81 FR 70719 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 198 (October 13, 2016)
Federal Register Volume 81, Issue 198 (October 13, 2016)
| Page Range | 70719-70721 | |
| FR Document | 2016-24700 |
[Federal Register Volume 81, Number 198 (Thursday, October 13, 2016)] [Notices] [Pages 70719-70721] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-24700] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79063; File No. SR-NYSEArca-2016-132] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule October 6, 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 September 23, 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 the Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective October 1, 2016. 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 Exchange proposes to cap the Lead Market Maker (``LMM'') Rights Fees (``Rights Fee'') charged for lower-volume issues to encourage OTP Firms acting as LMMs to add more such issues to their allocation. The Exchange proposes to implement the fee change effective October 1, 2016. The LMM Rights Fee is charged ``on a per issue basis to the OTP Firm acting as LMM in the issue.'' \4\ Currently, the Exchange charges a Rights Fee on each issue in a LMM's allocation, with rates based on the Average National Daily Customer Contracts (``CADV''). The monthly Rights Fee ranges from $25 per month to $3,000 per month. Under the current Fee Schedule, the more active an issue is, the higher the Rights Fee, as set forth below: --------------------------------------------------------------------------- \4\ See Fee Schedule, Endnote 2, available here,https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf. ------------------------------------------------------------------------ Monthly issue Average national daily customer contracts fee ------------------------------------------------------------------------ 0 to 100................................................ $25 101 to 1,000............................................ 35 1,001 to 2,000.......................................... 75 2,001 to 5,000.......................................... 200 5,001 to 15,000......................................... 750 15,001 to 100,000....................................... 1,500 Over 100,000............................................ 3,000 ------------------------------------------------------------------------ Earlier this year, the Exchange introduced an LMM Rights Fee Discount applicable to each issue in an LMM's appointment with a CADV above 5,000 based on the amount of monthly (i) total electronic volume and/or (ii) total posted volume executed by an LMM in the Market Maker range relative to other Marker Makers appointed in that issue (the ``Discount'').\5\ This Discount was designed to incent LMMs that already transact a significant amount of business on the Exchange and trade competitively in their issues to increase their trading and achieve one of the Discounts as well as to incent LMMs to apply for new issue allocation. The Exchange now proposes a modification to its Fee schedule that is designed to encourage LMMs to add lower-volume issues to their appointments. --------------------------------------------------------------------------- \5\ See Securities and Exchange Act Release No. 77885 (May 23, 2016), 81 FR 33716 (May 23 [sic], 2016) (SR-NYSEArca-2016-75). --------------------------------------------------------------------------- Specifically, the Exchange proposes to cap at 50 issues the Rights Fee it charges OTP Firms for issues with a CADV of 0 to 100 contracts (``First Tier''). The [[Page 70720]] Exchange would not charge for any First Tier issues in the LMM's allocation that exceed 50 issues. The Exchange also proposes to cap at 100 issues the Rights Fee it charges for issues with a CADV of 101 to 1000 (``Second Tier''). The Exchange would not charge for any Second Tier issues in the LMM's allocation that exceed 100 issues. The practical impact of this cap is that the maximum LMM Rights Fee charged to an OTP Firm for issues trading in the First Tier would be $1,250 (i.e., $25 x 50) and the maximum Rights Fee charged to an OTP Firm for issues trading in the Second Tier would be $3,500 (i.e., $35 x 100). For example, an OTP Firm acting as an LMM with 55 issues that trade in the First Tier, and another 130 that trade in the Second Tier, would be charged an LMM Rights fee of $4,750 ($1,250 (the max charged for First Tier issues) plus $3,500 (the max charged for Second Tier issues). The Exchange is setting the caps at different amounts for the First and Second Tiers because of the difference in the universe of available issues in each of these Tiers. The Exchange proposes a higher issue cap for options trading in the Second Tiers because there are more issues available in this Tier than in the First Tier and these issues are also more desirable because they trade more.\6\ --------------------------------------------------------------------------- \6\ As of August 10, 2016, the Exchange had 647 issues listed in the First Tier and 985 issues in the Second Tier. --------------------------------------------------------------------------- The Exchange believes that the proposed caps to the LMM Rights Fee would increase interest of OTP Firms acting as LMMs in adding to their allocation issues in the First and Second Tiers. The Exchange notes that the proposed caps to the Rights Fees would not hinder an LMM's ability to achieve any of the existing discounts applicable to the Rights Fees; rather, to the extent that the caps encourage an OTP Firm acting as an LMM to increase the number of issues in its allocation, the proposal may increase an LMM's chances of achieving existing discounts (i.e., to achieve the 50% discount on the Rights Fee an LMM needs to trade 10,000 electronic contracts ADV in its appointment). The Exchange is not proposing any other changes to the Rights Fee at this time. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\8\ 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. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed caps on the LMM Rights Fees for the First and Second Tier issues are reasonable, equitable and not unfairly discriminatory for a number of reasons. First, all LMMs trading First Tier issues with similar CADV levels would benefit from the proposed Rights Fee cap and have the same incentive to add the affected issues to their allocation. Second, the proposed Rights Fees caps are designed to encourage OTP Firms acting as LMMs to add lower- volume issues to their appointments, which would provide greater opportunities for OTP Firms to achieve volume incentives on the Exchange without adding to their Rights Fees. In turn, the proposed caps may reduce the overhead costs of OTP Firms that are most actively trading in the affected issues, which reduced costs would enhance the ability of LMMs to provide liquidity to the benefit of all market participants. Further, the Exchange believes that having a broader range of products available on the Exchange would benefit all market participants by increasing liquidity on the Exchange and offering more opportunities to trade. Finally, the Exchange also believes that proposed caps to the Rights Fees on the First and Second Tiers are not unfairly discriminatory because they apply solely to LMMs (non-LMMs are not subject to this Fee) and would not disadvantage Market Makers. 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,\9\ the Exchange does not believe that the proposed rule change would 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 caps on Rights Fees for the lowest-volume issues would not impose an unfair burden on competition because the cap are designed to encourage more OTP Firms acting as LMMs to add such issues to their allocation, which would increase liquidity and offer more trading opportunities to market participants. --------------------------------------------------------------------------- \9\ 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) \10\ of the Act and subparagraph (f)(2) of Rule 19b-4 \11\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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) \12\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 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-2016-132 on the subject line. [[Page 70721]] 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-2016-132. 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-2016-132, and should be submitted on or before November 3, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-24700 Filed 10-12-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices 70719
Electronic Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Change
[Release No. 34–79063; File No. SR–
rules/sro.shtml); or
NYSEArca–2016–132] 1. Purpose
• Send an email to rule-comments@
sec.gov. Please include File No. SR– Self-Regulatory Organizations; NYSE The Exchange proposes to cap the
BatsBZX–2016–64 on the subject line. Lead Market Maker (‘‘LMM’’) Rights
Arca, Inc.; Notice of Filing and
Fees (‘‘Rights Fee’’) charged for lower-
Immediate Effectiveness of Proposed
Paper Comments volume issues to encourage OTP Firms
Rule Change Amending the NYSE Arca
acting as LMMs to add more such issues
• Send paper comments in triplicate Options Fee Schedule to their allocation. The Exchange
to Secretary, Securities and Exchange proposes to implement the fee change
October 6, 2016.
Commission, 100 F Street NE., effective October 1, 2016.
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the The LMM Rights Fee is charged ‘‘on
Securities Exchange Act of 1934 (the a per issue basis to the OTP Firm acting
All submissions should refer to File No. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
SR–BatsBZX–2016–64. This file number as LMM in the issue.’’ 4 Currently, the
notice is hereby given that, on Exchange charges a Rights Fee on each
should be included on the subject line September 23, 2016, NYSE Arca, Inc. issue in a LMM’s allocation, with rates
if email is used. To help the (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed based on the Average National Daily
Commission process and review your with the Securities and Exchange Customer Contracts (‘‘CADV’’). The
comments more efficiently, please use Commission (the ‘‘Commission’’) the monthly Rights Fee ranges from $25 per
only one method. The Commission will proposed rule change as described in month to $3,000 per month. Under the
post all comments on the Commission’s Items I, II, and III below, which Items current Fee Schedule, the more active
Internet Web site (http://www.sec.gov/ have been prepared by the self- an issue is, the higher the Rights Fee, as
rules/sro.shtml). Copies of the regulatory organization. The set forth below:
submission, all subsequent Commission is publishing this notice to
amendments, all written statements solicit comments on the proposed rule Average national daily Monthly issue
with respect to the proposed rule customer contracts fee
change from interested persons.
