81 FR 22324 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Qualified Contingent Cross Rebates and Certain Floor Options Transaction Charges
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 73 (April 15, 2016)
Federal Register Volume 81, Issue 73 (April 15, 2016)
| Page Range | 22324-22328 | |
| FR Document | 2016-08642 |
[Federal Register Volume 81, Number 73 (Friday, April 15, 2016)] [Notices] [Pages 22324-22328] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-08642] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77577; File No. SR-Phlx-2016-42] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Qualified Contingent Cross Rebates and Certain Floor Options Transaction Charges April 11, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 28, 2016, NASDAQ PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's Pricing Schedule at Section II, entitled ``Multiply Listed Options Fees.'' Specifically, the Exchange is proposing to amend the Qualified Contingent Cross (``QCC'') rebates and certain floor Options Transaction Charges. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for [[Page 22325]] 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 purpose of the proposed rule change is to amend the Exchange's Pricing Schedule at Section II, entitled ``Multiply Listed Options Fees.'' Specifically, the Exchange is proposing to amend QCC rebates and certain floor Options Transaction Charges. Each change will be described below in more detail. Section II--QCC Rebates Today, the Exchange assesses a QCC Transaction Fee of $0.20 per contract to a Specialist,\3\ Market Maker,\4\ Professional,\5\ Firm \6\ and Broker-Dealer.\7\ The Exchange also pays rebates on QCC Orders based on the following five tier rebate schedule: --------------------------------------------------------------------------- \3\ A ``Specialist'' is an Exchange member who is registered as an options specialist pursuant to Rule 1020(a). \4\ The term ``Market Maker'' includes Registered Options Traders (``ROT''). See Exchange Rule 1014 (b)(i) and (ii). A ROT includes a Streaming Quote Trader or ``SQT,'' a Remote Streaming Quote Trader or ``RSQT'' and a Non-SQT, which by definition is neither a SQT nor a RSQT. A ROT is defined in Exchange Rule 1014(b) as a regular member [sic] of the Exchange located on the trading floor who has received permission from the Exchange to trade in options for his own account. An SQT is a ROT who has received permission from the Exchange to generate and submit option quotations electronically in options to which such SQT is assigned. An SQT may only submit such quotations while such SQT is physically present on the floor of the Exchange. An SQT may only trade in a market making capacity in classes of options in which the SQT is assigned. See Rule 1014(b)(11)(A) [sic]. An RSQT is an ROT that is a member affiliated with and [sic] Remote Streaming Quote Organization with no physical trading floor presence who has received permission from the Exchange to generate and submit option quotations electronically in options to which such RSQT has been assigned. A qualified RSQT may function as a Remote Specialist upon Exchange approval. See Rule 1014(ii)(B) [sic]. \5\ The term ``Professional'' means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See Rule 1000(b)(14). \6\ The term ``Firm'' applies to any transaction that is identified by a member or member organization for clearing in the Firm range at The Options Clearing Corporation. \7\ The term ``Broker-Dealer'' applies to any transaction which is not subject to any of the other transaction fees applicable within a particular category. QCC Rebate Schedule ------------------------------------------------------------------------ Rebate per Tier Threshold contract ------------------------------------------------------------------------ Tier 1......................... 0 to 299,999 contracts $0.00 in a month. Tier 2......................... 300,000 to 499,999 0.07 contracts in a month. Tier 3......................... 500,000 to 699,999 0.08 contracts in a month. Tier 4......................... 700,000 to 999,999 0.09 contracts in a month. Tier 5......................... Over 1,000,000 0.11 contracts in a month. ------------------------------------------------------------------------ Rebates are paid for all qualifying executed QCC Orders, as defined in Rule 1080(o) \8\ and Floor QCC Orders, as defined in Rule 1064(e),\9\ except where the transaction is either: (i) Customer-to- Customer; or (ii) a dividend, merger, short stock interest or reversal or conversion strategy execution.\10\ The maximum QCC Rebate to be paid in a given month will not exceed $450,000.\11\ --------------------------------------------------------------------------- \8\ A QCC Order is comprised of an order to buy or sell at least 1000 contracts [sic] that is identified as being part of a qualified contingent trade, as that term is defined in Rule 1080(o)(3), coupled with a contra-side order to buy or sell an equal number of contracts. The QCC Order must be executed at a price at or between the National Best Bid and Offer and be rejected if a Customer order is resting on the Exchange book at the same price. A QCC Order shall only be submitted electronically from off the floor to the PHLX XL II System. See Rule 1080(o). See also Securities Exchange Act Release No. 64249 (April 7, 2011), 76 FR 20773 (April 13, 2011) (SR- Phlx-2011-47) (a rule change to establish a QCC Order to facilitate the execution of stock/option Qualified Contingent Trades (``QCTs'') that satisfy the requirements of the trade through exemption in connection with Rule 611(d) of Regulation NMS). \9\ A Floor QCC Order must: (i) Be for at least 1,000 contracts [sic]; (ii) meet the six requirements of Rule 1080(o)(3) which are modeled on the QCT Exemption; (iii) be executed at a price at or between the National Best Bid and Offer (``NBBO''); and (iv) be rejected if a Customer order is resting on the Exchange book at the same price. In order to satisfy the 1,000-contract requirement [sic], a Floor QCC Order must be for 1,000 contracts and could not be, for example, two 500-contract orders or two 500-contract legs. See Rule 1064(e). See also Securities Exchange Act Release No. 64688 (June 16, 2011), 76 FR 36606 (June 22, 2011) (SR-Phlx-2011-56). \10\ See Section II of the Pricing Schedule. \11\ Id. --------------------------------------------------------------------------- The Exchange proposes to amend the QCC rebate schedule to add a new tier to create a six tier rebate schedule and amend the existing tiers. The proposed QCC rebate schedule would be as follows: QCC Rebate Schedule ------------------------------------------------------------------------ Rebate per Tier Threshold contract ------------------------------------------------------------------------ Tier 1......................... 