83 FR 19128 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Regular Order Fees and Rebates
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 84 (May 1, 2018)
Federal Register Volume 83, Issue 84 (May 1, 2018)
| Page Range | 19128-19130 | |
| FR Document | 2018-09114 |
[Federal Register Volume 83, Number 84 (Tuesday, May 1, 2018)] [Notices] [Pages 19128-19130] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09114] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83104; File No. SR-ISE-2018-37] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Regular Order Fees and Rebates April 25, 2018. 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 April 11, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend ISE's Schedule of Fees at Section I, entitled ``Regular Order Fees and Rebates.'' The text of the proposed rule change is available on the Exchange's website at http://ise.cchwallstreet.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 The purpose of the proposed rule change is to amend the ISE Schedule of Fees at Section I, entitled ``Regular Order Fees and Rebates.'' This proposed rule change is intended to make changes to: (i) Increase Taker Fees for Market Makers,\3\ Non-Nasdaq ISE Market Makers \4\ (FarMM) and Professional Customers; \5\ (ii) increase Fees for Responses to ISE's Price Improvement Mechanism \6\ (``PIM'') Orders for Market Makers, Non-Nasdaq ISE Market Makers (FarMM), Firm Proprietary \7\/Broker Dealers,\8\ Professional Customers, and Priority Customers; \9\ and (iii) increase the amount assessed to a Member, other than for a Priority Customer, that executes an average daily volume (``ADV'') of 12,500 or more contracts in the PIM. --------------------------------------------------------------------------- \3\ ``Market makers'' refers to ``Competitive Market Makers'' and ``Primary Market Makers'' collectively. See ISE Rule 100(a)(28). \4\ A ``Non-Nasdaq ISE 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. See Preface to ISE Schedule of Fees. \5\ A ``Professional Customer'' is a person or entity that is not a broker/dealer and is not a Priority Customer. See Preface to ISE Schedule of Fees. \6\ The Price Improvement Mechanism is a process by which an Electronic Access Member can provide price improvement opportunities for a transaction wherein the Electronic Access Member seeks to facilitate an order it represents as agent, and/or a transaction wherein the Electronic Access Member solicited interest to execute against an order it represents as agent (a ``Crossing Transaction''). See ISE Rule 723. \7\ A ``Firm Proprietary'' order is an order submitted by a Member for its own proprietary account. See Preface to ISE Schedule of Fees. \8\ ``Broker-Dealer'' order is an order submitted by a Member for a broker-dealer account that is not its own proprietary account. See Preface to ISE Schedule of Fees. \9\ 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 Nasdaq ISE Rule 100(a)(37A). Unless otherwise noted, when used in the Schedule of Fees the term ``Priority Customer'' includes ``Retail'' as defined in the Schedule of Fees. See Preface to ISE Schedule of Fees. --------------------------------------------------------------------------- Taker Fees The Exchange proposes to increase Regular Order Taker Fees for Market Makers, Non-Nasdaq ISE Market Makers (FarMM) and Professional Customers. Today, a Market Maker is assessed a $0.44 per contract Taker Fee for Regular Orders. The Exchange proposes to increase the Market Maker Taker Fee to $0.45 per contract. Today, Non-Nasdaq ISE Market Makers (FarMM) and Professional Customer are assessed a $0.45 per contract Taker Fees for Regular Orders. The Exchange proposes to increase the Non-Nasdaq ISE Market Makers (FarMM) and Professional Customer Taker Fees to $0.46 per contract. The Exchange will continue to assess a Firm Proprietary/Broker Dealer a Taker Fee of $0.46 per contract and assess a Priority Customer a $0.44 per contract Taker Fee. Fees for Reponses to PIM Orders The Exchange proposes to increase Fees for Reponses to PIM Orders for all market participants. Today, a Market Maker, Non-Nasdaq ISE Market Maker (FarMM), Firm Proprietary/Broker Dealer, Professional Customer, and Priority Customer are assessed a Regular Order Fee for Responses to PIM Orders of $0.20 per contact. The Exchange proposes to assess all market participants a Regular Order Fee for Responses to PIM Orders of $0.25 per contact. [[Page 19129]] Fees for PIM Orders The Exchange proposes to increase the amount assessed to a Member, other than for a Priority Customer, that executes an ADV of 12,500 or more contracts in the PIM. Today, other than a Priority Customer order, the Exchange assesses non-Priority Customer market participants a fee of $0.05 per contract for orders executed by Members that execute an ADV of 7,500 or more contracts in the PIM in a given month. Today, Members that execute an ADV of 12,500 or more contracts in the PIM will not be assessed a fee. The Exchange proposes to amend the amount assessed to a Member that executed an ADV of 12,500 or more contracts in the PIM a fee of $0.02 per contract. This $0.02 per contract fee represents an increase as the Member that executed an ADV of 12,500 or more contracts in the PIM is not charged a fee today. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\10\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\11\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Taker Fees The Exchange's proposal to increase Regular Order Taker Fees for Market Makers from $0.44 to $0.45 per contract and increase Taker Fees for Non-Nasdaq ISE Market Makers (FarMM) and Professional Customers from $0.45 to $0.46 per contract is reasonable because despite the increase to these Regular Order Taker Fees the fees remain competitive. The Exchange's proposal to increase Regular Order Taker Fees for Market Makers from $0.44 to $0.45 per contract and increase Taker Fees for Non-Nasdaq ISE Market Makers (FarMM) and Professional Customers from $0.45 to $0.46 per contract is equitable and not unfairly discriminatory because all market participants will be assessed a similar Taker Fee, except that Market Makers and Priority Customers will continue to be assessed a lower fee. The Exchange believes that assessing a lower Taker Fee for Priority Customers is reasonable because Priority Customer order flow enhances liquidity on the Exchange for the benefit of all market participants and benefits all market participants by providing more trading opportunities, which attracts Market Makers. Further, assessing a lower Taker Fee for Market Makers is reasonable because Market Makers add value through quoting obligations \12\ and the commitment of capital. Encouraging Market Makers to add greater liquidity benefits all market participants in the quality of order interaction. --------------------------------------------------------------------------- \12\ See ISE Rule 804. --------------------------------------------------------------------------- Fees for Reponses to PIM Orders The Exchange's proposal to increase Regular Order Fees for Reponses to PIM Orders for all market participants from $0.20 to $0.25 per contract is reasonable because despite the increase to these Regular Order Taker Fees the fees remain competitive and all market participants, other than Priority Customers, have an opportunity to decrease there PIM Fees by executing a greater amount of order flow. The Exchange's proposal to increase Regular Fees for Reponses to PIM Orders for all market participants from $0.20 to $0.25 per contract is equitable and not unfairly discriminatory because the Exchange is assessing all market participants the same Fee for Reponses to PIM Orders. Fees for PIM Orders The Exchange's proposal to increase the amount assessed to a Member, other than for a Priority Customer, that executes an ADV of 12,500 or more contracts in the PIM from $0.00 to $0.02 per contract is reasonable because despite the increase to PIM Order fees, the Exchange continues to offer market participants, other than Priority Customers, the ability to reduce fees by executing a certain amount of eligible contracts, in this case ADV of 12,500 or more contracts. The Exchange's proposal to increase the amount assessed to a Member, other than for a Priority Customer, that executes an ADV of 12,500 or more contracts in the PIM from $0.00 to $0.02 per contract is equitable and not unfairly discriminatory because today all market participants, except Priority Customers, are assessed a $0.10 per contract fee for executing PIM orders. Priority Customers are not assessed a Fee for PIM Orders. Non-Priority Customer market participants have the opportunity today to decrease their PIM Orders Fee from $0.10 to $0.05 per contract provided a Member executes an ADV of 7,500 or more contracts in the PIM in a given month. With this proposal, all non-Priority Customer market participants have the opportunity today to decrease their PIM Orders Fee from $0.10 to $0.02 per contract provided Members execute an ADV of 12,500 or more contracts in the PIM in a given month. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. While this proposal increases various fees, the Exchange believes that its pricing remains competitive. Below the Exchange addresses, for each proposed, change the reasons why it believes this proposal does not impose a burden on intra-market competition. Taker Fees The Exchange's proposal to increase Regular Order Taker Fees for Market Makers from $0.44 to $0.45 per contract and increase Taker Fees for Non-Nasdaq ISE Market Makers (FarMM) and Professional Customers from $0.45 to $0.46 per contract does not impose an undue burden on competition because all market participants will be assessed a similar Taker Fee, except that Market Makers and Priority Customers will continue to be assessed a lower fee. The Exchange believes that assessing a lower Taker Fee for Priority Customers is reasonable because Priority Customer order flow enhances liquidity on the Exchange for the benefit of all market participants and benefits all market participants by providing more trading opportunities, which attracts market makers. Further, assessing a lower Taker Fee for Market Makers is reasonable because Market Makers add value [[Page 19130]] through quoting obligations \13\ and the commitment of capital. Encouraging Market Makers to add greater liquidity benefits all market participants in the quality of order interaction. --------------------------------------------------------------------------- \13\ See ISE Rule 804. --------------------------------------------------------------------------- Fees for Reponses to PIM Orders The Exchange's proposal to increase Regular Order Fees for Reponses to PIM Orders for all market participants from $0.20 to $0.25 per contract does not impose an undue burden on competition because the Exchange is assessing all market participants the same Fee for Reponses to PIM Orders. Fees for PIM Orders The Exchange's proposal to increase the amount assessed to a Member, other than for a Priority Customer, that executes an ADV of 12,500 or more contracts in the PIM from $0.00 to $0.02 per contract does not impose an undue burden on competition because today all market participants, except Priority Customers, are assessed a $0.10 per contract fee for executing PIM orders. Priority Customers are not assessed a Fee for PIM Orders. Non-Priority Customer market participants have the opportunity today to decrease their PIM Order Fee from $0.10 to $0.05 per contract provided a Member executes an ADV of 7,500 or more contracts in the PIM in a given month. With this proposal, all non-Priority Customer market participants have the opportunity today to decrease their PIM Order Fee from $0.10 to $0.02 per contract provided Members execute an ADV of 12,500 or more contracts in the PIM in a given month. 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,\14\ and Rule 19b-4(f)(2) \15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). \15\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-ISE-2018-37 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-ISE-2018-37. 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 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. 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-ISE-2018-37 and should be submitted on or before May 22, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-09114 Filed 4-30-18; 8:45 am] BILLING CODE 8011-01-P
![19128 Federal Register / Vol. 83, No. 84 / Tuesday, May 1, 2018 / Notices
2018.3 The Commission received no ‘‘Exchange’’) filed with the Securities Mechanism 6 (‘‘PIM’’) Orders for Market
comments on the proposed rule change. and Exchange Commission Makers, Non-Nasdaq ISE Market Makers
Section 19(b)(2) of the Act 4 provides (‘‘Commission’’) the proposed rule (FarMM), Firm Proprietary 7/Broker
that, within 45 days of the publication change as described in Items I and II Dealers,8 Professional Customers, and
of notice of the filing of a proposed rule below, which Items have been prepared Priority Customers; 9 and (iii) increase
change, or within such longer period up by the Exchange. The Commission is the amount assessed to a Member, other
to 90 days as the Commission may publishing this notice to solicit than for a Priority Customer, that
designate if it finds such longer period comments on the proposed rule change executes an average daily volume
to be appropriate and publishes its from interested persons. (‘‘ADV’’) of 12,500 or more contracts in
reasons for so finding or as to which the the PIM.
self-regulatory organization consents, I. Self-Regulatory Organization’s
Statement of the Terms of Substance of Taker Fees
the Commission shall either approve the
proposed rule change, disapprove the the Proposed Rule Change The Exchange proposes to increase
proposed rule change, or institute The Exchange proposes to amend Regular Order Taker Fees for Market
proceedings to determine whether the ISE’s Schedule of Fees at Section I, Makers, Non-Nasdaq ISE Market Makers
proposed rule change should be entitled ‘‘Regular Order Fees and (FarMM) and Professional Customers.
disapproved. The 45th day after Today, a Market Maker is assessed a
Rebates.’’
publication of the notice for this $0.44 per contract Taker Fee for Regular
The text of the proposed rule change Orders. The Exchange proposes to
proposed rule change is April 27, 2018. is available on the Exchange’s website at
The Commission is extending this 45- increase the Market Maker Taker Fee to
http://ise.cchwallstreet.com/, at the $0.45 per contract. Today, Non-Nasdaq
day time period. principal office of the Exchange, and at
The Commission finds that it is ISE Market Makers (FarMM) and
the Commission’s Public Reference Professional Customer are assessed a
appropriate to designate a longer period
Room. $0.45 per contract Taker Fees for
within which to take action on the
proposed rule change so that it has II. Self-Regulatory Organization’s Regular Orders. The Exchange proposes
sufficient time to consider the proposed Statement of the Purpose of, and to increase the Non-Nasdaq ISE Market
rule change. Accordingly, the Statutory Basis for, the Proposed Rule Makers (FarMM) and Professional
Commission, pursuant to Section Change Customer Taker Fees to $0.46 per
19(b)(2) of the Act,5 designates June 11, contract. The Exchange will continue to
2018 as the date by which the In its filing with the Commission, the assess a Firm Proprietary/Broker Dealer
Commission shall either approve or Exchange included statements a Taker Fee of $0.46 per contract and
disapprove or institute proceedings to concerning the purpose of and basis for assess a Priority Customer a $0.44 per
determine whether to disapprove the the proposed rule change and discussed contract Taker Fee.
