81 FR 26299 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 84 (May 2, 2016)
Federal Register Volume 81, Issue 84 (May 2, 2016)
| Page Range | 26299-26301 | |
| FR Document | 2016-10151 |
[Federal Register Volume 81, Number 84 (Monday, May 2, 2016)] [Notices] [Pages 26299-26301] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-10151] [[Page 26299]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77710; File No. SR-CBOE-2016-038] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule April 26, 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 April 12, 2016, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the 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 its Fees Schedule. The text of the proposed rule change is available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fees Schedule.\3\ --------------------------------------------------------------------------- \3\ The Exchange initially filed the proposed change on April 1 2016 (SR-CBOE-2016-033). On April 12, 2016, the Exchange withdrew that filing and replaced it with SR-CBOE-2016-038. --------------------------------------------------------------------------- The Exchange first proposes to amend its Volume Incentive Program (``VIP''). By way of background, under VIP, the Exchange credits each Trading Permit Holder (``TPH'') the per contract amount set forth in the VIP table resulting from each public customer (``C'' origin code) order transmitted by that TPH (with certain exceptions) which is executed electronically on the Exchange, provided the TPH meets certain volume thresholds in a month.\4\ The current qualification tiers are set to, in ascending order, 0%-0.75%, above 0.75%-1.50%, above 1.50%- 3.00% and above 3%. The Exchange proposes to adjust the threshold percentages for Tiers 2 and 3. Specifically, the Exchange is proposing to amend Tier 2 to above 0.75%-1.80% and Tier 3 to be above 1.80%- 3.00%. The purpose of this change is to incentivize the sending of both simple and complex orders to the Exchange and to adjust the incentive tiers accordingly as competition requires while maintaining an incremental incentive for TPH's [sic] to strive for the highest tier level. --------------------------------------------------------------------------- \4\ Currently, qualification for the different fee rates at different tiers in the VIP is based on a TPH's percentage of national customer volume in all products, excluding Underlying Symbol List A, DJX, MXEA, MXEF, MNX, NDX, XSP, XSPAM and mini- options. Excluded from the VIP credit are options in Underlying Symbol List A, DJX, MXEA, MXEF, MNX, NDX, XSP, XSPAM, mini-options, QCC trades, public customer to public customer electronic complex order executions, and executions related to contracts that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan referenced in Rule 6.80 (see CBOE Fees Schedule, Volume Incentive Program). --------------------------------------------------------------------------- The Exchange next proposes to amend its Affiliate Volume Plan (``AVP''). By way of background, under AVP if a TPH Affiliate \5\ of a Market-Maker (including a Designated Primary Market-Maker (``DPM'') or Lead Market-Maker (``LMM'')) qualifies under VIP, that Market-Maker will also qualify for a discount on that Market-Maker's Liquidity Provider Sliding Scale (``Sliding Scale'') transaction fees (``Sliding Scale Credit''). More specifically, if a Market-Maker's Affiliate reaches Tier 2, Tier 3 or Tier 4 of VIP, that Market-Maker will receive a discount on their Sliding Scale Market-Maker transaction fees of 10%, 15% or 20%, respectively. The Exchange now proposes to increase the current discounts for Tiers 3 and 4 as follows: --------------------------------------------------------------------------- \5\ ``Affiliate'' is defined as having at least 75% common ownership between the two entities as reflected on each entity's Form BD, Schedule A. ------------------------------------------------------------------------ Proposed Current AVP AVP transaction transaction Tier VIP thresholds fee fee discount discount (%) (%) ------------------------------------------------------------------------ 1............................ 0.00%-0.75%.... 0 0 2............................ Above 0.75%- 10 10 1.50%. 3............................ Above 1.50%- 15 20 3.00%. 4............................ Above 3.00%.... 20 30 ------------------------------------------------------------------------ The Exchange believes the increased credit rate will incentivize increased volume while also maintaining an incremental incentive for TPH's [sic] to strive for the highest tier level. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\6\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market [[Page 26300]] system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,\8\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). \8\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- In particular, the Exchange believes it's reasonable to increase the lower threshold in the third tier of VIP (and thus the corresponding upper threshold in the second tier) because the change is designed to adjust the incentive tiers accordingly as competition requires while maintaining an incremental incentive for TPH's [sic] to strive for the highest tier level to reach the highest credits available. This change is also equitable and not unfairly discriminatory because it will be applied to all TPHs uniformly. The Exchange believes the proposed change will incentivize the sending of more simple and complex orders to the Exchange. The greater liquidity and trading opportunities should benefit not just public customers (whose orders are the only ones that qualify for the VIP) but all market participants. The Exchange believes that increasing the Tier 3 and Tier 4 Sliding Scale Credits from 15% to 20% and 20% to 30%, respectively, is reasonable because it is increasing available credits. Additionally, enhancing the incentives under the Sliding Scale Credit further incentivizes a Market-Maker Affiliate to achieve the highest tier on the VIP so that the Market-Maker can achieve those higher credits, which thereby can result in greater customer liquidity. The resulting increased volume benefits all market participants (including Market- Makers or their affiliates who do not achieve the higher tiers on the VIP; indeed, this increased volume may allow them to reach these tiers). The Exchange believes that limiting the Sliding Scale Credit to Market-Makers is equitable and not unfairly discriminatory because Market-Makers are valuable market participants that provide liquidity in the marketplace and incur costs that other market participants do not incur. For example, Market-Makers have a number of obligations, including quoting obligations that other market participants do not have. The Exchange also believes that it's equitable and not unfairly discriminatory to limit the discounts under the Sliding Scale Credit to Market-Makers with Affiliates that reach certain tiers under VIP. The Exchange notes that in the options industry, many options orders are routed by consolidators, which are firms that have both order router and Market-Maker operations. The Exchange is aware not only of the importance of providing credits on the order routing side in order to encourage the submission of orders (which is [sic] currently does via VIP), but also of the operations costs on the Market-Maker side. The Exchange believes the Sliding Scale Credit allows the Exchange to provide further relief to the Market-Maker side via the discount, which incents these Market- Makers to tighten market widths due to the reduced costs the incentives provide. Additionally, the Exchange believes the discount attracts more volume and liquidity to the Exchange, which benefits all Exchange participants through increased opportunities to trade as well as enhancing price discovery. The Exchange also notes that incentivizing a Market-Maker Affiliate to achieve higher tiers on the VIP, so that the Market-Maker can achieve higher tiers under the Sliding Scale Credit, can result in greater customer liquidity, and the resulting increased volume also benefits all market participants (including Market-Makers that do not have Affiliates or whose Affiliates do not achieve the higher tiers on the VIP; indeed, this increased volume may allow them to reach these tiers). Lastly, other options exchanges also provide credits to Market- Makers if a Market-Maker's affiliate adds a certain amount of customer liquidity to that exchange.\9\ --------------------------------------------------------------------------- \9\ See e.g., NYSE Arca, Inc. (``Arca'') Options Fees and Charges, specifically the table describing the Market Maker Monthly Posting Credit Super Tier, under which transaction volume from a Market Maker's affiliates count towards the Market Maker's ability to qualify for higher credit tiers. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule changes will impose any burden on competition that are not necessary or appropriate in furtherance of the purposes of the Act. In particular, the Exchange believes the proposed change to amend certain tier thresholds in VIP does not impose a burden on intramarket competition because it applies uniformly to all TPHs and incentivizes the sending of more simple and complex orders to the Exchange, which provides greater liquidity and trading opportunities. Additionally, the Exchange does not believe increasing credits under Tiers 3 and 4 of the Liquidity Provider Sliding Scale Credit imposes a burden on intramarket competition because, although it applies only to Market-Makers, Market-Makers are valuable market participants that provide liquidity in the marketplace and incur costs that other market participants do not incur. Market- Makers also have a number of obligations, including quoting obligations that other market participants do not have. Additionally, the Exchange notes that although the Sliding Scale Credit is limited to Market- Makers with an Affiliate, incentivizing a Market-Maker Affiliate to achieve higher tiers on the VIP, so that the affiliated Market-Maker can achieve higher tiers under the Sliding Scale Credit, can result in greater liquidity (including customer liquidity), and the resulting increased volume benefits all market participants. The Exchange does not believe that the proposed rule changes will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed changes are intended to promote competition and better improve the Exchange's competitive position and make CBOE a more attractive marketplace in order to encourage market participants to bring increased volume to the Exchange (while still covering costs as necessary). Further, the proposed changes only affect trading on CBOE. To the extent that the proposed changes make CBOE a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become CBOE market participants. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. 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) of the Act \10\ and paragraph (f) of Rule 19b-4 \11\ thereunder. 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the [[Page 26301]] Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-CBOE-2016-038 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-CBOE-2016-038. 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-CBOE-2016-038, and should be submitted on or before May 23, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-10151 Filed 4-29-16; 8:45 am] BILLING CODE 8011-01-P
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SECURITIES AND EXCHANGE and at the Commission’s Public thresholds in a month.4 The current
COMMISSION Reference Room. qualification tiers are set to, in
ascending order, 0%–0.75%, above
[Release No. 34–77710; File No. SR–CBOE– II. Self-Regulatory Organization’s
0.75%–1.50%, above 1.50%–3.00% and
2016–038] Statement of the Purpose of, and
above 3%. The Exchange proposes to
Statutory Basis for, the Proposed Rule
adjust the threshold percentages for
Self-Regulatory Organizations; Change
Tiers 2 and 3. Specifically, the Exchange
Chicago Board Options Exchange, In its filing with the Commission, the is proposing to amend Tier 2 to above
Incorporated; Notice of Filing and Exchange included statements 0.75%–1.80% and Tier 3 to be above
Immediate Effectiveness of a Proposed concerning the purpose of and basis for 1.80%–3.00%. The purpose of this
Rule To Amend the Fees Schedule the proposed rule change and discussed change is to incentivize the sending of
April 26, 2016. any comments it received on the both simple and complex orders to the
Pursuant to Section 19(b)(1) of the proposed rule change. The text of these Exchange and to adjust the incentive
Securities Exchange Act of 1934 (the statements may be examined at the tiers accordingly as competition
‘‘Act’’),1 and Rule 19b–4 thereunder,2 places specified in Item IV below. The requires while maintaining an
notice is hereby given that on April 12, Exchange has prepared summaries, set incremental incentive for TPH’s [sic] to
2016, Chicago Board Options Exchange, forth in sections A, B, and C below, of strive for the highest tier level.
Incorporated (the ‘‘Exchange’’ or the most significant aspects of such The Exchange next proposes to amend
‘‘CBOE’’) filed with the Securities and statements. its Affiliate Volume Plan (‘‘AVP’’). By
Exchange Commission (the A. Self-Regulatory Organization’s way of background, under AVP if a TPH
‘‘Commission’’) the proposed rule Statement of the Purpose of, and the Affiliate 5 of a Market-Maker (including