0 to 99,999 contracts $0.00 in a month. Tier 2......................... 100,000 to 299,999 0.05 contracts in a month. Tier 3......................... 300,000 to 499,999 0.07 contracts in a month. Tier 4......................... 500,000 to 699,999 0.08 contracts in a month. Tier 5......................... 700,000 to 999,999 0.09 contracts in a month. Tier 6......................... Over 1,000,000 0.11 contracts in a month. ------------------------------------------------------------------------ Tier 1 does not currently pay a QCC rebate between 0 and 299,999 contracts in a month. The Exchange will continue to pay no rebate for Tier 1, however the Exchange proposes to lower the volume threshold to between 0 and 99,999 contracts in month. The Exchange proposes a new Tier 2 QCC rebate which would pay a QCC rebate of $0.05 [[Page 22326]] per contract for volume between 100,000 and 299,999 contracts in a month. The remainder of the QCC rebate tiers would be renumbered. Current Tier 2 would be renumbered as Tier 3 and would continue to pay a rebate of $0.07 per contract for volume between 300,000 and 499,999 contracts in a month. Current Tier 3 would be renumbered to Tier 4 and would continue to pay a QCC rebate of $0.08 per contract for volume between 500,000 and 699,999. Current Tier 4 would be renumbered as Tier 5 and would continue to pay a $0.09 per contract rebate for volume between 700,000 and 999,999 contracts in a month. Finally, current Tier 5 would be renumbered as Tier 6 and would continue to pay a QCC rebate of $0.11 per contract for volume over 1,000,000 contracts in a month. The Exchange believes that its proposed amendments to the QCC rebates will provide an opportunity for additional members to receive the rebate. The Exchange's proposal permits volume over 99,999 to receive a rebate. Section II--Multiply Listed Options Fees The Exchange proposes to amend the current Floor Options Transaction Charges in Section II of the Exchange's Pricing Schedule in both Penny Pilot and non-Penny Pilot Options from $0.30 to $0.35 per contract for Specialists and Market Makers. The Exchange believes that these fees remain competitive with fees currently assessed today on Phlx. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which the Exchange operates or controls, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ``has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.'' \14\ --------------------------------------------------------------------------- \14\ Securities Exchange Act Release No. 51808 at 37499 (June 9, 2005) [sic] (``Regulation NMS Adopting Release''). --------------------------------------------------------------------------- Likewise, in NetCoalition v. Securities and Exchange Commission (``NetCoalition'') \15\ the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.\16\ As the court emphasized, the Commission ``intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.'' \17\ --------------------------------------------------------------------------- \15\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Circuit 2010). \16\ See NetCoalition, at 534. \17\ Id. at 537. --------------------------------------------------------------------------- Further, ``[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution'; [and] `no exchange can afford to take its market share percentages for granted' because `no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers'. . . . '' \18\ Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets. --------------------------------------------------------------------------- \18\ Id. at 539 (quoting ArcaBook Order, 73 FR at 74782-74783 [sic]). --------------------------------------------------------------------------- Section II--QCC Rebates The Exchange believes that it is reasonable to add a new QCC rebate tier and amend the current rebate tiers to lower the Tier 1 volume threshold and start paying a rebate of $0.05 per contract for volume between 100,000 to 299,999 contracts per month. The Exchange believes that paying a QCC rebate starting at 100,000 contracts per month will attract additional QCC volume on the Exchange. While the other rebate tiers are not being amended and simply renumbered (current Tiers 2-6), the Exchange believes these rebate tiers will continue to attract QCC volume on the Exchange. The Exchange believes that adding a new QCC rebate tier and amending the current rebate tiers to lower the Tier 1 volume threshold and start paying a rebate of $0.05 per contract for volume between 100,000 to 299,999 contracts per month is equitable and not unfairly discriminatory because all market participants are eligible to transact QCC Orders and receive the rebates. Section II--Multiply Listed Options Fees The Exchange's proposal to amend its Floor Options Transaction Charges to increase Penny and non-Penny Pilot Options Transaction Charges for Specialists and Market Makers is reasonable because the proposed fees are within the range of other fees in Section II of the Pricing Schedule.\19\ Also, Specialists and Market Makers pay a Marketing Fee \20\ on electronic orders but do not pay a Marketing Fee when transacting non-electronic orders, which is why the floor transaction charges are higher as compared to electronic options transaction charges for Specialists and Market Makers. --------------------------------------------------------------------------- \19\ Section II Options Transaction Charges for Penny Pilot and non-Penny Pilot Options range from $0.22 to $0.75 per contract for Non-Customers. \20\ The Marketing Fee is assessed on Specialists and Market Makers when they elect to participate in the Marketing program. The fees are assessed on electronically-delivered Customer orders. The fees are available to be disbursed by the Exchange according to the instructions of the Specialist or Market Maker to order flow providers who are members or member organizations who submit, as agent, Customer orders to the Exchange through a member or member organization who is acting as agent for those customer orders. Any excess funds billed but not utilized by the Specialist or Market Maker are carried forward unless the Specialist or Market Maker elects to have those funds rebated on a pro rata basis, reflected as a credit on the monthly invoices. At the end of each calendar quarter, the Exchange calculates the amount of excess funds from the previous quarter and subsequently rebates excess funds on a pro-rata basis to the applicable Specialist or Market Maker who paid into that pool of funds. See