81_FR_93133 81 FR 92889 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change Modifying the NYSE Amex Options Fee Schedule

81 FR 92889 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change Modifying the NYSE Amex Options Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 244 (December 20, 2016)

Page Range92889-92890
FR Document2016-30563

Federal Register, Volume 81 Issue 244 (Tuesday, December 20, 2016) 
[Federal Register Volume 81, Number 244 (Tuesday, December 20, 2016)]
[Notices]
[Pages 92889-92890]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30563]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79558; File No. SR-NYSEMKT-2016-114]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Change Modifying the NYSE Amex 
Options Fee Schedule

December 14, 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 December 1, 2016, NYSE MKT LLC (the ``Exchange'' or 
``NYSE MKT'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, 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 modify the NYSE Amex Options Fee Schedule 
(``Fee Schedule''). The Exchange proposes to implement the fee change 
effective December 1, 2016. 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. E. of the Fee 
Schedule,\4\ effective December 1, 2016.
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    \4\ See Fee Schedule, Section I. E. (Amex Customer Engagement 
(``ACE'') Program--Standard Options), available here, https://
www.nyse.com/publicdocs/nyse/markets/amex-options/
NYSE_Amex_Options_Fee_Schedule.pdf.
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    Section I. E. of the Fee Schedule describes the Exchange's ACE 
Program. The ACE Program features five tiers, expressed as a percentage 
of total industry Customer equity and Exchange Traded Fund (``ETF'') 
option average daily volume (``CADV'') \5\ and provides two alternative 
methods through which Order Flow Providers (each an ``OFP'') may 
receive per contract credits for Electronic Customer volume that the 
OFP, as agent, submits to the Exchange.
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    \5\ The volume thresholds are based on an OFP's Customer volume 
transacted Electronically as a percentage of total industry CADV as 
reported by the Options Clearing Corporation (the ``OCC''). See OCC 
Monthly Statistics Reports, available here, http://www.theocc.com/
webapps/monthly-volume-reports.
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    The Exchange proposes to make the following changes to the ACE 
Program:
     First, the Exchange proposes to add a credit tier and re-
designate current Tier 1 as the ``Base Tier.'' \6\ Currently, to 
achieve any credit under the ACE Program, an OFP must achieve Tier 2 
(which offers an $0.18 per contract credit). To qualify for Tier 2, an 
OFP must execute at least 0.75% to 1.00% of CADV or 0.35% over October 
2015 CADV. The Exchange proposes a new Tier 1, for which an OFP to 
qualify would have to execute at least 0.20% over October 2015 CADV.
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    \6\ The Exchange notes that that the qualification basis for the 
proposed Base Tier remains the same as it is under current Tier 1 
(i.e., an OFP must execute at least 0.00% to 0.75% of CADV) and 
there are still no credits available under this tier.
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     Second, OFPs that qualify for proposed new Tier 1 would be 
eligible to receive a $0.14 per contract credit. As with all other 
current tiers of the ACE Program, the take liquidity multiplier would 
also apply to proposed new Tier 1.\7\
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    \7\ See Fee Schedule, Section I. E., supra note 4 (``In 
calculating an OFP's Electronic volume, each Customer order that 
takes liquidity will be weighted as 50% greater (i.e., 1.5 times the 
contract volume) for determining Customer Electronic ADV and Total 
Electronic ADV'').
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     Third, the Exchange proposes that OFPs qualifying for new 
Tier 1 would also be eligible for the ACE Initiating Participant 
Rebate, which is currently available to OFPs that achieve Tiers 2-5 of 
the ACE Program.\8\
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    \8\ See proposed Fee Schedule, Section I. G. at n.2 (``The ACE 
Initiating Participant Rebate is applied to each of the first 5,000 
Customer contracts of a CUBE Order executed in a CUBE Auction. This 
Rebate is in addition to any additional credits set forth above. 
Only ATP Holders who qualify for Tiers 1, 2, 3, 4 or 5 of the ACE 
Program are eligible to receive the Rebate'').
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     Fourth, the Exchange proposes that OFPs that achieve Tier 
2 would receive a $0.19 per contract credit on electronic Customer 
Complex Orders. In this regard, the Exchange proposes to define Complex 
Order in the Key Terms and Definitions section of the Fee Schedule, as 
``. . . any order involving the simultaneous purchase and/or sale of 
two or more different option series in the same underlying security, 
for the same account, in a ratio that is equal to or greater than one-
to-three (.333) and less than or equal to three-to-one (3.00) and for 
the purpose of executing a particular investment strategy, per Rule 
900.3NY(e).'' OFPs that achieve Tier 2 would continue to receive a 
$0.18 per contract credit on electronic Customer volume (i.e., non-
Complex Customer order flow).
    The Exchange is not proposing any other changes to the alternative 
ACE Program Credit Tiers at this time.\9\
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    \9\ OFPs that achieve a qualification level in one tier, and 
achieve an alternative qualification level in another tier, will 
continue to be paid a credit based on the highest achieved tier. See 
Fee Schedule, Section I.E., supra note 4.
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    The proposed additional Tier would not impact the Firm Monthly Fee 
Cap of $100,000 per month per Firm, but the Exchange proposes to add 
reference to the Base Tier in Section I of the Fee Schedule to add 
clarity and transparency to Exchange fees.\10\
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    \10\ See Fee Schedule, Section I. I. (Firm Monthly Fee Cap), 
supra note 4. The Monthly Firm Fee Cap decreases if Firms achieve 
Tiers 2-5 of the ACE Program (i.e., greater than the Base Tier or 
Tier 1).
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    The proposed modifications to the tiers of the ACE Program as well 
as the additional rebate for electronic Customer Complex Orders are 
designed to further encourage OFPs to direct additional order flow to 
the Exchange, which additional volume and liquidity would benefit all 
Exchange participants through increased opportunities to trade as well 
as enhancing price discovery.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\11\ in general, and

