82 FR 22685 - Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 94 (May 17, 2017)
Federal Register Volume 82, Issue 94 (May 17, 2017)
| Page Range | 22685-22687 | |
| FR Document | 2017-09923 |
[Federal Register Volume 82, Number 94 (Wednesday, May 17, 2017)] [Notices] [Pages 22685-22687] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-09923] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80653; File No. SR-BatsEDGA-2017-12] Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees May 11, 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 May 5, 2017, Bats EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-Members of the Exchange pursuant to EDGA Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.bats.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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule to: (i) Lower the rate for fee code RT; and (ii) add the RMPT/RMPL Tier 2. Fee Code RT The Exchange proposes to decrease the fee for orders yielding fee code RT, which is appended to orders routed using the ROUT \6\ routing strategy, from $0.00260 to $0.00250 per share for securities priced at or above $1.00 per share. The Exchange does not propose to amend the rate for orders yielding fee code RT in securities priced below $1.00 per share. --------------------------------------------------------------------------- \6\ ROUT is a routing strategy that checks the System for available shares and then are sent to destinations on the System routing table. See Exchange Rule 11.11(g)(3)(B). The term ``System routing table'' refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them. See Exchange Rule 11.11(g). --------------------------------------------------------------------------- RMPT/RMPL Tier 2 The Exchange offers one tier under footnote 4, the RMPT/RMPL Tier under which a Member receives a discounted fee of $0.0008 per share for orders yielding fee codes PT \7\ or PX \8\ where that Member adds or removes an ADV \9\ greater than or equal to 2,000,000 shares using the RMPT or RMPL \10\ routing strategy. The Exchange now proposes to add a new tier under footnote 4 to be known as Tier 2 under which a Member would receive a discounted fee of $0.0006 per share for orders yielding fee codes PT or PX where that Member adds or removes an ADV greater than or equal to 4,000,000 shares using the RMPT or RMPL routing strategy.\11\ --------------------------------------------------------------------------- \7\ Fee code PT is appended to orders that remove liquidity from the Exchange using RMPT or RMPL routing strategy and is assessed a fee of $0.0010 per share on securities priced over $1.00, and there is no fee on securities priced below $1.00. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/edga/. \8\ Fee code PX is append to orders that are routed using the RMPL routing strategy to a destination not covered by Fee Code PL, or are routed using the RMPT routing strategy, and is assessed a fee of $0.0012 per share on securities priced over $1.00, and a fee of 30% of the total dollar value on securities priced below $1.00. Id. \9\ ADV is generally defined as average daily volume calculated as the number of shares added to, removed from, or routed by, the Exchange, or any combination or subset thereof, per day. Id. \10\ The RMPT routing strategy operates similarly to RMPL in that under both Mid-Point Peg Orders check the System for available shares and any remaining shares are then sent to destinations on the System routing table that support midpoint eligible orders. If any shares remain unexecuted after routing, they are posted on the EDGA Book as a Mid-Point Peg Order, unless otherwise instructed by the User. While RMPL and RMPT operate in an identical manner, the trading venues that each routing strategy routes to and the order in which it routes them differ. See Exchange Rule 11.11(g)(13). \11\ As a result of the fee schedule layout change in adding a second tier, the description of which fee codes are appended with footnote 3 will be moved above the table similar to the layout of the table in footnote 4. --------------------------------------------------------------------------- [[Page 22686]] Implementation Date The Exchange proposes to implement the above changes to its fee schedule immediately.\12\ --------------------------------------------------------------------------- \12\ The Exchange initially submitted the proposed fee change on May 1, 2017. (SR-BatsEDGA-2017-09). On May 5, 2017, the Exchange withdrew SR-BatsEDGA-2017-09 and submitted this filing. