81 FR 60108 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 900.2NY(18A)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 169 (August 31, 2016)

Page Range		60108-60109
FR Document		2016-20886
Federal Register, Volume 81 Issue 169 (Wednesday, August 31, 2016)
[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)]
[Notices]
[Pages 60108-60109]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20886]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78685; File No. SR-NYSEMKT-2016-77]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Amending Rule 
900.2NY(18A)

August 25, 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 August 12, 2016, NYSE MKT LLC (the ``Exchange'' or 
``NYSE MKT'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 900.2NY(18A). 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the filing is to amend Rule 900.2NY(18A), regarding 
the definition of a ``Professional Customer,'' to align the Exchange's 
definition with that of competing options exchanges, as discussed 
below.
    The Exchange adopted the definition of a Professional Customer in 
2010, after several other options exchanges added this definition.\4\ 
In doing so, the Exchange provided that a Professional Customer would 
``be treated in the same manner as a Broker/Dealer (or non-Customer) in 
securities for the purposes'' of various Exchange rules ``and the 
Exchange's schedule of fees.'' \5\ Recently, the Exchange amended its 
Professional Customer definition to align with rules of other 
markets.\6\ However, as part of the harmonization effort for a uniform 
definition of Professional Customer, the Exchange has determined that 
other options exchanges do not similarly include reference to their fee 
schedules in the definition of Professional Customer.\7\ Thus, to 
conform with the rules of other options exchanges, the Exchange 
proposes to modify Rule 900.2NY(18A) to delete the reference to the 
Exchange's fee schedule. This change would allow the Exchange, like its 
competitors, to attract Professional Customer order flow with fees that 
differentiate Professional Customers from Broker/Dealers.
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    \4\ See Securities Exchange Act Release No. 61818 (March 31, 
2010), 75 FR 17457 (April 6, 2010) (SR-NYSEAmex-2010-18). See also 
id., at note 14 (citing the approval orders of other options 
exchanges).
    \5\ See Rule 900.2NY(18A).
    \6\ See Securities Exchange Act Release No. 77836 (May 16, 
2016), 81 FR 31994 (May 20, 2016) (SR-NYSEMKT-2016-53).
    \7\ See, e.g., NYSE Arca Rule 6.1A.(4A) (no reference to fee 
schedule in definition of Professional Customer); Nasdaq OMX PHLX 
(``PHLX'') Rule 1000 (b)(14) (same); Nasdaq Options Market (``NOM'') 
Chapter 1, Sec. 1(a)(48) (same); Bats BZX Exchange, Inc.'s (``BZX'') 
Rule 16.1(a)(46) (same); BOX Options Exchange LLC (``BOX'') Rule 100 
(a)(50) (same); International Securities Exchange (``ISE'') Rule 
100(a)(37A) (same); MIAX Options Exchange (``MIAX'') Rule 100 
(same).
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    The Exchange also proposes to make a non-substantive change to 
clarify the list of rules to which the Professional Customer definition 
applies, which would add clarity and transparency to Exchange rules.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \8\ of the 
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers 
the objectives of Section 6(b)(5),\9\ in particular, in that it is 
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 facilitating transactions in 
securities, and to remove impediments to and perfect the mechanisms of 
a free and open market and a national market system.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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    The proposed change would foster cooperation and coordination with 
persons engaged in facilitating transactions in securities as it would 
align Exchange rules with that of its competitors, which benefits 
investors and the public interest. By removing reference to the 
Exchange's fee schedule from the definition of Professional Customer, 
the Exchange would, like its competitors, have the ability to attract 
Professional Customer order flow with fees that differentiate 
Professional Customers from Broker/Dealers. The proposed rule change 
would therefore remove impediments to and perfect the mechanism of a 
free and open market and a national market system by enabling the 
Exchange to structure its fees for Professional Customers competitively 
with the fees of other options exchanges.
    Further, the proposed changes are not unfairly discriminatory as 
the modified definition would apply to all similarly-situated ATP 
Holders that submit orders on behalf of Professional Customers.
    Finally, the non-substantive change to the Professional Customer 
definition would remove impediments to and perfect the mechanisms of a 
free and open market and a national market system, as it would add 
clarity and transparency to Exchange rules.

[[Page 60109]]

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange believes that 
the proposed changes are pro-competitive as the changes align Exchange 
rules with that of competing markets and would allow the Exchange to 
better compete for Professional Customer order flow. The Exchange does 
not believe that the proposed rule change would impose any burden on 
intramarket competition because, to the extent the Exchange chooses to 
adopt fees specific to Professional Customers, such fees would be equal 
to or less than those charged to broker/dealers and would not be more 
favorable than fees charged to public customers.

