83 FR 18377 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE American Options Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 81 (April 26, 2018)

Page Range		18377-18379
FR Document		2018-08724
Federal Register, Volume 83 Issue 81 (Thursday, April 26, 2018)
[Federal Register Volume 83, Number 81 (Thursday, April 26, 2018)]
[Notices]
[Pages 18377-18379]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08724]



[[Page 18377]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83073; File No. SR-NYSEAMER-2018-15]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the 
NYSE American Options Fee Schedule

April 20, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on April 12, 2018, NYSE American LLC (the ``Exchange'' or 
``NYSE American'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend the NYSE American Options Fee 
Schedule (``Fee Schedule''). The Exchange proposes to implement the fee 
change effective April 12, 2018.\4\ The proposed change is available on 
the Exchange's website at www.nyse.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.
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    \4\ The Exchange originally filed to amend the Fee Schedule on 
April 2, 2018 (SR-NYSEAmer-2018-12) and withdrew and re-filed on 
April 3, 2018 (SR-NYSEAmer-2018-13).
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to modify the Fee Schedule to adopt a 
prepayment incentive program for Floor Broker organizations (each a 
``Floor Broker'').
    Currently, Floor Brokers that operate on the Exchange incur certain 
monthly fixed costs that rarely change from month-to-month (and, in 
some cases, year-to-year). Floor Brokers receive an invoice from the 
Exchange each month for the fixed cost incurred the prior month. The 
Exchange proposes to offer Floor Brokers a 10% discount on their 
``Eligible Fixed Costs'' (described in the table below) if Floor 
Brokers prepay such costs for the remaining nine months of 2018--i.e., 
April through December (the ``FB Prepay Program'' or ``Program'').\5\
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    \5\ To participate in the FB Prepay Program, Floor Broker 
organizations would have to notify the Exchange in writing by 
emailing [email protected], indicating a commitment to submit 
prepayment, by no later than April 13, 2018. The email to enroll in 
the Program would have to originate from an officer of the Floor 
Broker organization and, except as provided for below, represents a 
binding commitment through the end of 2018. To participate in the 
Program, pre-payment for the balance of the year must be received by 
the close of business on April 30, 2018. See proposed Fee Schedule, 
Section III.E., Floor Broker Fixed Cost Prepayment Incentive Program 
(the ``FB Prepay Program'').

------------------------------------------------------------------------
 
------------------------------------------------------------------------
                Eligible Fixed Costs
------------------------------------------------------------------------
Section III.A. Monthly ATP Fees.
Section III.B. Floor Access Fee.
Section IV. Monthly Floor Communication,
 Connectivity, Equipment and Booth or Podia Fees as
 listed below:
  Login.
  Transport Charges.
  Booth Premises.
  Telephone Service.
  Cellular Phones.
  Booth Telephone System--Line Charge.
  Booth Telephone System--Single line phone jack
   and data jack.
  Wire Services.
------------------------------------------------------------------------

    A Floor Broker that commits to the proposed Program would be 
invoiced in April 2018 for its estimated Eligible Fixed Costs, through 
the end of 2018, less 10%. The estimated Eligible Fixed Costs for April 
through December 2018 for each participating Floor Broker would be 
based on that Floor Broker's February 2018 invoice for such costs. For 
example, if a participating Floor Broker incurred $6,000 in Eligible 
Fixed Costs in February 2018, that Floor Broker would be invoiced in 
April 2018 in the amount of $48,600 to prepay such costs for the 
balance of the year (i.e., $54,000 (to pre-pay Eligible Fixed Costs for 
April through December) minus $5,400 (10% discount) equals $48,600).
    The Exchange also proposes to offer participants in the FB Prepay 
Program the opportunity to qualify for larger discounts (i.e., more 
than 10% of the remaining of 2018 Eligible Fixed Costs) through the 
Percentage Growth Incentive (the ``Incentive''), which is designed to 
encourage Floor Brokers to increase their average daily volume 
(``ADV'') in billable manual contract sides by certain percentages 
(correlated with Tiers) as measured against one of two benchmarks.\6\ 
Specifically, to qualify for the Incentive, a participating Floor 
Broker must increase its manual billable ADV in contract sides during 
the final nine months of 2018 (i.e., April through December) by 
percentages (set forth below) above the greater of:
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    \6\ The Percentage Growth Incentive would exclude Customer 
volume, Firm Facilitation trades, and QCCs. Any volume calculated to 
achieve the Firm Monthly Fee Cap and the Strategy Execution Fee Cap, 
regardless of whether either of these caps is achieved, will 
likewise be excluded from the Percentage Growth Incentive because 
fees on such volume are already capped and therefore such volume 
does not increase billable manual volume. See id.
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    i. 10,000 contract sides in billable manual ADV; or
    ii. The Floor Broker's total billable manual ADV in contract sides 
during the second half of 2017--i.e., July through December 2017.
    As proposed, a participating Floor Broker would qualify for the 
proposed Incentive by executing, in the final nine months of 2018, ADV 
growth in manual billable contract sides that is 30%, 65%, or 100% over 
the greater of (i) 10,000 contract sides ADV; or (ii) their ADV during 
the second half of 2017 (i.e., June through December). For example, a 
Floor Broker that is new to the Exchange (or one that did not execute 
at least 10,000 contract sides in billable manual ADV in the second 
half of 2017) would have the ability to qualify for the Incentive by 
executing at least 10,000 contract sides in manual billable ADV 
increased by the specified percentages. Such a Floor Broker would 
qualify for each Tier, respectively, by executing billable manual ADV 
in contract sides of 13,000 (Tier 1), 16,500 (Tier 2), and 20,000 (Tier 
3) during April through December 2018.
    Similarly, a Floor Broker that executed 50,000 billable manual ADV 
in the second half of 2017, would qualify

