82 FR 14388 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Pricing for NDX and MNX

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 52 (March 20, 2017)

Page Range		14388-14392
FR Document		2017-05409

Federal Register, Volume 82 Issue 52 (Monday, March 20, 2017)

[Federal Register Volume 82, Number 52 (Monday, March 20, 2017)]
[Notices]
[Pages 14388-14392]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-05409]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80244; File No. SR-Phlx-2017-24]

Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Pricing
for NDX and MNX

March 14, 2017.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 9, 2017, NASDAQ PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. 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\ 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 Exchange's Pricing Schedule at
Section II, entitled ``Multiply Listed Options Fees,'' \3\ to amend
pricing related to options overlying NDX \4\ and MNX.\5\
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\3\ These fees include options overlying equities, ETFs, ETNs
and indexes which are Multiply Listed.
\4\ NDX represents options on the Nasdaq 100 Index traded under
the symbol NDX (``NDX'').
\5\ MNX represents options on one-tenth the value of the Nasdaq
100 Index traded under the symbol MNX (``MNX'').
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The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqphlx.cchwallstreet.com/ 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 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to amend pricing related to NDX and MNX by
adopting Options Transaction Charges for NDX and MNX and also
eliminating the Marketing Fee for NDX and MNX.\6\ The Exchange notes
that both NDX and MNX are transitioning to be exclusively listed on the
Exchange and its affiliated markets in 2017.\7\
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\6\ The Exchange initially filed the proposed pricing change on
February 28, 2017 (SR-Phlx-2017-20). On March 8, 2017, the Exchange
withdrew that filing and submitted this filing.
\7\ The Exchange will exclusively list NDX and MNX in the near
future upon expiration of open expiries in these products on other
markets.
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Today, the Exchange assesses transactions in NDX and MNX the
following Options Transaction Charges for non-Penny Pilot Options: A
$0.75 per contract for electronic Professional \8\ transactions and
$0.25 per contract for floor Professional transactions; $0.25 per
contract for Specialist \9\ and Market Maker \10\ electronic
transactions and

[[Page 14389]]