Section II of the Pricing Schedule. --------------------------------------------------------------------------- The Exchange's proposal to amend its Floor Options Transaction Charges to increase Penny Options and non-Penny Pilot Options Transaction Charges for Specialists and Market Makers is equitable and not unfairly discriminatory because Specialists and Market Makers have a time and place advantage on the trading floor with respect to orders, unlike other market participants. A Professional, Broker-Dealer, or a Firm would necessarily require a floor broker to represent their trading interest on the trading floor as compared to a Specialist or Market Maker that could directly transact such orders on the trading floor. Further, the Exchange believes that to attract orders from a Professional, Broker-Dealer or a Firm, via a floor broker, the rates must be competitive with rates at other trading floors. Therefore, the Exchange would continue to assess a Professional, [[Page 22327]] Broker-Dealer and a Firm a Floor Options Transaction Charge for Penny Pilot Options and Non-Penny Pilot Options of $0.25 per contract. Customers are not assessed an Options Transaction Charge because Customer order flow is unique. Customer liquidity benefits all market participants by providing more trading opportunities, which attracts Specialists and Market Makers. An increase in the activity of these market participants in turn facilitates tighter spreads, which may cause an additional corresponding increase in order flow from other 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. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In this instance, the proposed changes to the charges assessed and credits available to member firms for execution of securities in securities of all three Tapes do not impose a burden on competition because the Exchange's execution services are completely voluntary and subject to extensive competition both from other exchanges and from off-exchange venues. The Exchange believes that its proposed amendments to the QCC rebate tiers and increase to the Specialist and Market Maker floor options transaction charges do not impose an undue burden on inter- market competition because the QCC rebates and Specialist and Market Maker fees remain competitive with rebates and fees offered on other options markets.\21\ In sum, if the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. --------------------------------------------------------------------------- \21\ The International Securities Exchange LLC (``ISE'') pays QCC rebates ranging from $0.00 to $0.011 per contract. See ISE's Schedule of Fees. Also, the Chicago Board Options Exchange, Incorporated (``CBOE'') assess market-makers, DPMs and LLMs manual fees based on a sliding scale which range from $0.03 to $0.23 per contract depending on certain volume thresholds. See CBOE's Fees Schedule. --------------------------------------------------------------------------- The Exchange believes that adding a new QCC rebate tier and amending the current rebate tiers to lower the Tier 1 volume threshold and start paying a rebate of $0.05 per contract for volume between 100,000 to 299,999 contracts per month does not impose an undue burden on intra-market competition because all market participants are eligible to transact QCC Orders and receive a rebate. The Exchange's proposal to amend its Floor Options Transaction Charges to increase Penny Options and non-Penny Pilot Options Transaction Charges for Specialists and Market Makers does not impose an undue burden on intra-market competition because Specialists and Market Makers have a time and place advantage on the trading floor with respect to orders, unlike other market participants. Unlike other market participants, a Specialist or Market Maker may directly transact orders on the trading floor. Further, unlike Specialist or Market Maker electronic orders, which are subject to a Marketing Fee, Specialist or Market Maker floor orders are not subject to a Marketing Fee. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\22\ --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2016-42 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-Phlx-2016-42.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 submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2016-42 and should be submitted on or before May 6, 2016. [[Page 22328]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-08642 Filed 4-14-16; 8:45 am] BILLING CODE 8011-01-P
![22324 Federal Register / Vol. 81, No. 73 / Friday, April 15, 2016 / Notices
(C) Self-Regulatory Organization’s public interest, for the protection of BatsEDGA–2016–04, and should be
Statement on Comments on the investors, or otherwise in furtherance of submitted on or before May 6, 2016.
Proposed Rule Change Received From the purposes of the Act. If the For the Commission, by the Division of
Members, Participants or Others Commission takes such action, the Trading and Markets, pursuant to delegated
Written comments were neither Commission shall institute proceedings authority.14
solicited nor received. to determine whether the proposed rule Robert W. Errett,
change should be approved or Deputy Secretary.
III. Date of Effectiveness of the disapproved. [FR Doc. 2016–08648 Filed 4–14–16; 8:45 am]
Proposed Rule Change and Timing for
Commission Action IV. Solicitation of Comments BILLING CODE 8011–01–P
Because the proposed rule change Interested persons are invited to
does not (i) significantly affect the submit written data, views, and SECURITIES AND EXCHANGE
protection of investors or the public arguments concerning the foregoing, COMMISSION
interest; (ii) impose any significant including whether the proposed rule
burden on competition; and (iii) become change is consistent with the Act. [Release No. 34–77577; File No. SR–Phlx–
2016–42]
operative for 30 days from the date on Comments may be submitted by any of
which it was filed, or such shorter time the following methods: Self-Regulatory Organizations;
as the Commission may designate, it has Electronic Comments NASDAQ PHLX LLC; Notice of Filing
become effective pursuant to Section and Immediate Effectiveness of
19(b)(3)(A) of the Act 9 and Rule 19b– • Use the Commission’s Internet Proposed Rule Change To Amend
4(f)(6) thereunder.10 comment form (http://www.sec.gov/ Qualified Contingent Cross Rebates
A proposed rule change filed rules/sro.shtml); or and Certain Floor Options Transaction
pursuant to Rule 19b–4(f)(6) under the • Send an email to rule-comments@ Charges
Act 11 normally does not become sec.gov. Please include File Number SR–
operative for 30 days after the date of its BatsEDGA–2016–04 on the subject line. April 11, 2016.