[[Page 92890]]

furthers the objectives of Sections 6(b)(4) and (5) of the Act,\12\ 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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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed addition of new Tier 1 is 
reasonable, equitable, and not unfairly discriminatory because it 
provides an alternative means of achieving a rebate, which should 
attract more volume and liquidity to the Exchange to the benefit of 
market participants through increased opportunities to trade as well as 
enhancing price discovery.
    The Exchange also believes the additional credit on Complex Orders 
is reasonable, equitable, and not unfairly discriminatory, as it 
provides an additional incentive to achieve the ACE Program Tier 2, 
which should attract more volume and liquidity to the Exchange to the 
benefit of market participants through increased opportunities to trade 
as well as enhancing price discovery.
    The Exchange believes that the proposed amendments to the ACE 
Program are reasonable, equitable and not unfairly discriminatory 
because they would enhance the incentives to OFPs to transact Customer 
orders, including Complex Orders, on the Exchange, which would benefit 
all market participants by providing more trading opportunities and 
tighter spreads, even to those market participants that do not 
participate in the ACE Program. Additionally, the Exchange believes the 
proposed changes to the ACE Program are consistent with the Act because 
they may attract greater volume and liquidity to the Exchange, which 
would benefit all market participants by providing tighter quoting and 
better prices, all of which perfects the mechanism for a free and open 
market and national market system.
    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,\13\ 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.
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    \13\ 15 U.S.C. 78f(b)(8).
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    The Exchange believes the proposed amendments to the ACE Program 
are pro-competitive as the proposed new qualification tier and 
incentive may encourage OFPs to direct Customer order flow to the 
Exchange and any resulting increase in volume and liquidity to the 
Exchange would benefit all Exchange participants through increased 
opportunities to trade as well as enhancing price discovery.
    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.
    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \14\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \15\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 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) \16\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \16\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected] Please include 
File Number SR-NYSEMKT-2016-114 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEMKT-2016-114. 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-2016-114, and should 
be submitted on or before January 10, 2017