$0.35 per contract for Specialist and Market Maker floor transactions;
$0.75 per contract for Broker-Dealer \11\ electronic transactions and
$0.25 per contract for floor Broker-Dealer transactions; and $0.75 per
contact for Firm \12\ electronic transactions and $0.25 per contract
for Firm floor transactions. Today, Customers \13\ are not assessed a
non-Penny Options Transaction Charge for NDX and MNX transactions.
Also, today, all Non-Customers \14\ are assessed a $0.25 per contract
surcharge in NDX an MNX.
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\8\ The term ``Professional'' applies to transactions for the
accounts of Professionals, as defined in Exchange Rule 1000(b)(14).
\9\ The term ``Specialist'' applies to transactions for the
account of a Specialist (as defined in Exchange Rule 1020(a)).
\10\ The term ``Market Maker'' describes fees and rebates
applicable to Registered Options Traders (``ROT''), Streaming Quote
Traders (``SQT'') and Remote Streaming Quote Traders (``RSQT''). A
ROT is defined in Exchange Rule 1014(b) as a regular member of the
Exchange located on the trading floor who has received permission
from the Exchange to trade in options for his own account. A ROT
includes SQTs and RSQTs as well as on and off-floor ROTS. An SQT is
defined in Exchange Rule 1014(b)(ii)(A) as an ROT who has received
permission from the Exchange to generate and submit option
quotations electronically in options to which such SQT is assigned.
An RSQT is defined in Exchange Rule in 1014(b)(ii)(B) as an ROT that
is a member affiliated with an RSQTO with no physical trading floor
presence who has received permission from the Exchange to generate
and submit option quotations electronically in options to which such
RSQT has been assigned. A Remote Streaming Quote Trader Organization
or ``RSQTO,'' which may also be referred to as a Remote Market
Making Organization (``RMO''), is a member organization in good
standing that satisfies the RSQTO readiness requirements in Rule
507(a).
\11\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category.
\12\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at The Options Clearing Corporation.
\13\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at The Options Clearing Corporation which is not for
the account of a broker or dealer or for the account of a
``Professional'' (as that term is defined in Rule 1000(b)(14)).
\14\ The term ``Non-Customer'' applies to transactions for the
accounts of Specialists, Market Makers, Firms, Professionals,
Broker-Dealers and Joint Back Office.
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The Exchange proposes to indicate that the Options Transaction
charges for non-Penny Pilot Options will not apply to NDX and MNX
transactions and instead adopt new pricing for NDX and MNX. The
Exchange proposes to adopt the following Options Transaction Charges
for NDX and MNX. Customers will continue to not be assessed an Options
Transaction Charge for NDX and MNX. Professionals will be assessed the
same $0.75 per contract electronic Options Transaction Charge and an
increased floor Options Transaction Charge of $0.75 per contract \15\
for NDX and MNX transactions. A Specialist and Market Maker will be
assessed an increased electronic Options Transaction Charge of $0.75
per contract \16\ and the same $0.35 per contract floor Options
Transaction Charge for NDX and MNX transactions. A Broker-Dealer will
be assessed the same $0.75 per contract electronic Options Transaction
Charge and an increased floor Options Transaction Charge of $0.75 per
contract \17\ for NDX and MNX transactions. Finally, a Firm will be
assessed the same $0.75 per contract electronic Options Transaction
Charge and an increased floor Options Transaction Charge of $0.75 per
contract \18\ for NDX and MNX transactions. The Exchange will continue
to assess Non-Customers an Options Surcharge for NDX and MNX of $0.25
per contract as is the case today.\19\ The Exchange is proposing to
relocate the surcharge to a new note 5 within the Pricing Schedule
instead of stating the pricing within the current table in Section II
of the Pricing Schedule.
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\15\ Today, a Professional is assessed a $0.25 per contract
floor Options Transaction Charge when transacting NDX and MNX.
\16\ Today, a Specialist and Market Maker are assessed a $0.25
per contract floor Options Transaction Charge when transacting NDX
and MNX.
\17\ Today, a Broker-Dealer is assessed a $0.25 per contract
floor Options Transaction Charge when transacting NDX and MNX.
\18\ Today, a Firm is assessed a $0.25 per contract floor
Options Transaction Charge when transacting NDX and MNX.
\19\ For clarity, the Exchange is amending the Customer charge
from ``N/A'' to ``$0.00.'' The Exchange believes that $0.00 is more
appropriate to reflect no charge.
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The Exchange is also proposing to note that a Marketing Fee \20\
will not be assessed on NDX and MNX. Today, for trades resulting from
either Directed or non-Directed Orders that are delivered
electronically and executed on the Exchange, Specialists, Market Makers
and Directed ROTs are assessed certain fees on those trades when the
Specialist unit or Directed ROT elects to participate in the marketing
program. Specifically, the Exchange assesses options that are trading
in the Penny Pilot Program $0.25 per contract and the remaining equity
options are assessed $0.70 per contract (including NDX and MNX). No
Marketing Fees are assessed on trades that are not delivered
electronically. No Marketing Fees are assessed on Professional orders.
Marketing Fees are assessed on transactions resulting from Customer
orders and are available to be disbursed by the Exchange according to
the instructions of the Specialist units/Specialists or Directed ROTs
to order flow providers who are members or member organizations, who
submit, as agent, Customer orders to the Exchange or non-members or
non-member organizations who submit, as agent, Customer orders to the
Exchange through a member or member organization who is acting as agent
for those Customer orders.
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\20\ The Exchange's Marketing Fee helps its Specialists and
Directed Registered Options Traders (``Directed ROTs'') establish
payment arrangements with an order flow provider in exchange for
that order flow provider directing some or all of its order flow to
that Specialist or Directed ROT. This program is funded through fees
paid by Registered Options Traders (``ROTs''), Specialists and
Directed ROTs and assessed on transactions resulting from customer
orders. A Registered Option Trader is defined in Exchange Rule
1014(b) as a regular member of the Exchange located on the trading
floor who has received permission from the Exchange to trade in
options for his own account. See Exchange Rule 1014 (b)(i) and (ii).
A ``Directed ROT'' is an ROT who is a Directed Participant. The term
``Directed Participant'' applies to transactions for the account of
a Specialist or ROT resulting from a customer order that is (1)
directed to it by an order flow provider, and (2) executed by it
electronically on Phlx XL II.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\21\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\22\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(4) and (5).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \23\
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\23\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Likewise, in NetCoalition v. Securities and Exchange Commission
\24\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\25\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \26\
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\24\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\25\ See NetCoalition, at 534-535.
\26\ Id. at 537.
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Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-

[[Page 14390]]

