81 FR 53184 - 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 155 (August 11, 2016)
Federal Register Volume 81, Issue 155 (August 11, 2016)
| Page Range | 53184-53186 | |
| FR Document | 2016-19055 |
[Federal Register Volume 81, Number 155 (Thursday, August 11, 2016)] [Notices] [Pages 53184-53186] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19055] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78485; File No. SR-NYSEArca-2016-115] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule August 5, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that, on August 1, 2016, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to 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, [[Page 53185]] 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend the Fee Schedule effective August 1, 2016. Specifically, the Exchange proposes to modify the qualification for Tier C of Customer and Professional Customer Posting Credit Tiers in Non-Penny Pilot Issues (the ``Posting Credit Tiers''), as described below. The Customer Posting Credit Tiers consists of a Base Tier and Tiers A, B and C, which provide for specified credits if specified volume thresholds have been met.\3\ Currently, Tier C of the Posting Credit Tiers provides a $0.90 per contract credit to OTP Holders and OTP Firms (collectively, ``OTPs'') that meet or exceed a qualification basis of at least 1.50% of Total Industry Customer equity and ETF option ADV (``TCADV'') from Customer and Professional Customer Posted Orders in all Issues, of which at least 0.40% of TCADV is from Customer and Professional Customer Posted Orders in non-Penny Pilot Issues. --------------------------------------------------------------------------- \3\ The Exchange notes that there is a posting credit of $0.75 associated with a Base Tier for which there is no volume requirement. --------------------------------------------------------------------------- The Exchange is proposing to modify the qualification for Tier C by maintaining the requirement of at least 1.50% of TCADV from Customer and Professional Customer Posted Orders in all Issues, but reducing the portion of TCADV from Customer and Professional Customer Posted Orders in non-Penny Pilot Issues from 0.40% to 0.30%. The Exchange believes that reducing the required portion of posted orders in non-Penny Pilot issues while maintaining the overall volume threshold to qualify for Tier C would make the Tier (and related credit) more achievable given that the vast majority of options issues traded on the Exchange are in Penny Pilot Issues. The Exchange believes that the modification to make Tier C more achievable would provide additional incentive to OTPs to direct Customer (and Professional Customer) order flow to the Exchange, which benefits all market participants through increased liquidity and enhanced price discovery. 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 believes that the proposed modification to Tier C is reasonable, equitable, and not unfairly discriminatory because it would be available to all OTPs that execute posted electronic Customer (and Professional Customer) orders on the Exchange on an equal and non- discriminatory basis. The Exchange believes that modifying Tier C to reduce the portion of posted orders in non-Penny Pilot issues required to qualify for the Tier is equitable and not unfairly discriminatory because the change would enable more OTPs to qualify for the credit, which in turn, could reduce OTPs overall transaction costs on the Exchange. Moreover, the Exchange believes the proposed modifications would provide additional incentives to OTPs to direct Customer (and Professional Customer) order flow to the Exchange, which benefits all market participants through increased liquidity and enhanced price discovery. 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, which would make Tier C more achievable, would continue to encourage competition, including 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. In addition, the proposed change to Tier C would be available to all similarly situated OTPs and should therefore encourage competition without undue burden. --------------------------------------------------------------------------- \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 [[Page 53186]] Send an email to [email protected]. Please include File Number SR-NYSEArca-2016-115 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2016-115. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2016-115, and should be submitted on or before September 1, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2016-19055 Filed 8-10-16; 8:45 am] BILLING CODE 8011-01-P
![53184 Federal Register / Vol. 81, No. 155 / Thursday, August 11, 2016 / Notices
Specifically, the Exchange does not III. Date of Effectiveness of the inspection and copying at the principal
believe that proposed Rule 49(a) needs Proposed Rule Change and Timing for office of the Exchange. All comments
to be limited to what is currently Commission Action received will be posted without change;
defined as an ‘‘Emergency Condition’’ or Within 45 days of the date of the Commission does not edit personal
be invoked for only ten days because the publication of this notice in the Federal identifying information from
proposed rule would be invoked as part Register or up to 90 days (i) as the submissions. You should submit only
of a robust business continuity and Commission may designate if it finds information that you wish to make
disaster recovery plan in the event of a such longer period to be appropriate available publicly. All submissions
wide-scale disruption, as required by and publishes its reasons for so finding should refer to File Number SR–NYSE–
Rule 1001(a)(2)(v) of Regulation SCI.24 or (ii) as to which the self-regulatory 2016–48, and should be submitted on or
For similar reasons, the Exchange does organization consents, the Commission before September 1, 2016.
not believes that proposed Rule 49 will: For the Commission, by the Division of
needs separate provisions specifying (A) By order approve or disapprove Trading and Markets, pursuant to delegated
notice requirements to the Commission the proposed rule change, or authority.26
because these are now required by Rule (B) institute proceedings to determine Jill M. Peterson,
1002(b) of Regulation SCI.25 whether the proposed rule change Assistant Secretary.