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

    Because the proposed rule change does not: (i) Significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the Exchange 
would be able to propose fees changes related to Professional Customers 
on September 1, 2016.
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    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because the proposal does not raise any new or novel issues. The 
Exchange's proposal removes the current provision that requires the 
Exchange to treat Professional Customers and Broker-Dealers in the 
``same manner'' with respect to fees, which will allow the Exchange to 
separately propose, if it so chooses, to set its fees competitively in 
order to attract Professional Customer order flow, provided that such 
competitive fees are consistent with the requirements of the Act and 
the rules and regulations thereunder. The Commission notes that the 
Exchange has representated that, to the extent it chooses to adopt fees 
specific to Professional Customers, such fees would be equal to or less 
than those charged to broker-dealers and would not be more favorable 
than fees charged to public customers. Because this proposal does not 
raise any new or novel issues with respect to the treatment of 
Professional Customers, the Commission hereby waives the operative 
delay and designates the proposed rule change operative upon 
filing.\14\
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    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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 shall institute proceedings under 
Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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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 Comments

     Use 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-NYSEMKT-2016-77 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-NYSEMKT-2016-77. 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-NYSEMKT-2016-77 and should 
be submitted on or before September 21, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-20886 Filed 8-30-16; 8:45 am]
BILLING CODE 8011-01-P
60108 Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices

should submit only information that statements concerning the purpose of, attract Professional Customer order flow
you wish to make available publicly. and basis for, the proposed rule change with fees that differentiate Professional
All submissions should refer to File and discussed any comments it received Customers from Broker/Dealers.
Number SR–OCC–2016–009 and should on the proposed rule change. The text The Exchange also proposes to make
be submitted on or before September 21, of those statements may be examined at a non-substantive change to clarify the
2016. the places specified in Item IV below. list of rules to which the Professional
For the Commission, by the Division of The Exchange has prepared summaries, Customer definition applies, which
Trading and Markets, pursuant to delegated set forth in sections A, B, and C below, would add clarity and transparency to
authority.31 of the most significant parts of such Exchange rules.
Robert W. Errett, statements.
Deputy Secretary. 2. Statutory Basis
A. Self-Regulatory Organization’s
[FR Doc. 2016–20882 Filed 8–30–16; 8:45 am] Statement of the Purpose of, and The proposed rule change is
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule consistent with Section 6(b) 8 of the
Change Securities Exchange Act of 1934 (the
1. Purpose ‘‘Act’’), in general, and furthers the
SECURITIES AND EXCHANGE objectives of Section 6(b)(5),9 in
COMMISSION The purpose of the filing is to amend particular, in that it is designed to
[Release No. 34–78685; File No. SR–
Rule 900.2NY(18A), regarding the prevent fraudulent and manipulative
NYSEMKT–2016–77] definition of a ‘‘Professional Customer,’’ acts and practices, to promote just and
to align the Exchange’s definition with equitable principles of trade, to foster
Self-Regulatory Organizations; NYSE that of competing options exchanges, as cooperation and coordination with
