82_FR_7919 82 FR 7906 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees

82 FR 7906 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 13 (January 23, 2017)

Page Range7906-7907
FR Document2017-01299

Federal Register, Volume 82 Issue 13 (Monday, January 23, 2017)
[Federal Register Volume 82, Number 13 (Monday, January 23, 2017)]
[Notices]
[Pages 7906-7907]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-01299]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79800; File No. SR-ISEGemini-2017-01]


Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend the 
Schedule of Fees

January 13, 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 January 3, 2017, ISE Gemini, LLC (``ISE Gemini'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I and II 
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 Schedule of Fees to eliminate 
the Performance Routing Program.
    The text of the proposed rule change is available on the Exchange's 
Web site at www.ise.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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Currently, the Exchange offers Performance Routing Program (``PRP) 
rebates to Non-ISE Gemini Market Maker,\3\ Firm Proprietary,\4\ Broker-
Dealer,\5\ and Professional Customer \6\ orders based on the member's 
maker average daily volume (``ADV'') in Non-ISE Gemini Market Maker, 
Firm Proprietary, Broker-Dealer, and Professional Customer orders that 
improve the national best bid or offer (``NBBO'') in a series at the 
time of order entry (``PRP eligible contracts'').\7\ Specifically, 
members that execute an ADV of 9,999 PRP eligible contracts or fewer 
are entitled to a maker rebate of $0.25 per contract in both Penny 
Symbols and Non-Penny Symbols for their Non-ISE Gemini Market Maker, 
Firm Proprietary, Broker-Dealer, and Professional Customer orders. 
Members that execute an ADV of 10,000 or more PRP eligible contracts 
are entitled to a maker rebate of $0.40 per contract in Penny Symbols 
and $0.65 per contract in Non-Penny Symbols for the above market 
participant types if the order does not improve the NBBO at the time of 
order entry. In addition, members that qualify for the higher tier of 
PRP rebates are entitled to a maker rebate of $0.47 per contract in 
Penny Symbols and $0.71 per contract in Non-Penny Symbols for the above 
market participant types if the order improves the NBBO in the series 
at the time it is entered.\8\
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    \3\ A ``Non-ISE Gemini Market Maker'' is a market maker as 
defined in Section 3(a)(38) of the Securities Exchange Act of 1934, 
as amended, registered in the same options class on another options 
exchange.
    \4\ A ``Firm Proprietary'' order is an order submitted by a 
member for its own proprietary account.
    \5\ A ``Broker-Dealer'' order is an order submitted by a member 
for a broker-dealer account that is not its own proprietary account.
    \6\ A ``Professional Customer'' is a person or entity that is 
not a broker/dealer and is not a Priority Customer.
    \7\ All eligible volume from affiliated members is aggregated in 
determining applicable tiers, provided there is at least 75% common 
ownership between the members as reflected on each member's Form BD, 
Schedule A.
    \8\ See Schedule of Fees, Section I., Regular Order Fees and 
Rebates, footnotes 14 and 15.
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    The Exchange now proposes to eliminate the PRP as this program has 
not been successful in attracting order flow that improves the NBBO. As 
proposed, members will receive a maker rebate of $0.25 per contract in 
Penny Symbols and Non-Penny Symbols for their Non-ISE Gemini Market 
Maker, Firm Proprietary, Broker-Dealer, and Professional Customer 
orders (i.e., the current Tier 1 maker rebate). Members will no longer 
be able to achieve higher maker rebates based on their maker ADV in 
Non-ISE Gemini Market Maker, Firm Proprietary, Broker-Dealer, and 
Professional Customer orders that improve the NBBO in a series at the 
time of order entry.\9\
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    \9\ This includes both the regular rebate for orders that do not 
improve the NBBO at the time of order entry, and the enhanced 
rebates provided in footnotes 14 and 15 of the Schedule of Fees for 
orders that improve the NBBO at the time of order entry. The regular 
rebates will now be marked ``n/a'' since there will no longer be any 
PRP tiers, and the associated footnotes for enhanced rebates will be 
eliminated.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\10\ in general, and 
Section 6(b)(4) of the Act,\11\ in particular, in that 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.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that it is reasonable and equitable to 
eliminate the PRP as this rebate program was not successful in 
attracting the type of order flow that it was designed to incentivize. 
The Exchange adopted the PRP to encourage members enter orders that 
improve the NBBO in order to create more trading opportunities at 
better prices for all market participants that trade on the Exchange. 
The Exchange does not believe that the PRP has met this goal, and is 
therefore proposing to eliminate the program. With the proposed 
elimination of the PRP, Non-ISE Gemini Market Maker, Firm Proprietary, 
Broker-Dealer, and Professional Customer orders will continue to be 
entitled to a maker rebate in Penny and Non-Penny Symbols that is the 
same as the current Tier 1 maker rebate. The current Tier 2 maker 
rebates for these market participant types will be removed as this tier 
is being eliminated with the elimination of the PRP program. The 
Exchange believes

