81 FR 40379 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 119 (June 21, 2016)
Federal Register Volume 81, Issue 119 (June 21, 2016)
| Page Range | 40379-40381 | |
| FR Document | 2016-14557 |
[Federal Register Volume 81, Number 119 (Tuesday, June 21, 2016)] [Notices] [Pages 40379-40381] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-14557] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78076; File No. SR-NYSEARCA-2016-86] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule June 15, 2016. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on June 6, 2016, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 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 self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 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 NYSE Arca Options Fee Schedule. The proposed rule change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 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 those 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 parts 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 purpose of this filing is to amend the Fee Schedule to introduce a new alternative for qualifying for the Customer and Professional Customer Incentive Program, as described below. The Exchange proposes to implement the fee change effective June 6, 2016. The Exchange is proposing to introduce a new tier to the Incentive Program, which provides OTP Holders and OTP Firms (collectively, ``OTPs'') several alternatives to earn additional posting credits ranging from $0.01 to $0.05. Specifically, the Exchange proposes to add a new alternative that would enable OTPs to earn a $0.03 credit if they achieve at least 1.50% of Total Industry Customer equity and ETF option ADV (``TCADV'') from Customer and Professional Customer Posted Orders in both Penny Pilot and non-Penny Pilot Issues, Plus Executed ADV of 0.10% of U.S. Equity Market Share Posted and Executed on NYSE Arca Equity Market. The Exchange believes this new credit would provide additional incentive to direct Customer and Professional Customer order flow to the Exchange, which benefits all market [[Page 40380]] participants through increased liquidity and enhanced price discovery. Moreover, the Exchange believes that the proposed new alternative to qualify for the Customer Incentive Program is reasonable because it is designed to continue to bring additional posted order flow to NYSE Arca Equities, so as to provide additional opportunities for all ETP Holders to trade on NYSE Arca Equities. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,\4\ in general, and furthers the objectives of sections 6(b)(4) and (5) of the Act,\5\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange also believes that the proposed new alternative to the Incentive Program is reasonable, equitable, and not unfairly discriminatory because the incentive would be available to all OTPs that execute posted Customer and Professional Customer orders on the Exchange on an equal and non-discriminatory basis, in particular because it provides alternative means of achieving a posting credit. The Exchange believes that providing methods for achieving the credits based on posted Customer and Professional Customer Executions in both Penny Pilot and non-Penny Pilot issues is equitable and not unfairly discriminatory because it would continue to result in more OTPs qualifying for the credits and therefore reducing their overall transaction costs on the Exchange. Moreover, the Exchange believes the proposed modification would provide an additional incentive for OTPs to direct Customer and Professional Customer order flow to the Exchange, which benefits all market participants through increased liquidity and enhanced price discovery. Furthermore, the Exchange also believes that the proposed modification that relates to executed ADV of 0.10% of U.S. Equity Market Share Posted and Executed on NYSE Arca Equity Market is equitable and not unfairly discriminatory because it is designed to bring additional order flow to NYSE Arca Equities, which increases liquidity on NYSE Arca Equities to the benefit of its market participants. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with section 6(b)(8) of the Act,\6\ the Exchange 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. Instead, the Exchange believes that the proposed change would continue to encourage competition by attracting additional liquidity to the Exchange, which would continue to make the Exchange a more competitive venue for, among other things, order execution and price discovery. The Exchange does not believe that the proposed change will impair the ability of any market participants or competing order execution venues to maintain their competitive standing in the financial markets. Further, the proposed alternative credit under the Incentive Program would provide OTP Holders and OTP Firms an additional means of achieving a credit and, likewise, may allow those OTP Holders and OTP Firms that, to date, have been unable to achieve a credit under the Incentive Program to achieve the proposed credit. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \8\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 shall institute proceedings under section 19(b)(2)(B) \9\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSEARCA-2016-86 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-NYSEARCA-2016-86. 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 [[Page 40381]] 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-NYSEARCA-2016-86 and should be submitted on or before July 12, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-14557 Filed 6-20-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices 40379
Commission to waive the 30-day only one method. The Commission will prepared by the self-regulatory
operative delay so that the proposal may post all comments on the Commission’s organization. The Commission is
become operative immediately upon Internet Web site (http://www.sec.gov/ publishing this notice to solicit
filing. The Commission believes that rules/sro.shtml). comments on the proposed rule change
waiving the 30-day operative delay is Copies of the submission, all from interested persons.