filing. However, Rule 19b–4(f)(6)(iii) 12 Pursuant to Section 19(b)(1) of the
Paper Comments Securities Exchange Act of 1934
permits the Commission to designate a
shorter time if such action is consistent • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
with the protection of investors and the to Secretary, Securities and Exchange notice is hereby given that on March 28,
public interest. The Exchange has asked Commission, 100 F Street NE., 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or
the Commission to waive the 30-day Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
operative delay. The Exchange has All submissions should refer to File and Exchange Commission (‘‘SEC’’ or
stated that the proposed rule change is Number SR–BatsEDGA–2016–04. This ‘‘Commission’’) the proposed rule
intended to ensure consecutively file number should be included on the change as described in Items I, II, and
numbered rules within Chapter XI of the subject line if email is used. To help the III, below, which Items have been
Exchange’s rulebook and does not Commission process and review your prepared by the Exchange. The
amend any of the provisions of current comments more efficiently, please use Commission is publishing this notice to
Rule 11.27. The Commission believes only one method. The Commission will solicit comments on the proposed rule
that waiver of the operative delay is post all comments on the Commission’s change from interested persons.
consistent with the protection of Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
investors and the public interest rules/sro.shtml). Copies of the Statement of the Terms of Substance of
because it may benefit investors by submission, all subsequent the Proposed Rule Change
clarifying the Exchange’s rulebook and amendments, all written statements
avoiding potential investor confusion. with respect to the proposed rule The Exchange proposes to amend the
Accordingly, the Commission hereby change that are filed with the Exchange’s Pricing Schedule at Section
waives the operative delay and Commission, and all written II, entitled ‘‘Multiply Listed Options
designates the proposed rule change communications relating to the Fees.’’ Specifically, the Exchange is
operative upon filing.13 proposed rule change between the proposing to amend the Qualified
At any time within 60 days of the Commission and any person, other than Contingent Cross (‘‘QCC’’) rebates and
filing of the proposed rule change, the those that may be withheld from the certain floor Options Transaction
Commission summarily may public in accordance with the Charges.
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be The text of the proposed rule change
it appears to the Commission that such available for Web site viewing and is available on the Exchange’s Web site
action is necessary or appropriate in the printing in the Commission’s Public at http://nasdaqomxphlx.cchwall
Reference Room, 100 F Street NE., street.com/, at the principal office of the
9 15 U.S.C. 78s(b)(3)(A). Washington, DC 20549, on official Exchange, and at the Commission’s
10 17 CFR 240.19b–4(f)(6). As required under Rule business days between the hours of Public Reference Room.
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file 10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
the proposed rule change, along with a brief filing also will be available for Statement of the Purpose of, and
description and the text of the proposed rule inspection and copying at the principal Statutory Basis for, the Proposed Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES
change, at least five business days prior to the date office of the Exchange. All comments
of filing of the proposed rule change, or such
Change
shorter time as designated by the Commission. received will be posted without change;
In its filing with the Commission, the
11 17 CFR 240.19b–4(f)(6). the Commission does not edit personal
Exchange included statements
12 17 CFR 240.19b–4(f)(6)(iii). identifying information from
concerning the purpose of and basis for
13 For purposes only of waiving the 30-day submissions. You should submit only
operative delay, the Commission has also information that you wish to make 14 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
available publicly. All submissions 1 15 U.S.C. 78s(b)(1).
15 U.S.C. 78c(f). should refer to File Number SR– 2 17 CFR 240.19b–4.
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the proposed rule change and discussed A. Self-Regulatory Organization’s Options Transaction Charges. Each
any comments it received on the Statement of the Purpose of, and change will be described below in more
proposed rule change. The text of these Statutory Basis for, the Proposed Rule detail.