dealers that act as their order-routing agents, have a wide range of
choices of where to route orders for execution'; [and] `no exchange can
afford to take its market share percentages for granted' because `no
exchange possesses a monopoly, regulatory or otherwise, in the
execution of order flow from broker dealers'. . . .'' \27\ Although the
court and the SEC were discussing the cash equities markets, the
Exchange believes that these views apply with equal force to the
options markets.
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\27\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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The Exchange's proposal to increase the floor Options Transaction
Charges for Professionals, Firms and Broker-Dealers from $0.25 to $0.75
per contract for NDX and MNX is reasonable because the Exchange is
assessing the same transaction fee whether the transaction occurred
electronically or on the Exchange's trading floor for these market
participants. The Exchange's increase for this proprietary product is
competitive when compared with similar proprietary products.\28\
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\28\ See Chicago Board Options Exchange, Incorporated's
(``CBOE'') Fees Schedule. Russell 2000 Index (``RUT'') options
transactions on CBOE, except customers, are assessed a $0.45 per
contract surcharge. CBOE assesses Professionals and Broker-Dealers a
manual and AIM transaction fee of $0.25 per contract and a non-AIM
transaction fee of $0.65 per contract. CBOE assesses Clearing Trade
Permit Holders a transaction fee of $0.22 [sic] per contract,
subject to a sliding scale.
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With respect to Specialists and Market Makers, the electronic
Options Transaction Charge for NDX and MNX will be $0.75 per contract,
similar to other Non-Customer market participants. The Exchange
believes that it is reasonable to assess Specialists and Market Markers
the same electronic Options Transactions Charge in NDX and MNX as other
market participants, except Customers. The Exchange's increase for this
proprietary product is competitive when compared with similar
proprietary products.\29\ The Specialist and Market Maker floor Options
Transaction Charge is not being amended and will remain at $0.35 per
contract. The Exchange will continue to assess a Specialist and Market
Maker Options Transaction Charge of $0.35 per contract for floor
transactions in NDX and MNX because the Exchange desires to incentivize
Specialists and Market Makers to continue to make markets in the NDX
and MNX products on the trading floor.
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\29\ See CBOE's Fees Schedule. RUT transactions on CBOE, except
customers, are assessed a $0.45 per contract surcharge. CBOE
assesses market makers a manual and AIM transaction fee of $0.25 per
contract for RUT transactions. CBOE assesses market makers a non-AIM
electronic transaction fee of $0.65 per contract for RUT
transactions.
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The Exchange's proposal to increase the floor Options Transaction
Charges for Professionals, Firms and Broker-Dealers from $0.25 to $0.75
per contract for NDX and MNX is equitable and not unfairly
discriminatory because the Exchange will uniformly assess a $0.75 per
contract Options Transaction Charges for all market participants,
except for Customers, Specialists and Market Makers transacting on the
floor, regardless of whether the transaction is submitted
electronically or on the floor. The Exchange believes that assessing
Customers no transaction fee for NDX and MNX is equitable and not
unfairly discriminatory because Customer orders bring valuable
liquidity to the market, which liquidity benefits other market
participants. Customer liquidity benefits all market participants by
providing more trading opportunities, which attracts Specialists and
Market Makers. An increase in the activity of these market participants
in turn facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
With respect to Specialists and Market Makers, the electronic
Options Transaction Charge for NDX and MNX will be $0.75 per contract,
similar to other market participants. While this fee is increasing from
$0.25 to $0.75 per contract, the Exchange, as proposed herein, will no
longer assess a Marketing Fee for transactions in NDX and MNX, thereby
effectively lowering the rate. For example, today, a Specialist or
Market Maker transacting an electronic order in NDX or MNX will be
assessed a $0.25 per contract Options Transaction Charge in non-Penny
Pilot Options, a $0.25 per contract Options Surcharge and a $0.70 per
contract Marketing Fee for a total charge of $1.20. With this proposal,
a Specialist or Market Maker transacting an electronic order for NDX or
MNX will be assessed a $0.75 per contract Options Transaction Charge
and a $0.25 per contract Options Surcharge for a total charge of $1.00.
No Marketing Fee would be assessed. While all Non-Customer market
participants would be assessed an electronic Options Transaction Charge
of $0.75 per contract for NDX or MNX, a Specialist or Market Maker will
be assessed a lower total transaction charge as explained above,
compared to today.
The Exchange believes that assessing Specialist and Market Makers a
lower floor Options Transaction Charge of $0.35 per contract for
options overlying NDX and MNX and a higher electronic Options
Transaction Charge of $0.75 per contract is equitable and not unfairly
discriminatory. Unlike other market participants, Specialists and
Market Makers have obligations to the market and regulatory
requirements, which normally do not apply to other market
participants.\30\ They have obligations to make continuous markets,
engage in a course of dealings reasonably calculated to contribute to
the maintenance of a fair and orderly market, and not make bids or
offers or enter into transactions that are inconsistent with a course
of dealings. The differentiation as between Specialists and Market
Makers and all other market participants recognizes the differing
contributions made to the liquidity and trading environment on the
Exchange by these market participants. An increase in the activity of
these market participants in turn facilitates tighter spreads, which
may cause an additional corresponding increase in order flow from other
market participants. Further, Specialists and Market Makers have a time
and place advantage on the trading floor with respect to orders, unlike
other market participants. A Professional, Broker-Dealer or a Firm
would necessarily require a floor broker to represent their trading
interest on the trading floor as compared to a Specialist or Market
Maker that could directly transact such orders on the trading floor.
For these reasons, the Exchange is encouraging Specialists and Market
Makers to transact NDX and MNX on the trading floor and recognizing the
obligations of these market participants as compared to other market
participants.
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\30\ See Phlx Rule 1014.
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The Exchange notes that the proposed rule changes are reasonable,
equitable and not unfairly discriminatory as NDX and MNX transition to
exclusively listed products. Similar to other proprietary products, the
Exchange seeks to recoup the operational costs \31\ for listing
proprietary products. Also, pricing by symbol is a common practice on
many U.S. options exchanges as a means to incentivize order flow to be
sent to an exchange for execution in particular products. Other options
exchanges price by symbol.\32\ Further, the Exchange notes that with
its products, market participants are offered an opportunity to either
transact options overlying NDX and MNX or separately execute options