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-30563 Filed 12-19-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 244 / Tuesday, December 20, 2016 / Notices 92889 should refer to File Number SR–BX– of those statements may be examined at • Third, the Exchange proposes that 2016–067 and should be submitted on the places specified in Item IV below. OFPs qualifying for new Tier 1 would or before January 10, 2017. The Exchange has prepared summaries, also be eligible for the ACE Initiating For the Commission, by the Division of set forth in sections A, B, and C below, Participant Rebate, which is currently Trading and Markets, pursuant to delegated of the most significant parts of such available to OFPs that achieve Tiers authority.23 statements. 2–5 of the ACE Program.8 Robert W. Errett, A. Self-Regulatory Organization’s • Fourth, the Exchange proposes that Deputy Secretary. Statement of the Purpose of, and the OFPs that achieve Tier 2 would receive [FR Doc. 2016–30555 Filed 12–19–16; 8:45 am] Statutory Basis for, the Proposed Rule a $0.19 per contract credit on electronic BILLING CODE 8011–01–P Change Customer Complex Orders. In this regard, the Exchange proposes to define 1. Purpose Complex Order in the Key Terms and SECURITIES AND EXCHANGE The purpose of this filing is to amend Definitions section of the Fee Schedule, COMMISSION Section I. E. of the Fee Schedule,4 as ‘‘. . . any order involving the effective December 1, 2016. simultaneous purchase and/or sale of [Release No. 34–79558; File No. SR– Section I. E. of the Fee Schedule two or more different option series in NYSEMKT–2016–114] describes the Exchange’s ACE Program. the same underlying security, for the Self-Regulatory Organizations; NYSE The ACE Program features five tiers, same account, in a ratio that is equal to MKT LLC; Notice of Filing and expressed as a percentage of total or greater than one-to-three (.333) and Immediate Effectiveness of Proposed industry Customer equity and Exchange less than or equal to three-to-one (3.00) Change Modifying the NYSE Amex Traded Fund (‘‘ETF’’) option average and for the purpose of executing a Options Fee Schedule daily volume (‘‘CADV’’) 5 and provides particular investment strategy, per Rule two alternative methods through which 900.3NY(e).’’ OFPs that achieve Tier 2 December 14, 2016. Order Flow Providers (each an ‘‘OFP’’) would continue to receive a $0.18 per Pursuant to Section 19(b)(1) 1 of the may receive per contract credits for contract credit on electronic Customer Securities Exchange Act of 1934 (the Electronic Customer volume that the volume (i.e., non-Complex Customer ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 OFP, as agent, submits to the Exchange. order flow). notice is hereby given that, on December The Exchange proposes to make the The Exchange is not proposing any 1, 2016, NYSE MKT LLC (the following changes to the ACE Program: other changes to the alternative ACE ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with • First, the Exchange proposes to add Program Credit Tiers at this time.9 the Securities and Exchange a credit tier and re-designate current The proposed additional Tier would Commission (the ‘‘Commission’’) the Tier 1 as the ‘‘Base Tier.’’ 6 Currently, to not impact the Firm Monthly Fee Cap of proposed rule change as described in achieve any credit under the ACE $100,000 per month per Firm, but the Items I, II, and III below, which Items Program, an OFP must achieve Tier 2 Exchange proposes to add reference to have been prepared by the self- (which offers an $0.18 per contract the Base Tier in Section I of the Fee regulatory organization. The credit). To qualify for Tier 2, an OFP Schedule to add clarity and Commission is publishing this notice to must execute at least 0.75% to 1.00% of transparency to Exchange fees.10 solicit