81 FR 72133 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE Amex Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 202 (October 19, 2016)
Federal Register Volume 81, Issue 202 (October 19, 2016)
| Page Range | 72133-72135 | |
| FR Document | 2016-25238 |
[Federal Register Volume 81, Number 202 (Wednesday, October 19, 2016)] [Notices] [Pages 72133-72135] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-25238] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79089; File No. SR-NYSEMKT-2016-91] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE Amex Options Fee Schedule October 13, 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 October 3, 2016, NYSE MKT LLC (the [[Page 72134]] ``Exchange'' or ``NYSE MKT'') 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 modify the NYSE Amex Options Fee Schedule. The proposed 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 Section I.F. of the Fee Schedule to treat Professional Customer Qualified Contingent Cross (``QCC'') transactions the same as Customer QCC transactions.\4\ The Exchange proposes to implement these changes effective on October 3, 2016. --------------------------------------------------------------------------- \4\ See Fee Schedule, Section I.F. (Qualified Contingent Cross (``QCC'') Fees & Credits for Standard Options & Mini Options), available here, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf. --------------------------------------------------------------------------- Section I.F. of the Fee Schedule describes QCC Fees and Credits. Currently, the Exchange imposes the following fees for QCC transactions in Standard Options: ------------------------------------------------------------------------ Standard options per Participant contract fee or credit ------------------------------------------------------------------------ Customer................................................... $0.00 Non-Customer excluding Specialists and e-Specialists....... 0.20 Specialists and e-Specialists.............................. 0.13 ------------------------------------------------------------------------ Currently, Professional Customer QCC trades are charged as ``Non- Customer excluding Specialists and e-Specialists.'' \5\ The Exchange also offers a Floor Broker rebate which varies based on the volume of executed QCC orders, provided there are not Customers on both sides of the transaction (``Floor Broker Rebate'').\6\ --------------------------------------------------------------------------- \5\ See id., note 1 (providing a per contract rebate of either $0.07 or $0.10 to Floor Brokers executing qualifying QCC volume, depending on whether the Floor Broker executes 300,000 or fewer contracts ($0.07 per contract) or more than 300,000 contracts ($0.10 per contract)). \6\ See, e.g., Securities Exchange Act Release No. 68139 (November 2, 2012), 77 FR 66902, 66902, n. 5 (November 7, 2012) (SR- NYSEMKT-2012-56) (noting that Professional Customers are treated as Non-Customers in filing to modify QCC fees for Specialists and e- Specialists). --------------------------------------------------------------------------- The Exchange proposes to treat Professional Customers the same as Customers for purposes of fees for QCC transactions. In other words, Professional Customers would be charged $0.00 for QCC trades. Thus, the Exchange proposes to modify Section I.F. to add reference to Professional Customers (along with the existing reference to Customers) to reflect this proposed change. Currently, the Floor Broker Rebate is not available for QCC trades where neither side of the QCC is billable (i.e., Customer-to-Customer QCC transactions). Thus, by extension, the Exchange proposes that the Floor Broker Rebate would likewise be unavailable for QCC trades where there is a Professional Customer or Customer, or both, on both sides of the QCC transaction, as such transactions are all non-billable. For example, a Floor Broker executing as a QCC trade an order from a Customer buying 1,000 ABC Dec 40 Calls and an order from a Professional Customer selling 1,000 ABC Dec 40 Calls at $2.00 would not be eligible for the Floor Broker credits. This example would also apply to QCC trades with a Professional Customer (or Customer) on both sides of the QCC transaction. The proposal is designed to attract more QCC volume to the Exchange, because there would be no fee for Professional Customer orders, and to enhance the Exchange's competitiveness with other options exchanges that likewise do not charge QCC fees on Professional Customer orders.\7\ --------------------------------------------------------------------------- \7\ See, e.g., NYSE Arca Options Fee Schedule, available here, https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf; NASDAQ OMX PHLX LLC (``PHLX'') pricing schedule (Section II), available here, http://www.nasdaqtrader.com/Micro.aspx?id=PHLXPricing. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\9\ 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes the proposal is reasonable, equitable and not unfairly discriminatory as it is consistent with other options markets that treat Professional Customers similar to Customers for purposes of QCC transaction fees.\10\ --------------------------------------------------------------------------- \10\ See supra note 7. --------------------------------------------------------------------------- The Exchange also believes that the proposed changes are reasonable, equitable and not unfairly discriminatory because permitting Professional Customer orders to be treated similar to Customer orders (i.e., not be subject to a fee) should attract more QCC transactions to the Exchange, which would continue to make the Exchange a more competitive venue for, among other things, order execution. 