[[Page 14391]]

overlying PowerShares QQQ Trust (``QQQ'').\33\ Offering products such
as QQQ provides market participants with a variety of choices in
selecting the product they desire to utilize to transact NDX and
MNX.\34\ When exchanges are able to recoup costs associated with
offering proprietary products, it incentivizes growth and competition
for the innovation of additional products.
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\31\ By way of example, in analyzing an obvious error, the
Exchange would have additional data points available in establishing
a theoretical price for a Multiply Listed Option as compared to a
proprietary product, which requires additional analysis and
administrative time to comply with Exchange rules to resolve an
obvious error.
\32\ See pricing for RUT on CBOE's Fees Schedule.
\33\ QQQ is an exchange-traded fund based on the Nasdaq-100
Index[supreg].
\34\ By comparison, a market participant may trade options
overlying RUT or separately the market participant has the choice of
trading iShares Russell 2000 Index Fund (``IWM'') Exchange-Traded
Fund Shares options, which are also multiply listed.
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The Exchange's proposal to eliminate the Marketing Fee for NDX and
MNX is reasonable because in light of the transition of NDX and MNX to
exclusively listed products and new pricing, the Exchange is increasing
the Specialist and Marker Maker electronic Options Transaction Charges
for options overlying NDX and MNX. By removing the Marketing Fee,
Specialists and Market Makers will avoid an increase in costs.
The Exchange's proposal to eliminate the Marketing Fee for NDX and
MNX is equitable and not unfairly discriminatory because in light of
the transition of NDX and MNX to exclusively listed products and new
pricing, the elimination of this fee will cause Specialists and Market
Makers to continue to be assessed a lower total charge for the
transaction as compared to other market participants.

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. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited. In
sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
change will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets
or will impose any inter-market burden on competition for the reasons
stated above.
The Exchange's proposal to increase the floor Options Transaction
Charges for Professionals, Firms and Broker-Dealers from $0.25 to $0.75
per contract for NDX and MNX does not impose an undue burden on intra-
market competition because the Exchange will uniformly assess a $0.75
per contract Options Transaction Charges for all market participants,
except for Customers and Specialists and Markets transacting on the
floor, regardless of whether the transaction is submitted
electronically or on the floor. The Exchange believes that assessing
Customers no transaction fee for NDX and MNX does not impose an undue
burden on intra-market competition because Customer orders bring
valuable liquidity to the market, which liquidity benefits other market
participants. Customer liquidity benefits all market participants by
providing more trading opportunities, which attract Specialists and
Market Makers. An increase in the activity of these market participants
in turn facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants. It
is also important to note that despite the fee increases with respect
to NDX, members may continue to separately execute options overlying
PowerShares QQQ Trust (``QQQ'').\35\
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\35\ By comparison, a market participant may trade options
overlying RUT or separately the market participant has the choice of
trading iShares Russell 2000 Index Fund (``IWM'') Exchange-Traded
Fund Shares options, which are also multiply listed.
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With respect to Specialists and Market Makers, increasing the
electronic Options Transaction Charge for NDX and MNX from $0.25 to
$0.75 per contract, the Exchange, as proposed herein, does not impose
an undue burden on intra-market competition as the Exchange will no
longer assess a Marketing Fee for on NDX and MNX, thereby effectively
lowering the rate. The Exchange believes that assessing Specialists and
Market Makers a lower floor Options Transaction Charge of $0.35 per
contract for NDX and MNX and a higher electronic Options Transaction
Charge of $0.75 per contract does not impose an undue burden on intra-
market competition. Unlike other market participants, Specialists and
Market Makers have obligations to the market and regulatory
requirements, which normally do not apply to other market
participants.\36\ They have obligations to make continuous markets,
engage in a course of dealings reasonably calculated to contribute to
the maintenance of a fair and orderly market, and not make bids or
offers or enter into transactions that are inconsistent with a course
of dealings. The differentiation as between Specialists and Market
Makers and all other market participants recognizes the differing
contributions made to the liquidity and trading environment on the
Exchange by these market participants. An increase in the activity of
these market participants in turn facilitates tighter spreads, which
may cause an additional corresponding increase in order flow from other
market participants. Further, Specialists and Market Makers have a time
and place advantage on the trading floor with respect to orders, unlike
other market participants. A Professional, Broker-Dealer or a Firm
would necessarily require a floor broker to represent their trading
interest on the trading floor as compared to a Specialist or Market
Maker that could directly transact such orders on the trading floor.
For these reasons, the Exchange is encouraging Specialists and Market
Makers to transact NDX and MNX on the trading floor and recognizing the
obligations of these market participants as compared to other market
participants.
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\36\ See note 28.
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The Exchange's proposal to eliminate the Marketing Fee for NDX and
MNX does not impose an undue burden on intra-market competition because
the elimination of this fee will cause Specialists and Market Makers to
continue to be assessed a lower total charge for the transaction as
compared to other market participants.