Finally, the Exchange believes that should be disapproved. [FR Doc. 2016–19054 Filed 8–10–16; 8:45 am]
BILLING CODE 8011–01–P
moving the text of current Rule 438 to IV. Solicitation of Comments
proposed Rule 49(b)(N), and renaming Interested persons are invited to
Rule 49 as ‘‘Exchange Business submit written data, views, and SECURITIES AND EXCHANGE
Continuity and Disaster Recovery Plans arguments concerning the foregoing, COMMISSION
and Mandatory Testing,’’ would remove including whether the proposed rule
impediments to and perfect the [Release No. 34–78485; File No. SR–
change is consistent with the Act. NYSEArca–2016–115]
mechanism of a free and open market Comments may be submitted by any of
and a national market system because it the following methods: Self-Regulatory Organizations; NYSE
would consolidate into a single rule Arca, Inc.; Notice of Filing and
related content, i.e., the Exchange’s Electronic Comments
Immediate Effectiveness of Proposed
proposed disaster recovery plan and • Use the Commission’s Internet Rule Change To Amend the NYSE Arca
mandatory testing requirements related comment form (http://www.sec.gov/ Options Fee Schedule
to such plan. Thus, the proposed rule rules/sro.shtml); or
change would make the Exchange’s • Send an email to rule-comments@ August 5, 2016.
rules easier to navigate for Exchange sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the
members, the Commission, and the NYSE–2016–48 on the subject line. Securities Exchange Act of 1934
public. (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Paper Comments notice is hereby given that, on August
B. Self-Regulatory Organization’s • Send paper comments in triplicate 1, 2016, NYSE Arca, Inc. (‘‘NYSE Arca’’
Statement on Burden on Competition to Brent J. Fields, Secretary, Securities or ‘‘Exchange’’) filed with the Securities
and Exchange Commission, 100 F Street and Exchange Commission (‘‘SEC’’ or
The Exchange does not believe that ‘‘Commission’’) the proposed rule
NE., Washington, DC 20549–1090.
the proposed rule change will impose change as described in Items I, II, and
any burden on competition that is not All submissions should refer to File
Number SR–NYSE–2016–48. This file III below, which Items have been
necessary or appropriate in furtherance prepared by the Exchange. The
of the purposes of the Act. The number should be included on the
subject line if email is used. To help the Commission is publishing this notice to
proposed rule change is designed to solicit comments on the proposed rule
facilitate trading in Exchange-listed Commission process and review your
comments more efficiently, please use change from interested persons.
securities on its Disaster Recovery
Facility. As such, the Exchange believes only one method. The Commission will I. Self-Regulatory Organization’s
that the proposed rule change would post all comments on the Commission’s Statement of the Terms of Substance of
Internet Web site (http://www.sec.gov/ the Proposed Rule Change
promote competition for the benefit of
rules/sro.shtml). Copies of the
market participants and investors The Exchange proposes to to amend
submission, all subsequent
generally because it provides the NYSE Arca Options Fee Schedule.
amendments, all written statements
transparency in Exchange rules of The proposed rule change is available
with respect to the proposed rule
which rules would govern trading in on the Exchange’s Web site at
change that are filed with the
Exchange-traded securities if they trade www.nyse.com, at the principal office of
Commission, and all written
on the Exchange’s Disaster Recovery the Exchange, and at the Commission’s
communications relating to the
Facility. Public Reference Room.
proposed rule change between the
C. Self-Regulatory Organization’s Commission and any person, other than II. Self-Regulatory Organization’s
Statement on Comments on the those that may be withheld from the Statement of the Purpose of, and
Proposed Rule Change Received From public in accordance with the Statutory Basis for, the Proposed Rule
provisions of 5 U.S.C. 552, will be Change
sradovich on DSK3GMQ082PROD with NOTICES
Members, Participants, or Others
available for Web site viewing and In its filing with the Commission, the
No written comments were solicited printing in the Commission’s Public self-regulatory organization included
or received with respect to the proposed Reference Room, 100 F Street NE., statements concerning the purpose of,
rule change. Washington, DC 20549, on official
business days between the hours of 26 17 CFR 200.30–3(a)(12).
24 17 CFR 242.1001(a)(2)(v). 10:00 a.m. and 3:00 p.m. Copies of the 1 15 U.S.C. 78s(b)(1).
25 17 CFR 242.1002(b). filing also will be available for 2 17 CFR 240.19b–4.
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![53186 Federal Register / Vol. 81, No. 155 / Thursday, August 11, 2016 / Notices
• Send an email to rule-comments@ DEPARTMENT OF TRANSPORTATION prepared to compete for, obtain, and
sec.gov. Please include File Number SR– manage DOT funded transportation-
NYSEArca–2016–115 on the subject Office of the Secretary of related contracts and subcontracts at the
line. Transportation federal, state and local levels.
Throughout this notice, the term ‘‘small
Paper Comments Notice of Funding Availability for the business’’ will refer to: 8(a), small
Small Business Transportation disadvantaged businesses (SDB),
• Send paper comments in triplicate Resource Center Program disadvantaged business enterprises
to Brent J. Fields, Secretary, Securities
AGENCY: Office of Small and (DBE), women owned small businesses
and Exchange Commission, 100 F Street
Disadvantaged Business Utilization (WOSB), HubZone, service disabled
NE., Washington, DC 20549–1090.