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,\11\ 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, including by attracting additional QCC Transactions to the Exchange, which would continue to make the Exchange a more competitive venue for, among other things, order execution. The Exchange's proposal does not place on undue burden on inter-market competition because other exchanges likewise do not [[Page 72135]] charge Professional Customers for QCC transactions.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(8). \12\ See supra note 7. --------------------------------------------------------------------------- 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. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the degree to which fee changes in this market may impose any burden on competition is extremely limited. 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)\13\ of the Act and subparagraph (f)(2) of Rule 19b- 4\14\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 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)\15\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 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-NYSEMKT-2016-91 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-NYSEMKT-2016-91. 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-NYSEMKT-2016-91, and should be submitted on or before November 9, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-25238 Filed 10-18-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 202 / Wednesday, October 19, 2016 / Notices 72133
other exchanges 21 The Exchange believes that its proposal would not file number should be included on the
believes that the proposed definitions of burden intramarket competition because subject line if email is used. To help the
OCV is reasonable, fair and equitable, the proposed rates would continue to Commission process and review your
and non-discriminatory, and will apply uniformly to all Members. As comments more efficiently, please use
provide additional transparency to stated above, the Exchange notes that it only one method. The Commission will
Members regarding the calculations operates in a highly competitive market post all comments on the Commission’s
used to determine volume levels for in which market participants can Internet Web site (http://www.sec.gov/
purposes of the proposed tiered pricing readily direct order flow to competing rules/sro.shtml). Copies of the
model. venues if they deem fee structures to be submission, all subsequent
unreasonable or excessive. The amendments, all written statements
B. Self-Regulatory Organization’s
Exchange does not believe the proposed with respect to the proposed rule
Statement on Burden on Competition
tiers and standard rates would burden change that are filed with the
The Exchange does not believe its intramarket competition as they would Commission, and all written
proposed amendment to its fee schedule apply to all Members uniformly. communications relating to the
would impose any burden on proposed rule change between the
competition that is not necessary or C. Self-Regulatory Organization’s
Commission and any person, other than
appropriate in furtherance of the Statement on Comments on the
those that may be withheld from the
purposes of the Act. The Exchange does Proposed Rule Change Received From
public in accordance with the
not believe that the proposed changes Members, Participants, or Others
provisions of 5 U.S.C. 552, will be
represents a significant departure from The Exchange has not solicited, and available for Web site viewing and
previous pricing offered by the does not intend to solicit, comments on printing in the Commission’s Public
Exchange or pricing offered by the this proposed rule change. The Reference Room, 100 F Street NE.,
Exchange’s competitors. The Exchange Exchange has not received any written Washington, DC 20549 on official
believes that its proposal to amend the comments from members or other business days between the hours of
qualification criteria and to incorporate interested parties. 10:00 a.m. and 3:00 p.m. Copies of such
OCV as proposed would not impose any filing also will be available for
III. Date of Effectiveness of the
burden on competition that is not inspection and copying at the principal
Proposed Rule Change and Timing for
necessary or appropriate in furtherance office of the Exchange. All comments
Commission Action
of the purposes of the Act because the received will be posted without change;
Exchange also proposed to modify the The foregoing rule change has become the Commission does not edit personal
tier’s related criteria in order to effective pursuant to Section 19(b)(3)(A) identifying information from
maintain substantially identical of the Act 22 and paragraph (f) of Rule submissions. You should submit only
requirements to qualify for each tier. 19b–4 thereunder.23 At any time within information that you wish to make
Additionally, Members may opt to 60 days of the filing of the proposed rule available publicly. All submissions
disfavor the Exchange’s pricing if they change, the Commission summarily may should refer to File Number SR–
believe that alternatives offer them temporarily suspend such rule change if BatsEDGX–2016–57, and should be
better value. Accordingly, the Exchange it appears to the Commission that such submitted on or before November 9,
does not believe that the proposed action is necessary or appropriate in the 2016.