consistent with the protection of subsequent amendments, all written
investors and the public interest statements with respect to the proposed I. Self-Regulatory Organization’s
because doing so will allow the Pilot rule change that are filed with the Statement of the Terms of Substance of
Program to continue without Commission, and all written the Proposed Rule Change
interruption in a manner that is communications relating to the The Exchange proposes to amend the
consistent with the Commission’s prior proposed rule change between the NYSE Arca Options Fee Schedule. The
approval of the extension and expansion Commission and any person, other than proposed rule change is available on the
of the Pilot Program and will allow the those that may be withheld from the Exchange’s Web site at www.nyse.com,
Exchange and the Commission public in accordance with the at the principal office of the Exchange,
additional time to analyze the impact of provisions of 5 U.S.C. 552, will be and at the Commission’s Public
the Pilot Program. Accordingly, the available for Web site viewing and Reference Room.
Commission designates the proposed printing in the Commission’s Public
rule change as operative upon filing Reference Room, 100 F Street NE., II. Self-Regulatory Organization’s
with the Commission.13 Washington, DC 20549, on official Statement of the Purpose of, and
At any time within 60 days of the business days between the hours of Statutory Basis for, the Proposed Rule
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the Change
Commission summarily may filing also will be available for In its filing with the Commission, the
temporarily suspend such rule change if inspection and copying at the principal self-regulatory organization included
it appears to the Commission that such office of the Exchange. All comments statements concerning the purpose of,
action is necessary or appropriate in the received will be posted without change; and basis for, the proposed rule change
public interest, for the protection of the Commission does not edit personal and discussed any comments it received
investors, or otherwise in furtherance of identifying information from on the proposed rule change. The text
the purposes of the Act. If the submissions. You should submit only of those statements may be examined at
Commission takes such action, the information that you wish to make the places specified in Item IV below.
Commission shall institute proceedings available publicly. The Exchange has prepared summaries,
under Section 19(b)(2)(B) 14 of the Act to All submissions should refer to File set forth in sections A, B, and C below,
determine whether the proposed rule Number SR–MIAX–2016–16 and should of the most significant parts of such
change should be approved or be submitted on or before July 12, 2016. statements.
disapproved. For the Commission, by the Division of A. Self-Regulatory Organization’s
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
authority.15
Statement of the Purpose of, and the
Interested persons are invited to Statutory Basis for, the Proposed Rule
Robert W. Errett,
submit written data, views, and Change
Deputy Secretary.
arguments concerning the foregoing, 1. Purpose
[FR Doc. 2016–14560 Filed 6–20–16; 8:45 am]
including whether the proposed rule
change is consistent with the Act.
BILLING CODE 8011–01–P The purpose of this filing is to amend
Comments may be submitted by any of the Fee Schedule to introduce a new
the following methods: alternative for qualifying for the
SECURITIES AND EXCHANGE Customer and Professional Customer
Electronic Comments COMMISSION Incentive Program, as described below.
• Use the Commission’s Internet [Release No. 34–78076; File No. SR– The Exchange proposes to implement
comment form (http://www.sec.gov/ NYSEARCA–2016–86] the fee change effective June 6, 2016.
rules/sro.shtml); or The Exchange is proposing to
• Send an email to rule-comments@ Self-Regulatory Organizations; NYSE introduce a new tier to the Incentive
sec.gov. Please include File Number SR– Arca, Inc.; Notice of Filing and Program, which provides OTP Holders
MIAX–2016–16 on the subject line. Immediate Effectiveness of Proposed and OTP Firms (collectively, ‘‘OTPs’’)
Rule Change To Amend the NYSE Arca several alternatives to earn additional
Paper Comments Options Fee Schedule posting credits ranging from $0.01 to
• Send paper comments in triplicate $0.05. Specifically, the Exchange
June 15, 2016.
