82 FR 15247 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MDX Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 57 (March 27, 2017)
Federal Register Volume 82, Issue 57 (March 27, 2017)
| Page Range | 15247-15249 | |
| FR Document | 2017-05922 |
[Federal Register Volume 82, Number 57 (Monday, March 27, 2017)] [Notices] [Pages 15247-15249] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05922] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80286; File No. SR-CBOE-2017-022] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MDX Fees Schedule March 21, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 14, 2017, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') 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 Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') proposes to amend user fees for the Complex Order Book (``COB'') Data Feed. The text of the proposed rule change is available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, 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 make a number of changes to the Fees Schedule of the Exchange's affiliate Market Data Express, LLC (``MDX'').\3\ The purpose of the proposed rule change is to amend user fees for the Best Bid and Offer (``BBO'') data feed. This data feed is made available by MDX. --------------------------------------------------------------------------- \3\ The Exchange initially filed the proposed fee changes on March 1, 2017 (SR-CBOE-2017-020). On March 14, 2017, the Exchange withdrew that filing and submitted this filing. --------------------------------------------------------------------------- BBO Data Feed The BBO Data Feed is a real-time data feed that includes the following information: (i) Outstanding quotes and standing orders at the best available price level on each side of the market; (ii) executed trades time, size, and price; (iii) totals of customer versus non-customer contracts at the BBO; (iv) all-or-none contingency orders priced better than or equal to the BBO; (v) expected opening price and expected opening size; (vi) end-of-day summaries by product, including open, high, low, and closing price during the trading session; (vi) recap messages any time there is a change in the open, high, low or last sale price of a listed option, (vii) Complex Order Book (``COB'') information; and (viii) product IDs and codes for all listed options contracts. The quote and last sale data contained in the BBO data feed is identical to the data sent to the Options Price Reporting Authority for redistribution to the public. Background The Floor Broker Workstation (``FBW'') is an order management tool used by CBOE Floor Brokers to handle orders on the trading floor of the Exchange. Through February 28, 2017, FBW was a third-party facility of the Exchange. CBOE made the BBO data feed available to Floor Brokers that used FBW at no cost, apart from the applicable FBW login fees ($450 per login ID). Floor Brokers used the BBO Data Feed via FBW primarily to comply with customer priority obligations, such as those outlined in CBOE Rule 6.45 (as mentioned above, the BBO data includes customer contracts at the BBO). Floor Brokers who receive the BBO data feed via FBW (as a facility of CBOE) are not considered ``Customers'' of MDX to whom the BBO Data Fee applies (unless the Floor Broker has a separate market data agreement in place with MDX) and accordingly are not charged the BBO Data Fee.\4\ --------------------------------------------------------------------------- \4\ A Customer is any person, company or other entity that, pursuant to a market data agreement with MDX, is entitled to receive data, either directly from MDX or through an authorized redistributor (i.e., a Customer or an extranet service provider), whether that data is distributed externally or used internally. Floor Brokers receiving the BBO Data Feed from CBOE via FBW do not receive the feed via an approved redistributor. The MDX fee schedule for CBOE data is located at https://www.cboe.org/MDX/CSM/OBOOKMain.aspx. --------------------------------------------------------------------------- Fees Prior to the beginning of trading on March 1, 2017, the Exchange will no longer offer FBWs to its Trading Permit Holders (``TPHs'') and will deactivate FBW logins on the trading floor.