changes will impair the ability of public interest, for the protection of
investors, or otherwise in furtherance of For the Commission, by the Division of
Members or competing venues to Trading and Markets, pursuant to delegated
maintain their competitive standing in the purposes of the Act. authority.24
the financial markets. The Exchange IV. Solicitation of Comments Robert W. Errett,
21 See the NYSE MKT LLC (‘‘NYSE MKT’’) fee Interested persons are invited to Deputy Secretary.
schedule available at https://www.nyse.com/ submit written data, views, and [FR Doc. 2016–25236 Filed 10–18–16; 8:45 am]
publicdocs/nyse/markets/amex-options/ arguments concerning the foregoing, BILLING CODE 8011–01–P
NYSE_Amex_Options_Fee_ including whether the proposed rule
Schedule.pdf (setting forth tiers that provide
preferred pricing to options market makers who
change is consistent with the Act.
meet certain criteria, including achieving a specific Comments may be submitted by any of SECURITIES AND EXCHANGE
‘‘Monthly Volume as a % of Industry Customer the following methods: COMMISSION
Equity and Exchange Traded Fund (‘‘ETF’’) Option
Volume’’); NYSE Arca, Inc. (‘‘NYSE ARCA’’) Electronic Comments [Release No. 34–79089; File No. SR–
options fee schedule available at https:// NYSEMKT–2016–91]
www.nyse.com/publicdocs/nyse/markets/arca-
• Use the Commission’s Internet
options/NYSE_Arca_Options_Fee_Schedule.pdf comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE
(setting forth a Market Maker Incentive tier that rules/sro.shtml); or MKT LLC; Notice of Filing and
provides preferred pricing to market makers who • Send an email to rule- Immediate Effectiveness of Proposed
meet certain criteria, including achieving a specific comments@sec.gov. Please include File
percentage of ‘‘Total Industry Customer equity and Change To Modify the NYSE Amex
ETF option ADV’’); Nasdaq Stock Market LLC Number SR–BatsEDGX–2016–57 on the Options Fee Schedule
(‘‘Nasdaq’’) options fee schedule available at http:// subject line.
www.nasdaqtrader.com/Micro.aspx?id=options October 13, 2016.
Pricing (setting forth tiers that provide preferred Paper Comments Pursuant to Section 19(b)(1) 1 of the
pricing to market makers who meet certain criteria, • Send paper comments in triplicate Securities Exchange Act of 1934 (the
including achieving a specific percentage of ‘‘total
sradovich on DSK3GMQ082PROD with NOTICES
industry customer equity and ETF option ADV to Secretary, Securities and Exchange ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
contracts per month’’); and Nasdaq BX LLC (‘‘BX’’) Commission, 100 F Street NE., notice is hereby given that, on October
options fee schedule available at http:// Washington, DC 20549–1090. 3, 2016, NYSE MKT LLC (the
www.nasdaqtrader.com/Micro.aspx?id=BXOptions All submissions should refer to File
Pricing (setting forth tiers that provide preferred
pricing to market makers who meet certain criteria,
Number SR–BatsEDGX–2016–57. This 24 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
including achieving a specific percentage of ‘‘total
22 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
industry customer equity and ETF option ADV
contracts per month’’). 23 17 CFR 240.19b–4(f). 3 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 202 / Wednesday, October 19, 2016 / Notices 72135
charge Professional Customers for QCC Electronic Comments SECURITIES AND EXCHANGE
transactions.12 COMMISSION
The Exchange notes that it operates in • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Release No. 34–79090; File No. SR–
a highly competitive market in which BatsEDGX–2016–55]
market participants can readily favor rules/sro.shtml); or
competing venues. In such an • Send an email to rule-comments@ Self-Regulatory Organizations; Bats
environment, the Exchange must sec.gov. Please include File Number SR– EDGX Exchange, Inc.; Notice of Filing
continually review, and consider NYSEMKT–2016–91 on the subject line. and Immediate Effectiveness of a
adjusting, its fees and credits to remain Proposed Rule Change to Fees for Use
competitive with other exchanges. Paper Comments of Bats EDGX Exchange, Inc.