[[Page 7907]]

that the Tier 1 maker rebate remains competitive and will continue to 
incentivize members to send order flow to the Exchange. The Exchange 
further believes that the proposed fee change is not unfairly 
discriminatory as it provides equal rebates to Non-ISE Gemini Market 
Maker, Firm Proprietary, Broker-Dealer, and Professional Customer 
orders. In addition, although Priority Customer \12\ and Market Maker 
\13\ orders will be entitled to more favorable maker rebates, the 
Exchange does not believe that this is unfairly discriminatory. As has 
historically been the case, Priority Customer orders remain entitled to 
more favorable maker rebates in order to encourage this order flow. A 
Priority Customer is by definition not a broker or dealer in 
securities, and does not place more than 390 orders in listed options 
per day on average during a calendar month for its own beneficial 
account(s). This limitation does not apply to participants whose 
behavior is substantially similar to that of market professionals, 
including Professional Customers, who will generally submit a higher 
number of orders than Priority Customers. Similarly, the Exchange 
believes that it is not unfairly discriminatory to offer higher maker 
rebates to Market Makers as Market Makers are subject to additional 
requirements and obligations (such as quoting requirements) that other 
market participants are not.
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    \12\ A ``Priority Customer'' is a person or entity that is not a 
broker/dealer in securities, and does not place more than 390 orders 
in listed options per day on average during a calendar month for its 
own beneficial account(s), as defined in Rule 100(a)(37A).
    \13\ The term Market Maker refers to ``Competitive Market 
Makers'' and ``Primary Market Makers'' collectively. See Rule 
100(a)(25).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\14\ the Exchange 
does not believe that the proposed rule change will impose any burden 
on intermarket or intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange 
operates in a highly competitive market in which market participants 
can readily direct their order flow to competing venues. In such an 
environment, the Exchange must continually review, and consider 
adjusting, its fees and rebates to remain competitive with other 
exchanges. For the reasons described above, the Exchange believes that 
the proposed fee changes reflect this competitive environment.
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    \14\ 15 U.S.C. 78f(b)(8).
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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,\15\ and Rule 19b-4(f)(2) \16\ 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: (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.
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    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \16\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-ISEGemini-2017-01 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-ISEGemini-2017-01. 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-ISEGemini-2017-01 and should 
be submitted on or before February 13, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-01299 Filed 1-19-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                  7906                          Federal Register / Vol. 82, No. 13 / Monday, January 23, 2017 / Notices

