81 FR 288 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 2 (January 5, 2016)
Federal Register Volume 81, Issue 2 (January 5, 2016)
| Page Range | 288-290 | |
| FR Document | 2015-33115 |
[Federal Register Volume 81, Number 2 (Tuesday, January 5, 2016)] [Notices] [Pages 288-290] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-33115] [[Page 288]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76788; File No. SR-C2-2015-036] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule December 29, 2015. 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 December 16, 2015, C2 Options Exchange, Incorporated (the ``Exchange'' or ``C2'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The 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.c2exchange.com/Legal/), 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fees Schedule, effective December 16, 2015.\3\ Currently, in all equity, multiply-listed index (excluding RUT), ETF and ETN options, if a quote is updated such that it executes against a resting complex order or if a simple, non-complex order (``simple order'') is submitted such that it executes against a resting complex order, that order or quote is treated as a ``Taker'' and assessed the Taker fees listed in section 1A of the C2 Fees Schedule. The remaining leg(s) are treated as ``Makers'' and assessed the rebates listed in section 1A of the Fees Schedule, and the complex order is also treated as ``Maker'' and assessed the fees (or rebates) listed in section 1B of the Fees Schedule. By way of background, when a market participant submits an order, they likely do not know whether it will trade with a simple or complex order. As the simple order book displays the market for all resting orders and quotes, a market participant would readily know however, whether their simple order or quote would make a resting simple order in that series on the opposite side marketable and execute (thereby being a ``Taker''). Conversely, the market participant would likely not know whether their simple order or quote would make a resting complex order with a leg in that series marketable (thereby being a ``Taker''). More specifically, while the Complex Order Book (``COB'') displays the market of resting complex orders along with the legs that comprise a complex order, market participants cannot as easily and readily discern whether an incoming simple order or quote will trigger a resting complex order execution. Rather, in order to determine whether such an execution would occur, a market participant would have to simultaneously compare both the COB and simple order book and analyze the various markets on the different legs in the simple order book to determine whether or not their simple order or quote would make a resting complex order marketable (and therefore execute). As many market participants cannot easily make this determination upon submission of their simple order or quote, the majority of market participants are surprised when their order or quote triggers a resting complex order making them a Taker (when they otherwise expected to be a Maker based on the simple order book). The Exchange additionally notes that while the order or quote that triggers the execution of a resting complex order is charged Taker fees, any remaining simple orders or quotes that also trade against that resting complex order are still treated as Maker and as such receive the Maker rebates set forth in section 1A of the C2 Fees Schedule. --------------------------------------------------------------------------- \3\ The Exchange initially filed the proposed fee change on December 3, 2015 (SR-C2-2015-035). On December 16, 2015, the Exchange withdrew that filing and submitted this filing. --------------------------------------------------------------------------- In light of the above, the Exchange proposes to amend the Fees Schedule to provide that for all equity, multiply-listed index (excluding RUT), ETF and ETN options classes, transactions in which simple orders or quotes execute against a resting complex order, no fees or rebates will be assessed to any component of the resting complex order or the simple orders or quotes. In conjunction with the proposed change, the Exchange proposes to clarify in section 1B of the C2 Fees Schedule that for transactions in which resting simple orders or quotes execute against an incoming marketable complex order, each component of the complex order will be assessed the complex order fees listed in section 1B of the C2 Fees Schedule, while the simple orders and quotes will be assessed the transaction fees listed in section 1A of the C2 Fees Schedule. Particularly, the Exchange notes that it does not wish to assess transaction fees on any simple orders or quotes that make a resting complex order marketable because, as discussed above, the sender of a simple order or quote would likely not know at the time of submission whether that order or quote would trigger the execution of a resting complex order and be assessed Taker fees instead of receive Maker rebates as otherwise expected. Additionally, when a Market-Maker updates a quote, that improved quote may make a resting complex order marketable unexpectedly. Upon execution of that transaction that Market-Maker would then be assessed fees as a Taker. In order to avoid discouraging Market-Makers from improving their markets (so as to avoid transaction fees as a Taker) the Exchange proposes to waive transaction fees in these instances as well. As the Exchange would not be assessing transaction fees on the simple order or quote that triggers the execution of a resting complex order, the Exchange similarly also proposes to not assess a fee or provide a rebate on the components of the resting complex order that executed against the simple order or updated quote. Additionally, since the Exchange is not generating any fees on these transactions, the Exchange proposes to not provide rebates to the other simple order(s) or quote(s) that execute against the resting complex order. [[Page 289]] 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.\4\ Specifically, the Exchange believes the proposed rule change is consistent with the section 6(b)(5) \5\ 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 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,\6\ 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. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). \6\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes the proposed rule change is reasonable because market-participants won't be assessed fees for transactions in which a simple order or quote triggers the execution of a resting complex order. The Exchange also believes it's reasonable, equitable and not unfairly discriminatory to not assess transaction fees for these transactions because market participants will likely not know whether their submitted order or quote will trade against a resting complex order resulting in that market participant being assessed Taker fees when they might otherwise have expected to be treated as a Maker based on the resting simple orders and quotes. Also as mentioned above, the Exchange does not want to discourage Market-Makers from improving their quotes by charging Taker fees when they unexpectedly execute against a resting complex order. The Exchange believes it's reasonable, equitable and not unfairly discriminatory to not provide rebates to the Makers in these transactions, as the Exchange is not generating a fee from these transactions. Finally, the Exchange believes the proposed change is equitable and not unfairly discriminatory because it applies to all market participants. B. Self-Regulatory Organization's Statement on Burden on Competition C2 does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed rule change applies to all Permit Holders and because the Exchange wants to encourage liquidity and price improvement. The Exchange does not believe that the proposed change will impose any burden on intermarket competition because it only effects trading on C2. Should the proposed change make C2 a more attractive trading venue for market participants at other exchanges, such market participants may elect to become market participants at C2. Additionally, the Exchange notes that it operates in a highly competitive market, comprised of thirteen options exchanges, in which market participants can easily and readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive or rebates to be inadequate. 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 \7\ and paragraph (f) of Rule 19b-4 \8\ 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 Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 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-C2-2015-036 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-C2-2015-036. 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-C2-2015-036 and should be submitted on or before January 26, 2016. [[Page 290]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-33115 Filed 1-4-16; 8:45 am] BILLING CODE 8011-01-P
![288 Federal Register / Vol. 81, No. 2 / Tuesday, January 5, 2016 / Notices
SECURITIES AND EXCHANGE 2015.3 Currently, in all equity, multiply- charged Taker fees, any remaining
COMMISSION listed index (excluding RUT), ETF and simple orders or quotes that also trade
ETN options, if a quote is updated such against that resting complex order are
[Release No. 34–76788; File No. SR–C2– that it executes against a resting still treated as Maker and as such
2015–036] complex order or if a simple, non- receive the Maker rebates set forth in
complex order (‘‘simple order’’) is section 1A of the C2 Fees Schedule.
Self-Regulatory Organizations; C2 submitted such that it executes against
In light of the above, the Exchange
Options Exchange, Incorporated; a resting complex order, that order or
proposes to amend the Fees Schedule to
Notice of Filing and Immediate quote is treated as a ‘‘Taker’’ and
provide that for all equity, multiply-
Effectiveness of a Proposed Rule assessed the Taker fees listed in section
1A of the C2 Fees Schedule. The listed index (excluding RUT), ETF and
Change To Amend the Fees Schedule
remaining leg(s) are treated as ‘‘Makers’’ ETN options classes, transactions in
December 29, 2015. and assessed the rebates listed in which simple orders or quotes execute
Pursuant to section 19(b)(1) of the section 1A of the Fees Schedule, and the against a resting complex order, no fees
Securities Exchange Act of 1934 complex order is also treated as or rebates will be assessed to any
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 ‘‘Maker’’ and assessed the fees (or component of the resting complex order
notice is hereby given that on December rebates) listed in section 1B of the Fees or the simple orders or quotes. In
16, 2015, C2 Options Exchange, Schedule. By way of background, when conjunction with the proposed change,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) a market participant submits an order, the Exchange proposes to clarify in
filed with the Securities and Exchange they likely do not know whether it will section 1B of the C2 Fees Schedule that
Commission (‘‘Commission’’) the trade with a simple or complex order. for transactions in which resting simple
proposed rule change as described in As the simple order book displays the orders or quotes execute against an
Items I, II, and III below, which Items market for all resting orders and quotes, incoming marketable complex order,
have been prepared by the Exchange. a market participant would readily each component of the complex order
The Commission is publishing this know however, whether their simple will be assessed the complex order fees
notice to solicit comments on the order or quote would make a resting listed in section 1B of the C2 Fees
proposed rule change from interested simple order in that series on the Schedule, while the simple orders and
persons. opposite side marketable and execute quotes will be assessed the transaction
(thereby being a ‘‘Taker’’). Conversely, fees listed in section 1A of the C2 Fees
I. Self-Regulatory Organization’s
the market participant would likely not Schedule. Particularly, the Exchange
Statement of the Terms of Substance of
know whether their simple order or notes that it does not wish to assess
the Proposed Rule Change
quote would make a resting complex transaction fees on any simple orders or
The Exchange proposes to amend its order with a leg in that series quotes that make a resting complex
Fees Schedule. The text of the proposed marketable (thereby being a ‘‘Taker’’). order marketable because, as discussed
rule change is available on the More specifically, while the Complex above, the sender of a simple order or
Exchange’s Web site (http:// Order Book (‘‘COB’’) displays the quote would likely not know at the time
www.c2exchange.com/Legal/), at the market of resting complex orders along of submission whether that order or
Exchange’s Office of the Secretary, and with the legs that comprise a complex quote would trigger the execution of a
at the Commission’s Public Reference order, market participants cannot as resting complex order and be assessed
