81 FR 9025 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Schedule of Options Fees and Charges

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 35 (February 23, 2016)

Page Range		9025-9027
FR Document		2016-03738
Federal Register, Volume 81 Issue 35 (Tuesday, February 23, 2016)
[Federal Register Volume 81, Number 35 (Tuesday, February 23, 2016)]
[Notices]
[Pages 9025-9027]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03738]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77169; File No. SR-NYSEARCA-2016-26]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE 
Arca Schedule of Options Fees and Charges

February 18, 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 February 4, 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.
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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 the NYSE Arca schedule of Options 
Fees and Charges (``Fee Schedule'') to exclude from its average daily 
volume calculations any trading day on which the Exchange is not open 
for the entire trading day and/or a disruption affects an Exchange 
system that lasts for more than 60 minutes during regular trading 
hours. The Exchange proposes to implement the fee change effective 
February 4, 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to exclude from its 
average daily volume (``ADV'') calculations any trading day on which 
(1) the Exchange is not open for the entire trading day and/or (2) a 
disruption affects an Exchange system that lasts for more than 60 
minutes during regular trading hours. The Exchange proposes to 
implement the fee change effective February 4, 2016.
    As provided in the Exchange's Fee Schedule, several of the 
Exchange's transaction fees and credits are based on trading, quoting 
and liquidity thresholds that involve an ADV calculation. The Exchange 
proposes to add a clause permitting the Exchange to exclude from its 
ADV calculation, when determining the qualification threshold for 
electronic customer executions that take liquidity in a non-Penny Pilot 
class from the trading interest of an Lead Market Maker (``LMM'') 
(including orders and quotes) and for applicable rebate tiers 
generally, contracts traded on any day on which the Exchange is not is 
not [sic] open for the entire trading day. This would allow the 
Exchange to exclude days where the Exchange declares a trading halt in 
all securities or honors a market-wide trading halt declared by another 
market as well as days on which the market closes early for holiday 
observances. The Exchange's proposal is consistent

[[Page 9026]]