                                                  received will be posted without change;                 any comments it received on the                          the NBBO in the series at the time it is
                                                  the Commission does not edit personal                   proposed rule change. The text of these                  entered.8
                                                  identifying information from                            statements may be examined at the                           The Exchange now proposes to
                                                  submissions. You should submit only                     places specified in Item IV below. The                   eliminate the PRP as this program has
                                                  information that you wish to make                       Exchange has prepared summaries, set                     not been successful in attracting order
                                                  available publicly. All submissions                     forth in sections A, B, and C below, of                  flow that improves the NBBO. As
                                                  should refer to File Number SR–C2–                      the most significant aspects of such                     proposed, members will receive a maker
                                                  2017–003 and should be submitted on                     statements.                                              rebate of $0.25 per contract in Penny
                                                  or before February 13, 2017.                                                                                     Symbols and Non-Penny Symbols for
                                                    For the Commission, by the Division of
                                                                                                          A. Self-Regulatory Organization’s                        their Non-ISE Gemini Market Maker,
                                                  Trading and Markets, pursuant to delegated              Statement of the Purpose of, and                         Firm Proprietary, Broker-Dealer, and
                                                  authority.8                                             Statutory Basis for, the Proposed Rule                   Professional Customer orders (i.e., the
                                                  Eduardo A. Aleman,                                      Change                                                   current Tier 1 maker rebate). Members
                                                  Assistant Secretary.
                                                                                                                                                                   will no longer be able to achieve higher
                                                                                                          1. Purpose                                               maker rebates based on their maker
                                                  [FR Doc. 2017–01298 Filed 1–19–17; 8:45 am]
                                                                                                                                                                   ADV in Non-ISE Gemini Market Maker,
                                                  BILLING CODE 8011–01–P                                     Currently, the Exchange offers
                                                                                                                                                                   Firm Proprietary, Broker-Dealer, and
                                                                                                          Performance Routing Program (‘‘PRP)                      Professional Customer orders that
                                                                                                          rebates to Non-ISE Gemini Market                         improve the NBBO in a series at the
                                                  SECURITIES AND EXCHANGE                                 Maker,3 Firm Proprietary,4 Broker-                       time of order entry.9
                                                  COMMISSION                                              Dealer,5 and Professional Customer 6
                                                  [Release No. 34–79800; File No. SR–                     orders based on the member’s maker                       2. Statutory Basis
                                                  ISEGemini–2017–01]                                      average daily volume (‘‘ADV’’) in Non-                      The Exchange believes that the
                                                                                                          ISE Gemini Market Maker, Firm                            proposed rule change is consistent with
                                                  Self-Regulatory Organizations; ISE                      Proprietary, Broker-Dealer, and                          the provisions of Section 6 of the Act,10
                                                  Gemini, LLC; Notice of Filing and                       Professional Customer orders that                        in general, and Section 6(b)(4) of the
                                                  Immediate Effectiveness of Proposed                     improve the national best bid or offer                   Act,11 in particular, in that it is designed
                                                  Rule Change To Amend the Schedule                       (‘‘NBBO’’) in a series at the time of order              to provide for the equitable allocation of
                                                  of Fees                                                 entry (‘‘PRP eligible contracts’’).7                     reasonable dues, fees, and other charges
                                                  January 13, 2017.                                       Specifically, members that execute an                    among its members and other persons
                                                     Pursuant to Section 19(b)(1) of the                  ADV of 9,999 PRP eligible contracts or                   using its facilities.
                                                                                                          fewer are entitled to a maker rebate of                     The Exchange believes that it is
                                                  Securities Exchange Act of 1934
                                                                                                          $0.25 per contract in both Penny                         reasonable and equitable to eliminate
                                                  (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                          Symbols and Non-Penny Symbols for                        the PRP as this rebate program was not
                                                  notice is hereby given that on January 3,                                                                        successful in attracting the type of order
                                                  2017, ISE Gemini, LLC (‘‘ISE Gemini’’ or                their Non-ISE Gemini Market Maker,
                                                                                                                                                                   flow that it was designed to incentivize.
                                                  ‘‘Exchange’’) filed with the Securities                 Firm Proprietary, Broker-Dealer, and
                                                                                                                                                                   The Exchange adopted the PRP to
                                                  and Exchange Commission (‘‘SEC’’ or                     Professional Customer orders. Members
                                                                                                                                                                   encourage members enter orders that
                                                  ‘‘Commission’’) the proposed rule                       that execute an ADV of 10,000 or more                    improve the NBBO in order to create
                                                  change as described in Items I and II                   PRP eligible contracts are entitled to a                 more trading opportunities at better
                                                  below, which Items have been prepared                   maker rebate of $0.40 per contract in                    prices for all market participants that
                                                  by the Exchange. The Commission is                      Penny Symbols and $0.65 per contract                     trade on the Exchange. The Exchange
                                                  publishing this notice to solicit                       in Non-Penny Symbols for the above                       does not believe that the PRP has met
                                                  comments on the proposed rule change                    market participant types if the order                    this goal, and is therefore proposing to
                                                  from interested persons.                                does not improve the NBBO at the time                    eliminate the program. With the
                                                  I. Self-Regulatory Organization’s                       of order entry. In addition, members                     proposed elimination of the PRP, Non-
                                                  Statement of the Terms of Substance of                  that qualify for the higher tier of PRP                  ISE Gemini Market Maker, Firm
                                                  the Proposed Rule Change                                rebates are entitled to a maker rebate of                Proprietary, Broker-Dealer, and
                                                                                                          $0.47 per contract in Penny Symbols                      Professional Customer orders will
                                                     The Exchange proposes to amend the
                                                                                                          and $0.71 per contract in Non-Penny                      continue to be entitled to a maker rebate
                                                  Schedule of Fees to eliminate the
                                                                                                          Symbols for the above market                             in Penny and Non-Penny Symbols that
                                                  Performance Routing Program.
                                                     The text of the proposed rule change                 participant types if the order improves                  is the same as the current Tier 1 maker
                                                  is available on the Exchange’s Web site                                                                          rebate. The current Tier 2 maker rebates
                                                  at www.ise.com, at the principal office                    3 A ‘‘Non-ISE Gemini Market Maker’’ is a market       for these market participant types will
                                                                                                          maker as defined in Section 3(a)(38) of the              be removed as this tier is being
                                                  of the Exchange, and at the                             Securities Exchange Act of 1934, as amended,
                                                  Commission’s Public Reference Room.                     registered in the same options class on another
                                                                                                                                                                   eliminated with the elimination of the
                                                                                                          options exchange.                                        PRP program. The Exchange believes
                                                  II. Self-Regulatory Organization’s                         4 A ‘‘Firm Proprietary’’ order is an order
                                                  Statement of the Purpose of, and                        submitted by a member for its own proprietary               8 See Schedule of Fees, Section I., Regular Order