\5\ As of March 1, 2017, Floor Brokers will need another mechanism through which they may access the BBO Data Feed. The Exchange proposes to provide a reduced cost version of the BBO Data Feed if [sic] to Floor Brokers that elect to receive the feed through a third-party provided device so that they can meet their customer priority obligations. --------------------------------------------------------------------------- \5\ See CBOE Regulatory Circular RG16-195. --------------------------------------------------------------------------- The Exchange is proposing a fee of $100 per month, per Approved Third-Party Device, for Floor Broker Users accessing the BBO data feed on the Exchange floor. Floor Broker User fees are payable only for CBOE Floor Brokers accessing the BBO data feed via Approved Third-Party Devices for managing and executing orders on the CBOE trading floor. An ``Approved Third-Party Device'' means any computer, workstation or other item of equipment, fixed or portable, that receives, accesses and/or displays data [[Page 15248]] in visual, audible or other form that has been provided by a third- party and that has been approved, by CBOE, for use on the CBOE trading floor. A ``Floor Broker User'' is a person or entity registered with CBOE as a floor broker pursuant to CBOE Rules. Floor Broker Users may directly interact with the CBOE Hybrid Order Handling System and view and manipulate data using their Approved Third-Party Devices, but not save, copy, export or transfer the data or any results of a manipulation to any other computer hardware, software or media, except for printing it to paper or other non-magnetic media. In addition, the Exchange proposes to clarify the definition of Customer in the BBO section of the MDX Fee Schedule does not include a third-party vendor of an Approved Third-Party Device, as defined below, unless it has a market data agreement in place with MDX. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\6\ Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,\7\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. The Exchange also believes the proposed rule change is consistent with the Section 6(b)(5) \8\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed Floor Broker User Fee is equitable and not unfairly discriminatory because it would apply equally to all Floor Brokers using Approved Third-Party Devices on the Exchange trading floor. Furthermore, the Exchange believes it is reasonable, equitable and not unfairly discriminatory to charge Floor Brokers more than ``external'' Display Only Service users, because, unlike those users, Floor Brokers use the BBO Data on the Exchange trading floor to manage and execute orders and directly interact with the Order Handling System. The Exchange believes it is reasonable, equitable and not unfairly discriminatory to charge Floor Brokers accessing the BBO data feed via Approved Third-Party Devices a fee of $100 per month as opposed to the $7000 per month fee for BBO Data Feed Customers because: (1) Unlike BBO Data Feed Customers, Floor Broker Users may not save, copy, export or transfer the BBO data and; (2) unlike BBO Data Feed Customers, Floor Broker Users generally use the data for the limited purpose of meeting their order priority obligations (as opposed to using the data for proprietary trading activity). The Exchange believes the Floor Broker User Fees are reasonable because it will no longer collect a $450 monthly fee for FBW, based on conversations with vendors of currently Approved Third- Party Devices, the Exchange believes the $100 Floor Broker user fee plus the amount a Floor Broker pays the third party for use of an Approved Third-Party Device will be comparable to the previously assessed monthly FBW fees. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will not have an impact on intramarket competition as the fee for BBO Data Feed via an Approved Third-Party Device will apply to all Floor Brokers equally who use Approved Third-Party Devices. Further, the proposed rule will have not have an impact on intramarket competition because the amount a Floor Broker previously paid for FBW, which included the BBO Data Feed, is comparable to the amount it will pay for access to the BBO Data Feed through an Approved Third-Party Device plus the separate payment to the third-party vendor for use of the device. The Exchange does not believe that the proposed change will cause any unnecessary burden on intermarket competition because the proposed change only affects trading on the Exchange's trading floor. To the extent that the proposed changes make the Exchange a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become CBOE market participants. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. 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) of the Act \9\ and paragraph (f) of Rule 19b-4 \10\ thereunder. At any time within 60 days of the filing of the 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 will institute proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-CBOE-2017-022 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 No. SR-CBOE-2017-022. 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 [[Page 15249]] 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 No. SR-CBOE-2017-022, and should be submitted on or before April 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05922 Filed 3-24-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 57 / Monday, March 27, 2017 / Notices 15247
public in accordance with the Data Feed. The text of the proposed rule Authority for redistribution to the
provisions of 5 U.S.C. 552, will be change is available on the Exchange’s public.