proposed rule change (File Number SR– any comments it received on the
Fees for Reponses to PIM Orders
NYSENAT–2018–02). proposed rule change. The text of these
statements may be examined at the The Exchange proposes to increase
For the Commission, by the Division of places specified in Item IV below. The Fees for Reponses to PIM Orders for all
Trading and Markets, pursuant to delegated market participants. Today, a Market
Exchange has prepared summaries, set
authority.6 Maker, Non-Nasdaq ISE Market Maker
forth in sections A, B, and C below, of
Eduardo A. Aleman, (FarMM), Firm Proprietary/Broker
the most significant aspects of such
Assistant Secretary. statements. Dealer, Professional Customer, and
[FR Doc. 2018–09110 Filed 4–30–18; 8:45 am] Priority Customer are assessed a Regular
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s Order Fee for Responses to PIM Orders
Statement of the Purpose of, and of $0.20 per contact. The Exchange
Statutory Basis for, the Proposed Rule proposes to assess all market
SECURITIES AND EXCHANGE Change participants a Regular Order Fee for
COMMISSION 1. Purpose Responses to PIM Orders of $0.25 per
[Release No. 34–83104; File No. SR–ISE–
contact.
2018–37]
The purpose of the proposed rule
change is to amend the ISE Schedule of 6 The Price Improvement Mechanism is a process
Fees at Section I, entitled ‘‘Regular by which an Electronic Access Member can provide
Self-Regulatory Organizations; Nasdaq price improvement opportunities for a transaction
ISE, LLC; Notice of Filing and Order Fees and Rebates.’’ This proposed wherein the Electronic Access Member seeks to
Immediate Effectiveness of Proposed rule change is intended to make changes facilitate an order it represents as agent, and/or a
Rule Change Relating to Regular Order to: (i) Increase Taker Fees for Market transaction wherein the Electronic Access Member
Makers,3 Non-Nasdaq ISE Market solicited interest to execute against an order it
Fees and Rebates represents as agent (a ‘‘Crossing Transaction’’). See
Makers 4 (FarMM) and Professional ISE Rule 723.
April 25, 2018. Customers; 5 (ii) increase Fees for 7 A ‘‘Firm Proprietary’’ order is an order
Pursuant to Section 19(b)(1) of the Responses to ISE’s Price Improvement submitted by a Member for its own proprietary
Securities Exchange Act of 1934 account. See Preface to ISE Schedule of Fees.
8 ‘‘Broker-Dealer’’ order is an order submitted by
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 3 ‘‘Market makers’’ refers to ‘‘Competitive Market
a Member for a broker-dealer account that is not its
notice is hereby given that on April 11, Makers’’ and ‘‘Primary Market Makers’’ collectively. own proprietary account. See Preface to ISE
2018, Nasdaq ISE, LLC (‘‘ISE’’ or See ISE Rule 100(a)(28). Schedule of Fees.
4 A ‘‘Non-Nasdaq ISE Market Maker’’ is a market
amozie on DSK30RV082PROD with NOTICES
9 A ‘‘Priority Customer’’ is a person or entity that
3 See Securities Exchange Act Release No. 82819 maker as defined in Section 3(a)(38) of the is not a broker/dealer in securities, and does not
Securities Exchange Act of 1934, as amended, place more than 390 orders in listed options per day
(March 7, 2018), 83 FR 11098 (March 13, 2018).
4 15 U.S.C. 78s(b)(2).
registered in the same options class on another on average during a calendar month for its own
options exchange. See Preface to ISE Schedule of beneficial account(s), as defined in Nasdaq ISE Rule
5 Id.
Fees. 100(a)(37A). Unless otherwise noted, when used in
6 17 CFR 200.30–3(a)(31). 5 A ‘‘Professional Customer’’ is a person or entity the Schedule of Fees the term ‘‘Priority Customer’’
1 15 U.S.C. 78s(b)(1).
that is not a broker/dealer and is not a Priority includes ‘‘Retail’’ as defined in the Schedule of
2 17 CFR 240.19b–4. Customer. See Preface to ISE Schedule of Fees. Fees. See Preface to ISE Schedule of Fees.