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 Act.\37\
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\37\ 15 U.S.C. 78s(b)(3)(A)(ii).
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At any time within 60 days of the filing of the proposed rule
change, the

[[Page 14392]]

Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of 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 Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-Phlx-2017-24 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-Phlx-2017-24. 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-Phlx-2017-24, and should be
submitted on or before April 10, 2017.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-05409 Filed 3-17-17; 8:45 am]
BILLING CODE 8011-01-P

14388 Federal Register / Vol. 82, No. 52 / Monday, March 20, 2017 / Notices

Commission to consider matters related Representative: Natalie R. Ward; com/, at the principal office of the
to negotiated service agreement(s). The Comments Due: March 21, 2017. Exchange, and at the Commission’s
request(s) may propose the addition or 3. Docket No(s).: CP2017–131; Filing Public Reference Room.
removal of a negotiated service Title: Notice of United States Postal
II. Self-Regulatory Organization’s
agreement from the market dominant or Service of Filing Functionally
the competitive product list, or the Statement of the Purpose of, and
Equivalent Inbound Competitive Multi-
modification of an existing product Statutory Basis for, the Proposed Rule
Service Agreement with a Foreign Postal
currently appearing on the market Change
Operator, and Application for Non-
dominant or the competitive product Public Treatment of Materials; Filing In its filing with the Commission, the
list. Acceptance Date: March 13, 2017; Filing Exchange included statements
Section II identifies the docket Authority: 39 CFR 3015.5; Public concerning the purpose of and basis for
number(s) associated with each Postal Representative: Natalie R. Ward; the proposed rule change and discussed
Service request, the title of each Postal Comments Due: March 21, 2017. any comments it received on the
Service request, the request’s acceptance This notice will be published in the proposed rule change. The text of these
date, and the authority cited by the Federal Register. statements may be examined at the
Postal Service for each request. For each places specified in Item IV below. The
request, the Commission appoints an Ruth Ann Abrams,
Exchange has prepared summaries, set
officer of the Commission to represent Acting Secretary. forth in sections A, B, and C below, of
the interests of the general public in the [FR Doc. 2017–05412 Filed 3–17–17; 8:45 am] the most significant aspects of such
proceeding, pursuant to 39 U.S.C. 505 BILLING CODE 7710–FW–P statements.
(Public Representative). Section II also
establishes comment deadline(s) A. Self-Regulatory Organization’s
pertaining to each request. SECURITIES AND EXCHANGE Statement of the Purpose of, and the
The public portions of the Postal COMMISSION Statutory Basis for, the Proposed Rule
Service’s request(s) can be accessed via Change
the Commission’s Web site (http:// [Release No. 34–80244; File No. SR–Phlx–
2017–24] 1. Purpose
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any, The Exchange proposes to amend
Self-Regulatory Organizations; pricing related to NDX and MNX by
can be accessed through compliance NASDAQ PHLX LLC; Notice of Filing
with the requirements of 39 CFR adopting Options Transaction Charges
and Immediate Effectiveness of for NDX and MNX and also eliminating
3007.40. Proposed Rule Change To Amend
The Commission invites comments on the Marketing Fee for NDX and MNX.6
Pricing for NDX and MNX The Exchange notes that both NDX and
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent March 14, 2017. MNX are transitioning to be exclusively
with the policies of title 39. For Pursuant to Section 19(b)(1) of the listed on the Exchange and its affiliated
request(s) that the Postal Service states Securities Exchange Act of 1934 markets in 2017.7
concern market dominant product(s), (‘‘Act’’), 1 and Rule 19b–4 thereunder,2 Today, the Exchange assesses
applicable statutory and regulatory notice is hereby given that on March 9, transactions in NDX and MNX the
requirements include 39 U.S.C. 3622, 39 2017, NASDAQ PHLX LLC (‘‘Phlx’’ or following Options Transaction Charges
U.S.C. 3642, 39 CFR part 3010, and 39 ‘‘Exchange’’) filed with the Securities for non-Penny Pilot Options: A $0.75
CFR part 3020, subpart B. For request(s) and Exchange Commission (‘‘SEC’’ or per contract for electronic Professional 8
that the Postal Service states concern ‘‘Commission’’) the proposed rule transactions and $0.25 per contract for
competitive product(s), applicable change as described in Items I, II, and floor Professional transactions; $0.25
statutory and regulatory requirements III, below, which Items have been per contract for Specialist 9 and Market
include 39 U.S.C. 3632, 39 U.S.C. 3633, prepared by the Exchange. The Maker 10 electronic transactions and
39 U.S.C. 3642, 39 CFR part 3015, and Commission is publishing this notice to 6 The Exchange initially filed the proposed
39 CFR part 3020, subpart B. Comment solicit comments on the proposed rule pricing change on February 28, 2017 (SR–Phlx–
deadline(s) for each request appear in change from interested persons. 2017–20). On March 8, 2017, the Exchange
section II. withdrew that filing and submitted this filing.
I. Self-Regulatory Organization’s 7 The Exchange will exclusively list NDX and
II. Docketed Proceeding(s) Statement of the Terms of Substance of MNX in the near future upon expiration of open
1. Docket No(s).: CP2016–223; Filing the Proposed Rule Change expiries in these products on other markets.
8 The term ‘‘Professional’’ applies to transactions
Title: Notice of the United States Postal The Exchange proposes to amend the for the accounts of Professionals, as defined in
Service of Filing Modification to Global Exchange’s Pricing Schedule at Section Exchange Rule 1000(b)(14).
Expedited Package Services 3 II, entitled ‘‘Multiply Listed Options 9 The term ‘‘Specialist’’ applies to transactions for