change that are filed with the
0 to 100 ................................ $25
Commission, and all written I. Self-Regulatory Organization’s 101 to 1,000 ......................... 35
communications relating to the Statement of the Terms of the Substance 1,001 to 2,000 ...................... 75
proposed rule change between the of the Proposed Rule Change 2,001 to 5,000 ...................... 200
Commission and any person, other than 5,001 to 15,000 .................... 750
those that may be withheld from the The Exchange proposes to amend the 15,001 to 100,000 ................ 1,500
public in accordance with the NYSE Arca Options Fee Schedule (‘‘Fee Over 100,000 ........................ 3,000
provisions of 5 U.S.C. 552, will be Schedule’’). The Exchange proposes to
implement the fee change effective Earlier this year, the Exchange
available for Web site viewing and introduced an LMM Rights Fee Discount
printing in the Commission’s Public October 1, 2016. The proposed rule
change is available on the Exchange’s applicable to each issue in an LMM’s
Reference Room, 100 F Street NE., appointment with a CADV above 5,000
Washington, DC 20549, on official Web site at www.nyse.com, at the
principal office of the Exchange, and at based on the amount of monthly (i) total
business days between the hours of electronic volume and/or (ii) total
10:00 a.m. and 3:00 p.m. Copies of such the Commission’s Public Reference
Room. posted volume executed by an LMM in
filing will also be available for the Market Maker range relative to other
inspection and copying at the principal II. Self-Regulatory Organization’s Marker Makers appointed in that issue
office of the Exchange. All comments Statement of the Purpose of, and (the ‘‘Discount’’).5 This Discount was
received will be posted without change; Statutory Basis for, the Proposed Rule designed to incent LMMs that already
the Commission does not edit personal Change transact a significant amount of business
identifying information from on the Exchange and trade
submissions. You should submit only In its filing with the Commission, the competitively in their issues to increase
information that you wish to make self-regulatory organization included their trading and achieve one of the
available publicly. All submissions statements concerning the purpose of, Discounts as well as to incent LMMs to
should refer to File No. SR–BatsBZX– and basis for, the proposed rule change apply for new issue allocation. The
2016–64 and should be submitted on or and discussed any comments it received Exchange now proposes a modification
before November 3, 2016. on the proposed rule change. The text to its Fee schedule that is designed to
of those statements may be examined at encourage LMMs to add lower-volume
For the Commission, by the Division of issues to their appointments.
the places specified in Item IV below.
Trading and Markets, pursuant to delegated Specifically, the Exchange proposes to
authority.9
The Exchange has prepared summaries,
set forth in sections A, B, and C below, cap at 50 issues the Rights Fee it charges
Brent J. Fields, OTP Firms for issues with a CADV of 0
of the most significant parts of such
Secretary. statements. to 100 contracts (‘‘First Tier’’). The
Lhorne on DSK30JT082PROD with NOTICES
[FR Doc. 2016–24701 Filed 10–12–16; 8:45 am]
4 See Fee Schedule, Endnote 2, available
BILLING CODE 8011–01–P
here,https://www.nyse.com/publicdocs/nyse/
markets/arca-options/NYSE_Arca_Options_Fee_
Schedule.pdf.
1 15 U.S.C. 78s(b)(1). 5 See Securities and Exchange Act Release No.
2 15 U.S.C. 78a. 77885 (May 23, 2016), 81 FR 33716 (May 23 [sic],
9 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 2016) (SR–NYSEArca–2016–75).
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![Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices 70721
Paper Comments SECURITIES AND EXCHANGE timeframe within which Members must
COMMISSION dispute billing. Today, ISE Members
• Send paper comments in triplicate must submit all disputes no later than
to Brent J. Fields, Secretary, Securities [Release No. 34–79061; File No. SR–ISE–
2016–23]
ninety calendar days after receipt of an
and Exchange Commission, 100 F Street Exchange invoice. After ninety calendar
NE., Washington, DC 20549–1090. Self-Regulatory Organizations; days, all fees assessed by the Exchange
All submissions should refer to File International Securities Exchange, are considered final. The Exchange is
Number SR–NYSEArca–2016–132. This LLC; Notice of Filing and Immediate proposing to amend the policy from
file number should be included on the Effectiveness of Proposed Rule ninety to sixty days to submit a dispute.