Room. easily and readily discern whether an Taker fees instead of receive Maker
II. Self-Regulatory Organization’s incoming simple order or quote will rebates as otherwise expected.
Statement of the Purpose of, and trigger a resting complex order Additionally, when a Market-Maker
Statutory Basis for, the Proposed Rule execution. Rather, in order to determine updates a quote, that improved quote
Change whether such an execution would may make a resting complex order
occur, a market participant would have marketable unexpectedly. Upon
In its filing with the Commission, the to simultaneously compare both the execution of that transaction that
Exchange included statements COB and simple order book and analyze Market-Maker would then be assessed
concerning the purpose of and basis for the various markets on the different legs fees as a Taker. In order to avoid
the proposed rule change and discussed in the simple order book to determine discouraging Market-Makers from
any comments it received on the whether or not their simple order or improving their markets (so as to avoid
proposed rule change. The text of these quote would make a resting complex transaction fees as a Taker) the
statements may be examined at the order marketable (and therefore Exchange proposes to waive transaction
places specified in Item IV below. The execute). As many market participants fees in these instances as well. As the
Exchange has prepared summaries, set cannot easily make this determination Exchange would not be assessing
forth in sections A, B, and C below, of upon submission of their simple order transaction fees on the simple order or
the most significant aspects of such or quote, the majority of market quote that triggers the execution of a
statements. participants are surprised when their resting complex order, the Exchange
A. Self-Regulatory Organization’s order or quote triggers a resting complex similarly also proposes to not assess a
Statement of the Purpose of, and order making them a Taker (when they fee or provide a rebate on the
Statutory Basis for, the Proposed Rule otherwise expected to be a Maker based components of the resting complex
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Change on the simple order book). The order that executed against the simple
Exchange additionally notes that while order or updated quote. Additionally,
1. Purpose the order or quote that triggers the since the Exchange is not generating any
The Exchange proposes to amend its execution of a resting complex order is fees on these transactions, the Exchange
Fees Schedule, effective December 16, proposes to not provide rebates to the
3 The Exchange initially filed the proposed fee
change on December 3, 2015 (SR–C2–2015–035).
other simple order(s) or quote(s) that
1 15 U.S.C. 78s(b)(1). On December 16, 2015, the Exchange withdrew that execute against the resting complex
2 17 CFR 240.19b–4. filing and submitted this filing. order.
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![290 Federal Register / Vol. 81, No. 2 / Tuesday, January 5, 2016 / Notices
For the Commission, by the Division of 206(d)(2)(A) and 1631(d)(2)(C)(ii)(I) of Background
Trading and Markets, pursuant to delegated the Act, 42 U.S.C. 406(d)(2)(A) and
authority.9 The National Parks Air Tour
1383(d)(2)(C)(ii)(I).) The maximum Management Act of 2000 (the Act) was
Jill M. Peterson, dollar limit for the assessment currently enacted on April 5, 2000, as Public Law
Assistant Secretary. is $91, as we announced in the Federal 106–181. The Act required the
[FR Doc. 2015–33115 Filed 1–4–16; 8:45 am] Register on October 30, 2015 (80 FR establishment of the advisory group
BILLING CODE 8011–01–P 66963). within 1 year after its enactment. The
The Act requires us each year to set NPOAG was established in March 2001.
the assessment percentage rate at the The advisory group is comprised of a
SOCIAL SECURITY ADMINISTRATION lesser of 6.3 percent or the percentage balanced group of representatives of
rate necessary to achieve full recovery of general aviation, commercial air tour
[Docket No. SSA–2015–0074]
the costs we incur to determine and pay operations, environmental concerns,
Rate for Assessment on Direct representatives’ fees. (Sections and Native American tribes. The
Payment of Fees to Representatives in 206(d)(2)(B)(ii) and 1631(d)(2)(C)(ii)(II) Administrator of the FAA and the
2016 of the Act, 42 U.S.C. 406(d)(2)(B)(ii) and Director of NPS (or their designees)
1383(d)(2)(C)(ii)(II).) serve as ex officio members of the
AGENCY: Social Security Administration Based on the best available data, we group. Representatives of the
(SSA). have determined that the current rate of Administrator and Director serve
ACTION: Notice. 6.3 percent will continue for 2016. We alternating 1-year terms as chairman of
will continue to review our costs for the advisory group.