[[Page 18378]]

for each Tier, respectively, by executing ADV in contracts sides of 
65,000 (Tier 1), 82,500 (Tier 2), and 100,000 (Tier 3) during April 
through December 2018.
    The total rebate available for achieving each Tier is the same 
regardless of whether the Floor Broker relied on its second half of 
2017 volume or the minimum 10,000 ADV contract sides as the benchmark. 
As proposed, Floor Brokers that earn the Percentage Growth Incentive 
would receive their 2018 rebate in January 2019.\7\
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    \7\ The Exchange would not issue any refunds in the event that a 
Floor Broker's prepaid Eligible Fixed Costs exceeds such actual 
costs for the nine month period. See id.
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    The Exchange proposes to specify the proposed Incentive on the Fee 
Schedule with the following table:

                                        FB Prepayment Program Incentives
                       [Based on ADV in contract sides between April 1-December 31, 2018]
----------------------------------------------------------------------------------------------------------------
                                                                                            Total percentage
                                                                                          reduction of eligible
                            Tier                                  Percentage growth       fixed costs for April
                                                                incentive  (percent)      through December 2018
                                                                                                (percent)
----------------------------------------------------------------------------------------------------------------
Tier 1......................................................                       30                        40
Tier 2......................................................                       65                        75
Tier 3......................................................                      100                   \8\ 100
----------------------------------------------------------------------------------------------------------------

    The Exchange is not proposing any other changes to the Fee Schedule 
at this time.
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    \8\ Participants in the FB Prepay Program that qualify for Tier 
3 (i.e., increased 2018 volume (from April through December) by 100% 
over the Floor Broker's volume from the second half of 2017, or the 
10,0000 ADV in contract sides) would be rebated the greater of 100% 
of their pre-paid Eligible Fixed Costs, or $10,000/month for April 
through December 2018. See id.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\10\ in particular, 
because it provides for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities and does not unfairly discriminate between 
customers, issuers, brokers or dealers.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4) and (5).
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    The proposal to introduce the FB Prepayment Program is reasonable, 
equitable and not unfairly discriminatory for the following reasons. 
First, the Program is optional and Floor Brokers can elect to 
participate (or elect not to participate). In addition, the Exchange is 
offering two alternative means to achieve the same enhanced discount to 
ensure that Floor Brokers that are new to the Exchange (or Floor 
Brokers that did not execute more than 10,000 ADV in contract sides) 
could nonetheless participate in the Program. The Exchange believes 
that 10,000 ADV is a reasonable minimum threshold above which a 
participating Floor Broker would need to increase volume in order to 
realize the proposed Incentive (on a similar playing field with Floor 
Brokers that exceeded this volume requirement in 2017). For Floor 
Brokers that exceeded the 10,000 ADV in the second half of 2017, the 
Exchange believes it is reasonable to use each Floor Broker's 
historical volume as a benchmark against which to measure future growth 
to achieve the proposed Incentive.
    Moreover, the Exchange notes that prepayment programs such as the 
FB Prepay Program are not new or novel as other options exchanges 
provide incentives to other specific market participants for prepayment 
of certain Exchange fees/costs--including the prepayment program 
offered to market makers on the Chicago Board of Options Exchange 
(Cboe).\11\ Although the Cboe market maker prepay program applies to 
transaction costs as opposed to fixed costs, the Exchange believes the 
proposed program would similarly incent Floor Brokers to increase their 
billable volume executed in open outcry on the Exchange, which would 
benefit all market participants by expanding liquidity and providing 
more trading opportunities, even to those market participants that have 
not committed to the Program. Regardless of which benchmark a 
participating Floor Broker's growth is measured against, all Floor 
Broker's [sic] that opt to participate would be required to increase 
volume executed on the Exchange in order to receive the enhanced 
discount. Thus, the Exchange believes the proposed Program, is 
reasonable, equitable and not unfairly discriminatory to others.
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    \11\ See Cboe fee schedule, Liquidity Provider Sliding Scale, 
available here, http://www.cboe.com/publish/feeschedule/CBOEFeeSchedule.pdf.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act, the Exchange does 
not believe that the proposed rule change would impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. The Exchange believes that the proposed FB 
Prepayment Program may increase both inter-market and intra-market 
competition by incenting participants to direct their orders to the 
Exchange, which would enhance the quality of quoting and may increase 
the volume of contracts traded on the Exchange. To the extent that 
there is an additional competitive burden on non-Exchange participants, 
the Exchange believes that this is appropriate because the proposal 
should incent market participants to direct additional order flow to 
the Exchange, and thus provide additional liquidity that enhances the 
quality of its markets and increases the volume of contracts traded 
here. To the extent that this purpose is achieved, all of the 
Exchange's market participants should benefit from the improved market 
liquidity. Enhanced market quality and increased transaction volume 
that results from the anticipated increase in order flow directed to 
the Exchange would benefit all market participants and improve 
competition on the Exchange.
    Given the robust competition for volume among options markets, many 
of which offer the same products, implementing programs to attract 
order flow, such as the proposed FB Prepayment Program, are consistent 
with the above-mentioned goals of the Act.
    The Exchange notes that it operates in a highly competitive market 
in which market participants can readily favor competing venues. In 
such an environment, the Exchange must continually review, and consider

