81 FR 85656 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (“BOX”) Options Facility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 228 (November 28, 2016)
Federal Register Volume 81, Issue 228 (November 28, 2016)
| Page Range | 85656-85657 | |
| FR Document | 2016-28459 |
[Federal Register Volume 81, Number 228 (Monday, November 28, 2016)] [Notices] [Pages 85656-85657] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-28459] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79362; File No. SR-BOX-2016-53] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (``BOX'') Options Facility November 21, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on November 10, 2016, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b&4(f)(2) thereunder,\4\ which renders the proposal effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend the Fee Schedule on the BOX Market LLC (``BOX'') options facility. Changes to the Fee Schedule pursuant to this proposal will be effective November 11, 2016. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. 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 Exchange 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 these 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 aspects 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 amend the Fee Schedule for trading on BOX. Specifically, the Exchange proposes to revise certain qualification thresholds in Sections I.B.1 of the BOX Fee Schedule, Primary Improvement Order and I.B.2 of the BOX Fee Schedule, the BOX Volume Rebate (``BVR''). Changes to the Fee Schedule pursuant to this proposal will be effective November 11, 2016.\5\ --------------------------------------------------------------------------- \5\ The Exchange notes that while a Participant's monthly volume and percentage threshold will remain unchanged, under this proposal their percentage threshold may fall into a different Tier for the remaining trading days in the month. Consequently, a Participant may receive a higher rebate/lower fee for transactions executed within these trading days. --------------------------------------------------------------------------- Primary Improvement Order Under the tiered fee schedule for Primary Improvement Orders, the Exchange assesses a per contract execution fee to all Primary Improvement Order executions where the corresponding PIP or COPIP Order is from the account of a Public Customer. Percentage thresholds are calculated on a monthly basis by totaling the Initiating Participant's Primary Improvement Order volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. The Exchange proposes to adjust the percentage thresholds in Tiers 4 and 5. Specifically, the Exchange proposes to change Tier 4 from ``0.500% to 0.949%'' to ``0.500% to 0.799%'' and Tier 5 from ``0.950% and Above'' to ``0.800% and Above.'' The Exchange notes that it is not proposing any changes to the fees within the Primary Improvement Order fee structure and the quantity submitted will continue to be calculated on a monthly basis by totaling the Initiating Participant's Primary Improvement Order volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. BVR Next, the Exchange proposes to adjust certain percentage thresholds within the BVR. Under the BVR, the Exchange offers a tiered per contract rebate for all Public Customer PIP Orders and COPIP Orders of 100 and under contracts that do not trade solely with their contra order. Percentage thresholds are calculated on a monthly basis by totaling the Participant's PIP and COPIP volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. The Exchange proposes to adjust the percentage thresholds in Tiers 3 and 4. Specifically, the Exchange proposes to change Tier 3 from ``0.340% to 0.949%'' to ``0.340% to 0.799%'' and Tier 4 from ``0.950% and Above'' to ``0.800% and Above.'' The Exchange notes that is it not proposing any changes to the fees within the BVR. The quantity submitted will continue to be calculated on a monthly basis by totaling the Participant's PIP and COPIP volume submitted to BOX, relative to the total national Customer volume in multiply-listed options classes. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, in general, and Section 6(b)(4) and 6(b)(5)of the Act,\6\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among BOX Participants and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- BOX believes it is reasonable, equitable and not unfairly discriminatory to adjust the monthly Percentage Thresholds of National Customer Volume in Multiply-Listed Options Classes. The volume thresholds with their tiered fees and rebates are meant to incentivize Participants to direct order flow to the Exchange to obtain the benefit of the lower fee or higher rebate, which in turn benefits all market participants by increasing liquidity on the Exchange. The Exchange believes the proposed amendments to the Primary [[Page 85657]] Improvement Order percentage thresholds are reasonable, equitable and not unfairly discriminatory. The proposed changes to the thresholds are equitable and not unfairly discriminatory as they are available to all BOX Participants that initiate Auction Transactions, and Participants may choose whether or not to take advantage of the percentage thresholds and their applicable discounted fees. Further, the Exchange believes that the proposed changes are reasonable and competitive as they will further incentivize Participants to direct order flow to the Exchange, benefiting all market participants. The Exchange also believes the proposed amendments to the BVR in Section I.B.2 of the BOX Fee Schedule are reasonable, equitable and not unfairly discriminatory. The BVR was adopted to attract Public Customer order flow to the Exchange by