(OSDBU), Office of the Secretary of veteran owned businesses (SDVOB), and
All submissions should refer to File Transportation (OST), Department of veteran owned small businesses
Number SR–NYSEArca–2016–115. This Transportation (DOT). (VOSB). Throughout this notice,
file number should be included on the ACTION: Notice of funding availability ‘‘transportation-related’’ is defined as
subject line if email is used. To help the for the Great Lakes Region SBTRC. the maintenance, rehabilitation,
Commission process and review your restructuring, improvement, or
comments more efficiently, please use SUMMARY: The Department of revitalization of any of the nation’s
Transportation (DOT), Office of the modes of transportation.
only one method. The Commission will
Secretary (OST), Office of Small and Funding Opportunity Number:
post all comments on the Commission’s
Disadvantaged Business Utilization USDOT–OST–OSDBU/
Internet Web site (http://www.sec.gov/ (OSDBU) announces the opportunity for
rules/sro.shtml). Copies of the SBTRCGREATLAKES–2016–1.
business centered community-based
submission, all subsequent Catalog of Federal Domestic
organizations, transportation-related
amendments, all written statements Assistance (CFDA) Number: 20.910
trade associations, colleges and
with respect to the proposed rule Assistance to Small and Disadvantaged
universities, community colleges, or
change that are filed with the Businesses.
chambers of commerce, registered with
Commission, and all written the Internal Revenue Service as 501 C(6) Type of Award: Cooperative
communications relating to the or 501 C(3) tax-exempt organizations, to Agreement Grant.
proposed rule change between the compete for participation in OSDBU’s Award Ceiling: $232,000.
Commission and any person, other than Small Business Transportation Resource Award Floor: $224,000.
those that may be withheld from the Center (SBTRC) program in the Great Program Authority: DOT is authorized
public in accordance with the Lakes Region (Illinois, Indiana, under 49 U.S.C. 332 (b) (4), (5) & (7) to
provisions of 5 U.S.C. 552, will be Michigan, Ohio, and Wisconsin). design and carry out programs to assist
available for Web site viewing and DATES: Complete Proposals must be small disadvantaged businesses in
printing in the Commission’s Public received on or September 16, 2016, 6:00 getting transportation-related contracts
Reference Room, 100 F Street NE., p.m. Eastern Standard Time (EST). and subcontracts; develop support
Washington, DC 20549 on official Proposals received after the deadline mechanisms, including management
business days between the hours of will be considered non-responsive and and technical services, that will enable
10:00 a.m. and 3:00 p.m. Copies of such will not be reviewed. small disadvantaged businesses to take
filing also will be available for ADDRESSES: Applications must be advantage of those business
inspection and copying at the principal electronically submitted through opportunities; and to make
office of the Exchange. All comments Grants.gov. Only applicants who arrangements to carry out the above
comply with all submission purposes.
received will be posted without change;
the Commission does not edit personal requirements described in this notice Table of Contents
identifying information from and electronically submit valid
applications through Grants.gov will be A. Program Description and Goals
submissions. You should submit only B. Federal Award Information
eligible for award.
information that you wish to make C. Eligibility Information
FOR FURTHER INFORMATION CONTACT: For 1. Eligible Applicant
available publicly. All submissions
should refer to File Number SR– further information concerning this 2. Program/Recipient Requirements
notice, contact Ms. Steronica Mattocks, 3. Office of Small and Disadvantaged
NYSEArca–2016–115, and should be
Program Analyst, U.S. Department of Business Utilization (OSDBU)
submitted on or before September 1, Responsibilities
Transportation, Office of Small and
2016. Disadvantaged Business Utilization, D. Application and Submission Information
For the Commission, by the Division of 1200 New Jersey Avenue SE., E. Application Review
Trading and Markets, pursuant to delegated Washington, DC 20590. Telephone: 1. Selection Criteria
authority.10 a. Approach and Strategy
(202) 366–0658. Email: sbtrc@dot.gov. b. Linkages
Jill M. Peterson, SUPPLEMENTARY INFORMATION: OSDBU c. Organizational Capability
Assistant Secretary. will enter into Cooperative Agreements d. Staff Capabilities and Experience
[FR Doc. 2016–19055 Filed 8–10–16; 8:45 am] with these organizations to provide e. Cost Proposal (Budget)
outreach to the small business f. Scoring Application
BILLING CODE 8011–01–P
community in their designated region g. Conflicts of Interest
sradovich on DSK3GMQ082PROD with NOTICES
and provide financial and technical 2. Review and Selection Process
assistance, business training programs, F. Federal Award Administration
a. Administrative and National Policy
business assessment, management Requirements
training, counseling, marketing and b. Reporting
outreach, and the dissemination of G. Federal Awarding Agency Contacts
information, to encourage and assist H. Protection of Confidential Business
10 17 CFR 200.30–3(a)(12). small businesses to become better Information
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Document Created: 2018-02-09 11:27:24
Document Modified: 2018-02-09 11:27:24
| 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 53184 |
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