change as described in Items I, II, and Statutory Basis for, the Proposed Rule a Designated Primary Market-Maker
III below, which Items have been Change (‘‘DPM’’) or Lead Market-Maker
prepared by the Exchange. The (‘‘LMM’’)) qualifies under VIP, that
Commission is publishing this notice to 1. Purpose Market-Maker will also qualify for a
solicit comments on the proposed rule The Exchange proposes to amend its discount on that Market-Maker’s
change from interested persons. Fees Schedule.3 Liquidity Provider Sliding Scale
The Exchange first proposes to amend (‘‘Sliding Scale’’) transaction fees
I. Self-Regulatory Organization’s its Volume Incentive Program (‘‘VIP’’). (‘‘Sliding Scale Credit’’). More
Statement of the Terms of Substance of By way of background, under VIP, the specifically, if a Market-Maker’s
the Proposed Rule Change Exchange credits each Trading Permit Affiliate reaches Tier 2, Tier 3 or Tier
The Exchange proposes to amend its Holder (‘‘TPH’’) the per contract amount 4 of VIP, that Market-Maker will receive
Fees Schedule. The text of the proposed set forth in the VIP table resulting from a discount on their Sliding Scale
rule change is available on the each public customer (‘‘C’’ origin code) Market-Maker transaction fees of 10%,
Exchange’s Web site (http:// order transmitted by that TPH (with 15% or 20%, respectively. The
www.cboe.com/AboutCBOE/ certain exceptions) which is executed Exchange now proposes to increase the
CBOELegalRegulatoryHome.aspx), at electronically on the Exchange, current discounts for Tiers 3 and 4 as
the Exchange’s Office of the Secretary, provided the TPH meets certain volume follows:
Current Proposed
AVP AVP
Tier VIP thresholds transaction transaction
fee discount fee discount
(%) (%)
1 .......................................................... 0.00%–0.75% .................................................................................................. 0 0
2 .......................................................... Above 0.75%–1.50% ...................................................................................... 10 10
3 .......................................................... Above 1.50%–3.00% ...................................................................................... 15 20
4 .......................................................... Above 3.00% .................................................................................................. 20 30
The Exchange believes the increased ‘‘Act’’) and the rules and regulations practices, to promote just and equitable
credit rate will incentivize increased thereunder applicable to the Exchange principles of trade, to foster cooperation
volume while also maintaining an and, in particular, the requirements of and coordination with persons engaged
incremental incentive for TPH’s [sic] to Section 6(b) of the Act.6 Specifically, in regulating, clearing, settling,
strive for the highest tier level. the Exchange believes the proposed rule processing information with respect to,
2. Statutory Basis change is consistent with the Section and facilitating transactions in
6(b)(5) 7 requirements that the rules of securities, to remove impediments to
The Exchange believes the proposed
an exchange be designed to prevent and perfect the mechanism of a free and
rule change is consistent with the
fraudulent and manipulative acts and open market and a national market
Securities Exchange Act of 1934 (the
srobinson on DSK5SPTVN1PROD with NOTICES
1 15U.S.C. 78s(b)(1). products, excluding Underlying Symbol List A, Options Order Protection and Locked/Crossed
2 17CFR 240.19b–4. DJX, MXEA, MXEF, MNX, NDX, XSP, XSPAM and Market Plan referenced in Rule 6.80 (see CBOE Fees
3 The Exchange initially filed the proposed mini-options. Excluded from the VIP credit are Schedule, Volume Incentive Program).
change on April 1 2016 (SR–CBOE–2016–033). On options in Underlying Symbol List A, DJX, MXEA, 5 ‘‘Affiliate’’ is defined as having at least 75%
April 12, 2016, the Exchange withdrew that filing MXEF, MNX, NDX, XSP, XSPAM, mini-options, common ownership between the two entities as
and replaced it with SR–CBOE–2016–038. QCC trades, public customer to public customer reflected on each entity’s Form BD, Schedule A.
4 Currently, qualification for the different fee rates electronic complex order executions, and 6 15 U.S.C. 78f(b).
at different tiers in the VIP is based on a TPH’s executions related to contracts that are routed to
7 15 U.S.C. 78f(b)(5).