with the rules of other self-regulatory organizations.\4\
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    \4\ See, e.g., NASDAQ Stock Market LLC Rule 7018(j) (``For 
purposes of determining average daily volume and total consolidated 
volume under this rule, any day that the market is not open for the 
entire trading day will be excluded from such calculation.''); 
International Securities Exchange, LLC Fee Schedule (``For purposes 
of determining Priority Customer ADV, any day that the regular order 
book is not open for the entire trading day or the Exchange 
instructs members in writing to route their orders to other markets 
may be excluded from such calculation; provided that the Exchange 
will only remove the day for members that would have a lower ADV 
with the day included.'').
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    The artificially low volumes of trading on days when the Exchange 
is not open for the entire trading day reduces the average daily 
activity of OTP Holders both daily and monthly. Given the decreased 
trading volumes, the numerator for the ADV calculation (e.g., trading 
volume) would be correspondingly lower, but the denominator for the 
threshold calculations (e.g., the number of trading days) would not be 
decreased, and could result in an unintended increase in the cost of 
trading on the Exchange, a result that is unintended and undesirable to 
the Exchange and its OTP Holders. The Exchange believes that the 
authority to exclude days when the Exchange is not open for the entire 
trading day would provide OTP Holders with greater certainty as to 
their monthly costs and diminish the likelihood of an effective 
increase in the cost of trading.\5\
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    \5\ See, e.g., Securities Exchange Act Release No. 70657 
(October 10, 2013), 78 FR 62899 (October 22, 2103) (SR-ISE-2013-51).
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    Similarly, the Exchange proposes to modify its Fee Schedule to 
permit the Exchange to exclude from its ADV calculation, contracts 
traded on a trading day where a disruption affects an Exchange system 
that lasts for more than 60 minutes during regular trading hours even 
if such disruption would not be categorized as a complete outage of the 
Exchange's system. Such a disruption may occur where a certain options 
series traded on the Exchange is unavailable for trading due to an 
Exchange system issue or where, while the Exchange may be able to 
perform certain functions with respect to accepting and processing 
orders, the Exchange may be experiencing a failure to another 
significant process, such as routing to other market centers, that 
would lead permit holders that rely on such process to avoid utilizing 
the Exchange until the Exchange's entire system was operational. Once 
again, the Exchange's proposal is consistent with the rules of other 
self-regulatory organizations.\6\
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    \6\ See, e.g., BATS BZX Exchange Fee Schedule (``The Exchange 
excludes from its calculation of ADAV and ADV shares added or 
removed on any day that the Exchange's system experiences a 
disruption that lasts for more than 60 minutes during regular 
trading hours (``Exchange System Disruption''), on any day with a 
scheduled early market close and on the last Friday in June (the 
``Russell Reconstitution Day'').
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    The Exchange is not proposing any changes to the level of rebates 
currently being provided on the Exchange, or to the ADV thresholds 
required to achieve each rebate tier.
    The proposed change is also not otherwise intended to address any 
other issues, and the Exchange is not aware of any problems that permit 
holders would have in complying with the proposed change.
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 6(b)(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.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that it is reasonable to permit the Exchange 
to eliminate from the calculation days on which the market is not open 
the entire trading day because it preserves the Exchange's intent 
behind adopting volume-based pricing. Similarly, the Exchange believes 
that its proposal is reasonable because it will help provide permit 
holders with a greater level of certainty as to their level of rebates 
and costs for trading in any month where the Exchange experiences such 
a system disruption on one or more trading days. The Exchange is not 
proposing to amend the thresholds permit holders must achieve to become 
eligible for, or the dollar value associated with, the tiered rebates 
or fees. By eliminating the inclusion of a trading day on which a 
system disruption occurs, the Exchange would almost certainly be 
excluding a day that would otherwise lower members' and member 
organizations' ADV, thereby making it more likely for permit holders to 
meet the minimum or higher tier thresholds and thus incentivizing 
permit holders to increase their participation on the Exchange in order 
to meet the next highest tier.
    The Exchange further believes that the proposal is reasonable 
because the proposed exclusion seeks to avoid penalizing permit holders 
that might otherwise qualify for certain tiered pricing but that, 
because of a significant Exchange system problem, would not participate 
to the extent that they might have otherwise participated. The Exchange 
believes that certain systems disruptions could preclude some permit 
holders from submitting orders to the Exchange even if such issue is 
not actually a complete systems outage.
    Finally, the Exchange believes that the proposal is equitable and 
not unfairly discriminatory because the methodology for calculating ADV 
would apply equally to all permit holders and to all volume tiers. The 
Exchange notes that, although unlikely, there is some possibility that 
a certain small proportion of permit holders may have a higher ADV as a 
percentage of average daily volume [sic] with their activity included 
from days where the Exchange experiences a system disruption. The 
Exchange believes that the proposal would still be equitable and not 
unfairly discriminatory given that the impacted universe is potentially 
quite small and that the proposal would benefit the overwhelming 
majority of market participants and would make the overall cost of 
trading on the Exchange more predictable for the membership as a whole.
    For the foregoing 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 
believes that the proposed rule change would not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
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    \9\ 15 U.S.C. 78f(b)(8).
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    The Exchange believes that, with respect to ADV calculations for 
rebates, there are very few instances where the exclusion would be 
invoked, and if invoked, would have little or no impact on trading 
decisions or execution quality. On the contrary, the Exchange believes 
that the proposal fosters competition by avoiding a penalty to Members 
for days when trading on the Exchange is disrupted for a significant 
portion of the day and would result in lower total costs to end users, 
a positive outcome of competitive markets. Further, other options 
exchanges have adopted rules that are substantially similar to the 
change in ADV calculation being proposed by the Exchange.\10\
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    \10\ See note 5 [sic], supra.