to Brent J. Fields, Secretary, Securities proposes to add a new alternative that
Pursuant to section 19(b)(1) 1 of the
and Exchange Commission, 100 F Street would enable OTPs to earn a $0.03
Securities Exchange Act of 1934 (the
NE., Washington, DC 20549–1090. credit if they achieve at least 1.50% of
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
All submissions should refer to File notice is hereby given that, on June 6, Total Industry Customer equity and ETF
Number SR–MIAX–2016–16. This file 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ option ADV (‘‘TCADV’’) from Customer
number should be included on the or ‘‘NYSE Arca’’) filed with the and Professional Customer Posted
subject line if email is used. To help the Orders in both Penny Pilot and non-
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Securities and Exchange Commission
Commission process and review your (the ‘‘Commission’’) the proposed rule Penny Pilot Issues, Plus Executed ADV
comments more efficiently, please use change as described in Items I, II, and of 0.10% of U.S. Equity Market Share
III below, which Items have been Posted and Executed on NYSE Arca
13 For purposes only of waiving the operative
Equity Market. The Exchange believes
delay for this proposal, the Commission has this new credit would provide
15 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See 1 15 U.S.C.78s(b)(1). additional incentive to direct Customer
15 U.S.C. 78c(f). 2 15 U.S.C. 78a. and Professional Customer order flow to
14 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4. the Exchange, which benefits all market
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![Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices 40381
10:00 a.m. and 3:00 p.m. Copies of the self-regulatory organization consents, Fund under NYSE Arca Equities Rule
filing also will be available for the Commission shall either approve the 8.201. The proposed rule change is
inspection and copying at the principal proposed rule change, disapprove the available on the Exchange’s Web site at
office of the Exchange. All comments proposed rule change, or institute www.nyse.com, at the principal office of
received will be posted without change; proceedings to determine whether the the Exchange, and at the Commission’s
the Commission does not edit personal proposed rule change should be Public Reference Room.
identifying information from disapproved. The Commission is
II. Self-Regulatory Organization’s
submissions. You should submit only extending this 45-day time period.
The Commission finds that it is Statement of the Purpose of, and
information that you wish to make
appropriate to designate a longer period Statutory Basis for, the Proposed Rule
available publicly. All submissions
within which to take action on the Change
should refer to File Number SR–
NYSEARCA–2016–86 and should be proposed rule change so that it has In its filing with the Commission, the
submitted on or before July 12, 2016. sufficient time to consider the proposed self-regulatory organization included
For the Commission, by the Division of rule change. Accordingly, the statements concerning the purpose of,
Trading and Markets, pursuant to delegated Commission, pursuant to section and basis for, the proposed rule change
authority.10 19(b)(2) of the Act,5 designates August and discussed any comments it received
Robert W. Errett, 1, 2016, as the date by which the on the proposed rule change. The text
Deputy Secretary. Commission should either approve or of those statements may be examined at
[FR Doc. 2016–14557 Filed 6–20–16; 8:45 am]
disapprove or institute proceedings to the places specified in Item IV below.
determine whether to disapprove the The Exchange has prepared summaries,
BILLING CODE 8011–01–P
proposed rule change (File Number SR– set forth in sections A, B, and C below,
BatsBZX–2016–09). of the most significant parts of such
SECURITIES AND EXCHANGE For the Commission, by the Division of statements.