available for Web site viewing and Web site (http://www.cboe.com/
Background
printing in the Commission’s Public AboutCBOE/
Reference Room, 100 F Street NE., CBOELegalRegulatoryHome.aspx), at The Floor Broker Workstation
Washington, DC 20549 on official the Exchange’s Office of the Secretary, (‘‘FBW’’) is an order management tool
business days between the hours of and at the Commission’s Public used by CBOE Floor Brokers to handle
10:00 a.m. and 3:00 p.m. Copies of the Reference Room. orders on the trading floor of the
filing also will be available for Exchange. Through February 28, 2017,
II. Self-Regulatory Organization’s FBW was a third-party facility of the
inspection and copying at the principal
Statement of the Purpose of, and Exchange. CBOE made the BBO data
office of the Exchange. All comments
received will be posted without change; Statutory Basis for, the Proposed Rule feed available to Floor Brokers that used
the Commission does not edit personal Change FBW at no cost, apart from the
identifying information from In its filing with the Commission, the applicable FBW login fees ($450 per
submissions. You should submit only Exchange included statements login ID). Floor Brokers used the BBO
information that you wish to make concerning the purpose of and basis for Data Feed via FBW primarily to comply
available publicly. All submissions the proposed rule change and discussed with customer priority obligations, such
should refer to File Number SR– any comments it received on the as those outlined in CBOE Rule 6.45 (as
NYSEMKT–2017–14 and should be proposed rule change. The text of these mentioned above, the BBO data
submitted on or before April 17, 2017. statements may be examined at the includes customer contracts at the
places specified in Item IV below. The BBO). Floor Brokers who receive the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Exchange has prepared summaries, set BBO data feed via FBW (as a facility of
authority.16 forth in sections A, B, and C below, of CBOE) are not considered ‘‘Customers’’
Eduardo A. Aleman, the most significant aspects of such of MDX to whom the BBO Data Fee
Assistant Secretary. statements. applies (unless the Floor Broker has a
separate market data agreement in place
[FR Doc. 2017–05920 Filed 3–24–17; 8:45 am] A. Self-Regulatory Organization’s with MDX) and accordingly are not
BILLING CODE 8011–01–P Statement of the Purpose of, and the charged the BBO Data Fee.4
Statutory Basis for, the Proposed Rule
Change Fees
SECURITIES AND EXCHANGE Prior to the beginning of trading on
COMMISSION 1. Purpose
March 1, 2017, the Exchange will no
[Release No. 34–80286; File No. SR–CBOE– The Exchange proposes to make a longer offer FBWs to its Trading Permit
2017–022] number of changes to the Fees Schedule Holders (‘‘TPHs’’) and will deactivate
of the Exchange’s affiliate Market Data FBW logins on the trading floor.5 As of
Self-Regulatory Organizations; Express, LLC (‘‘MDX’’).3 The purpose of March 1, 2017, Floor Brokers will need
Chicago Board Options Exchange, the proposed rule change is to amend another mechanism through which they
Incorporated; Notice of Filing and user fees for the Best Bid and Offer may access the BBO Data Feed. The
Immediate Effectiveness of a Proposed (‘‘BBO’’) data feed. This data feed is Exchange proposes to provide a reduced
Rule Change To Amend the MDX Fees made available by MDX. cost version of the BBO Data Feed if
Schedule [sic] to Floor Brokers that elect to
BBO Data Feed
March 21, 2017. The BBO Data Feed is a real-time data receive the feed through a third-party
Pursuant to Section 19(b)(1) of the feed that includes the following provided device so that they can meet
Securities Exchange Act of 1934 (the information: (i) Outstanding quotes and their customer priority obligations.
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange is proposing a fee of
standing orders at the best available
notice is hereby given that on March 14, $100 per month, per Approved Third-
price level on each side of the market;
2017, Chicago Board Options Exchange, Party Device, for Floor Broker Users
(ii) executed trades time, size, and price;
Incorporated (the ‘‘Exchange’’ or accessing the BBO data feed on the
(iii) totals of customer versus non-
‘‘CBOE’’) filed with the Securities and Exchange floor. Floor Broker User fees
customer contracts at the BBO; (iv) all-
Exchange Commission (the are payable only for CBOE Floor Brokers
or-none contingency orders priced
‘‘Commission’’) the proposed rule accessing the BBO data feed via
better than or equal to the BBO; (v)
change as described in Items I, II, and Approved Third-Party Devices for
expected opening price and expected
III below, which Items have been managing and executing orders on the
opening size; (vi) end-of-day summaries
prepared by the Exchange. The CBOE trading floor. An ‘‘Approved
by product, including open, high, low,
Commission is publishing this notice to Third-Party Device’’ means any
and closing price during the trading
solicit comments on the proposed rule computer, workstation or other item of
session; (vi) recap messages any time
change from interested persons. equipment, fixed or portable, that
there is a change in the open, high, low
receives, accesses and/or displays data
I. Self-Regulatory Organization’s or last sale price of a listed option, (vii)
Statement of the Terms of Substance of Complex Order Book (‘‘COB’’) 4 A Customer is any person, company or other
the Proposed Rule Change information; and (viii) product IDs and entity that, pursuant to a market data agreement
asabaliauskas on DSK3SPTVN1PROD with NOTICES
codes for all listed options contracts. with MDX, is entitled to receive data, either directly
Chicago Board Options Exchange, The quote and last sale data contained from MDX or through an authorized redistributor
Incorporated (the ‘‘Exchange’’ or in the BBO data feed is identical to the (i.e., a Customer or an extranet service provider),
‘‘CBOE’’) proposes to amend user fees whether that data is distributed externally or used
data sent to the Options Price Reporting internally. Floor Brokers receiving the BBO Data
for the Complex Order Book (‘‘COB’’) Feed from CBOE via FBW do not receive the feed
3 The Exchange initially filed the proposed fee via an approved redistributor. The MDX fee
16 17 CFR 200.30–3(a)(12). changes on March 1, 2017 (SR–CBOE–2017–020). schedule for CBOE data is located at https://
1 15 U.S.C. 78s(b)(1). www.cboe.org/MDX/CSM/OBOOKMain.aspx.