SUMMARY: We are announcing that the these services on a yearly basis. In accordance with the Act, the
assessment percentage rate under advisory group provides ‘‘advice,
sections 206(d) and 1631(d)(2)(C) of the Dated: December 28, 2015.
information, and recommendations to
Social Security Act (Act), 42 U.S.C. Michelle King, the Administrator and the Director-
406(d) and 1383(d)(2)(C), is 6.3 percent Acting Deputy Commissioner for Budget, (1) On the implementation of this title
for 2016. Finance, Quality, and Management. [the Act] and the amendments made by
FOR FURTHER INFORMATION CONTACT: [FR Doc. 2015–33135 Filed 1–4–16; 8:45 am] this title;
Jeffrey C. Blair, Associate General BILLING CODE 4191–02–P (2) On commonly accepted quiet
Counsel for Program Law, Office of the aircraft technology for use in
General Counsel, Social Security commercial air tour operations over a
Administration, 6401 Security national park or tribal lands, which will
Boulevard, Baltimore, MD 21235–6401. DEPARTMENT OF TRANSPORTATION receive preferential treatment in a given
Phone: (410) 965–3157, email air tour management plan;
Jeff.Blair@ssa.gov. Federal Aviation Administration (3) On other measures that might be
taken to accommodate the interests of
SUPPLEMENTARY INFORMATION: A Membership in the National Parks visitors to national parks; and
claimant may appoint a qualified Overflights Advisory Group Aviation (4) At the request of the Administrator
individual as a representative to act on Rulemaking Committee and the Director, safety, environmental,
his or her behalf in matters before the and other issues related to commercial
Social Security Administration (SSA). If AGENCY: Federal Aviation
Administration, Transportation. air tour operations over a national park
the claimant is entitled to past-due or tribal lands.’’
benefits and was represented either by ACTION: Notice.
an attorney or by a non-attorney Membership
representative who has met certain SUMMARY: The Federal Aviation The NPOAG ARC is made up of one
prerequisites, the Act provides that we Administration (FAA) and the National member representing general aviation,
may withhold up to 25 percent of the Park Service (NPS) are inviting three members representing the
past-due benefits and use that money to interested persons to apply to fill two commercial air tour industry, four
pay the representative’s approved fee upcoming openings on the National members representing environmental
directly to the representative. Parks Overflights Advisory Group concerns, and two members
When we pay the representative’s fee (NPOAG) Aviation Rulemaking representing Native American interests.
directly to the representative, we must Committee (ARC). The upcoming Current members of the NPOAG ARC
collect from that fee payment an openings will represent commercial air are as follows:
assessment to recover the costs we incur tour operator and environmental The current NPOAG consists of
in determining and paying interests, respectively. The selected Melissa Rudinger representing general
representatives’ fees. The Act provides members will serve 3-year terms. aviation; Alan Stephen, Mark Francis,
that the assessment we collect will be DATES: Persons interested in applying and Matthew Zuccaro representing
the lesser of two amounts: a specified for these NPOAG openings representing commercial air tour operators; Michael
dollar limit; or the amount determined air tour operator and environmental Sutton, Nicholas Miller, Mark Belles,
by multiplying the fee we are paying by interests need to apply by February 12, and Dick Hingson representing
the assessment percentage rate. 2016. environmental interests; and Leigh
asabaliauskas on DSK5VPTVN1PROD with NOTICES
(Sections 206(d), 206(e), and 1631(d)(2) Kuwanwisiwma and Martin Begaye
FOR FURTHER INFORMATION CONTACT:
of the Act, 42 U.S.C. 406(d), 406(e), and representing Native American interests.
1383(d)(2).) Keith Lusk, Special Programs Staff,
The 3-year membership terms of Mr.
The Act initially set the dollar limit Federal Aviation Administration,
Francis and Mr. Sutton expire on May
at $75 in 2004 and provides that the Western-Pacific Region Headquarters,
19, 2016.
limit will be adjusted annually based on P.O. Box 92007, Los Angeles, CA
changes in the cost-of-living. (Sections 90009–2007, telephone: (310) 725–3808, Selection
email: Keith.Lusk@faa.gov. In order to retain balance within the
9 17 CFR 200.30–3(a)(12). SUPPLEMENTARY INFORMATION: NPOAG ARC, the FAA and NPS are
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Document Created: 2016-01-05 01:46:49
Document Modified: 2016-01-05 01:46:49
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 288 |
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