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\13\ in general, and furthers the objectives of Section 6(b)(4),\14\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Fee Code RT The Exchange believes that its proposal to decrease the fee for orders that yield fee code RT represents an equitable allocation of reasonable dues, fees, and other charges among Members and other persons using its facilities in that it continues to be designed to cover the costs of routing incurred by the Exchange. The Exchange believes the decreased fee will attract additional liquidity to the Exchange as orders routed using the ROUT routing strategy first check the Exchange for available shares before routing and any unexecuted returned shares are posted to the Exchange. While the affected Members' orders will be charged a lower fee due to the proposal, the revenue received by the Exchange will continue to be used to fund the Exchange generally, including the cost of maintaining and improving the technology used to handle and route orders from the Exchange as well as programs that the Exchange believes help to attract additional liquidity and thus improve the depth of liquidity available on the Exchange. Furthermore, the Exchange notes that routing through the Exchange is voluntary. Lastly, the Exchange also believes that the proposed amendment is non-discriminatory because it applies uniformly to all Members. RMPT/RMPL Tier 2 The Exchange believe that the addition of the RMPL/RMPT Tier 2 is also reasonable and equitable because it is similar to the RMPL/RMPT Tier 1 and its inclusion of the RMPL and RMPT routing strategies results in the equal treatment of those orders under the Exchange's tiered pricing structure. The proposed new RMPT/RMPL Tier 2 should also attract additional midpoint liquidity to the Exchange, resulting in increased price improvement opportunities for orders seeking an execution at the midpoint of the NBBO on the Exchange or elsewhere. In addition, volume-based rebates such as that proposed herein have been widely adopted by exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to: (i) the value to an exchange's market quality; (ii) associated higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns; and (iii) the introduction of higher volumes of orders into the price and volume discovery processes. The Exchange believes that the proposed tier is a reasonable, fair and equitable, and not an unfairly discriminatory allocation of fees and rebates, because it will provide Members with an additional incentive to reach certain thresholds on the Exchange. B. Self-Regulatory Organization's Statement on Burden on Competition This proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that this change represents a significant departure from previous pricing offered by the Exchange or from pricing offered by the Exchange's competitors. The proposed rates would apply uniformly to all Members, and Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. Further, excessive fees would serve to impair an exchange's ability to compete for order flow and members rather than burdening competition. The Exchange believes that its proposal would not burden intramarket competition because the proposed rate would apply uniformly to all Members. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. 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 \15\ and paragraph (f) of Rule 19b-4 thereunder.\16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 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-BatsEDGA-2017-12 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-BatsEDGA-2017-12. 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 [[Page 22687]] 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-BatsEDGA-2017-12, and should be submitted on or before June 7, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-09923 Filed 5-16-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 94 / Wednesday, May 17, 2017 / Notices 22685
Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Fee Code RT
• Send paper comments in triplicate notice is hereby given that on May 5,
2017, Bats EDGA Exchange, Inc. (the The Exchange proposes to decrease
to Secretary, Securities and Exchange the fee for orders yielding fee code RT,
Commission, 100 F Street NE., ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
Securities and Exchange Commission which is appended to orders routed
Washington, DC 20549–1090.
(‘‘Commission’’) the proposed rule using the ROUT 6 routing strategy, from
All submissions should refer to File $0.00260 to $0.00250 per share for
change as described in Items I, II and III
Number SR–BOX–2017–14. This file securities priced at or above $1.00 per
below, which Items have been prepared
number should be included on the share. The Exchange does not propose
by the Exchange. The Exchange has
subject line if email is used. To help the to amend the rate for orders yielding fee
designated the proposed rule change as
Commission process and review your code RT in securities priced below
one establishing or changing a member
comments more efficiently, please use $1.00 per share.