percentage of national customer volume in all one or more exchanges in connection with the
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system, and, in general, to protect certain tiers under VIP. The Exchange imposes a burden on intramarket
investors and the public interest. notes that in the options industry, many competition because, although it applies
Additionally, the Exchange believes the options orders are routed by only to Market-Makers, Market-Makers
proposed rule change is consistent with consolidators, which are firms that have are valuable market participants that
Section 6(b)(4) of the Act,8 which both order router and Market-Maker provide liquidity in the marketplace and
requires that Exchange rules provide for operations. The Exchange is aware not incur costs that other market
the equitable allocation of reasonable only of the importance of providing participants do not incur. Market-
dues, fees, and other charges among its credits on the order routing side in Makers also have a number of
Trading Permit Holders and other order to encourage the submission of obligations, including quoting
persons using its facilities. orders (which is [sic] currently does via obligations that other market
In particular, the Exchange believes VIP), but also of the operations costs on participants do not have. Additionally,
it’s reasonable to increase the lower the Market-Maker side. The Exchange the Exchange notes that although the
threshold in the third tier of VIP (and believes the Sliding Scale Credit allows Sliding Scale Credit is limited to
thus the corresponding upper threshold the Exchange to provide further relief to Market-Makers with an Affiliate,
in the second tier) because the change the Market-Maker side via the discount, incentivizing a Market-Maker Affiliate
is designed to adjust the incentive tiers which incents these Market- Makers to to achieve higher tiers on the VIP, so
accordingly as competition requires tighten market widths due to the that the affiliated Market-Maker can
while maintaining an incremental reduced costs the incentives provide. achieve higher tiers under the Sliding
incentive for TPH’s [sic] to strive for the Additionally, the Exchange believes the Scale Credit, can result in greater
highest tier level to reach the highest discount attracts more volume and liquidity (including customer liquidity),
credits available. This change is also liquidity to the Exchange, which and the resulting increased volume
equitable and not unfairly benefits all Exchange participants benefits all market participants.
discriminatory because it will be through increased opportunities to trade The Exchange does not believe that
applied to all TPHs uniformly. The as well as enhancing price discovery. the proposed rule changes will impose
Exchange believes the proposed change The Exchange also notes that any burden on intermarket competition
will incentivize the sending of more incentivizing a Market-Maker Affiliate that is not necessary or appropriate in
simple and complex orders to the to achieve higher tiers on the VIP, so furtherance of the purposes of the Act
Exchange. The greater liquidity and that the Market-Maker can achieve because the proposed changes are
trading opportunities should benefit not higher tiers under the Sliding Scale intended to promote competition and
just public customers (whose orders are Credit, can result in greater customer better improve the Exchange’s
the only ones that qualify for the VIP) liquidity, and the resulting increased competitive position and make CBOE a
but all market participants. volume also benefits all market more attractive marketplace in order to
The Exchange believes that increasing participants (including Market-Makers encourage market participants to bring
the Tier 3 and Tier 4 Sliding Scale that do not have Affiliates or whose increased volume to the Exchange
Credits from 15% to 20% and 20% to Affiliates do not achieve the higher tiers (while still covering costs as necessary).
30%, respectively, is reasonable because on the VIP; indeed, this increased Further, the proposed changes only
it is increasing available credits. volume may allow them to reach these affect trading on CBOE. To the extent
Additionally, enhancing the incentives tiers). Lastly, other options exchanges that the proposed changes make CBOE
under the Sliding Scale Credit further also provide credits to Market-Makers if a more attractive marketplace for market
incentivizes a Market-Maker Affiliate to a Market-Maker’s affiliate adds a certain participants at other exchanges, such
achieve the highest tier on the VIP so amount of customer liquidity to that market participants are welcome to
that the Market-Maker can achieve those exchange.9 become CBOE market participants.
higher credits, which thereby can result
in greater customer liquidity. The B. Self-Regulatory Organization’s C. Self-Regulatory Organization’s
resulting increased volume benefits all Statement on Burden on Competition Statement on Comments on the
market participants (including Market- The Exchange does not believe that Proposed Rule Change Received From
Makers or their affiliates who do not the proposed rule changes will impose Members, Participants, or Others
achieve the higher tiers on the VIP; any burden on competition that are not The Exchange neither solicited nor
indeed, this increased volume may necessary or appropriate in furtherance received comments on the proposed
allow them to reach these tiers). of the purposes of the Act. In particular, rule change.