comments on the proposed rule CADV or 0.35% over October 2015 The proposed modifications to the change from interested persons. CADV. The Exchange proposes a new tiers of the ACE Program as well as the Tier 1, for which an OFP to qualify I. Self-Regulatory Organization’s additional rebate for electronic would have to execute at least 0.20% Statement of the Terms of Substance of Customer Complex Orders are designed over October 2015 CADV. the Proposed Rule Change • Second, OFPs that qualify for to further encourage OFPs to direct proposed new Tier 1 would be eligible additional order flow to the Exchange, The Exchange proposes to modify the to receive a $0.14 per contract credit. As which additional volume and liquidity NYSE Amex Options Fee Schedule with all other current tiers of the ACE would benefit all Exchange participants (‘‘Fee Schedule’’). The Exchange Program, the take liquidity multiplier through increased opportunities to trade proposes to implement the fee change would also apply to proposed new Tier as well as enhancing price discovery. effective December 1, 2016. The proposed change is available on the 1.7 2. Statutory Basis Exchange’s Web site at www.nyse.com, 4 See Fee Schedule, Section I. E. (Amex Customer The Exchange believes that the at the principal office of the Exchange, Engagement (‘‘ACE’’) Program—Standard Options), proposed rule change is consistent with and at the Commission’s Public available here, https://www.nyse.com/publicdocs/ Section 6(b) of the Act,11 in general, and Reference Room. nyse/markets/amex-options/ NYSE_Amex_Options_Fee_Schedule.pdf. II. Self-Regulatory Organization’s 5 The volume thresholds are based on an OFP’s 8 See proposed Fee Schedule, Section I. G. at n.2 Statement of the Purpose of, and Customer volume transacted Electronically as a (‘‘The ACE Initiating Participant Rebate is applied Statutory Basis for, the Proposed Rule percentage of total industry CADV as reported by to each of the first 5,000 Customer contracts of a the Options Clearing Corporation (the ‘‘OCC’’). See CUBE Order executed in a CUBE Auction. This Change Rebate is in addition to any additional credits set OCC Monthly Statistics Reports, available here, In its filing with the Commission, the http://www.theocc.com/webapps/monthly-volume- forth above. Only ATP Holders who qualify for reports. Tiers 1, 2, 3, 4 or 5 of the ACE Program are eligible self-regulatory organization included 6 The Exchange notes that that the qualification to receive the Rebate’’). statements concerning the purpose of, basis for the proposed Base Tier remains the same 9 OFPs that achieve a qualification level in one mstockstill on DSK3G9T082PROD with NOTICES and basis for, the proposed rule change as it is under current Tier 1 (i.e., an OFP must tier, and achieve an alternative qualification level and discussed any comments it received execute at least 0.00% to 0.75% of CADV) and there in another tier, will continue to be paid a credit are still no credits available under this tier. based on the highest achieved tier. See Fee on the proposed rule change. The text Schedule, Section I.E., supra note 4. 7 See Fee Schedule, Section I. E., supra note 4 10 See Fee Schedule, Section I. I. (Firm Monthly 23 17 (‘‘In calculating an OFP’s Electronic volume, each CFR 200.30–3(a)(12). Customer order that takes liquidity will be weighted Fee Cap), supra note 4. The Monthly Firm Fee Cap 1 15 U.S.C. 78s(b)(1). as 50% greater (i.e., 1.5 times the contract volume) decreases if Firms achieve Tiers 2–5 of the ACE 2 15 U.S.C. 78a. Program (i.e., greater than the Base Tier or Tier 1). for determining Customer Electronic ADV and Total 3 17 CFR 240.19b–4. Electronic ADV’’). 11 15 U.S.C. 78f(b). VerDate Sep<11>2014 19:36 Dec 19, 2016 Jkt 241001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\20DEN1.SGM 20DEN1