offering these Participants incentives to submit their Public Customer PIP and COPIP Orders to the Exchange and the Exchange believes it is appropriate to now amend the BVR. The Exchange believes it is equitable and not unfairly discriminatory to amend the BVR, as all Participants have the ability to qualify for a rebate, and rebates are provided equally to qualifying Participants. Other exchanges employ similar incentive programs; \7\ and the Exchange believes that the proposed changes to the volume thresholds are reasonable and competitive when compared to incentive structures at other exchanges. Finally, the Exchange believes it is reasonable and appropriate to continue to provide incentives for Public Customers, which will result in greater liquidity and ultimately benefit all Participants trading on the Exchange. --------------------------------------------------------------------------- \7\ See Section B of the PHLX Pricing Schedule entitled ``Customer Rebate Program;'' ISE Gemini's Qualifying Tier Thresholds (page 6 of the ISE Gemini Fee Schedule); and CBOE's Volume Incentive Program (VIP). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. The Exchange is simply proposing to amend certain percentage thresholds for Auction Transaction fees and rebates in the BOX Fee Schedule. The Exchange believes that the volume based rebates and fees increase intermarket and intramarket competition by incenting Participants to direct their order flow to the exchange, which benefits all participants by providing more trading opportunities and improves competition on the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act \8\ and Rule 19b-4(f)(2) thereunder,\9\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(ii). \9\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-BOX-2016-53 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-BOX-2016-53. 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-BOX-2016-53, and should be submitted on or before December 19, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-28459 Filed 11-25-16; 8:45 am] BILLING CODE 8011-01-P
![85656 Federal Register / Vol. 81, No. 228 / Monday, November 28, 2016 / Notices
reviewing the delegated action and the the Commission’s Public Reference Primary Improvement Order fee
November 18, 2016 order is stayed. Room and also on the Exchange’s structure and the quantity submitted
Accordingly, it is ordered, pursuant to Internet Web site at http:// will continue to be calculated on a
Rule of Practice 431, that by December boxexchange.com. monthly basis by totaling the Initiating
7, 2016, any party or other person may Participant’s Primary Improvement
file any additional statement. II. Self-Regulatory Organization’s
Order volume submitted to BOX,
It is further ordered that the Statement of the Purpose of, and
relative to the total national Customer
November 18, 2016 order approving the Statutory Basis for, the Proposed Rule
volume in multiply-listed options
proposed rule change (SR–NYSE–2016– Change
classes.
55) shall remain stayed pending further In its filing with the Commission, the
order of the Commission. Exchange included statements BVR
By the Commission. concerning the purpose of and basis for Next, the Exchange proposes to adjust
Brent J. Fields,
the proposed rule change and discussed certain percentage thresholds within the
any comments it received on the BVR. Under the BVR, the Exchange
Secretary.
proposed rule change. The text of these offers a tiered per contract rebate for all
[FR Doc. 2016–28456 Filed 11–25–16; 8:45 am]
statements may be examined at the Public Customer PIP Orders and COPIP
BILLING CODE 8011–01–P places specified in Item IV below. The Orders of 100 and under contracts that
Exchange has prepared summaries, set do not trade solely with their contra
forth in Sections A, B, and C below, of order. Percentage thresholds are
SECURITIES AND EXCHANGE the most significant aspects of such calculated on a monthly basis by
COMMISSION statements. totaling the Participant’s PIP and COPIP
[Release No. 34–79362; File No. SR–BOX– volume submitted to BOX, relative to
2016–53] A. Self-Regulatory Organization’s
the total national Customer volume in
Statement of the Purpose of, and
multiply-listed options classes. The
Self-Regulatory Organizations; BOX Statutory Basis for, the Proposed Rule
Exchange proposes to adjust the
Options Exchange LLC; Notice of Change
percentage thresholds in Tiers 3 and 4.
Filing and Immediate Effectiveness of 1. Purpose Specifically, the Exchange proposes to
a Proposed Rule Change To Amend change Tier 3 from ‘‘0.340% to 0.949%’’
the Fee Schedule on the BOX Market The Exchange proposes to amend the
Fee Schedule for trading on BOX. to ‘‘0.340% to 0.799%’’ and Tier 4 from
LLC (‘‘BOX’’) Options Facility ‘‘0.950% and Above’’ to ‘‘0.800% and
Specifically, the Exchange proposes to
November 21, 2016. revise certain qualification thresholds in Above.’’ The Exchange notes that is it
Pursuant to Section 19(b)(1) of the Sections I.B.1 of the BOX Fee Schedule, not proposing any changes to the fees
Securities Exchange Act of 1934 (the Primary Improvement Order and I.B.2 of within the BVR. The quantity submitted
‘‘Act’’),1 and Rule 19b–4 thereunder,2 the BOX Fee Schedule, the BOX Volume will continue to be calculated on a
notice is hereby given that on November Rebate (‘‘BVR’’). Changes to the Fee monthly basis by totaling the
10, 2016, BOX Options Exchange LLC Schedule pursuant to this proposal will Participant’s PIP and COPIP volume
(the ‘‘Exchange’’) filed with the be effective November 11, 2016.5 submitted to BOX, relative to the total
Securities and Exchange Commission national Customer volume in multiply-
(‘‘Commission’’) the proposed rule Primary Improvement Order listed options classes.