                                                  Statutory Basis for, the Proposed Rule                  account.                                                 Fees and Rebates, footnotes 14 and 15.
                                                  Change                                                     5 A ‘‘Broker-Dealer’’ order is an order submitted        9 This includes both the regular rebate for orders

                                                                                                          by a member for a broker-dealer account that is not      that do not improve the NBBO at the time of order
mstockstill on DSK3G9T082PROD with NOTICES




                                                     In its filing with the Commission, the               its own proprietary account.                             entry, and the enhanced rebates provided in
                                                  Exchange included statements                               6 A ‘‘Professional Customer’’ is a person or entity   footnotes 14 and 15 of the Schedule of Fees for
                                                  concerning the purpose of and basis for                 that is not a broker/dealer and is not a Priority        orders that improve the NBBO at the time of order
                                                                                                          Customer.                                                entry. The regular rebates will now be marked ‘‘n/
                                                  the proposed rule change and discussed                     7 All eligible volume from affiliated members is      a’’ since there will no longer be any PRP tiers, and
                                                                                                          aggregated in determining applicable tiers, provided     the associated footnotes for enhanced rebates will
                                                    8 17 CFR 200.30–3(a)(12).                                                                                      be eliminated.
                                                                                                          there is at least 75% common ownership between
                                                    1 15 U.S.C. 78s(b)(1).                                                                                            10 15 U.S.C. 78f.
                                                                                                          the members as reflected on each member’s Form
                                                    2 17 CFR 240.19b–4.                                   BD, Schedule A.                                             11 15 U.S.C. 78f(b)(4).