92890 Federal Register / Vol. 81, No. 244 / Tuesday, December 20, 2016 / Notices furthers the objectives of Sections pro-competitive as the proposed new Comments may be submitted by any of 6(b)(4) and (5) of the Act,12 in particular, qualification tier and incentive may the following methods: because it provides for the equitable encourage OFPs to direct Customer allocation of reasonable dues, fees, and order flow to the Exchange and any Electronic Comments other charges among its members, resulting increase in volume and • Use the Commission’s Internet issuers and other persons using its liquidity to the Exchange would benefit comment form (http://www.sec.gov/ facilities and does not unfairly all Exchange participants through rules/sro.shtml); or discriminate between customers, increased opportunities to trade as well issuers, brokers or dealers. as enhancing price discovery. • Send an email to rule- The Exchange believes that the The Exchange notes that it operates in comments@sec.gov. Please include File proposed addition of new Tier 1 is a highly competitive market in which Number SR–NYSEMKT–2016–114 on reasonable, equitable, and not unfairly market participants can readily favor the subject line. discriminatory because it provides an competing venues. In such an Paper Comments alternative means of achieving a rebate, environment, the Exchange must which should attract more volume and continually review, and consider • Send paper comments in triplicate liquidity to the Exchange to the benefit adjusting, its fees and credits to remain to Secretary, Securities and Exchange of market participants through increased competitive with other exchanges. Commission, 100 F Street NE., opportunities to trade as well as Because competitors are free to modify Washington, DC 20549–1090. enhancing price discovery. their own fees in response, and because The Exchange also believes the All submissions should refer to File market participants may readily adjust additional credit on Complex Orders is Number SR–NYSEMKT–2016–114. This their order routing practices, the degree reasonable, equitable, and not unfairly to which fee changes in this market may file number should be included on the discriminatory, as it provides an impose any burden on competition is subject line if email is used. To help the additional incentive to achieve the ACE extremely limited. For the reasons Commission process and review your Program Tier 2, which should attract described above, the Exchange believes comments more efficiently, please use more volume and liquidity to the that the proposed rule change reflects only one method. The Commission will Exchange to the benefit of market this competitive environment. post all comments on the Commission’s participants through increased Internet Web site (http://www.sec.gov/ opportunities to trade as well as C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the enhancing price discovery. Statement on Comments on the submission, all subsequent The Exchange believes that the Proposed Rule Change Received From amendments, all written statements proposed amendments to the ACE Members, Participants, or Others with respect to the proposed rule Program are reasonable, equitable and No written comments were solicited change that are filed with the not unfairly discriminatory because they or received with respect to the proposed Commission, and all written would enhance the incentives to OFPs rule change. communications relating to the to transact Customer orders, including proposed rule change between the The foregoing rule change is effective Complex Orders, on the Exchange, Commission and any person, other than upon filing pursuant to Section which would benefit all market those that may be withheld from the 19(b)(3)(A) 14 of the Act and participants by providing more trading public in accordance with the subparagraph (f)(2) of Rule 19b–4 15 opportunities and tighter spreads, even provisions of 5 U.S.C. 552, will be thereunder, because it establishes a due, to those market participants that do not available for Web site viewing and fee, or other charge imposed by the participate in the ACE Program. printing in the Commission’s Public Exchange. Additionally, the Exchange believes the Reference Room, 100 F Street NE., proposed changes to the ACE Program At any time within 60 days of the filing of such proposed rule change, the Washington, DC 20549 on official are consistent with the Act because they business days between the hours of may attract greater volume and liquidity Commission summarily may temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such to the Exchange, which would benefit filing also will be available for all market participants by providing it appears to the Commission that such action is necessary or appropriate in the inspection and copying at the principal tighter quoting and better prices, all of office of the Exchange. All comments which perfects the mechanism for a free public interest, for the protection of investors, or otherwise in furtherance of received will be posted without change; and open market and national market the Commission does not edit personal system. the purposes of the Act. If the Commission takes such action, the identifying information from For these reasons, the Exchange submissions. You should submit only believes that the proposal is consistent Commission shall institute proceedings under Section 19(b)(2)(B) 16 of the Act to information that you wish to make with the Act. determine whether the proposed rule available publicly. All submissions B. Self-Regulatory Organization’s change should be approved or should refer to File Number SR– Statement on Burden on Competition disapproved. NYSEMKT–2016–114, and should be In accordance with Section 6(b)(8) of submitted on or before January 10, 2017 IV. Solicitation of Comments the Act,13 the Exchange does not believe For the Commission, by the Division of that the proposed rule change would Interested persons are invited to Trading and Markets, pursuant to delegated mstockstill on DSK3G9T082PROD with NOTICES impose any burden on competition that submit written data, views, and authority.17 is not necessary or appropriate in arguments concerning the foregoing, Robert W. Errett, furtherance of the purposes of the Act. including whether the proposed rule Deputy Secretary. The Exchange believes the proposed change is consistent with the Act. [FR Doc. 2016–30563 Filed 12–19–16; 8:45 am] amendments to the ACE Program are 14 15 U.S.C. 78s(b)(3)(A). BILLING CODE 8011–01–P 12 15 U.S.C. 78f(b)(4) and (5). 15 17 CFR 240.19b–4(f)(2). 13 15 U.S.C. 78f(b)(8). 16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 19:36 Dec 19, 2016 Jkt 241001 PO 00000 Frm 00121 Fmt 4703 Sfmt 9990 E:\FR\FM\20DEN1.SGM 20DEN1


Document Created: 2018-02-14 09:09:52
Document Modified: 2018-02-14 09:09:52
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 92889 
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