statements may be examined at the Change
Section II—QCC Rebates
places specified in Item IV below. The 1. Purpose
Exchange has prepared summaries, set Today, the Exchange assesses a QCC
forth in sections A, B, and C below, of The purpose of the proposed rule Transaction Fee of $0.20 per contract to
the most significant aspects of such change is to amend the Exchange’s a Specialist,3 Market Maker,4
statements. Pricing Schedule at Section II, entitled Professional,5 Firm 6 and Broker-
‘‘Multiply Listed Options Fees.’’ Dealer.7 The Exchange also pays rebates
Specifically, the Exchange is proposing on QCC Orders based on the following
to amend QCC rebates and certain floor five tier rebate schedule:
QCC REBATE SCHEDULE
Rebate per
Tier Threshold contract
Tier 1 .............................. 0 to 299,999 contracts in a month .......................................................................................................... $0.00
Tier 2 .............................. 300,000 to 499,999 contracts in a month ............................................................................................... 0.07
Tier 3 .............................. 500,000 to 699,999 contracts in a month ............................................................................................... 0.08
Tier 4 .............................. 700,000 to 999,999 contracts in a month ............................................................................................... 0.09
Tier 5 .............................. Over 1,000,000 contracts in a month ..................................................................................................... 0.11
Rebates are paid for all qualifying short stock interest or reversal or The Exchange proposes to amend the
executed QCC Orders, as defined in conversion strategy execution.10 The QCC rebate schedule to add a new tier
Rule 1080(o) 8 and Floor QCC Orders, as maximum QCC Rebate to be paid in a to create a six tier rebate schedule and
defined in Rule 1064(e),9 except where given month will not exceed amend the existing tiers. The proposed
the transaction is either: (i) Customer-to- $450,000.11 QCC rebate schedule would be as
Customer; or (ii) a dividend, merger, follows:
QCC REBATE SCHEDULE
Rebate per
Tier Threshold contract
Tier 1 .............................. 0 to 99,999 contracts in a month ............................................................................................................ $0.00
Tier 2 .............................. 100,000 to 299,999 contracts in a month ............................................................................................... 0.05
Tier 3 .............................. 300,000 to 499,999 contracts in a month ............................................................................................... 0.07
Tier 4 .............................. 500,000 to 699,999 contracts in a month ............................................................................................... 0.08
Tier 5 .............................. 700,000 to 999,999 contracts in a month ............................................................................................... 0.09
Tier 6 .............................. Over 1,000,000 contracts in a month ..................................................................................................... 0.11
Tier 1 does not currently pay a QCC to pay no rebate for Tier 1, however the contracts in month. The Exchange
rebate between 0 and 299,999 contracts Exchange proposes to lower the volume proposes a new Tier 2 QCC rebate
in a month. The Exchange will continue threshold to between 0 and 99,999 which would pay a QCC rebate of $0.05
3 A ‘‘Specialist’’ is an Exchange member who is electronically in options to which such RSQT has Exchange book at the same price. A QCC Order
registered as an options specialist pursuant to Rule been assigned. A qualified RSQT may function as shall only be submitted electronically from off the
1020(a). a Remote Specialist upon Exchange approval. See floor to the PHLX XL II System. See Rule 1080(o).
4 The term ‘‘Market Maker’’ includes Registered Rule 1014(ii)(B) [sic]. See also Securities Exchange Act Release No. 64249
5 The term ‘‘Professional’’ means any person or
Options Traders (‘‘ROT’’). See Exchange Rule 1014 (April 7, 2011), 76 FR 20773 (April 13, 2011) (SR–
(b)(i) and (ii). A ROT includes a Streaming Quote entity that (i) is not a broker or dealer in securities, Phlx–2011–47) (a rule change to establish a QCC
Trader or ‘‘SQT,’’ a Remote Streaming Quote Trader and (ii) places more than 390 orders in listed Order to facilitate the execution of stock/option
or ‘‘RSQT’’ and a Non-SQT, which by definition is options per day on average during a calendar month Qualified Contingent Trades (‘‘QCTs’’) that satisfy
neither a SQT nor a RSQT. A ROT is defined in for its own beneficial account(s). See Rule the requirements of the trade through exemption in
Exchange Rule 1014(b) as a regular member [sic] of 1000(b)(14). connection with Rule 611(d) of Regulation NMS).
6 The term ‘‘Firm’’ applies to any transaction that
the Exchange located on the trading floor who has 9 A Floor QCC Order must: (i) Be for at least 1,000
received permission from the Exchange to trade in is identified by a member or member organization contracts [sic]; (ii) meet the six requirements of Rule
options for his own account. An SQT is a ROT who for clearing in the Firm range at The Options
1080(o)(3) which are modeled on the QCT
has received permission from the Exchange to Clearing Corporation.
7 The term ‘‘Broker-Dealer’’ applies to any
Exemption; (iii) be executed at a price at or between
generate and submit option quotations the National Best Bid and Offer (‘‘NBBO’’); and (iv)
asabaliauskas on DSK3SPTVN1PROD with NOTICES
electronically in options to which such SQT is transaction which is not subject to any of the other
be rejected if a Customer order is resting on the
assigned. An SQT may only submit such quotations transaction fees applicable within a particular
category. Exchange book at the same price. In order to satisfy
while such SQT is physically present on the floor
the 1,000-contract requirement [sic], a Floor QCC
of the Exchange. An SQT may only trade in a 8 A QCC Order is comprised of an order to buy
Order must be for 1,000 contracts and could not be,
market making capacity in classes of options in or sell at least 1000 contracts [sic] that is identified
which the SQT is assigned. See Rule 1014(b)(11)(A) as being part of a qualified contingent trade, as that for example, two 500-contract orders or two 500-
[sic]. An RSQT is an ROT that is a member affiliated term is defined in Rule 1080(o)(3), coupled with a contract legs. See Rule 1064(e). See also Securities
with and [sic] Remote Streaming Quote contra-side order to buy or sell an equal number of Exchange Act Release No. 64688 (June 16, 2011), 76
Organization with no physical trading floor contracts. The QCC Order must be executed at a FR 36606 (June 22, 2011) (SR–Phlx–2011–56).
10 See Section II of the Pricing Schedule.
presence who has received permission from the price at or between the National Best Bid and Offer
Exchange to generate and submit option quotations and be rejected if a Customer order is resting on the 11 Id.