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[[Page 9027]]

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) \11\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \12\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
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    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) \13\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \13\ 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-NYSEARCA-2016-26 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-NYSEARCA-2016-26. 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-NYSEARCA-2016-26 and should 
be submitted on or before March 15, 2016.
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    \14\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-03738 Filed 2-22-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 35 / Tuesday, February 23, 2016 / Notices 9025

issue written authorization before the Panel to have a suspension order hours. The Exchange proposes to
Exchange can institute an Expedited modified, set aside, limited, or revoked. implement the fee change effective
Client Suspension Proceeding. Accordingly, the Commission believes February 4, 2016. The proposed rule
Additionally, the Commission believes that proposed Rule 8.17 is consistent change is available on the Exchange’s
that the opportunity to respond before a with Sections 6(b)(7), 6(d)(1), and Web site at www.nyse.com, at the
hearing panel, and the associated due 6(d)(2) of the Act.141 principal office of the Exchange, and at
process elements for initiating and the Commission’s Public Reference
conducting the expedited proceeding V. Conclusion
Room.
under proposed Rule 8.17, provide It is therefore ordered, pursuant to
additional safeguards. Moreover, the Section 19(b)(2) of the Act,142 that the II. Self-Regulatory Organization’s
Commission notes that a determination proposed rule change (SR–BATS–2015– Statement of the Purpose of, and
of the Hearing Panel constituting final 101), as modified by Amendment No. 1, Statutory Basis for, the Proposed Rule
disciplinary sanction may be appealed be, and it hereby is, approved. Change
to the Commission pursuant to Section For the Commission, by the Division of In its filing with the Commission, the
19 of the Act.137 The Commission also Trading and Markets, pursuant to delegated self-regulatory organization included
notes that the OIAD believes that the authority.143 statements concerning the purpose of,
proposal ‘‘appears to be appropriately Robert W. Errett, and basis for, the proposed rule change
tailored to minimize the possibility that Deputy Secretary. and discussed any comments it received
it would curtail legitimate trading [FR Doc. 2016–03740 Filed 2–22–16; 8:45 am] on the proposed rule change. The text
activities by market makers and other of those statements may be examined at
BILLING CODE 8011–01–P
liquidity providers’’ and ‘‘appears to the places specified in Item IV below.
provide appropriate safeguards for The Exchange has prepared summaries,
innocent parties.’’ 138 SECURITIES AND EXCHANGE set forth in sections A, B, and C below,
Lastly, the Commission notes that the COMMISSION of the most significant parts of such
Exchange believes that the requirements statements.
of Sections 6(b)(7), 6(d)(1), and 6(d)(2) [Release No. 34–77169; File No. SR–
of the Act are addressed by the notice NYSEARCA–2016–26] A. Self-Regulatory Organization’s
and due process provisions included Statement of the Purpose of, and the
Self-Regulatory Organizations; NYSE Statutory Basis for, the Proposed Rule
within proposed Rule 8.17.139 Proposed
Arca, Inc.; Notice of Filing and Change
Rule 8.17 would require the Exchange to
Immediate Effectiveness of Proposed
serve notice on the subject Respondent, 1. Purpose
Rule Change Amending the NYSE Arca
which notice would include the
Schedule of Options Fees and Charges
suspension order the Exchange seeks to The Exchange proposes to amend its
impose on the Respondent. The notice February 18, 2016. Fee Schedule to exclude from its
would also be accompanied by a Pursuant to Section 19(b)(1) 1 of the average daily volume (‘‘ADV’’)
declaration of facts that specifies the Securities Exchange Act of 1934 (the calculations any trading day on which
acts that constitute the alleged violation. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 (1) the Exchange is not open for the
Proposed Rule 8.17 also would provide notice is hereby given that, on February entire trading day and/or (2) a
an opportunity for the Respondent to 4, 2016, NYSE Arca, Inc. (the disruption affects an Exchange system
defend against the charges in the notice ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with that lasts for more than 60 minutes
in a hearing before a three-person the Securities and Exchange during regular trading hours. The
Hearing Panel,140 with the opportunity Commission (the ‘‘Commission’’) the Exchange proposes to implement the fee
for witnesses and with a transcribed proposed rule change as described in change effective February 4, 2016.
record, and would detail the applicable Items I, II, and III below, which Items As provided in the Exchange’s Fee
timelines for the proceeding. Further, have been prepared by the self- Schedule, several of the Exchange’s
proposed Rule 8.17 would require the regulatory organization. The transaction fees and credits are based on
Hearing Panel to issue a written Commission is publishing this notice to trading, quoting and liquidity
decision stating whether a suspension solicit comments on the proposed rule thresholds that involve an ADV
order shall be imposed; if imposed, change from interested persons. calculation. The Exchange proposes to
proposed Rule 8.17 would require the add a clause permitting the Exchange to
suspension order to set forth the alleged I. Self-Regulatory Organization’s
Statement of the Terms of Substance of exclude from its ADV calculation, when
violation and market disruption or determining the qualification threshold
significant harm to investors that is the Proposed Rule Change
for electronic customer executions that
likely to result without the order, and to The Exchange proposes to amend the take liquidity in a non-Penny Pilot class
describe in reasonable detail what NYSE Arca schedule of Options Fees from the trading interest of an Lead
action the Respondent is required to and Charges (‘‘Fee Schedule’’) to Market Maker (‘‘LMM’’) (including
take or refrain from taking. In addition, exclude from its average daily volume orders and quotes) and for applicable
proposed Rule 8.17 would allow the calculations any trading day on which rebate tiers generally, contracts traded
Respondent to appeal to the Hearing the Exchange is not open for the entire on any day on which the Exchange is
trading day and/or a disruption affects not is not [sic] open for the entire
137 15 U.S.C. 78s. See also proposed Rule 8.17(f). an Exchange system that lasts for more trading day. This would allow the
mstockstill on DSK4VPTVN1PROD with NOTICES