MKT LLC; Notice of Filing and discussed below. persons engaged in facilitating
Immediate Effectiveness of Proposed The Exchange adopted the definition
transactions in securities, and to remove
Rule Change Amending Rule of a Professional Customer in 2010, after
impediments to and perfect the
900.2NY(18A) several other options exchanges added
mechanisms of a free and open market
this definition.4 In doing so, the
August 25, 2016. and a national market system.
Exchange provided that a Professional
Pursuant to Section 19(b)(1) 1 of the Customer would ‘‘be treated in the same The proposed change would foster
Securities Exchange Act of 1934 (the manner as a Broker/Dealer (or non- cooperation and coordination with
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Customer) in securities for the persons engaged in facilitating
notice is hereby given that, on August purposes’’ of various Exchange rules transactions in securities as it would
12, 2016, NYSE MKT LLC (the ‘‘and the Exchange’s schedule of fees.’’ 5 align Exchange rules with that of its
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with Recently, the Exchange amended its competitors, which benefits investors
the Securities and Exchange Professional Customer definition to and the public interest. By removing
Commission (the ‘‘Commission’’) the align with rules of other markets.6 reference to the Exchange’s fee schedule
proposed rule change as described in However, as part of the harmonization from the definition of Professional
Items I and II below, which Items have effort for a uniform definition of Customer, the Exchange would, like its
been prepared by the self-regulatory Professional Customer, the Exchange competitors, have the ability to attract
organization. The Commission is has determined that other options Professional Customer order flow with
publishing this notice to solicit exchanges do not similarly include fees that differentiate Professional
comments on the proposed rule change reference to their fee schedules in the Customers from Broker/Dealers. The
from interested persons. definition of Professional Customer.7 proposed rule change would therefore
Thus, to conform with the rules of other remove impediments to and perfect the
I. Self-Regulatory Organization’s mechanism of a free and open market
options exchanges, the Exchange
Statement of the Terms of Substance of and a national market system by
proposes to modify Rule 900.2NY(18A)
the Proposed Rule Change to delete the reference to the Exchange’s enabling the Exchange to structure its
The Exchange proposes to amend fee schedule. This change would allow fees for Professional Customers
Rule 900.2NY(18A). The proposed rule the Exchange, like its competitors, to competitively with the fees of other
change is available on the Exchange’s options exchanges.
Web site at www.nyse.com, at the 4 See Securities Exchange Act Release No. 61818
Further, the proposed changes are not
principal office of the Exchange, and at (March 31, 2010), 75 FR 17457 (April 6, 2010) (SR–
NYSEAmex–2010–18). See also id., at note 14 unfairly discriminatory as the modified
the Commission’s Public Reference (citing the approval orders of other options definition would apply to all similarly-
Room. exchanges). situated ATP Holders that submit orders
5 See Rule 900.2NY(18A).
II. Self-Regulatory Organization’s 6 See Securities Exchange Act Release No. 77836
on behalf of Professional Customers.
Statement of the Purpose of, and (May 16, 2016), 81 FR 31994 (May 20, 2016) (SR– Finally, the non-substantive change to
Statutory Basis for, the Proposed Rule NYSEMKT–2016–53). the Professional Customer definition
Change 7 See, e.g., NYSE Arca Rule 6.1A.(4A) (no
would remove impediments to and
reference to fee schedule in definition of
In its filing with the Commission, the Professional Customer); Nasdaq OMX PHLX perfect the mechanisms of a free and
self-regulatory organization included (‘‘PHLX’’) Rule 1000 (b)(14) (same); Nasdaq Options open market and a national market
Market (‘‘NOM’’) Chapter 1, Sec. 1(a)(48) (same); system, as it would add clarity and
Bats BZX Exchange, Inc.’s (‘‘BZX’’) Rule 16.1(a)(46)
mstockstill on DSK3G9T082PROD with NOTICES