On March 14, 2017, the Exchange withdrew that
2 17 CFR 240.19b–4. filing and submitted this filing. 5 See CBOE Regulatory Circular RG16–195.
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![Federal Register / Vol. 82, No. 57 / Monday, March 27, 2017 / Notices 15249
Reference Room, 100 F Street NE., effective March 10, 2017.4 The proposed liquidity from the Exchange and that are
Washington, DC 20549, on official rule change is available on the designated as Retail Orders.
business days between the hours of Exchange’s Web site at www.nyse.com,
Tape B Orders
10:00 a.m. and 3:00 p.m. Copies of the at the principal office of the Exchange,
filing also will be available for and at the Commission’s Public The Fee Schedule currently provides
inspection and copying at the principal Reference Room. that a fee of $0.00285 per share is
office of the Exchange. All comments charged for orders that take liquidity
II. Self-Regulatory Organization’s from the Book in Tape B securities in
received will be posted without change;
Statement of the Purpose of, and each of Tier 1, Tier 2, Tier 3, and Cross-
the Commission does not edit personal
Statutory Basis for, the Proposed Rule Asset Tier 2 sections of the Fee
identifying information from
Change Schedule, and for Limit Non-Displayed
submissions. You should submit only
information that you wish to make Orders 7 that take liquidity from the
In its filing with the Commission, the
available publicly. All submissions Book in Tape B securities in each of Tier
self-regulatory organization included
should refer to File No. SR–CBOE– 1, Tier 2 and Tier 3 of the Fee Schedule.
statements concerning the purpose of,
2017–022, and should be submitted on The Exchange proposes to increase this
and basis for, the proposed rule change
or before April 17, 2017. fee to $0.0029 per share.
and discussed any comments it received
For the Commission, by the Division of on the proposed rule change. The text Lead Market Maker (‘‘LMM’’) 8
Trading and Markets, pursuant to delegated of those statements may be examined at Transaction Fees
authority.11 the places specified in Item IV below. The Exchange currently charges a fee
Eduardo A. Aleman, The Exchange has prepared summaries, of $0.00285 per share to LMMs for
Assistant Secretary. set forth in sections A, B, and C below, orders in primary listed securities that
[FR Doc. 2017–05922 Filed 3–24–17; 8:45 am] of the most significant parts of such remove liquidity from the NYSE Arca
BILLING CODE 8011–01–P
statements. Book. The Exchange proposes to
A. Self-Regulatory Organization’s increase this fee to $0.0029 per share.
Statement of the Purpose of, and the Tape C Tier 2
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
COMMISSION The Exchange proposes a new pricing
Change
tier—Tape C Tier 2—for securities with
[Release No. 34–80285; File No. SR– 1. Purpose a per share price at or above $1.00.