138 See OIAD Recommendation, supra note 9, at than 60 minutes during regular trading Exchange to exclude days where the
6.
139 See
Notice, supra note 5, at 73251. Exchange declares a trading halt in all
141 15 U.S.C. 78f(b)(7), (d)(1), and (d)(2).
140 The
Commission notes that the Hearing Panel 142 15
securities or honors a market-wide
U.S.C. 78s(b)(2).
would be assigned according to current Rule 8.6(a), 143 17 CFR 200.30–3(a)(12).
trading halt declared by another market
which requires that one member of the panel be a as well as days on which the market
1 15 U.S.C.78s(b)(1).
professional hearing officer, another be an industry
representative, and the third be a Member 2 15 U.S.C. 78a. closes early for holiday observances.
representative. 3 17 CFR 240.19b–4. The Exchange’s proposal is consistent

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Federal Register / Vol. 81, No. 35 / Tuesday, February 23, 2016 / Notices 9027

C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
Statement on Comments on the rules/sro.shtml). Copies of the solicit comments on the proposed rule
Proposed Rule Change Received From submission, all subsequent change from interested persons.
Members, Participants, or Others amendments, all written statements
I. Self-Regulatory Organization’s
No written comments were solicited with respect to the proposed rule
Statement of the Terms of Substance of
or received with respect to the proposed change that are filed with the
the Proposed Rule Change
rule change. Commission, and all written
communications relating to the The Exchange proposes to amend the
III. Date of Effectiveness of the proposed rule change between the NYSE Amex Options Fee Schedule
Proposed Rule Change and Timing for Commission and any person, other than (‘‘Fee Schedule’’) to exclude from its
Commission Action those that may be withheld from the monthly calculations of contract volume
The foregoing rule change is effective public in accordance with the any trading day on which the Exchange
upon filing pursuant to Section provisions of 5 U.S.C. 552, will be is not open for the entire trading day
19(b)(3)(A) 11 of the Act and available for Web site viewing and and/or a disruption affects an Exchange
subparagraph (f)(2) of Rule 19b–4 12 printing in the Commission’s Public system that lasts for more than 60
thereunder, because it establishes a due, Reference Room, 100 F Street NE., minutes during regular trading hours.
fee, or other charge imposed by the Washington, DC 20549 on official The Exchange proposes to implement
Exchange. business days between the hours of the fee change effective February 4,
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the 2016. The proposed change is available
filing of such proposed rule change, the filing also will be available for on the Exchange’s Web site at
Commission summarily may inspection and copying at the principal www.nyse.com, at the principal office of
temporarily suspend such rule change if office of the Exchange. All comments the Exchange, and at the Commission’s
it appears to the Commission that such received will be posted without change; Public Reference Room.
action is necessary or appropriate in the the Commission does not edit personal II. Self-Regulatory Organization’s
public interest, for the protection of identifying information from Statement of the Purpose of, and
investors, or otherwise in furtherance of submissions. You should submit only Statutory Basis for, the Proposed Rule
the purposes of the Act. If the information that you wish to make Change
Commission takes such action, the available publicly. All submissions
should refer to File Number SR– In its filing with the Commission, the
Commission shall institute proceedings