                                             VerDate Sep<11>2014   19:02 Jan 19, 2017   Jkt 241001   PO 00000   Frm 00124   Fmt 4703   Sfmt 4703   E:\FR\FM\23JAN1.SGM     23JAN1


                                                                                  Federal Register / Vol. 82, No. 13 / Monday, January 23, 2017 / Notices                                                   7907

                                                  that the Tier 1 maker rebate remains                       C. Self-Regulatory Organization’s                     communications relating to the
                                                  competitive and will continue to                           Statement on Comments on the                          proposed rule change between the
                                                  incentivize members to send order flow                     Proposed Rule Change Received From                    Commission and any person, other than
                                                  to the Exchange. The Exchange further                      Members, Participants, or Others                      those that may be withheld from the
                                                  believes that the proposed fee change is                     No written comments were either                     public in accordance with the
                                                  not unfairly discriminatory as it                          solicited or received.                                provisions of 5 U.S.C. 552, will be
                                                  provides equal rebates to Non-ISE                                                                                available for Web site viewing and
                                                  Gemini Market Maker, Firm Proprietary,                     III. Date of Effectiveness of the
                                                                                                                                                                   printing in the Commission’s Public
                                                  Broker-Dealer, and Professional                            Proposed Rule Change and Timing for
                                                                                                             Commission Action                                     Reference Room, 100 F Street NE.,
                                                  Customer orders. In addition, although                                                                           Washington, DC 20549, on official
                                                  Priority Customer 12 and Market                               The foregoing rule change has become               business days between the hours of
                                                  Maker 13 orders will be entitled to more                   effective pursuant to Section                         10:00 a.m. and 3:00 p.m. Copies of the
                                                  favorable maker rebates, the Exchange                      19(b)(3)(A)(ii) of the Act,15 and Rule                filing also will be available for
                                                  does not believe that this is unfairly                     19b–4(f)(2) 16 thereunder. At any time
                                                                                                                                                                   inspection and copying at the principal
                                                  discriminatory. As has historically been                   within 60 days of the filing of the
                                                  the case, Priority Customer orders                         proposed rule change, the Commission                  office of the Exchange. All comments
                                                  remain entitled to more favorable maker                    summarily may temporarily suspend                     received will be posted without change;
                                                  rebates in order to encourage this order                   such rule change if it appears to the                 the Commission does not edit personal
                                                  flow. A Priority Customer is by                            Commission that such action is: (i)                   identifying information from
                                                  definition not a broker or dealer in                       Necessary or appropriate in the public                submissions. You should submit only
                                                  securities, and does not place more than                   interest; (ii) for the protection of                  information that you wish to make
                                                  390 orders in listed options per day on                    investors; or (iii) otherwise in                      available publicly. All submissions
                                                  average during a calendar month for its                    furtherance of the purposes of the Act.               should refer to File Number SR–
                                                  own beneficial account(s). This                            If the Commission takes such action, the              ISEGemini–2017–01 and should be
                                                  limitation does not apply to participants                  Commission shall institute proceedings                submitted on or before February 13,
                                                  whose behavior is substantially similar                    to determine whether the proposed rule                2017.
                                                  to that of market professionals,                           should be approved or disapproved.                      For the Commission, by the Division of
                                                  including Professional Customers, who                      IV. Solicitation of Comments                          Trading and Markets, pursuant to delegated
                                                  will generally submit a higher number                                                                            authority.17
                                                  of orders than Priority Customers.                           Interested persons are invited to
                                                                                                             submit written data, views, and                       Eduardo A. Aleman,
                                                  Similarly, the Exchange believes that it
                                                  is not unfairly discriminatory to offer                    arguments concerning the foregoing,                   Assistant Secretary.
                                                  higher maker rebates to Market Makers                      including whether the proposed rule                   [FR Doc. 2017–01299 Filed 1–19–17; 8:45 am]
                                                  as Market Makers are subject to                            change is consistent with the Act.                    BILLING CODE 8011–01–P
                                                  additional requirements and obligations                    Comments may be submitted by any of
                                                  (such as quoting requirements) that                        the following methods:
                                                  other market participants are not.                         Electronic Comments                                   SECURITIES AND EXCHANGE
                                                                                                                                                                   COMMISSION
                                                  B. Self-Regulatory Organization’s                            • Use the Commission’s Internet
                                                  Statement on Burden on Competition                         comment form (http://www.sec.gov/
                                                                                                             rules/sro.shtml); or                                  [Release No. 34–79791; File No. SR–
                                                    In accordance with Section 6(b)(8) of
                                                                                                               • Send an email to rule-                            NASDAQ–2017–002]
                                                  the Act,14 the Exchange does not believe
                                                                                                             comments@sec.gov. Please include File
                                                  that the proposed rule change will                                                                               Self-Regulatory Organizations; The
                                                                                                             Number SR–ISEGemini–2017–01 on the
                                                  impose any burden on intermarket or                                                                              NASDAQ Stock Market LLC; Notice of
                                                                                                             subject line.
                                                  intramarket competition that is not                                                                              Filing and Immediate Effectiveness of
                                                  necessary or appropriate in furtherance                    Paper Comments                                        Proposed Rule Change To Amend Rule
                                                  of the purposes of the Act. The                               • Send paper comments in triplicate                7018
                                                  Exchange operates in a highly                              to Secretary, Securities and Exchange
                                                  competitive market in which market                         Commission, 100 F Street NE.,                         January 13, 2017.
                                                  participants can readily direct their                      Washington, DC 20549–1090.                               Pursuant to Section 19(b)(1) of the
                                                  order flow to competing venues. In such                    All submissions should refer to File                  Securities Exchange Act of 1934
                                                  an environment, the Exchange must                          Number SR–ISEGemini–2017–01. This                     (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                  continually review, and consider                           file number should be included on the                 notice is hereby given that on January 3,
                                                  adjusting, its fees and rebates to remain                  subject line if email is used. To help the            2017, The NASDAQ Stock Market LLC
                                                  competitive with other exchanges. For                      Commission process and review your
                                                  the reasons described above, the                                                                                 (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
                                                                                                             comments more efficiently, please use                 Securities and Exchange Commission
                                                  Exchange believes that the proposed fee                    only one method. The Commission will
                                                  changes reflect this competitive                                                                                 (‘‘SEC’’ or ‘‘Commission’’) the proposed
                                                                                                             post all comments on the Commission’s                 rule change as described in Items I, II,
                                                  environment.                                               Internet Web site (http://www.sec.gov/                and III below, which Items have been
                                                     12 A ‘‘Priority Customer’’ is a person or entity that
                                                                                                             rules/sro.shtml). Copies of the                       prepared by the Exchange. The
mstockstill on DSK3G9T082PROD with NOTICES




                                                  is not a broker/dealer in securities, and does not         submission, all subsequent                            Commission is publishing this notice to
                                                  place more than 390 orders in listed options per day       amendments, all written statements                    solicit comments on the proposed rule
                                                  on average during a calendar month for its own             with respect to the proposed rule
                                                  beneficial account(s), as defined in Rule                                                                        change from interested persons.
                                                  100(a)(37A).
                                                                                                             change that are filed with the
                                                     13 The term Market Maker refers to ‘‘Competitive        Commission, and all written
                                                                                                                                                                     17 17 CFR 200.30–3(a)(12).
                                                  Market Makers’’ and ‘‘Primary Market Makers’’
                                                                                                                                                                     1 15 U.S.C. 78s(b)(1).
                                                  collectively. See Rule 100(a)(25).                          15 15 U.S.C. 78s(b)(3)(A)(ii).
                                                     14 15 U.S.C. 78f(b)(8).                                  16 17 CFR 240.19b–4(f)(2).                             2 17 CFR 240.19b–4.




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Document Created: 2017-01-20 01:29:57
Document Modified: 2017-01-20 01:29:57
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 7906 

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