Change To Amend a Current Billing Today, the NASDAQ PHLX LLC
subject line if email is used. To help the
Practice With Respect to Billing (‘‘Phlx’’), NASDAQ BX, Inc. (‘‘BX’’) and
Commission process and review your
Disputes The NASDAQ Options Market LLC
comments more efficiently, please use (‘‘NOM’’) all have a sixty day timeframe
only one method. The Commission will October 6, 2016. within which to dispute option
post all comments on the Commission’s Pursuant to Section 19(b)(1) of the invoices.3
Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934 The Exchange provides Members with
rules/sro.shtml). Copies of the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 both daily and monthly fee reports and
submission, all subsequent notice is hereby given that on thus believes Members should be aware
amendments, all written statements September 22, 2016, the International of any potential billing errors within
with respect to the proposed rule Securities Exchange, LLC (‘‘ISE’’ or sixty calendar days of receiving an
change that are filed with the ‘‘Exchange’’) filed with the Securities invoice. Requiring that Members
Commission, and all written and Exchange Commission (‘‘SEC’’ or dispute an invoice within this time
communications relating to the ‘‘Commission’’) the proposed rule period will encourage them to promptly
proposed rule change between the change as described in Items I, II, and review their invoices so that any
Commission and any person, other than III, below, which Items have been disputed charges can be addressed in a
prepared by the Exchange. The timely manner while the information
those that may be withheld from the
Commission is publishing this notice to and data underlying those charges (e.g.
public in accordance with the
solicit comments on the proposed rule applicable fees and order information) is
provisions of 5 U.S.C. 552, will be change from interested persons.
available for Web site viewing and still easily and readily available. This
printing in the Commission’s Public I. Self-Regulatory Organization’s practice will avoid issues that may arise
Reference Room, 100 F Street NE., Statement of the Terms of Substance of when Members do not dispute an
Washington, DC 20549 on official the Proposed Rule Change invoice in a timely manner, and will
business days between the hours of The Exchange proposes to a proposal conserve Exchange resources that would
to amend a current billing practice with have to be expended to resolve untimely
10:00 a.m. and 3:00 p.m. Copies of such
respect to billing disputes. billing disputes. The Exchange notes
filing also will be available for
The text of the proposed rule change that this type of provision is common
inspection and copying at the principal
is available on the Exchange’s Web site among many other exchanges, which
office of the Exchange. All comments require that Members dispute invoices
received will be posted without change; at www.ise.com, at the principal office
of the Exchange, and at the within sixty days.
the Commission does not edit personal Billing disputes must continue to be
identifying information from Commission’s Public Reference Room.
submitted to the Exchange in writing,4
submissions. You should submit only II. Self-Regulatory Organization’s and must be accompanied by supporting
information that you wish to make Statement of the Purpose of, and documentation. The Exchange believes
available publicly. All submissions Statutory Basis for, the Proposed Rule that this requirement, which is also
should refer to File Number SR– Change similar to requirements of other
NYSEArca–2016–132, and should be In its filing with the Commission, the exchanges,5 will further streamline the
submitted on or before November 3, Exchange included statements billing dispute process.
2016. concerning the purpose of and basis for The Exchange believes that this
For the Commission, by the Division of the proposed rule change and discussed practice will conserve Exchange
Trading and Markets, pursuant to delegated any comments it received on the resources which are expended when
authority.13 proposed rule change. The text of these untimely billing disputes require staff to
statements may be examined at the research applicable fees and order
Brent J. Fields,
places specified in Item IV below. The information beyond two months after
Secretary. the transaction occurred. Further, this
Exchange has prepared summaries, set
[FR Doc. 2016–24700 Filed 10–12–16; 8:45 am] forth in sections A, B, and C below, of proposal would provide a cost savings
BILLING CODE 8011–01–P the most significant aspects of such to the Exchange in that it would
statements. alleviate administrative processes
related to the untimely review of billing
A. Self-Regulatory Organization’s disputes which divert staff resources
Statement of the Purpose of, and away from the Exchange’s regulatory
Statutory Basis for, the Proposed Rule and business purposes.
Change The Exchange is also adding the word
Lhorne on DSK30JT082PROD with NOTICES
1. Purpose ‘‘calendar’’ before days to specifically
The Exchange proposes to amend its 3 See Phlx’s Pricing Schedule. See also NOM and
Schedule of Fees to change the BX Rules at Chapter XV, Section 7.
4 The Exchange invoice specifies contact
1 15 U.S.C. 78s(b)(1). information for billing inquiries.
13 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 5 See note 3 above.
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Document Created: 2016-10-13 00:54:00
Document Modified: 2016-10-13 00:54:00
| 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 70719 |
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