due, fee, or other charge imposed by the
only one method. The Commission will
Exchange under Section 19(b)(3)(A)(ii)
post all comments on the Commission’s RMPT/RMPL Tier 2
of the Act 3 and Rule 19b–4(f)(2)
Internet Web site (http://www.sec.gov/
thereunder,4 which renders the The Exchange offers one tier under
rules/sro.shtml). Copies of the
proposed rule change effective upon footnote 4, the RMPT/RMPL Tier under
submission, all subsequent
filing with the Commission. The which a Member receives a discounted
amendments, all written statements
Commission is publishing this notice to fee of $0.0008 per share for orders
with respect to the proposed rule
solicit comments on the proposed rule yielding fee codes PT 7 or PX 8 where
change that are filed with the
change from interested persons. that Member adds or removes an ADV 9
Commission, and all written
communications relating to the I. Self-Regulatory Organization’s greater than or equal to 2,000,000 shares
proposed rule change between the Statement of the Terms of Substance of using the RMPT or RMPL 10 routing
Commission and any person, other than the Proposed Rule Change strategy. The Exchange now proposes to
those that may be withheld from the The Exchange filed a proposal to add a new tier under footnote 4 to be
public in accordance with the amend the fee schedule applicable to known as Tier 2 under which a Member
provisions of 5 U.S.C. 552, will be Members 5 and non-Members of the would receive a discounted fee of
available for Web site viewing and Exchange pursuant to EDGA Rules $0.0006 per share for orders yielding fee
printing in the Commission’s Public 15.1(a) and (c). codes PT or PX where that Member adds
Reference Room, on official business The text of the proposed rule change or removes an ADV greater than or equal
days between the hours of 10:00 a.m. is available at the Exchange’s Web site to 4,000,000 shares using the RMPT or
and 3:00 p.m., located at 100 F Street at www.bats.com, at the principal office RMPL routing strategy.11
NE., Washington, DC 20549. Copies of of the Exchange, and at the
such filing also will be available for Commission’s Public Reference Room. 6 ROUT is a routing strategy that checks the
inspection and copying at the principal System for available shares and then are sent to
office of the Exchange. All comments II. Self-Regulatory Organization’s destinations on the System routing table. See
Statement of the Purpose of, and Exchange Rule 11.11(g)(3)(B). The term ‘‘System
received will be posted without change; routing table’’ refers to the proprietary process for
Statutory Basis for, the Proposed Rule
the Commission does not edit personal determining the specific trading venues to which
Change the System routes orders and the order in which it
identifying information from
In its filing with the Commission, the routes them. See Exchange Rule 11.11(g).
submissions. You should submit only 7 Fee code PT is appended to orders that remove
information that you wish to make Exchange included statements liquidity from the Exchange using RMPT or RMPL
available publicly. All submissions concerning the purpose of and basis for routing strategy and is assessed a fee of $0.0010 per
should refer to File Number SR–BOX– the proposed rule change and discussed share on securities priced over $1.00, and there is
any comments it received on the no fee on securities priced below $1.00. See the
2017–14 and should be submitted on or Exchange’s fee schedule available at http://
before June 7, 2017. proposed rule change. The text of these www.bats.com/us/equities/membership/fee_
statements may be examined at the schedule/edga/.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated places specified in Item IV below. The 8 Fee code PX is append to orders that are routed
authority.17 Exchange has prepared summaries, set using the RMPL routing strategy to a destination not
forth in Sections A, B, and C below, of covered by Fee Code PL, or are routed using the
Eduardo A. Aleman, RMPT routing strategy, and is assessed a fee of
the most significant parts of such
Assistant Secretary. $0.0012 per share on securities priced over $1.00,
statements. and a fee of 30% of the total dollar value on
[FR Doc. 2017–09931 Filed 5–16–17; 8:45 am]
securities priced below $1.00. Id.
BILLING CODE 8011–01–P A. Self-Regulatory Organization’s 9 ADV is generally defined as average daily
Statement of the Purpose of, and the volume calculated as the number of shares added
Statutory Basis for, the Proposed Rule to, removed from, or routed by, the Exchange, or
SECURITIES AND EXCHANGE Change any combination or subset thereof, per day. Id.
10 The RMPT routing strategy operates similarly
COMMISSION
1. Purpose to RMPL in that under both Mid-Point Peg Orders
[Release No. 34–80653; File No. SR– check the System for available shares and any
The Exchange proposes to amend its remaining shares are then sent to destinations on
BatsEDGA–2017–12]
fee schedule to: (i) Lower the rate for fee the System routing table that support midpoint
Self-Regulatory Organizations; Bats code RT; and (ii) add the RMPT/RMPL eligible orders. If any shares remain unexecuted
Tier 2. after routing, they are posted on the EDGA Book as
EDGA Exchange, Inc.; Notice of Filing a Mid-Point Peg Order, unless otherwise instructed
and Immediate Effectiveness of a
nlaroche on DSK30NT082PROD with NOTICES
by the User. While RMPL and RMPT operate in an
1 15 U.S.C. 78s(b)(1).