31 17 CFR 200.30–3(a)(12). (same); BOX Options Exchange LLC (‘‘BOX’’) Rule
transparency to Exchange rules.
1 15 U.S.C. 78s(b)(1). 100 (a)(50) (same); International Securities
2 15 U.S.C. 78a. 8 15 U.S.C. 78f(b).
Exchange (‘‘ISE’’) Rule 100(a)(37A) (same); MIAX
3 17 CFR 240.19b–4. Options Exchange (‘‘MIAX’’) Rule 100 (same). 9 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices 60109

B. Self-Regulatory Organization’s would be able to propose fees changes Electronic Comments
Statement on Burden on Competition related to Professional Customers on
September 1, 2016. • Use the Commission’s Internet
The Exchange does not believe that comment form (http://www.sec.gov/
the proposed rule change will impose The Commission believes waiving the rules/sro.shtml); or
any burden on competition that is not 30-day operative delay is consistent
necessary or appropriate in furtherance with the protection of investors and the • Send an email to rule-comments@
of the purposes of the Act. The public interest because the proposal sec.gov. Please include File Number SR–
Exchange believes that the proposed does not raise any new or novel issues. NYSEMKT–2016–77 on the subject line.
changes are pro-competitive as the The Exchange’s proposal removes the Paper Comments
changes align Exchange rules with that current provision that requires the
of competing markets and would allow Exchange to treat Professional • Send paper comments in triplicate
the Exchange to better compete for Customers and Broker-Dealers in the to Secretary, Securities and Exchange
Professional Customer order flow. The ‘‘same manner’’ with respect to fees, Commission, 100 F Street NE.,
Exchange does not believe that the which will allow the Exchange to Washington, DC 20549–1090.
proposed rule change would impose any separately propose, if it so chooses, to
burden on intramarket competition All submissions should refer to File
set its fees competitively in order to
because, to the extent the Exchange attract Professional Customer order Number SR–NYSEMKT–2016–77. This
chooses to adopt fees specific to flow, provided that such competitive file number should be included on the
Professional Customers, such fees fees are consistent with the subject line if email is used. To help the
would be equal to or less than those requirements of the Act and the rules Commission process and review your
charged to broker/dealers and would not and regulations thereunder. The comments more efficiently, please use
be more favorable than fees charged to Commission notes that the Exchange only one method. The Commission will
public customers. has representated that, to the extent it post all comments on the Commission’s
C. Self-Regulatory Organization’s chooses to adopt fees specific to Internet Web site (http://www.sec.gov/
Statement on Comments on the Professional Customers, such fees rules/sro.shtml). Copies of the
Proposed Rule Change Received From would be equal to or less than those submission, all subsequent
Members, Participants, or Others charged to broker-dealers and would not amendments, all written statements
be more favorable than fees charged to with respect to the proposed rule
No written comments were solicited change that are filed with the
or received with respect to the proposed public customers. Because this proposal
does not raise any new or novel issues Commission, and all written
rule change. communications relating to the
with respect to the treatment of
III. Date of Effectiveness of the Professional Customers, the proposed rule change between the
Proposed Rule Change and Timing for Commission hereby waives the Commission and any person, other than
Commission Action operative delay and designates the those that may be withheld from the
Because the proposed rule change proposed rule change operative upon public in accordance with the
does not: (i) Significantly affect the filing.14 provisions of 5 U.S.C. 552, will be
protection of investors or the public At any time within 60 days of the available for Web site viewing and
interest; (ii) impose any significant filing of the proposed rule change, the printing in the Commission’s Public
burden on competition; and (iii) become Commission summarily may Reference Room, 100 F Street NE.,
operative for 30 days from the date on temporarily suspend such rule change if Washington, DC 20549, on official
which it was filed, or such shorter time it appears to the Commission that such business days between the hours of
as the Commission may designate, it has action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of the
become effective pursuant to Section public interest, for the protection of filing also will be available for
19(b)(3)(A) of the Act 10 and Rule 19b– investors, or otherwise in furtherance of inspection and copying at the principal
4(f)(6) thereunder.11 the purposes of the Act. If the office of the Exchange. All comments
A proposed rule change filed under Commission takes such action, the received will be posted without change;
Rule 19b–4(f)(6) 12 normally does not Commission shall institute proceedings the Commission does not edit personal
become operative prior to 30 days after under Section 19(b)(2)(B) 15 of the Act to identifying information from
the date of the filing. However, pursuant determine whether the proposed rule submissions. You should submit only
to Rule 19b–4(f)(6)(iii),13 the change should be approved or information that you wish to make
Commission may designate a shorter disapproved. available publicly. All submissions
time if such action is consistent with the should refer to File Number SR–
protection of investors and the public IV. Solicitation of Comments
NYSEMKT–2016–77 and should be
interest. The Exchange has asked the
Interested persons are invited to submitted on or before September 21,
Commission to waive the 30-day
submit written data, views and 2016.
operative delay so that the Exchange
arguments concerning the foregoing, For the Commission, by the Division of
10 15 U.S.C. 78s(b)(3)(A). including whether the proposed rule Trading and Markets, pursuant to delegated
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– change is consistent with the Act. authority.16
4(f)(6) requires a self-regulatory organization to give Comments may be submitted by any of
mstockstill on DSK3G9T082PROD with NOTICES

the Commission written notice of its intent to file
Robert W. Errett,
the proposed rule change, along with a brief
the following methods: Deputy Secretary.
description and text of the proposed rule change, [FR Doc. 2016–20886 Filed 8–30–16; 8:45 am]
at least five business days prior to the date of filing 14 For purposes only of waiving the 30-day
of the proposed rule change, or such shorter time operative delay, the Commission has also BILLING CODE 8011–01–P
as designated by the Commission. The Exchange considered the proposed rule’s impact on
has satisfied this requirement. efficiency, competition, and capital formation. See
12 17 CFR 240.19b–4(f)(6). 15 U.S.C. 78c(f).
13 17 CFR 240.19b–4(f)(6)(iii). 15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 21:59 Aug 30, 2016 Jkt 238001 PO 00000 Frm 00134 Fmt 4703 Sfmt 9990 E:\FR\FM\31AUN1.SGM 31AUN1
Document Created: 2018-02-02 12:14:55
Document Modified: 2018-02-02 12:14:55
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 60108