dealers in Complex Orders are reasonable. Under the proposed fee structure, a Professional Customer or Broker Dealer making liquidity and interacting with a Public Customer, Professional Customer, Broker Dealer or Market Marker will be credited $0.10 for Complex Orders in both Penny Pilot Classes and Non-Penny Pilot Classes. If the Professional Customer or Broker Dealer is instead taking liquidity, for Complex Orders in Penny Pilot Classes it will be charged either $0.45 if the Complex Order interacts with a Public Customer's Complex Order or $0.30 if the Complex Order interacts with a Professional Customer or Broker Dealer or a Market Maker. For Complex Orders in Non-Penny Pilot Classes, the Professional Customer or Broker Dealer will be charged either $0.80 if the Complex Order interacts with a Public Customer's Complex Order or $0.45 if the Complex Order interacts with a Professional Customer or Broker Dealer or a Market Maker. The Exchange believes that charging Professional Customers and Broker Dealers higher fees than Public Customers for Complex Orders is equitable and not unfairly discriminatory. Professional Customers, while Public Customers by virtue of not being Broker Dealers, generally engage in trading activity more similar to Broker Dealer proprietary trading accounts (submitting more than 390 standard orders per day on average). The Exchange believes that the higher level of trading activity from these Participants will draw a greater amount of BOX system resources than that of non-professional, Public Customers. Because this higher level of trading activity will result in greater ongoing operational costs, the Exchange aims to recover its costs by assessing Professional Customers and Broker Dealers higher fees for transactions. Finally, the Exchange believes that the proposed fees for Market Makers in Complex Orders are reasonable. Under the proposed fee structure, a Market Maker making liquidity and interacting with a Public Customer, Professional Customer, Broker Dealer or Market Marker will be credited $0.10 for Complex Orders in both Penny Pilot Classes and Non-Penny Pilot Classes. If the Market Maker is instead taking liquidity, for Complex Orders in Penny Pilot Classes it will be charged either $0.40 if the Complex Order interacts with a Public Customer's Complex Order or $0.30 if the Complex Order interacts with a Professional Customer or Broker Dealer or a Market Maker. For Complex Orders taking liquidity in Non-Penny Pilot Classes, the Market Maker will be charged either $0.75 if the Complex Order interacts with a Public Customer's Complex Order or $0.45 if the Complex Order interacts with a Professional Customer or Broker Dealer or a Market Maker. The Exchange believes it is equitable and not unfairly discriminatory for BOX Market Makers to be assessed lower fees than Professional Customers and Broker Dealers for certain Complex Order executions because of the significant contributions to overall market quality that Market Makers provide. Specifically, Market Makers can provide higher volumes of liquidity and lowering their fees will help attract a higher level of Market Maker order flow to the BOX Book and create liquidity, which the Exchange believes will ultimately benefit all Participants trading on BOX. As such, the Exchange believes it is appropriate that Market Makers be charged lower transaction fees than Professional Customers and Broker Dealers for certain Complex Order executions. The Exchange believes it is reasonable, equitable and not unfairly discriminatory for Professional Customers, Broker Dealers and Market Makers to be charged a higher fee for orders removing liquidity when compared to the credit they receive for orders that add liquidity. Giving a credit to Complex Orders that add liquidity will promote liquidity on the Exchange and ultimately benefit all participants on BOX. Further, the concept of incentivizing orders that add liquidity over orders that remove liquidity is commonly accepted within the industry as part of the ``Make/Take'' liquidity model.\8\ --------------------------------------------------------------------------- \8\ The ``Make/Take'' model is currently used by the International Securities Exchange LLC (``ISE') and NASDAQ OMX PHLX LLC (``PHLX''). --------------------------------------------------------------------------- Finally, the Exchange also believes it is reasonable to charge Professional Customers, Broker Dealers, and Market Makers less for certain executions in Penny Pilot issues compared to Non-Penny Pilot issues because these classes are typically more actively traded; assessing lower fees will further incentivize order flow in Penny Pilot issues on the Exchange, ultimately benefiting all Participants trading on BOX. Additionally, the Exchange believes it is reasonable to give a greater credit to Public Customers for Complex Orders in Non-Penny Pilot issues as compared to Penny Pilot issues. Since these classes have wider spreads and are less actively traded, giving a larger credit will further incentivize Public Customers to trade in these classes, ultimately benefitting all Participants trading on BOX. [[Page 22154]] The Exchange believes that the proposed Complex Order fee structure will keep the Exchange competitive with other exchanges and will be applied in an equitable manner among all BOX Participants. The Exchange believes the proposed fee structure is reasonable and competitive with fee structures in place on other exchanges. Further, the Exchange believes that the competitive marketplace impacts the fees proposed for BOX. 