Proposed Rule Change Related to Fees identical manner, the trading venues that each
2 17 CFR 240.19b–4. routing strategy routes to and the order in which it
3 15 U.S.C. 78s(b)(3)(A)(ii).
May 11, 2017. routes them differ. See Exchange Rule 11.11(g)(13).
4 17 CFR 240.19b–4(f)(2). 11 As a result of the fee schedule layout change
Pursuant to Section 19(b)(1) of the 5 The term ‘‘Member’’ is defined as ‘‘any in adding a second tier, the description of which
Securities Exchange Act of 1934 (the registered broker or dealer that has been admitted fee codes are appended with footnote 3 will be
to membership in the Exchange.’’ See Exchange moved above the table similar to the layout of the
17 17 CFR 200.30–3(a)(12). Rule 1.5(n). table in footnote 4.
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![Federal Register / Vol. 82, No. 94 / Wednesday, May 17, 2017 / Notices 22687
inspection and copying at the principal II. Self-Regulatory Organization’s C Tier 3 credit of $0.0002 per share (i.e.,
office of the Exchange. All comments Statement of the Purpose of, and 0.500% Tape C Baseline % CADV plus
received will be posted without change; Statutory Basis for, the Proposed Rule 0.400% of the US Tape C CADV for the
the Commission does not edit personal Change billing month).6 The credit provided
identifying information from In its filing with the Commission, the under the proposed Tape C Tier 3
submissions. You should submit only self-regulatory organization included would be in addition to the ETP
information that you wish to make statements concerning the purpose of, Holder’s Tiered or Basic Rate credit(s).
available publicly. All submissions and basis for, the proposed rule change Under the proposed new Tape C Tier
should refer to File No. SR–BatsEDGA– and discussed any comments it received 3, ETP Holders and Market Makers
2017–12, and should be submitted on or on the proposed rule change. The text would also be charged a fee of $0.0029
before June 7, 2017. of those statements may be examined at per share for orders that take liquidity
For the Commission, by the Division of the places specified in Item IV below. from the Book in Tape C Securities. For
Trading and Markets, pursuant to delegated The Exchange has prepared summaries, all other fees and credits, Tiered or
authority.17 set forth in sections A, B, and C below, Basic Rates apply based on a firm’s
Eduardo A. Aleman, of the most significant parts of such qualifying levels.
Assistant Secretary. statements. For ETP Holders that qualify for the
[FR Doc. 2017–09923 Filed 5–16–17; 8:45 am] proposed new Tape C Tier 3, Tiered or
A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P
Statement of the Purpose of, and Basic Rates would apply to all other fees
Statutory Basis for, the Proposed Rule and credits, based on the firm’s
Change qualifying levels, and if an ETP Holder
SECURITIES AND EXCHANGE qualifies for more than one tier in the
COMMISSION 1. Purpose Fee Schedule, the Exchange would
[Release No. 34–80665; File No. SR– The Exchange proposes to amend the apply the most favorable rate available
NYSEArca–2017–51] Fee Schedule, as described below, and under such tiers. The proposed Tape C
implement the fee changes on May 1, Tier 3 provides an incremental credit,
Self-Regulatory Organizations; NYSE 2017. similar to current Tape C Tier 1 and
Arca, Inc.; Notice of Filing and The Exchange proposes to introduce a Tape C Tier 2 pricing tiers, and
Immediate Effectiveness of Proposed new pricing tier level—Tape C Tier 3— therefore, the Exchange proposes to
Rule Change Amending NYSE Arca for securities with a per share price of adopt rule text within each of the Tape
Equities Schedule of Fees and $1.00 or above. C tiers to note that ETP Holders and
Charges for Exchange Services As proposed, a new Tape C Tier 3 Market Makers can only qualify for one
credit of $0.0002 per share 4 for orders of the Tape C incremental credits. ETP
May 11, 2017.