The Exchange believes that limiting the Exchange believes the proposed
the Sliding Scale Credit to Market- change to amend certain tier thresholds III. Date of Effectiveness of the
Makers is equitable and not unfairly in VIP does not impose a burden on Proposed Rule Change and Timing for
discriminatory because Market-Makers intramarket competition because it Commission Action
are valuable market participants that applies uniformly to all TPHs and The foregoing rule change has become
provide liquidity in the marketplace and incentivizes the sending of more simple effective pursuant to Section 19(b)(3)(A)
incur costs that other market and complex orders to the Exchange, of the Act 10 and paragraph (f) of Rule
participants do not incur. For example, which provides greater liquidity and 19b–4 11 thereunder. At any time within
Market-Makers have a number of trading opportunities. Additionally, the 60 days of the filing of the proposed rule
obligations, including quoting Exchange does not believe increasing change, the Commission summarily may
obligations that other market credits under Tiers 3 and 4 of the temporarily suspend such rule change if
srobinson on DSK5SPTVN1PROD with NOTICES
participants do not have. Liquidity Provider Sliding Scale Credit it appears to the Commission that such
The Exchange also believes that it’s action is necessary or appropriate in the
equitable and not unfairly 9 See e.g., NYSE Arca, Inc. (‘‘Arca’’) Options Fees
public interest, for the protection of
discriminatory to limit the discounts and Charges, specifically the table describing the investors, or otherwise in furtherance of
Market Maker Monthly Posting Credit Super Tier,
under the Sliding Scale Credit to under which transaction volume from a Market the purposes of the Act. If the
Market-Makers with Affiliates that reach Maker’s affiliates count towards the Market Maker’s
ability to qualify for higher credit tiers. 10 15 U.S.C. 78s(b)(3)(A).
8 15 U.S.C. 78f(b)(4). 11 17 CFR 240.19b–4(f).
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![Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices 26301
Commission takes such action, the For the Commission, by the Division of June 7 and 8, 2016. Pursuant to Sec.
Commission will institute proceedings Trading and Markets, pursuant to delegated 10(d) of the Federal Advisory
to determine whether the proposed rule authority.12 Committee Act (5 U.S.C. Appendix), 5
change should be approved or Robert W. Errett, U.S.C. 552b(c)(4), and 5 U.S.C.
disapproved. Deputy Secretary. 552b(c)(7)(E), it has been determined
[FR Doc. 2016–10151 Filed 4–29–16; 8:45 am] that the meeting will be closed to the
IV. Solicitation of Comments
BILLING CODE 8011–01–P public. The meeting will focus on an
Interested persons are invited to examination of corporate security
submit written data, views, and policies and procedures and will
arguments concerning the foregoing, DEPARTMENT OF STATE involve extensive discussion of trade
including whether the proposed rule secrets and proprietary commercial
[Public Notice: 9541] information that is privileged and
change is consistent with the Act.
Comments may be submitted by any of Renewal of Cultural Property Advisory confidential, and will discuss law
the following methods: Committee Charter enforcement investigative techniques
and procedures. The agenda will
Electronic Comments SUMMARY: The Charter of the include updated committee reports, a
• Use the Commission’s Internet Department of State’s Cultural Property global threat overview, and other
comment form (http://www.sec.gov/ Advisory Committee (CPAC) has been matters relating to private sector
rules/sro.shtml); or renewed for an additional two years. security policies and protective
The Charter of the Cultural Property programs and the protection of U.S.
• Send an email to rule-comments@
Advisory Committee is being renewed business information overseas.
sec.gov. Please include File Number SR–
for a two-year period. The Committee For more information, contact Marsha
CBOE–2016–038 on the subject line.
was established by the Convention on Thurman, Overseas Security Advisory
Paper Comments Cultural Property Implementation Act of Council, U.S. Department of State,
1983, 19 U.S.C. 2601 et seq. It reviews Washington, DC 20522–2008, phone:
• Send paper comments in triplicate requests from other countries seeking 571–345–2214.
to Secretary, Securities and Exchange U.S. import restrictions on
Commission, 100 F Street NE., Dated: April 14, 2016.
archaeological or ethnological material
Washington, DC 20549–1090. Bill A. Miller,
the pillage of which places a country’s
Director of the Diplomatic, Security Service,
All submissions should refer to File cultural heritage in jeopardy. The
U.S. Department of State.