change as described in Items I, II, and Under the tiered fee schedule for 2. Statutory Basis
III below, which Items have been Primary Improvement Orders, the
prepared by the Exchange. The Exchange assesses a per contract The Exchange believes that the
Exchange filed the proposed rule change execution fee to all Primary proposal is consistent with the
pursuant to Section 19(b)(3)(A)(ii) of the Improvement Order executions where requirements of Section 6(b) of the Act,
Act,3 and Rule 19b&4(f)(2) thereunder,4 the corresponding PIP or COPIP Order in general, and Section 6(b)(4) and
which renders the proposal effective is from the account of a Public 6(b)(5)of the Act,6 in particular, in that
upon filing with the Commission. The Customer. Percentage thresholds are it provides for the equitable allocation
Commission is publishing this notice to calculated on a monthly basis by of reasonable dues, fees, and other
solicit comments on the proposed rule totaling the Initiating Participant’s charges among BOX Participants and
change from interested persons. Primary Improvement Order volume other persons using its facilities and
submitted to BOX, relative to the total does not unfairly discriminate between
I. Self-Regulatory Organization’s national Customer volume in multiply- customers, issuers, brokers or dealers.
Statement of the Terms of the Substance listed options classes. The Exchange BOX believes it is reasonable,
of the Proposed Rule Change proposes to adjust the percentage equitable and not unfairly
The Exchange is filing with the thresholds in Tiers 4 and 5. Specifically, discriminatory to adjust the monthly
Securities and Exchange Commission the Exchange proposes to change Tier 4 Percentage Thresholds of National
(‘‘Commission’’) a proposed rule change from ‘‘0.500% to 0.949%’’ to ‘‘0.500% to Customer Volume in Multiply-Listed
to amend the Fee Schedule on the BOX 0.799%’’ and Tier 5 from ‘‘0.950% and Options Classes. The volume thresholds
Market LLC (‘‘BOX’’) options facility. Above’’ to ‘‘0.800% and Above.’’ The with their tiered fees and rebates are
Changes to the Fee Schedule pursuant Exchange notes that it is not proposing meant to incentivize Participants to
to this proposal will be effective any changes to the fees within the direct order flow to the Exchange to
mstockstill on DSK3G9T082PROD with NOTICES
November 11, 2016. The text of the obtain the benefit of the lower fee or
proposed rule change is available from 5 The Exchange notes that while a Participant’s higher rebate, which in turn benefits all
the principal office of the Exchange, at monthly volume and percentage threshold will market participants by increasing
remain unchanged, under this proposal their liquidity on the Exchange.
1 15
percentage threshold may fall into a different Tier The Exchange believes the proposed
U.S.C. 78s(b)(1). for the remaining trading days in the month.
2 17 CFR 240.19b–4. Consequently, a Participant may receive a higher amendments to the Primary
3 15 U.S.C. 78s(b)(3)(A)(ii).
rebate/lower fee for transactions executed within
4 17 CFR 240.19b–4(f)(2). these trading days. 6 15 U.S.C. 78f(b)(4) and (5).
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![Federal Register / Vol. 81, No. 228 / Monday, November 28, 2016 / Notices 85657
Improvement Order percentage opportunities and improves competition amendments, all written statements
thresholds are reasonable, equitable and on the Exchange. with respect to the proposed rule
not unfairly discriminatory. The change that are filed with the
C. Self-Regulatory Organization’s
proposed changes to the thresholds are Commission, and all written
Statement on Comments on the
equitable and not unfairly communications relating to the
discriminatory as they are available to Proposed Rule Change Received From
proposed rule change between the
all BOX Participants that initiate Members, Participants, or Others
Commission and any person, other than
Auction Transactions, and Participants No written comments were either those that may be withheld from the
may choose whether or not to take solicited or received. public in accordance with the
advantage of the percentage thresholds III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
and their applicable discounted fees. available for Web site viewing and
Proposed Rule Change and Timing for
Further, the Exchange believes that the printing in the Commission’s Public
Commission Action
proposed changes are reasonable and Reference Room, 100 F Street NE.,
competitive as they will further The foregoing rule change has become Washington, DC 20549 on official
incentivize Participants to direct order effective pursuant to Section business days between the hours of
flow to the Exchange, benefiting all 19(b)(3)(A)(ii) of the Exchange Act 8 and 10:00 a.m. and 3:00 p.m. Copies of such
market participants. Rule 19b–4(f)(2) thereunder,9 because it filing also will be available for
The Exchange also believes the establishes or changes a due, or fee. inspection and copying at the principal
proposed amendments to the BVR in At any time within 60 days of the office of the Exchange. All comments
Section I.B.2 of the BOX Fee Schedule filing of the proposed rule change, the received will be posted without change;
are reasonable, equitable and not Commission summarily may the Commission does not edit personal
unfairly discriminatory. The BVR was temporarily suspend the rule change if identifying information from
adopted to attract Public Customer order it appears to the Commission that the submissions. You should submit only
flow to the Exchange by offering these action is necessary or appropriate in the information that you wish to make
Participants incentives to submit their public interest, for the protection of available publicly. All submissions
Public Customer PIP and COPIP Orders investors, or would otherwise further should refer to File Number SR–BOX–
to the Exchange and the Exchange the purposes of the Act. If the 2016–53, and should be submitted on or
believes it is appropriate to now amend Commission takes such action, the before December 19, 2016.