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![22326 Federal Register / Vol. 81, No. 73 / Friday, April 15, 2016 / Notices
per contract for volume between current regulation of the market system rebate of $0.05 per contract for volume
100,000 and 299,999 contracts in a ‘‘has been remarkably successful in between 100,000 to 299,999 contracts
month. The remainder of the QCC rebate promoting market competition in its per month is equitable and not unfairly
tiers would be renumbered. Current Tier broader forms that are most important to discriminatory because all market
2 would be renumbered as Tier 3 and investors and listed companies.’’ 14 participants are eligible to transact QCC
would continue to pay a rebate of $0.07 Likewise, in NetCoalition v. Securities Orders and receive the rebates.
per contract for volume between and Exchange Commission
(‘‘NetCoalition’’) 15 the D.C. Circuit Section II—Multiply Listed Options
300,000 and 499,999 contracts in a
upheld the Commission’s use of a Fees
month. Current Tier 3 would be
renumbered to Tier 4 and would market-based approach in evaluating the The Exchange’s proposal to amend its
continue to pay a QCC rebate of $0.08 fairness of market data fees against a Floor Options Transaction Charges to
per contract for volume between challenge claiming that Congress increase Penny and non-Penny Pilot
500,000 and 699,999. Current Tier 4 mandated a cost-based approach.16 As Options Transaction Charges for
would be renumbered as Tier 5 and the court emphasized, the Commission Specialists and Market Makers is
would continue to pay a $0.09 per ‘‘intended in Regulation NMS that reasonable because the proposed fees
contract rebate for volume between ‘market forces, rather than regulatory are within the range of other fees in
700,000 and 999,999 contracts in a requirements’ play a role in determining Section II of the Pricing Schedule.19
month. Finally, current Tier 5 would be the market data . . . to be made Also, Specialists and Market Makers pay
renumbered as Tier 6 and would available to investors and at what a Marketing Fee 20 on electronic orders
continue to pay a QCC rebate of $0.11 cost.’’ 17 but do not pay a Marketing Fee when
per contract for volume over 1,000,000 Further, ‘‘[n]o one disputes that transacting non-electronic orders, which
contracts in a month. competition for order flow is ‘fierce.’ is why the floor transaction charges are
The Exchange believes that its . . . As the SEC explained, ‘[i]n the U.S. higher as compared to electronic
proposed amendments to the QCC national market system, buyers and options transaction charges for
rebates will provide an opportunity for sellers of securities, and the broker- Specialists and Market Makers.
additional members to receive the dealers that act as their order-routing The Exchange’s proposal to amend its
rebate. The Exchange’s proposal permits agents, have a wide range of choices of Floor Options Transaction Charges to
volume over 99,999 to receive a rebate. where to route orders for execution’; increase Penny Options and non-Penny
[and] ‘no exchange can afford to take its Pilot Options Transaction Charges for
Section II—Multiply Listed Options market share percentages for granted’ Specialists and Market Makers is
Fees because ‘no exchange possesses a equitable and not unfairly
The Exchange proposes to amend the monopoly, regulatory or otherwise, in discriminatory because Specialists and
current Floor Options Transaction the execution of order flow from broker Market Makers have a time and place
Charges in Section II of the Exchange’s dealers’. . . . ’’ 18 Although the court advantage on the trading floor with
Pricing Schedule in both Penny Pilot and the SEC were discussing the cash respect to orders, unlike other market
and non-Penny Pilot Options from $0.30 equities markets, the Exchange believes participants. A Professional, Broker-
to $0.35 per contract for Specialists and that these views apply with equal force Dealer, or a Firm would necessarily
Market Makers. The Exchange believes to the options markets. require a floor broker to represent their
that these fees remain competitive with trading interest on the trading floor as
fees currently assessed today on Phlx. Section II—QCC Rebates compared to a Specialist or Market
The Exchange believes that it is Maker that could directly transact such
2. Statutory Basis reasonable to add a new QCC rebate tier orders on the trading floor. Further, the
The Exchange believes that its and amend the current rebate tiers to Exchange believes that to attract orders
proposal is consistent with Section 6(b) lower the Tier 1 volume threshold and from a Professional, Broker-Dealer or a
of the Act,12 in general, and furthers the start paying a rebate of $0.05 per Firm, via a floor broker, the rates must
objectives of Sections 6(b)(4) and 6(b)(5) contract for volume between 100,000 to be competitive with rates at other
of the Act,13 in particular, in that it 299,999 contracts per month. The trading floors.
provides for the equitable allocation of Exchange believes that paying a QCC Therefore, the Exchange would
reasonable dues, fees and other charges rebate starting at 100,000 contracts per continue to assess a Professional,
among members and issuers and other month will attract additional QCC 19 Section II Options Transaction Charges for
persons using any facility or system volume on the Exchange. While the Penny Pilot and non-Penny Pilot Options range
which the Exchange operates or other rebate tiers are not being amended from $0.22 to $0.75 per contract for Non-Customers.