Number SR–CBOE–2016–038. This file Committee makes findings and
[FR Doc. 2016–10224 Filed 4–29–16; 8:45 am]
number should be included on the recommendations to the President’s
BILLING CODE 4710–43–P
subject line if email is used. To help the designee who, on behalf of the
Commission process and review your President, determines whether to
comments more efficiently, please use impose the import restrictions. The
DEPARTMENT OF STATE
only one method. The Commission will membership of the Committee consists
post all comments on the Commission’s of private sector experts in archaeology, [Public Notice: 9542]
Internet Web site (http://www.sec.gov/ anthropology, or ethnology; experts in
rules/sro.shtml). Copies of the the international sale of cultural Presidential Permits: Withdrawal of
submission, all subsequent property; and representatives of Request From Plains LPG Services,
amendments, all written statements museums and of the general public. L.P. for Existing Pipeline Facilities on
with respect to the proposed rule FOR FURTHER INFORMATION CONTACT:
the Border of the United States and
change that are filed with the Cultural Heritage Center, U.S. Canada Under the St. Clair River
Commission, and all written Department of State, Bureau of AGENCY: Department of State.
communications relating to the Educational and Cultural Affairs, 2200 C ACTION: Notice of Withdrawal of Request
proposed rule change between the Street NW., Washington, DC 20522. for Re-Consideration Concerning the
Commission and any person, other than Telephone: (202) 632–6301; Fax: (202) Scope of Authorizations by Plains LPG
those that may be withheld from the 632–6300. Services, L.P. for Existing Pipeline
public in accordance with the Dated: March 1, 2016. Facilities on the Border of the United
provisions of 5 U.S.C. 552, will be
Maria P. Kouroupas, States and Canada Under the St. Clair
available for Web site viewing and
Executive Director, Cultural Property River.
printing in the Commission’s Public
Advisory Committee, Department of State.
Reference Room, 100 F Street NE., SUMMARY: On May 23, 2014, the
[FR Doc. 2016–10223 Filed 4–29–16; 8:45 am]
Washington, DC 20549, on official Department of State (Department) issued
BILLING CODE 4710–05–P
business days between the hours of a Presidential Permit to Plains LPG
10:00 a.m. and 3:00 p.m. Copies of the Services, L.P. (Plains LPG) based on
filing also will be available for Plains LPG’s acquisition of six existing
DEPARTMENT OF STATE
inspection and copying at the principal pipelines under the St. Clair River. After
office of the Exchange. All comments [Public Notice: 9540] the new permits were issued, Plains
received will be posted without change; LPG provided new information that
the Commission does not edit personal Overseas Security Advisory Council
altered the Department’s understanding
srobinson on DSK5SPTVN1PROD with NOTICES
identifying information from (OSAC) Meeting Notice: Closed
of the historic authorization for two of
submissions. You should submit only Meeting
the six St. Clair pipelines. In light of this
information that you wish to make The Department of State announces a additional information, the Department
available publicly. All submissions meeting of the U.S. State Department— was revisiting Plains LPG’s 2012
should refer to File Number SR–CBOE– Overseas Security Advisory Council on application and considering whether to
2016–038, and should be submitted on issue a new permit for these two St.
or before May 23, 2016. 12 17 CFR 200.30–3(a)(12). Clair pipelines that would authorize the
VerDate Sep<11>2014 20:30 Apr 29, 2016 Jkt 238001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 E:\FR\FM\02MYN1.SGM 02MYN1](https://thefederalregister.org/doc/81_FR_26383/page/3.svg)
Document Created: 2016-04-30 13:35:44
Document Modified: 2016-04-30 13:35:44
| 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 26299 |
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