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 believes that applying a fee structure that is determined according to whether the Complex Order removes or adds liquidity, the account type of the Participant submitting the Complex Order, and the contra party will result in Participants being charged appropriately for these transactions. Submitting a Complex is entirely voluntary and Participants can determine which type of order they wish to submit, if any, to the Exchange. Further, the Exchange believes that this proposal will enhance competition between exchanges because it is designed to allow the Exchange to better compete with other exchanges for Complex Order flow. Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing exchanges. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were 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 \9\ and Rule 19b-4(f)(2) thereunder,\10\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). \10\ 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-2016-15 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-2016-15. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2016-15, and should be submitted on or before May 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-08555 Filed 4-13-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices 22151
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the of the Exchange Act with respect to its Act,3 and Rule 19b–4(f)(2) thereunder,4
Securities and Exchange Commission investor protection function. which renders the proposal effective
(‘‘Commission’’) has submitted to the Completing and filing Form BD is upon filing with the Commission. The
Office of Management and Budget mandatory in order to engage in broker- Commission is publishing this notice to
(‘‘OMB’’) a request for approval of dealer activity. Compliance with Rule solicit comments on the proposed rule
extension of the previously approved 15b1–1 does not involve the collection change from interested persons.
collection of information provided for in of confidential information. I. Self-Regulatory Organization’s
Rule 15b1–1 (17 CFR 240.15b1–1) and An agency may not conduct or Statement of the Terms of the Substance
Form BD (17 CFR 249.501) under the sponsor, and a person is not required to of the Proposed Rule Change
Securities Exchange Act of 1934 (17 respond to, a collection of information
U.S.C. 78a et seq.). under the PRA unless it displays a The Exchange is filing with the
Form BD is the application form used currently valid OMB control number. Securities and Exchange Commission
by firms to apply to the Commission for The public may view background (‘‘Commission’’) a proposed rule change
registration as a broker-dealer, as documentation for this information to amend the Fee Schedule to revise the
required by Rule 15b1–1. Form BD also collection at the following Web site: Complex Order pricing structure and
is used by firms other than banks and www.reginfo.gov. Comments should be make a clerical correction to Section III
registered broker-dealers to apply to the directed to: (i) Desk Officer for the of the BOX Fee Schedule on the BOX
Commission for registration as a Securities and Exchange Commission, Market LLC (‘‘BOX’’) options facility.
municipal securities dealer or a Office of Information and Regulatory While changes to the fee schedule
government securities broker-dealer. In Affairs, Office of Management and pursuant to this proposal will be
addition, Form BD is used to change Budget, Room 10102, New Executive effective upon filing, the changes will
information contained in a previous Office Building, Washington, DC 20503, become operative on April 1, 2016. The
Form BD filing that becomes inaccurate. or by sending an email to: Shagufta_ text of the proposed rule change is
The total industry-wide annual time Ahmed@omb.eop.gov; and (ii) Pamela available from the principal office of the
burden imposed by Form BD is Dyson, Director/Chief Information Exchange, at the Commission’s Public
approximately 4,999 hours, based on Officer, Securities and Exchange Reference Room and also on the
approximately 13,732 responses (193 Commission, c/o Remi Pavlik-Simon, Exchange’s Internet Web site at http://
initial filings + 13,539 amendments). 100 F Street NE., Washington, DC boxexchange.com.