controls, and is not designed to permit and simply renumbered (current Tiers 20 The Marketing Fee is assessed on Specialists
unfair discrimination between 2–6), the Exchange believes these rebate and Market Makers when they elect to participate
customers, issuers, brokers, or dealers. in the Marketing program. The fees are assessed on
tiers will continue to attract QCC electronically-delivered Customer orders. The fees
The Commission and the courts have volume on the Exchange. are available to be disbursed by the Exchange
repeatedly expressed their preference The Exchange believes that adding a according to the instructions of the Specialist or
for competition over regulatory new QCC rebate tier and amending the Market Maker to order flow providers who are
intervention in determining prices, members or member organizations who submit, as
current rebate tiers to lower the Tier 1 agent, Customer orders to the Exchange through a
products, and services in the securities volume threshold and start paying a member or member organization who is acting as
asabaliauskas on DSK3SPTVN1PROD with NOTICES
markets. In Regulation NMS, while agent for those customer orders. Any excess funds
adopting a series of steps to improve the 14 Securities Exchange Act Release No. 51808 at billed but not utilized by the Specialist or Market
37499 (June 9, 2005) [sic] (‘‘Regulation NMS Maker are carried forward unless the Specialist or
current market model, the Commission Market Maker elects to have those funds rebated on
Adopting Release’’).
highlighted the importance of market 15 NetCoalition v. SEC, 615 F.3d 525 (D.C. Circuit a pro rata basis, reflected as a credit on the monthly
forces in determining prices and SRO 2010).
invoices. At the end of each calendar quarter, the
revenues and, also, recognized that 16 See NetCoalition, at 534.
Exchange calculates the amount of excess funds
from the previous quarter and subsequently rebates
17 Id. at 537.
excess funds on a pro-rata basis to the applicable
12 15 U.S.C. 78f(b). 18 Id. at 539 (quoting ArcaBook Order, 73 FR at Specialist or Market Maker who paid into that pool
13 15 U.S.C. 78f(b)(4) and (5). 74782–74783 [sic]). of funds. See Section II of the Pricing Schedule.
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![22328 Federal Register / Vol. 81, No. 73 / Friday, April 15, 2016 / Notices
For the Commission, by the Division of A. Self-Regulatory Organization’s limited to the desire to create more
Trading and Markets, pursuant to delegated Statement of the Purpose of, and competitive marketplaces and attract
authority.23 Statutory Basis for, the Proposed Rule retail order flow.6 In addition, as several
Robert W. Errett, Change of the exchanges noted in their original
Deputy Secretary. Professional rule filings, their beliefs
1. Purpose
[FR Doc. 2016–08642 Filed 4–14–16; 8:45 am] that disparate Professional rules and a
BILLING CODE 8011–01–P The Exchange proposes to amend lack of uniformity in the application of
BOX Rule 100 (Definitions) to amend such rules across the options markets
the definition of Professional. This filing would not promote the best regulation
SECURITIES AND EXCHANGE that is based on a proposal recently and could, in fact, encourage regulatory
COMMISSION submitted by Chicago Board Options arbitrage.7
Exchange, Incorporated (‘‘CBOE’’) and Similar to other U.S. options
[Release No. 34–77580; File No. SR–BOX–
2016–13]
approved by the Commission.3 exchanges, the Exchange grants ‘‘Public
The Exchange proposes to amend Customers’’ certain marketplace
Self-Regulatory Organizations; BOX BOX Rule 100(a)(50) relating to advantages over other market
Options Exchange LLC; Notice of Professionals. Specifically, the participants pursuant to the Exchange’s
Filing and Immediate Effectiveness of Exchange proposes to adopt new Fee Schedule 8 and the BOX Rules.9
a Proposed Rule Change To Amend language to the rule setting forth Specifically, Public Customer orders are
BOX Rule 100 (Definitions) Relating to amended standards for calculating
Professionals average daily order submissions for 6 See, e.g., Securities Exchange Act Release No.
Professional order counting purposes. 60931 (November 4, 2009), 74 FR 58355, 58356
April 11, 2016. The Exchange believes that the (November 12, 2009) (Notice of Filing of Proposed
Rule Change, as Modified by Amendment No. 1,
Pursuant to Section 19(b)(1) of the proposed rule change would provide Related to Professional Orders) (SR–CBOE–2009–
Securities Exchange Act of 1934 additional clarity in the BOX Rules. 078); Securities Exchange Act Release No. 59287
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 (January 23, 2009), 74 FR 5694, 5694 (January 30,
notice is hereby given that on March 29, Background 2009) (Notice of Filing of Amendment No. 2 and
Order Granting Accelerated Approval of the
2016, BOX Options Exchange LLC (the In general, ‘‘public customers’’ are Proposed Rule Change, as Modified by Amendment
‘‘Exchange’’) filed with the Securities granted certain marketplace advantages Nos. 1 and 2 Thereto, Relating to Professional
and Exchange Commission over other market participants, Account Holders) (SR–ISE–2006–026); Securities
(‘‘Commission’’) the proposed rule including Market Makers, brokers and Exchange Act Release No. 61802 (March 30, 2010),
75 FR 17193, 17194 (April 5, 2010) (Notice of Filing
change as described in Items I and II dealers of securities, and industry of Amendment No. 2 and Order Granting
below, which Items have been prepared ‘‘Professionals’’ on most U.S. options Accelerated Approval of the Proposed Rule Change,
by the self-regulatory organization. The exchanges. The U.S. options exchanges, as Modified by Amendment No. 2 Thereto, Relating
Commission is publishing this notice to including BOX, have adopted similar to Professional Orders) (SR–PHLX–2010–005);
Securities Exchange Act Release No. 61629 (March
solicit comments on the proposed rule definitions of the term ‘‘Professional,’’ 4 2, 2010), 75 FR 10851, 10851 (March 9, 2010)
from interested persons. which commonly refers to persons or (Notice of Filing of Proposed Rule Change Relating
entities that are not a brokers or dealers to the Designation of a ‘‘Professional Customer’’)