COMMISSION Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
authority.6
[Release No. 34–78079; File No. SR– Statement of the Purpose of, and the
Robert W. Errett, Statutory Basis for, the Proposed Rule
BatsBZX–2016–09]
Deputy Secretary. Change
Self-Regulatory Organizations; Bats [FR Doc. 2016–14559 Filed 6–20–16; 8:45 am]
BZX Exchange, Inc.; Notice of BILLING CODE 8011–01–P
1. Purpose
Designation of a Longer Period for The Exchange proposes to list and
Commission Action on a Proposed trade (‘‘Shares’’) of the Global Currency
Rule Change to Rule 14.11, Managed SECURITIES AND EXCHANGE Gold Fund (the ‘‘Fund’’), a series of the
Fund Shares, To List and Trade Shares COMMISSION Global Gold Currency Trust (Trust’’),
of the Pointbreak Agriculture [Release No. 34–78075; File No. SR– under NYSE Arca Equities Rule 8.201.4
Commodity Strategy Fund of the NYSEArca–2016–84] Under NYSE Arca Equities Rule 8.201,
Pointbreak ETF Trust the Exchange may propose to list and/
Self-Regulatory Organizations; NYSE or trade pursuant to unlisted trading
June 15, 2016. Arca, Inc.; Notice of Filing of Proposed privileges (‘‘UTP’’) ‘‘Commodity-Based
On April 15, 2016, Bats BZX Rule Change To List and Trade Shares Trust Shares.’’ 5
Exchange, Inc. (‘‘Exchange’’) filed with of the Global Currency Gold Fund The Fund will not be registered as an
the Securities and Exchange Under NYSE Arca Equities Rule 8.201 investment company under the
Commission (‘‘Commission’’), pursuant Investment Company Act of 1940 6 and
to section 19(b)(1) of the Securities June 15, 2016.
is not required to register under such
Exchange Act of 1934 (‘‘Act’’) 1 and Rule Pursuant to section 19(b)(1) 1 of the
act.
19b–4 thereunder,2 a proposed rule Securities Exchange Act of 1934 (the
The Sponsor of the Fund and the
change to list and trade shares ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Trust will be WGC USA Asset
(‘‘Shares’’) of the Pointbreak Agriculture notice is hereby given that, on June 1,
Management Company, LLC (the
Commodity Strategy Fund of the 2016, NYSE Arca, Inc. (the ‘‘Exchange’’
‘‘Sponsor’’).7 BNY Mellon Asset
Pointbreak ETF Trust under BATS Rule or ‘‘NYSE Arca’’) filed with the
14.11(i). The proposed rule change was Securities and Exchange Commission 4 On May 26, 2016, the Trust filed with the
published for comment in the Federal (the ‘‘Commission’’) the proposed rule Commission an amended registration statement on
Register on May 3, 2016.3 The change as described in Items I and II Form S–1 under the Securities Act of 1933 (‘‘1933
Commission received no comment below, which Items have been prepared Act’’) relating to the Fund (File No. 333–206640)
by the self-regulatory organization. The (‘‘Registration Statement’’). The description of the
letters on the proposed rule change. operation of the Trust and the Fund herein is based,
Section 19(b)(2) of the Act 4 provides Commission is publishing this notice to in part, on the Registration Statement.
that, within 45 days of the publication solicit comments on the proposed rule 5 Commodity-Based Trust Shares are securities
of notice of the filing of a proposed rule change from interested persons. issued by a trust that represent investors’ discrete
change, or within such longer period up identifiable and undivided beneficial ownership
I. Self-Regulatory Organization’s interest in the commodities deposited into the
to 90 days as the Commission may
Statement of the Terms of Substance of Trust.
designate if it finds such longer period 6 15 U.S.C. 80a–1.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the Proposed Rule Change
to be appropriate and publishes its 7 The Trust will be a Delaware statutory trust
reasons for so finding or as to which the The Exchange proposes to list and consisting of multiple series, each of which will
trade shares of the Global Currency Gold issue common units of beneficial interest, which
10 17 represent units of fractional undivided beneficial
CFR 200.30–3(a)(12).
1 15 5 Id. interest in and ownership of such series. The term
U.S.C. 78s(b)(1). of the Trust and each series will be perpetual
2 17 CFR 240.19b–4. 6 17 CFR 200.30–3(a)(31). (unless terminated earlier in certain circumstances).
3 See Securities Exchange Act Release No. 77723 1 15 U.S.C. 78s(b)(1). The trustee for the Fund’s trust (‘‘Trustee’’) will be
(April 27, 2016), 81 FR 26600. 2 15 U.S.C. 78a.
a Delaware Trust Company, the sole trustee with
4 15 U.S.C. 78s(b)(2). 3 17 CFR 240.19b–4. respect to the Fund.
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Document Created: 2016-06-21 01:30:52
Document Modified: 2016-06-21 01:30:52
| 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 40379 |
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