NYSEArca–2017–27] As proposed, the Tape C Tier 2 would
The Exchange proposes to amend the apply to ETP Holders and Market
Self-Regulatory Organizations; NYSE Fee Schedule, as described below, and Makers that, on a daily basis, measured
Arca, Inc.; Notice of Filing and implement the fee changes on March 10, monthly, directly execute providing
Immediate Effectiveness of Proposed 2017. volume in Tape C Securities during the
Rule Change To Amend the NYSE Arca Mid-Point Liquidity Order—Securities billing month (‘‘Tape C Adding ADV’’)
Equities Schedule of Fees and $1.00 and Greater that is equal to at least 0.20% of the US
Charges for Exchange Services Tape C CADV for the billing month over
A Mid-Point Liquidity Order is the ETP Holder’s or Market Maker’s Q4
March 21, 2017. defined in Rule 7.31(d)(3) as a Limit 2016 Tape C Adding ADV taken as a
Pursuant to Section 19(b)(1) 1 of the Order that is not displayed and does not percentage of Tape C CADV. Such ETP
Securities Exchange Act of 1934 (the route, with a working price at the Holders and Market Makers would be
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 midpoint of the Protected Best Bid and charged a fee of $0.0029 per share for
notice is hereby given that, on March Offer (‘‘PBBO’’).5 orders that take liquidity from the Book
10, 2017, NYSE Arca, Inc. (the The Exchange currently does not in Tape C Securities. For example, if an
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with charge a fee for MPL Orders in Tape A, ETP Holder’s Tape C Baseline % CADV
the Securities and Exchange Tape B and Tape C securities that during fourth quarter 2016 was 0.500%,
Commission (the ‘‘Commission’’) the remove liquidity from the Exchange that the ETP Holder would need a Tape C
proposed rule change as described in are designated as ‘‘Retail Orders.’’ 6 The Adding ADV of at least 0.700% to meet
Items I, II, and III below, which Items Exchange proposes to charge a fee of the requirements for Tape C Tier 2. For
have been prepared by the self- $0.0010 per share in each of Tier 1, Tier all other fees and credits, Tiered or
regulatory organization. The 2 and Basic Rates sections of the Fee Basic Rates apply based on a firm’s
Commission is publishing this notice to Schedule for MPL Orders that remove qualifying levels.
solicit comments on the proposed rule The Exchange recently adopted a
change from interested persons. 4 The Exchange originally filed to amend the Fee Tape C Tier credit of $0.0002 per share
Schedule on February 28, 2017 (SR–NYSEArca– for orders that provide liquidity to the
I. Self-Regulatory Organization’s 2017–21) and withdrew such filing on March 10, Book.9 That credit is applied in addition
Statement of the Terms of Substance of 2017. to the ETP Holder’s or Market Maker’s
the Proposed Rule Change 5 See Rule 7.31(d)(3).
Tiered or Basic Rate credit(s) except that
6 Retail Orders are defined in the Fee Schedule as
The Exchange proposes to amend the orders designated as retail orders and that meet the
7 A Limit Non-Displayed Order is a Limit Order
asabaliauskas on DSK3SPTVN1PROD with NOTICES
NYSE Arca Equities Schedule of Fees requirements of Rule 7.44(a)(3), but that are not
executed in the Retail Liquidity Program. The Retail that is not displayed and does not route. See Rule
and Charges for Exchange Services Liquidity Program is a pilot program designed to 7.31(d)(2).
(‘‘Fee Schedule’’). The Exchange attract additional retail order flow to the Exchange 8 The term ‘‘Lead Market Maker’’ is defined in
proposes to implement the fee changes for NYSE Arca-listed securities and securities Rule 1.1(ccc) to mean a registered Market Maker
traded pursuant to unlisted trading privileges while that is the exclusive Designated Market Maker in
also providing the potential for price improvement listings for which the Exchange is the primary
11 17 CFR 200.30–3(a)(12). to such order flow. See Rule 7.44. See also market.
1 15 U.S.C. 78s(b)(1). Securities Exchange Act Release No. 71176 9 See Securities Exchange Act Release No. 80032
2 15 U.S.C. 78a.
(December 23, 2013), 78 FR 79524 (December 30, (February 13, 2017), 82 FR 11076 (February 17,
3 17 CFR 240.19b–4. 2013) (SR–NYSEArca–2013–107). 2017) (SR–NYSEArca–2017–10).
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Document Created: 2017-03-25 00:21:35
Document Modified: 2017-03-25 00:21:35
| 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 15247 |
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