I. Self-Regulatory Organization’s in securities and who or which place (SR–NYSEMKT–2010–018).
Statement of the Terms of the Substance more than 390 orders in listed options 7 See, e.g., Securities and Exchange Act Release
of the Proposed Rule Change per day on average during a calendar
No. 62724 (August 16, 2010), 75 FR 51509 (August
20, 2010) (Notice of Filing of a Proposed Rule
The Exchange proposes to amend month for their own beneficial Change by the NASDAQ Stock Market LLC To
BOX Rule 100 (Definitions) relating to account(s).5 Various exchanges adopted Adopt a Definition of Professional and Require That
Professionals. The text of the proposed similar Professional rules for many of All Professional Orders Be Appropriately Marked)
(SR NASDAQ–2010–099); Securities and Exchange
rule change is available from the the same reasons, including, but not Act Release No. 65500 (October 6, 2011), 76 FR
principal office of the Exchange, at the 63686 (October 13, 2011) (Notice of Filing and
Commission’s Public Reference Room 3 See Securities Exchange Act Release No. 77450 Immediate Effectiveness of Proposed Rule Change
and also on the Exchange’s Internet Web (March 25, 2016) (Order Approving SR–CBOE– To Adopt a Definition of Professional and Require
2016–005). That All Professional Orders Be Appropriately
site at http://boxexchange.com. 4 Some U.S. options exchanges refer to Marked) (SR–BATS–2011–041); Securities
II. Self-Regulatory Organization’s ‘‘Professionals’’ as ‘‘Professional Customers’’ or Exchange Act Release No. 65036 (August 4, 2011),
non-‘‘Priority Customers.’’ Compare BATS 76 FR 49517, 49518 (August 10, 2011) (Notice of
Statement of the Purpose of, and Exchange, Inc. (‘‘BZX’’) Rule 16.1(a)(45) Filing and Immediate Effectiveness of Proposed
Statutory Basis for, the Proposed Rule (Professional); BOX Options Exchange LLC (‘‘BOX’’) Rule Change To Adopt a Definition of
Change Rule 100(a)(50) (Professional); CBOE Rule 1.1(ggg) ‘‘Professional’’ and Require That Professional
(Professional); C2 Rule 1.1; BX Chapter I, Sec. 1(49) Orders Be Appropriately Marked by BOX Options
In its filing with the Commission, the (Professional); NASDAQ OMX PHLX LLC (‘‘PHLX’’) Participants) (SR–BX–2011–049); Securities
self-regulatory organization included Rule 1000(b)(14) (Professional); Nasdaq Options Exchange Act Release No. 60931 (November 4,
statements concerning the purpose of, Market (‘‘NOM’’) Chapter I, Sec. 1(a)(48) 2009), 74 FR 58355, 58357 (November 12, 2009)
(Professional); with ISE Rule 100(a)(37A) (Priority (Notice of Filing of Proposed Rule Change, as
and basis for, the proposed rule change Customer); Gemini Rule 100(a)(37A) (Priority Modified by Amendment No. 1, Related to
and discussed any comments it received Customer); Miami International Securities Exchange Professional Orders) (SR–CBOE–2009–078); see also
on the proposed rule change. The text LLC (‘‘MIAX’’) Rule 100 (Priority Customer); NYSE Securities Exchange Act Release 73628 (November
of these statements may be examined at MKT LLC (‘‘NYSE MKT’’) Rule 900.2NY(18A) 18, 2014), 79 FR 69958, 69960 (November 24, 2014)
(Professional Customer); NYSE Arca, Inc. (‘‘Arca’’) (Notice of Filing and Immediate Effectiveness of a
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the places specified in Item IV below. Rule 6.1A(4A) (Professional Customer). Proposed Rule Change Relating to Professional
The self-regulatory organization has 5 See, e.g., BZX Rule 16.1(a)(45); BOX Rule Orders) (SR–CBOE–2014–085).
prepared summaries, set forth in 100(a)(50); CBOE Rule 1.1(ggg); C2 Rule 1.1; BX 8 See, e.g., BOX Fee Schedule (Exchange Fees).
Sections A, B, and C below, of the most Chapter I, Sec. 1(49); PHLX Rule 1000(b)(14); NOM 9 Public Customers receive allocation priority
significant aspects of such statements. Chapter I, Sec. 1(a)(48); see also ISE Rule above equally priced competing interests of Market
100(a)(37A) (Priority Customer); Gemini Rule Makers, broker-dealers, and other market
100(a)(37A) (Priority Customer); MIAX Rule 100 participants in the PIP and COPIP. See, e.g., BOX
23 17 CFR 200.30–3(a)(12). (Priority Customer); NYSE MKT Rule 900.2NY(18A) Rule 7150(g)(1) (Public Customer Allocation in PIP),
1 15 U.S.C. 78s(b)(1). (Professional Customer); Arca Rule 6.1A(4A) BOX Rule 7245(g)(2) (Public Customer Allocation in
2 17 CFR 240.19b–4. (Professional Customer). COPIP).
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Document Created: 2016-04-15 00:54:46
Document Modified: 2016-04-15 00:54:46
| 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 22324 |
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