that provide liquidity in Tape C Holders and Market Makers that qualify,
Pursuant to Section 19(b)(1) 1 of the Securities would be applicable to ETP
Securities Exchange Act of 1934 (the for example, for the proposed Tape C
Holders and Market Makers, that, on a Tier 3 credit cannot also qualify for
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 daily basis, measured monthly, (1)
notice is hereby given that, on May 1, either the Tape C Tier 1 incremental
directly execute providing volume in credit or the Tape C Tier 2 incremental
2017, NYSE Arca, Inc. (the ‘‘Exchange’’ Tape C Securities during the billing
or ‘‘NYSE Arca’’) filed with the credit. Using the above example, if an
month (‘‘Tape C Adding ADV’’) that is ETP Holder’s Tape C Baseline % CADV
Securities and Exchange Commission equal to at least 0.40% of US Tape C
(the ‘‘Commission’’) the proposed rule was 0.500%, and the ETP Holder had a
CADV 5 over the ETP Holder’s or Market Tape C Adding ADV of at least 0.900%
change as described in Items I, II, and Maker’s fourth quarter 2016 Tape C
III below, which Items have been and a Tape B Adding ADV of at least
Adding ADV taken as a percentage of 3.5% of Tape B CADV, the ETP Holder
prepared by the self-regulatory Tape C CADV (‘‘Tape C Baseline %
organization. The Commission is would meet the requirements of Tape C
CADV’’), and (2) execute providing Tier 1, Tape C Tier 2 and the proposed
publishing this notice to solicit volume in Tape B Securities during the
comments on the proposed rule change Tape C Tier 3. As proposed, however,
billing month that is equal to at least the ETP Holder would only receive the
from interested persons. 3.5% of Tape B CADV. For example, if $0.0002 incremental credit for adding
I. Self-Regulatory Organization’s an ETP Holder’s Tape C Baseline % liquidity and the $0.0029 for taking
Statement of the Terms of the Substance CADV was 0.500%, the ETP Holder liquidity associated with the proposed
of the Proposed Rule Change would need a Tape C Adding ADV of at Tape C Tier 3 pricing tier; the ETP
The Exchange proposes to amend the least 0.900% and a Tape B Adding ADV Holder would not be entitled to the
NYSE Arca Equities Schedule of Fees of at least 3.5% of Tape B CADV in Tape C Tier 1 and Tape C Tier 2 pricing
and Charges for Exchange Services order to qualify for the proposed Tape tiers.
(‘‘Fee Schedule’’) to adopt a new pricing 4 Under the Basic Rate, ETP Holders receive a Additionally, the Exchange recently
tier, Tape C Tier 3. The Exchange credit of $0.0020 per share for Tape C orders that adopted a Tape C Tier 2 pricing tier that
proposes to implement the fee changes provide liquidity to the Book. references the applicability of a $0.0002
effective May 1, 2017. The proposed 5 The Exchange proposes to use the same
per share credit to ETP Holders and
rule change is available on the definition of US CADV for purposes of the proposed Market Makers that qualify for that
Tape C Tier 3. Specifically, US CADV means United
Exchange’s Web site at www.nyse.com, States Consolidated Average Daily Volume for
at the principal office of the Exchange,
nlaroche on DSK30NT082PROD with NOTICES
transactions reported to the Consolidated Tape, 6 The Exchange recognizes that a firm that
and at the Commission’s Public excluding odd lots through January 31, 2014 (except becomes an ETP Holder or Market Maker after the
Reference Room. for purposes of Lead Market Maker pricing), and Baseline Month would have a Tape C Baseline ADV
excludes volume on days when the market closes of zero. In this regard, a new ETP Holder or Market
17 17
early and on the date of the annual reconstitution Maker would need to have a Tape C Adding ADV
CFR 200.30–3(a)(12). of the Russell Investments Indexes. Transactions during the billing month of no less than 0.400% of
1 15 U.S.C. 78s(b)(1). that are not reported to the Consolidated Tape are US Tape C CADV, in addition to the Tape B Adding
2 15 U.S.C. 78a.
not included in US CADV. See Fee Schedule, ADV of at least 3.5% of Tape B CADV, for the
3 17 CFR 240.19b–4. Footnote 3. $0.0002 per share credit to apply.
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Document Created: 2017-05-17 01:41:58
Document Modified: 2017-05-17 01:41:58
| 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 22685 |
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