Each application filed on Form BD 20549, or by sending an email to: PRA_ II. Self-Regulatory Organization’s
requires approximately 2.75 hours to Mailbox@sec.gov. Comments must be Statement of the Purpose of, and
complete and each amended Form BD submitted to OMB within 30 days of Statutory Basis for, the Proposed Rule
requires approximately 20 minutes to this notice. Change
complete. (193 × 2.75 hours = 531
hours; 13,539 × 0.33 hours = 4,468 Dated: April 8, 2016. In its filing with the Commission, the
hours; 531 hours + 4,468 hours = 4,999 Robert W. Errett, Exchange included statements
hours.) The staff believes that a broker- Deputy Secretary. concerning the purpose of and basis for
dealer would have a Compliance [FR Doc. 2016–08551 Filed 4–13–16; 8:45 am] the proposed rule change and discussed
Manager complete and file both BILLING CODE 8011–01–P
any comments it received on the
applications and amendments on Form proposed rule change. The text of these
BD at a cost of $279/hour. statements may be examined at the
Consequently, the staff estimates that SECURITIES AND EXCHANGE places specified in Item IV below. The
the total internal cost of compliance COMMISSION Exchange has prepared summaries, set
associated with the annual time burden forth in Sections A, B, and C below, of
[Release No. 34–77568; File No. SR–BOX– the most significant aspects of such
is approximately $1,394,721 per year 2016–15]
($279 × 4999). There is no external cost statements.
burden associated with Rule 15b1–1 and Self-Regulatory Organizations; BOX A. Self-Regulatory Organization’s
Form BD. Options Exchange LLC; Notice of Statement of the Purpose of, and
The Commission uses the information Filing and Immediate Effectiveness of Statutory Basis for, the Proposed Rule
disclosed by applicants in Form BD: a Proposed Rule Change To Amend Change
(1) To determine whether the applicant the Fee Schedule on the BOX Market
meets the standards for registration set 1. Purpose
LLC (‘‘BOX’’) Options Facility
forth in the provisions of the Exchange The Exchange proposes to amend the
Act; (2) to develop a central information April 8, 2016. Fee Schedule for trading on BOX to
resource where members of the public Pursuant to Section 19(b)(1) of the adopt a new pricing structure for
may obtain relevant, up-to-date Securities Exchange Act of 1934 (the Complex Orders.
information about broker-dealers, ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Currently, Complex Orders executed
municipal securities dealers, and notice is hereby given that on March 31, on BOX are assessed differing fees and
government securities broker-dealers, 2016, BOX Options Exchange LLC (the credits depending on where the
and where the Commission, other ‘‘Exchange’’) filed with the Securities Complex Order executes. Complex
regulators, and SROs may obtain and Exchange Commission Orders that executed against orders on
information for investigatory purposes (‘‘Commission’’) the proposed rule the BOX Book are assessed a flat fee
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in connection with securities litigation; change as described in Items I, II, and depending on the account type of the
and (3) to develop statistical III below, which Items have been Participant submitting the order; while
information about broker-dealers, prepared by the Exchange. The Complex Orders that execute against
municipal securities dealers, and Exchange filed the proposed rule change other Complex Orders on the Complex
government securities broker-dealers. pursuant to Section 19(b)(3)(A)(ii) of the Order Book are assessed a fee or credit
Without the information disclosed in
Form BD, the Commission could not 1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(ii).
effectively implement policy objectives 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(2).
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![22154 Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices
The Exchange believes that the At any time within 60 days of the submissions. You should submit only
proposed Complex Order fee structure filing of the proposed rule change, the information that you wish to make
will keep the Exchange competitive Commission summarily may available publicly. All submissions
with other exchanges and will be temporarily suspend the rule change if should refer to File Number SR–BOX–
applied in an equitable manner among it appears to the Commission that the 2016–15, and should be submitted on or
all BOX Participants. The Exchange action is necessary or appropriate in the before May 5, 2016.
believes the proposed fee structure is public interest, for the protection of For the Commission, by the Division of
reasonable and competitive with fee investors, or would otherwise further Trading and Markets, pursuant to delegated
structures in place on other exchanges. the purposes of the Act. If the authority.11
Further, the Exchange believes that the Commission takes such action, the Robert W. Errett,
competitive marketplace impacts the Commission shall institute proceedings Deputy Secretary.
fees proposed for BOX. to determine whether the proposed rule
[FR Doc. 2016–08555 Filed 4–13–16; 8:45 am]
should be approved or disapproved.