[[Page 18379]]

adjusting, its fees and credits to remain competitive with other 
exchanges. For the reasons described above, the Exchange believes that 
the proposed rule change reflects this competitive environment.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \12\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \13\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEAMER-2018-15 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEAMER-2018-15. 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 website (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 website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NYSEAMER-2018-15, and should be 
submitted on or before May 17, 2018.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-08724 Filed 4-25-18; 8:45 am]
 BILLING CODE 8011-01-P
18378 Federal Register / Vol. 83, No. 81 / Thursday, April 26, 2018 / Notices

for each Tier, respectively, by executing regardless of whether the Floor Broker Growth Incentive would receive their
ADV in contracts sides of 65,000 (Tier relied on its second half of 2017 volume 2018 rebate in January 2019.7
1), 82,500 (Tier 2), and 100,000 (Tier 3) or the minimum 10,000 ADV contract The Exchange proposes to specify the
during April through December 2018. sides as the benchmark. As proposed, proposed Incentive on the Fee Schedule
The total rebate available for Floor Brokers that earn the Percentage with the following table:
achieving each Tier is the same

FB PREPAYMENT PROGRAM INCENTIVES
[Based on ADV in contract sides between April 1–December 31, 2018]

Total percentage
Percentage growth reduction of eligible
Tier incentive fixed costs for April
(percent) through December 2018
(percent)

Tier 1 ........................................................................................................................................ 30 40
Tier 2 ........................................................................................................................................ 65 75
Tier 3 ........................................................................................................................................ 100 8 100