Negotiated Service Agreement; Filing Fees,’’ 3 to amend pricing related to the account of a Specialist (as defined in Exchange
Acceptance Date: March 13, 2017; Filing Rule 1020(a)).
options overlying NDX 4 and MNX.5 10 The term ‘‘Market Maker’’ describes fees and
Authority: 39 CFR 3015.5; Public The text of the proposed rule change rebates applicable to Registered Options Traders
Representative: Kenneth R. Moeller; is available on the Exchange’s Web site (‘‘ROT’’), Streaming Quote Traders (‘‘SQT’’) and
Comments Due: March 21, 2017. at http://nasdaqphlx.cchwallstreet. Remote Streaming Quote Traders (‘‘RSQT’’). A ROT
2. Docket No(s).: CP2017–130; Filing is defined in Exchange Rule 1014(b) as a regular
Title: Notice of United States Postal member of the Exchange located on the trading
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1 15 U.S.C. 78s(b)(1).
floor who has received permission from the
Service of Filing Functionally 2 17 CFR 240.19b–4. Exchange to trade in options for his own account.
Equivalent Inbound Competitive Multi- 3 These fees include options overlying equities,
A ROT includes SQTs and RSQTs as well as on and
Service Agreement with a Foreign Postal ETFs, ETNs and indexes which are Multiply Listed. off-floor ROTS. An SQT is defined in Exchange
4 NDX represents options on the Nasdaq 100
Operator, and Application for Non- Rule 1014(b)(ii)(A) as an ROT who has received
Index traded under the symbol NDX (‘‘NDX’’). permission from the Exchange to generate and
Public Treatment of Materials; Filing 5 MNX represents options on one-tenth the value submit option quotations electronically in options
Acceptance Date: March 13, 2017; Filing of the Nasdaq 100 Index traded under the symbol to which such SQT is assigned. An RSQT is defined
Authority: 39 CFR 3015.5; Public MNX (‘‘MNX’’). in Exchange Rule in 1014(b)(ii)(B) as an ROT that

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Federal Register / Vol. 82, No. 52 / Monday, March 20, 2017 / Notices 14389