B. Self-Regulatory Organization’s BILLING CODE 8011–01–P
Statement on Burden on Competition IV. Solicitation of Comments
The Exchange does not believe that Interested persons are invited to
the proposed rule change will impose submit written data, views, and SMALL BUSINESS ADMINISTRATION
any burden on competition not arguments concerning the foregoing, [Disaster Declaration #14688 and #14689]
necessary or appropriate in furtherance including whether the proposed rule
of the purposes of the Act. The change is consistent with the Act. Florida Disaster #FL–00112
Exchange believes that applying a fee Comments may be submitted by any of
structure that is determined according the following methods: AGENCY: U.S. Small Business
to whether the Complex Order removes Administration.
Electronic Comments
or adds liquidity, the account type of ACTION: Notice.
the Participant submitting the Complex • Use the Commission’s Internet
comment form (http://www.sec.gov/ SUMMARY: This is a notice of an
Order, and the contra party will result
rules/sro.shtml); or Administrative declaration of a disaster
in Participants being charged
• Send an email to rule-comments@ for the State of Florida dated 04/07/
appropriately for these transactions.
sec.gov. Please include File Number SR– 2016.
Submitting a Complex is entirely
BOX–2016–15 on the subject line. Incident: Severe Storms and
voluntary and Participants can
Tornadoes.
determine which type of order they Paper Comments
Incident Period: 02/15/2016.
wish to submit, if any, to the Exchange. • Send paper comments in triplicate Effective Date: 04/07/2016.
Further, the Exchange believes that to Secretary, Securities and Exchange Physical Loan Application Deadline
this proposal will enhance competition Commission, 100 F Street NE., Date: 06/06/2016.
between exchanges because it is Washington, DC 20549–1090. Economic Injury (EIDL) Loan
designed to allow the Exchange to better All submissions should refer to File Application Deadline Date: 01/09/2017.
compete with other exchanges for Number SR–BOX–2016–15. This file
Complex Order flow. ADDRESSES: Submit completed loan
number should be included on the applications to: U.S. Small Business
Finally, the Exchange notes that it
subject line if email is used. To help the Administration, Processing and
operates in a highly competitive market
Commission process and review your Disbursement Center, 14925 Kingsport
in which market participants can
comments more efficiently, please use Road, Fort Worth, TX 76155.
readily favor competing exchanges. In
only one method. The Commission will
such an environment, the Exchange FOR FURTHER INFORMATION CONTACT: A.
post all comments on the Commission’s
must continually review, and consider Escobar, Office of Disaster Assistance,
Internet Web site (http://www.sec.gov/
adjusting, its fees and credits to remain U.S. Small Business Administration,
rules/sro.shtml). Copies of the
competitive with other exchanges. For 409 3rd Street SW., Suite 6050,
submission, all subsequent
the reasons described above, the Washington, DC 20416.
amendments, all written statements
Exchange believes that the proposed SUPPLEMENTARY INFORMATION: Notice is
with respect to the proposed rule
rule change reflects this competitive hereby given that as a result of the
change that are filed with the
environment. Administrator’s disaster declaration,
Commission, and all written
C. Self-Regulatory Organization’s communications relating to the applications for disaster loans may be
Statement on Comments on the proposed rule change between the filed at the address listed above or other
Proposed Rule Change Received From Commission and any person, other than locally announced locations.
Members, Participants, or Others those that may be withheld from the The following areas have been
public in accordance with the determined to be adversely affected by
No written comments were either the disaster:
solicited or received. provisions of 5 U.S.C. 552, will be
available for Web site viewing and Primary Counties: Escambia.
III. Date of Effectiveness of the printing in the Commission’s Public Contiguous Counties:
Proposed Rule Change and Timing for Reference Room, 100 F Street NE., Florida: Santa Rosa.
Commission Action Washington, DC 20549 on official Alabama: Baldwin, Escambia.
The Interest Rates are:
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The foregoing rule change has become business days between the hours of
effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of such
Percent
19(b)(3)(A)(ii) of the Exchange Act 9 and filing also will be available for
Rule 19b–4(f)(2) thereunder,10 because inspection and copying at the principal For Physical Damage:
it establishes or changes a due, or fee. office of the Exchange. All comments Homeowners With Credit Avail-
received will be posted without change; able Elsewhere ...................... 3.625
9 15 U.S.C. 78s(b)(3)(A)(ii). the Commission does not edit personal
10 17 CFR 240.19b–4(f)(2). identifying information from 11 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-07 13:48:02
Document Modified: 2018-02-07 13:48:02
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 81 FR 22151 |
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