The Exchange is not proposing any benchmark against which to measure furtherance of the purposes of the Act.
other changes to the Fee Schedule at future growth to achieve the proposed The Exchange believes that the
this time. Incentive. proposed FB Prepayment Program may
Moreover, the Exchange notes that increase both inter-market and intra-
2. Statutory Basis prepayment programs such as the FB market competition by incenting
The Exchange believes that the Prepay Program are not new or novel as participants to direct their orders to the
proposed rule change is consistent with other options exchanges provide Exchange, which would enhance the
Section 6(b) of the Act,9 in general, and incentives to other specific market quality of quoting and may increase the
furthers the objectives of Sections participants for prepayment of certain volume of contracts traded on the
6(b)(4) and (5) of the Act,10 in particular, Exchange fees/costs—including the Exchange. To the extent that there is an
because it provides for the equitable prepayment program offered to market additional competitive burden on non-
allocation of reasonable dues, fees, and makers on the Chicago Board of Options Exchange participants, the Exchange
other charges among its members, Exchange (Cboe).11 Although the Cboe believes that this is appropriate because
issuers and other persons using its market maker prepay program applies to the proposal should incent market
facilities and does not unfairly transaction costs as opposed to fixed participants to direct additional order
discriminate between customers, costs, the Exchange believes the flow to the Exchange, and thus provide
issuers, brokers or dealers. proposed program would similarly additional liquidity that enhances the
The proposal to introduce the FB incent Floor Brokers to increase their quality of its markets and increases the
Prepayment Program is reasonable, billable volume executed in open outcry volume of contracts traded here. To the
equitable and not unfairly on the Exchange, which would benefit extent that this purpose is achieved, all
discriminatory for the following all market participants by expanding of the Exchange’s market participants
reasons. First, the Program is optional liquidity and providing more trading should benefit from the improved
and Floor Brokers can elect to opportunities, even to those market market liquidity. Enhanced market
participate (or elect not to participate). participants that have not committed to quality and increased transaction
In addition, the Exchange is offering two the Program. Regardless of which volume that results from the anticipated
alternative means to achieve the same benchmark a participating Floor increase in order flow directed to the
enhanced discount to ensure that Floor Broker’s growth is measured against, all Exchange would benefit all market
Brokers that are new to the Exchange (or Floor Broker’s [sic] that opt to participants and improve competition
Floor Brokers that did not execute more participate would be required to on the Exchange.
than 10,000 ADV in contract sides) increase volume executed on the Given the robust competition for
could nonetheless participate in the Exchange in order to receive the volume among options markets, many of
Program. The Exchange believes that enhanced discount. Thus, the Exchange which offer the same products,
10,000 ADV is a reasonable minimum believes the proposed Program, is implementing programs to attract order
threshold above which a participating reasonable, equitable and not unfairly flow, such as the proposed FB
Floor Broker would need to increase discriminatory to others. Prepayment Program, are consistent
volume in order to realize the proposed with the above-mentioned goals of the
Incentive (on a similar playing field B. Self-Regulatory Organization’s Act.
with Floor Brokers that exceeded this Statement on Burden on Competition The Exchange notes that it operates in
volume requirement in 2017). For Floor In accordance with Section 6(b)(8) of a highly competitive market in which
Brokers that exceeded the 10,000 ADV the Act, the Exchange does not believe market participants can readily favor
in the second half of 2017, the Exchange that the proposed rule change would competing venues. In such an
believes it is reasonable to use each impose any burden on competition that environment, the Exchange must
amozie on DSK30RV082PROD with NOTICES

Floor Broker’s historical volume as a is not necessary or appropriate in continually review, and consider
7 The Exchange would not issue any refunds in April through December) by 100% over the Floor 9 15 U.S.C. 78f(b).
the event that a Floor Broker’s prepaid Eligible Broker’s volume from the second half of 2017, or 10 15 U.S.C. 78f(b)(4) and (5).
Fixed Costs exceeds such actual costs for the nine the 10,0000 ADV in contract sides) would be 11 See Cboe fee schedule, Liquidity Provider
month period. See id. rebated the greater of 100% of their pre-paid
Sliding Scale, available here, http://www.cboe.com/
8 Participants in the FB Prepay Program that Eligible Fixed Costs, or $10,000/month for April
qualify for Tier 3 (i.e., increased 2018 volume (from through December 2018. See id. publish/feeschedule/CBOEFeeSchedule.pdf.

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Federal Register / Vol. 83, No. 81 / Thursday, April 26, 2018 / Notices 18379