$0.35 per contract for Specialist and Options Transaction Charge and an instructions of the Specialist units/
Market Maker floor transactions; $0.75 increased floor Options Transaction Specialists or Directed ROTs to order
per contract for Broker-Dealer 11 Charge of $0.75 per contract 17 for NDX flow providers who are members or
electronic transactions and $0.25 per and MNX transactions. Finally, a Firm member organizations, who submit, as
contract for floor Broker-Dealer will be assessed the same $0.75 per agent, Customer orders to the Exchange
transactions; and $0.75 per contact for contract electronic Options Transaction or non-members or non-member
Firm 12 electronic transactions and Charge and an increased floor Options organizations who submit, as agent,
$0.25 per contract for Firm floor Transaction Charge of $0.75 per Customer orders to the Exchange
transactions. Today, Customers 13 are contract 18 for NDX and MNX through a member or member
not assessed a non-Penny Options transactions. The Exchange will organization who is acting as agent for
Transaction Charge for NDX and MNX continue to assess Non-Customers an those Customer orders.
transactions. Also, today, all Non- Options Surcharge for NDX and MNX of 2. Statutory Basis
Customers 14 are assessed a $0.25 per $0.25 per contract as is the case today.19
contract surcharge in NDX an MNX. The Exchange is proposing to relocate The Exchange believes that its
The Exchange proposes to indicate the surcharge to a new note 5 within the proposal is consistent with Section 6(b)
that the Options Transaction charges for Pricing Schedule instead of stating the of the Act,21 in general, and furthers the
non-Penny Pilot Options will not apply pricing within the current table in objectives of Sections 6(b)(4) and 6(b)(5)
to NDX and MNX transactions and Section II of the Pricing Schedule. of the Act,22 in particular, in that it
instead adopt new pricing for NDX and The Exchange is also proposing to provides for the equitable allocation of
MNX. The Exchange proposes to adopt note that a Marketing Fee 20 will not be reasonable dues, fees and other charges
the following Options Transaction assessed on NDX and MNX. Today, for among members and issuers and other
Charges for NDX and MNX. Customers trades resulting from either Directed or persons using any facility, and is not
will continue to not be assessed an non-Directed Orders that are delivered designed to permit unfair
Options Transaction Charge for NDX electronically and executed on the discrimination between customers,
and MNX. Professionals will be assessed Exchange, Specialists, Market Makers issuers, brokers, or dealers.
the same $0.75 per contract electronic The Commission and the courts have
and Directed ROTs are assessed certain
Options Transaction Charge and an repeatedly expressed their preference
fees on those trades when the Specialist
increased floor Options Transaction for competition over regulatory
unit or Directed ROT elects to
Charge of $0.75 per contract 15 for NDX intervention in determining prices,
participate in the marketing program.
and MNX transactions. A Specialist and products, and services in the securities
Specifically, the Exchange assesses
Market Maker will be assessed an markets. In Regulation NMS, while
options that are trading in the Penny
increased electronic Options adopting a series of steps to improve the
Pilot Program $0.25 per contract and the
Transaction Charge of $0.75 per current market model, the Commission
remaining equity options are assessed
contract 16 and the same $0.35 per highlighted the importance of market
$0.70 per contract (including NDX and
contract floor Options Transaction forces in determining prices and SRO
MNX). No Marketing Fees are assessed
Charge for NDX and MNX transactions. revenues and, also, recognized that
on trades that are not delivered
A Broker-Dealer will be assessed the current regulation of the market system
electronically. No Marketing Fees are
same $0.75 per contract electronic ‘‘has been remarkably successful in
assessed on Professional orders.
promoting market competition in its
Marketing Fees are assessed on
is a member affiliated with an RSQTO with no broader forms that are most important to
transactions resulting from Customer
physical trading floor presence who has received investors and listed companies.’’ 23
permission from the Exchange to generate and orders and are available to be disbursed Likewise, in NetCoalition v. Securities
submit option quotations electronically in options by the Exchange according to the and Exchange Commission 24
to which such RSQT has been assigned. A Remote
Streaming Quote Trader Organization or ‘‘RSQTO,’’ 17 Today, a Broker-Dealer is assessed a $0.25 per
(‘‘NetCoalition’’) the D.C. Circuit upheld
which may also be referred to as a Remote Market contract floor Options Transaction Charge when the Commission’s use of a market-based
Making Organization (‘‘RMO’’), is a member transacting NDX and MNX. approach in evaluating the fairness of
organization in good standing that satisfies the
RSQTO readiness requirements in Rule 507(a).
18 Today, a Firm is assessed a $0.25 per contract market data fees against a challenge
11 The term ‘‘Broker-Dealer’’ applies to any
floor Options Transaction Charge when transacting claiming that Congress mandated a cost-
NDX and MNX.
transaction which is not subject to any of the other 19 For clarity, the Exchange is amending the
based approach.25 As the court
transaction fees applicable within a particular
Customer charge from ‘‘N/A’’ to ‘‘$0.00.’’ The emphasized, the Commission ‘‘intended
category. in Regulation NMS that ‘market forces,
12 The term ‘‘Firm’’ applies to any transaction that
Exchange believes that $0.00 is more appropriate to
is identified by a member or member organization
reflect no charge. rather than regulatory requirements’
20 The Exchange’s Marketing Fee helps its
for clearing in the Firm range at The Options play a role in determining the market
Specialists and Directed Registered Options Traders
Clearing Corporation.
(‘‘Directed ROTs’’) establish payment arrangements
data . . . to be made available to
13 The term ‘‘Customer’’ applies to any
with an order flow provider in exchange for that investors and at what cost.’’ 26
transaction that is identified by a member or order flow provider directing some or all of its order Further, ‘‘[n]o one disputes that
member organization for clearing in the Customer flow to that Specialist or Directed ROT. This
range at The Options Clearing Corporation which is competition for order flow is ‘fierce.’
program is funded through fees paid by Registered
not for the account of a broker or dealer or for the Options Traders (‘‘ROTs’’), Specialists and Directed
. . . As the SEC explained, ‘[i]n the U.S.
account of a ‘‘Professional’’ (as that term is defined ROTs and assessed on transactions resulting from national market system, buyers and
in Rule 1000(b)(14)). customer orders. A Registered Option Trader is sellers of securities, and the broker-
14 The term ‘‘Non-Customer’’ applies to
defined in Exchange Rule 1014(b) as a regular
transactions for the accounts of Specialists, Market member of the Exchange located on the trading
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21 15 U.S.C. 78f(b).
Makers, Firms, Professionals, Broker-Dealers and floor who has received permission from the 22 15 U.S.C. 78f(b)(4) and (5).
Joint Back Office. Exchange to trade in options for his own account.
15 Today, a Professional is assessed a $0.25 per 23 Securities Exchange Act Release No. 51808
See Exchange Rule 1014 (b)(i) and (ii). A ‘‘Directed
contract floor Options Transaction Charge when ROT’’ is an ROT who is a Directed Participant. The (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
transacting NDX and MNX. term ‘‘Directed Participant’’ applies to transactions (‘‘Regulation NMS Adopting Release’’).
16 Today, a Specialist and Market Maker are 24 NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir.
for the account of a Specialist or ROT resulting from
assessed a $0.25 per contract floor Options a customer order that is (1) directed to it by an order 2010).
25 See NetCoalition, at 534–535.
Transaction Charge when transacting NDX and flow provider, and (2) executed by it electronically
MNX. on Phlx XL II. 26 Id. at 537.

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14392 Federal Register / Vol. 82, No. 52 / Monday, March 20, 2017 / Notices