the BVR. The Exchange believes it is Commission shall institute proceedings
equitable and not unfairly to determine whether the proposed rule For the Commission, by the Division of
Trading and Markets, pursuant to delegated
discriminatory to amend the BVR, as all should be approved or disapproved.
authority.10
Participants have the ability to qualify
IV. Solicitation of Comments Robert W. Errett,
for a rebate, and rebates are provided
equally to qualifying Participants. Other Interested persons are invited to Deputy Secretary.
exchanges employ similar incentive submit written data, views, and [FR Doc. 2016–28459 Filed 11–25–16; 8:45 am]
programs; 7 and the Exchange believes arguments concerning the foregoing, BILLING CODE 8011–01–P
that the proposed changes to the volume including whether the proposed rule
thresholds are reasonable and change is consistent with the Act.
competitive when compared to Comments may be submitted by any of SECURITIES AND EXCHANGE
incentive structures at other exchanges. the following methods: COMMISSION
Finally, the Exchange believes it is [Release No. 34–79360; File No. TP 16–16]
Electronic Comments
reasonable and appropriate to continue
to provide incentives for Public • Use the Commission’s Internet Order Granting Limited Exemption
Customers, which will result in greater comment form (http://www.sec.gov/ From Exchange Act Rule 15c2–11 to
liquidity and ultimately benefit all rules/sro.shtml); or Certain Interdealer Quotation Systems
Participants trading on the Exchange. • Send an email to rule- Pursuant to Exchange Act Rule 15c2–
comments@sec.gov. Please include File 11(h)
B. Self-Regulatory Organization’s Number SR–BOX–2016–53 on the
Statement on Burden on Competition subject line. November 21, 2016.
The Exchange does not believe that By letter dated November 21, 2016
the proposed rule change will impose Paper Comments (the ‘‘Letter’’), Global OTC requested
any burden on competition not • Send paper comments in triplicate that the Securities and Exchange
necessary or appropriate in furtherance to Secretary, Securities and Exchange Commission (the ‘‘Commission’’) grant a
of the purposes of the Act. The Commission, 100 F Street NE., limited exemption from rule 15c2–11
Exchange is simply proposing to amend Washington, DC 20549–1090. under the Securities Exchange Act of
certain percentage thresholds for All submissions should refer to File 1934, as amended (the ‘‘Exchange Act’’),
Auction Transaction fees and rebates in Number SR–BOX–2016–53. This file in connection with the publication or
the BOX Fee Schedule. The Exchange number should be included on the submission for publication of quotations
believes that the volume based rebates subject line if email is used. To help the for a covered over-the-counter (‘‘OTC’’)
and fees increase intermarket and Commission process and review your equity security (an ‘‘OTC Security’’ or,
intramarket competition by incenting comments more efficiently, please use plural, ‘‘OTC Securities’’) in the
Participants to direct their order flow to interdealer quotation system (‘‘IDQS’’)
mstockstill on DSK3G9T082PROD with NOTICES
only one method. The Commission will
the exchange, which benefits all post all comments on the Commission’s operated by Global OTC (‘‘Global OTC
participants by providing more trading Internet Web site (http://www.sec.gov/ IDQS’’). Specifically, Global OTC seeks
rules/sro.shtml). Copies of the an exemption to permit broker-dealers,
7 See Section B of the PHLX Pricing Schedule
submission, all subsequent consistent with the approach described
entitled ‘‘Customer Rebate Program;’’ ISE Gemini’s
Qualifying Tier Thresholds (page 6 of the ISE
below, to publish or submit for
8 15 U.S.C. 78s(b)(3)(A)(ii).
Gemini Fee Schedule); and CBOE’s Volume
Incentive Program (VIP). 9 17 CFR 240.19b–4(f)(2). 10 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-14 08:35:53
Document Modified: 2018-02-14 08:35:53
| 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 85656 |
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