NYSEARCA–2016–26 and should be self-regulatory organization included
under Section 19(b)(2)(B) 13 of the Act to
submitted on or before March 15, 2016. statements concerning the purpose of,
determine whether the proposed rule
and basis for, the proposed rule change
change should be approved or For the Commission, by the Division of
Trading and Markets, pursuant to delegated and discussed any comments it received
disapproved.
authority.14 on the proposed rule change. The text
IV. Solicitation of Comments Robert W. Errett, of those statements may be examined at
Interested persons are invited to Deputy Secretary.
the places specified in Item IV below.
submit written data, views, and The Exchange has prepared summaries,
[FR Doc. 2016–03738 Filed 2–22–16; 8:45 am]
arguments concerning the foregoing, set forth in sections A, B, and C below,
BILLING CODE 8011–01–P
including whether the proposed rule of the most significant parts of such
change is consistent with the Act. statements.
Comments may be submitted by any of SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the following methods: COMMISSION Statement of the Purpose of, and the
Electronic Comments [Release No. 34–77168; File No. SR– Statutory Basis for, the Proposed Rule
NYSEMKT–2016–21] Change
• Use the Commission’s Internet
comment form (http://www.sec.gov/ 1. Purpose
Self-Regulatory Organizations; NYSE
rules/sro.shtml); or MKT LLC; Notice of Filing and The Exchange proposes to amend its
• Send an email to rule-comments@ Immediate Effectiveness of Proposed Fee Schedule to exclude from its
sec.gov. Please include File Number SR– Change Amending the NYSE Amex monthly calculations of contract volume
NYSEARCA–2016–26 on the subject Options Fee Schedule any trading day on which (1) the
line. Exchange is not open for the entire
February 18, 2016. trading day and/or (2) a disruption
Paper Comments
Pursuant to Section 19(b)(1) 1 of the affects an Exchange system that lasts for
• Send paper comments in triplicate Securities Exchange Act of 1934 (the more than 60 minutes during regular
to Secretary, Securities and Exchange ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 trading hours. The Exchange proposes
Commission, 100 F Street NE., notice is hereby given that, on February to implement the fee change effective
Washington, DC 20549–1090. 4, 2016, NYSE MKT LLC (the February 4, 2016.
All submissions should refer to File ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with As provided in the Exchange’s Fee
Number SR–NYSEARCA–2016–26. This the Securities and Exchange Schedule, several of the Exchange’s
file number should be included on the Commission (the ‘‘Commission’’) the transaction fees and credits are based on
subject line if email is used. To help the proposed rule change as described in trading, quoting and liquidity
mstockstill on DSK4VPTVN1PROD with NOTICES

Commission process and review your Items I, II, and III below, which Items thresholds that involve a monthly
comments more efficiently, please use have been prepared by the self- calculation of contract volume,
only one method. The Commission will regulatory organization. The including calculations of average daily
post all comments on the Commission’s volume (‘‘ADV’’).4 The Exchange
14 17 CFR 200.30–3(a)(12).
11 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C.78s(b)(1). 4 For example, the NYSE Amex Options Market
12 17 CFR 240.19b–4(f)(2). 2 15 U.S.C. 78a.
Makers are eligible for reduced per contract rates for
13 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4. Continued

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Document Created: 2018-02-02 14:33:27
Document Modified: 2018-02-02 14:33:27
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 9025