Commission summarily may available publicly. All submissions places specified in Item IV below. The
temporarily suspend such rule change if should refer to File Number SR–Phlx– Exchange has prepared summaries, set
it appears to the Commission that such 2017–24, and should be submitted on or forth in sections A, B, and C below, of
action is: (i) Necessary or appropriate in before April 10, 2017. the most significant aspects of such
the public interest; (ii) for the protection For the Commission, by the Division of statements.
of investors; or (iii) otherwise in Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
furtherance of the purposes of the Act. authority.38 Statement of the Purpose of, and
If the Commission takes such action, the Robert W. Errett, Statutory Basis for, the Proposed Rule
Commission shall institute proceedings Deputy Secretary. Change
to determine whether the proposed rule [FR Doc. 2017–05409 Filed 3–17–17; 8:45 am]
should be approved or disapproved. 1. Purpose
BILLING CODE 8011–01–P
IV. Solicitation of Comments Phlx is planning to relocate from its
current location at 1900 Market Street in
Interested persons are invited to
SECURITIES AND EXCHANGE Philadelphia, Pennsylvania to a new
submit written data, views, and
COMMISSION location at FMC Tower, 2929 Walnut
arguments concerning the foregoing,
Street in Philadelphia, Pennsylvania.
including whether the proposed rule [Release No. 34–80243; File No. SR–Phlx–
2017–23] The relocation is currently scheduled to
change is consistent with the Act.
occur in April 2017.
Comments may be submitted by any of The purpose of this rule change is to
the following methods: Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing amend the Second Amended Limited
Electronic Comments and Immediate Effectiveness of Liability Company Agreement of
• Use the Commission’s Internet Proposed Rule Change To Amend the NASDAQ PHLX LLC as well as Rule 60,
comment form (http://www.sec.gov/ Address of the Exchange and Its entitled ‘‘Sanctions for Breach of
rules/sro.shtml); or Shareholder Regulations’’ to amend the addresses
• Send an email to rule-comments@ referenced therein for Phlx. In addition,
March 14, 2017. the Second Amended Limited Liability
sec.gov. Please include File Number SR–
Phlx–2017–24 on the subject line. Pursuant to Section 19(b)(1) of the Company Agreement lists the address of
Securities Exchange Act of 1934 Phlx’s shareholder, Nasdaq, Inc. The
Paper Comments (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange proposes to amend that
• Send paper comments in triplicate notice is hereby given that on March 3, address as well. The description for
to Secretary, Securities and Exchange 2017, NASDAQ PHLX LLC (‘‘Phlx’’ or each change is below.
Commission, 100 F Street NE., ‘‘Exchange’’) filed with the Securities
and Exchange Commission Change to 1900 Market Street Address
Washington, DC 20549–1090.
All submissions should refer to File (‘‘Commission’’) the proposed rule As noted above, Phlx will relocate in
Number SR–Phlx–2017–24. This file change as described in Items I and II April 2017 to a new address at FMC
number should be included on the below, which Items have been prepared Tower, 2929 Walnut Street in
subject line if email is used. To help the by the Exchange. The Commission is Philadelphia, Pennsylvania. The Second
Commission process and review your publishing this notice to solicit Amended Limited Liability Company
comments more efficiently, please use comments on the proposed rule change Agreement and Rule 60 currently
only one method. The Commission will from interested persons. contain references to Phlx’s current
post all comments on the Commission’s address at 1900 Market Street. The
I. Self-Regulatory Organization’s Exchange proposes to amend the Phlx
Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of
rules/sro.shtml). Copies of the address as of April 1, 2017 to the new
the Proposed Rule Change address at FMC Tower, 2929 Walnut
submission, all subsequent
The Exchange proposes to amend the Street in Philadelphia, Pennsylvania.
amendments, all written statements
addresses for Phlx and its shareholder,
with respect to the proposed rule Change to Nasdaq, Inc. Address
Nasdaq, Inc.
change that are filed with the The text of the proposed rule change Nasdaq, Inc., the sole shareholder of
Commission, and all written is available on the Exchange’s Web site Phlx, is currently listed in the Second
communications relating to the at http://nasdaqphlx.cchwallstreet. Amended Limited Liability Company
proposed rule change between the com/, at the principal office of the Agreement with an address of 1900
Commission and any person, other than Exchange, and at the Commission’s Market Street, Philadelphia,
those that may be withheld from the Public Reference Room. Pennsylvania. At this time the Exchange
public in accordance with the proposes to list the address of its
provisions of 5 U.S.C. 552, will be II. Self-Regulatory Organization’s
shareholder at One Liberty Plaza, New
available for Web site viewing and Statement of the Purpose of, and
York, NY 10006. This address is the
printing in the Commission’s Public Statutory Basis for, the Proposed Rule
headquarters of Nasdaq, Inc.
Reference Room, 100 F Street NE., Change The Exchange proposes that the Phlx
Washington, DC 20549, on official In its filing with the Commission, the address rule change will become
business days between the hours of Exchange included statements operative on April 1, 2017.
10:00 a.m. and 3:00 p.m. Copies of the concerning the purpose of and basis for
filing also will be available for 2. Statutory Basis
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the proposed rule change and discussed
inspection and copying at the principal any comments it received on the The Exchange believes that its
office of the Exchange. All comments proposed rule change. The text of these proposal is consistent with Section 6(b)
received will be posted without change; statements may be examined at the of the Act,3 in general, and furthers the
the Commission does not edit personal objectives of Section 6(b)(5) of the Act,4
identifying information from 38 17 CFR 200.30–3(a)(12).
submissions. You should submit only 1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78f(b).
information that you wish to make 2 17 CFR 240.19b–4. 4 15 U.S.C. 78f(b)(5).

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Document Created: 2017-03-18 01:11:19
Document Modified: 2017-03-18 01:11:19

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		82 FR 14388