Because competitors are free to modify • Send paper comments in triplicate October 13, 2016.
their own fees in response, and because to Brent J. Fields, Secretary, Securities
market participants may readily adjust Pursuant to Section 19(b)(1) of the
and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
their order routing practices, the degree
NE., Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
to which fee changes in this market may
impose any burden on competition is All submissions should refer to File notice is hereby given that on
extremely limited. For the reasons September 30, 2016, Bats EDGX
Number SR–NYSEMKT–2016–91. This
described above, the Exchange believes Exchange, Inc. (the ‘‘Exchange’’ or
file number should be included on the
that the proposed rule change reflects ‘‘EDGX’’) filed with the Securities and
subject line if email is used. To help the
this competitive environment. Exchange Commission (‘‘Commission’’)
Commission process and review your the proposed rule change as described
C. Self-Regulatory Organization’s comments more efficiently, please use in Items I, II and III below, which Items
Statement on Comments on the only one method. The Commission will have been prepared by the Exchange.
Proposed Rule Change Received From post all comments on the Commission’s The Exchange has designated the
Members, Participants, or Others Internet Web site (http://www.sec.gov/ proposed rule change as one
rules/sro.shtml). Copies of the establishing or changing a member due,
No written comments were solicited submission, all subsequent
or received with respect to the proposed fee, or other charge imposed by the
amendments, all written statements Exchange under Section 19(b)(3)(A)(ii)
rule change. with respect to the proposed rule of the Act 3 and Rule 19b–4(f)(2)
III. Date of Effectiveness of the change that are filed with the thereunder,4 which renders the
Proposed Rule Change and Timing for Commission, and all written proposed rule change effective upon
Commission Action communications relating to the filing with the Commission. The
proposed rule change between the Commission is publishing this notice to
The foregoing rule change is effective
Commission and any person, other than solicit comments on the proposed rule
upon filing pursuant to Section
those that may be withheld from the change from interested persons.
19(b)(3)(A)13 of the Act and
subparagraph (f)(2) of Rule 19b–414 public in accordance with the I. Self-Regulatory Organization’s
thereunder, because it establishes a due, provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
fee, or other charge imposed by the available for Web site viewing and the Proposed Rule Change
Exchange. printing in the Commission’s Public
The Exchange filed a proposal to
At any time within 60 days of the Reference Room, 100 F Street NE.,
amend the fee schedule applicable to
filing of such proposed rule change, the Washington, DC 20549 on official Members 5 and non-members of the
Commission summarily may business days between the hours of Exchange pursuant to EDGX Rules
temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such 15.1(a) and (c).
it appears to the Commission that such filing also will be available for The text of the proposed rule change
action is necessary or appropriate in the inspection and copying at the principal is available at the Exchange’s Web site
public interest, for the protection of office of the Exchange. All comments at www.batstrading.com, at the
investors, or otherwise in furtherance of received will be posted without change; principal office of the Exchange, and at
the purposes of the Act. If the the Commission does not edit personal the Commission’s Public Reference
Commission takes such action, the identifying information from Room.
Commission shall institute proceedings submissions. You should submit only
under Section 19(b)(2)(B)15 of the Act to II. Self-Regulatory Organization’s
information that you wish to make Statement of the Purpose of, and
determine whether the proposed rule available publicly. All submissions
change should be approved or Statutory Basis for, the Proposed Rule
should refer to File Number SR– Change
disapproved. NYSEMKT–2016–91, and should be
submitted on or before November 9, In its filing with the Commission, the
IV. Solicitation of Comments Exchange included statements
2016.
Interested persons are invited to concerning the purpose of and basis for
submit written data, views, and For the Commission, by the Division of the proposed rule change and discussed
arguments concerning the foregoing, Trading and Markets, pursuant to delegated any comments it received on the
including whether the proposed rule authority.16 proposed rule change. The text of these
sradovich on DSK3GMQ082PROD with NOTICES
change is consistent with the Act. Robert W. Errett,
1 15 U.S.C. 78s(b)(1).
Comments may be submitted by any of Deputy Secretary.
2 17 CFR 240.19b–4.
the following methods: [FR Doc. 2016–25238 Filed 10–18–16; 8:45 am] 3 15 U.S.C. 78s(b)(3)(A)(ii).
BILLING CODE 8011–01–P 4 17 CFR 240.19b–4(f)(2).
12 See supra note 7. 5 The term ‘‘Member’’ is defined as ‘‘any
13 15 U.S.C. 78s(b)(3)(A).
registered broker or dealer that has been admitted
14 17 CFR 240.19b–4(f)(2).
to membership in the Exchange.’’ See Exchange
15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). Rule 1.5(n).
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Document Created: 2016-10-19 02:12:00
Document Modified: 2016-10-19 02:12:00
| 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 72133 |
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