adjusting, its fees and credits to remain file number should be included on the 2018, Financial Industry Regulatory
competitive with other exchanges. For subject line if email is used. To help the Authority, Inc. (‘‘FINRA’’) filed with the
the reasons described above, the Commission process and review your Securities and Exchange Commission
Exchange believes that the proposed comments more efficiently, please use (‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change reflects this competitive only one method. The Commission will rule change as described in Items I, II,
environment. post all comments on the Commission’s and III below, which Items have been
internet website (http://www.sec.gov/ prepared by FINRA. The Commission is
C. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the publishing this notice to solicit
Statement on Comments on the
submission, all subsequent comments on the proposed rule change
Proposed Rule Change Received From
amendments, all written statements from interested persons.
Members, Participants, or Others
with respect to the proposed rule
No written comments were solicited I. Self-Regulatory Organization’s
change that are filed with the
or received with respect to the proposed Statement of the Terms of Substance of
Commission, and all written
rule change. the Proposed Rule Change
communications relating to the
proposed rule change between the FINRA is proposing to adopt rules
III. Date of Effectiveness of the
Commission and any person, other than relating to the establishment of a second
Proposed Rule Change and Timing for
those that may be withheld from the Trade Reporting Facility or ‘‘TRF’’ to be
Commission Action
public in accordance with the operated in conjunction with Nasdaq,
The foregoing rule change is effective provisions of 5 U.S.C. 552, will be Inc. (‘‘Nasdaq’’). The second FINRA/
upon filing pursuant to Section available for website viewing and Nasdaq Trade Reporting Facility
19(b)(3)(A) 12 of the Act and printing in the Commission’s Public (‘‘FINRA/Nasdaq TRF Chicago’’) would
subparagraph (f)(2) of Rule 19b–4 13 Reference Room, 100 F Street NE, provide FINRA members with another
thereunder, because it establishes a due, Washington, DC 20549 on official mechanism for reporting over-the-
fee, or other charge imposed by the business days between the hours of counter (‘‘OTC’’) trades in NMS stocks
Exchange. 10:00 a.m. and 3:00 p.m. Copies of such and complying with FINRA’s
At any time within 60 days of the filing also will be available for requirements with respect to back-up
filing of such proposed rule change, the inspection and copying at the principal trade reporting arrangements. The
Commission summarily may office of the Exchange. All comments FINRA/Nasdaq TRF Chicago would be
temporarily suspend such rule change if received will be posted without change. governed by the rules applicable to the
it appears to the Commission that such Persons submitting comments are existing FINRA/Nasdaq Trade Reporting
action is necessary or appropriate in the cautioned that we do not redact or edit Facility (‘‘FINRA/Nasdaq TRF
public interest, for the protection of personal identifying information from Carteret’’), which were subject to notice
investors, or otherwise in furtherance of comment submissions. You should and comment and approved by the
the purposes of the Act. If the submit only information that you wish Commission.3
Commission takes such action, the to make available publicly. All The text of the proposed rule change
Commission shall institute proceedings submissions should refer to File is available on FINRA’s website at
under Section 19(b)(2)(B) 14 of the Act to Number SR–NYSEAMER–2018–15, and http://www.finra.org, at the principal
determine whether the proposed rule should be submitted on or before May office of FINRA and at the
change should be approved or 17, 2018. Commission’s Public Reference Room.
disapproved.
For the Commission, by the Division of II. Self-Regulatory Organization’s
IV. Solicitation of Comments Trading and Markets, pursuant to delegated Statement of the Purpose of, and
Interested persons are invited to authority.15 Statutory Basis for, the Proposed Rule
submit written data, views, and Eduardo A. Aleman, Change
arguments concerning the foregoing, Assistant Secretary. In its filing with the Commission,
including whether the proposed rule [FR Doc. 2018–08724 Filed 4–25–18; 8:45 am] FINRA included statements concerning
change is consistent with the Act. BILLING CODE 8011–01–P the purpose of and basis for the
Comments may be submitted by any of proposed rule change and discussed any
the following methods: comments it received on the proposed
SECURITIES AND EXCHANGE rule change. The text of these statements
Electronic Comments COMMISSION may be examined at the places specified
• Use the Commission’s internet in Item IV below. FINRA has prepared
[Release No. 34–83082; File No. SR–FINRA–
comment form (http://www.sec.gov/ 2018–013] summaries, set forth in sections A, B,
rules/sro.shtml); or and C below, of the most significant
• Send an email to rule-comments@ Self-Regulatory Organizations; aspects of such statements.
sec.gov. Please include File Number SR– Financial Industry Regulatory
NYSEAMER–2018–15 on the subject Authority, Inc.; Notice of Filing of a A. Self-Regulatory Organization’s
line. Proposed Rule Change To Establish a Statement of the Purpose of, and
Second Trade Reporting Facility in Statutory Basis for, the Proposed Rule
Paper Comments Change
Conjunction With Nasdaq, Inc.
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities 1. Purpose
April 20, 2018.
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the FINRA currently has three facilities
amozie on DSK30RV082PROD with NOTICES

NE, Washington, DC 20549–1090. Securities Exchange Act of 1934 that allow its members to report OTC
All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
3 See Securities Exchange Act Release No. 54084
Number SR–NYSEAMER–2018–15. This notice is hereby given that on April 19,
(June 30, 2006), 71 FR 38935 (July 10, 2006) (order
approving SR–NASD–2005–087); and Securities
12 15 U.S.C. 78s(b)(3)(A). 15 17 CFR 200.30–3(a)(12). Exchange Act Release No. 54798 (November 21,
13 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1). 2006), 71 FR 69156 (November 29, 2006) (order
14 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. approving SR–NASD–2006–104).

VerDate Sep<11>2014 16:58 Apr 25, 2018 Jkt 244001 PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 E:\FR\FM\26APN1.SGM 26APN1
Document Created: 2018-11-02 08:19:54
Document Modified: 2018-11-02 08:19:54
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		83 FR 18377