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![19130 Federal Register / Vol. 83, No. 84 / Tuesday, May 1, 2018 / Notices
through quoting obligations 13 and the furtherance of the purposes of the Act. For the Commission, by the Division of
commitment of capital. Encouraging If the Commission takes such action, the Trading and Markets, pursuant to delegated
Market Makers to add greater liquidity Commission shall institute proceedings authority.16
benefits all market participants in the to determine whether the proposed rule Eduardo A. Aleman,
quality of order interaction. should be approved or disapproved. Assistant Secretary.
[FR Doc. 2018–09114 Filed 4–30–18; 8:45 am]
Fees for Reponses to PIM Orders IV. Solicitation of Comments
BILLING CODE 8011–01–P
The Exchange’s proposal to increase Interested persons are invited to
Regular Order Fees for Reponses to PIM submit written data, views, and
Orders for all market participants from arguments concerning the foregoing, SECURITIES AND EXCHANGE
$0.20 to $0.25 per contract does not including whether the proposed rule COMMISSION
impose an undue burden on change is consistent with the Act.
[Release No. 34–83101; File No. SR–ISE–
competition because the Exchange is Comments may be submitted by any of 2018–40]
assessing all market participants the the following methods:
same Fee for Reponses to PIM Orders. Self-Regulatory Organizations; Nasdaq
Electronic Comments
Fees for PIM Orders ISE, LLC; Notice of Filing and
• Use the Commission’s internet Immediate Effectiveness of Proposed
The Exchange’s proposal to increase comment form (http://www.sec.gov/ Rule Change To Extend the Delay for
the amount assessed to a Member, other rules/sro.shtml); or the Re-introduction of Concurrent
than for a Priority Customer, that • Send an email to rule-comments@ Complex Order Auction Functionality
executes an ADV of 12,500 or more sec.gov. Please include File Number SR–
contracts in the PIM from $0.00 to $0.02 ISE–2018–37 on the subject line. April 25, 2018.
per contract does not impose an undue Pursuant to Section 19(b)(1) of the
burden on competition because today Paper Comments Securities Exchange Act of 1934
all market participants, except Priority • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Customers, are assessed a $0.10 per to Secretary, Securities and Exchange notice is hereby given that on April 19,
contract fee for executing PIM orders. Commission, 100 F Street NE, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
Priority Customers are not assessed a Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
Fee for PIM Orders. Non-Priority All submissions should refer to File and Exchange Commission
Customer market participants have the Number SR–ISE–2018–37. This file (‘‘Commission’’) the proposed rule
opportunity today to decrease their PIM number should be included on the change as described in Items I and II,
Order Fee from $0.10 to $0.05 per subject line if email is used. To help the below, which Items have been prepared
contract provided a Member executes an Commission process and review your by the Exchange. The Commission is
ADV of 7,500 or more contracts in the comments more efficiently, please use publishing this notice to solicit
PIM in a given month. With this only one method. The Commission will comments on the proposed rule change
proposal, all non-Priority Customer post all comments on the Commission’s from interested persons.
market participants have the internet website (http://www.sec.gov/ I. Self-Regulatory Organization’s
opportunity today to decrease their PIM rules/sro.shtml). Copies of the Statement of the Terms of Substance of
Order Fee from $0.10 to $0.02 per submission, all subsequent the Proposed Rule Change
contract provided Members execute an amendments, all written statements
ADV of 12,500 or more contracts in the with respect to the proposed rule The Exchange proposes to extend the
PIM in a given month. change that are filed with the delay for re-introduction of
Commission, and all written functionality which permits concurrent
C. Self-Regulatory Organization’s complex order auctions in the same
Statement on Comments on the communications relating to the
proposed rule change between the complex strategy by an additional one
Proposed Rule Change Received From year.
Members, Participants, or Others Commission and any person, other than
those that may be withheld from the The text of the proposed rule change
No written comments were either public in accordance with the is available on the Exchange’s website at
solicited or received. provisions of 5 U.S.C. 552, will be http://ise.cchwallstreet.com/, at the
available for website viewing and principal office of the Exchange, and at
III. Date of Effectiveness of the
printing in the Commission’s Public the Commission’s Public Reference
Proposed Rule Change and Timing for
Reference Room, 100 F Street NE, Room.
Commission Action
The foregoing rule change has become Washington, DC 20549, on official II. Self-Regulatory Organization’s
effective pursuant to Section business days between the hours of Statement of the Purpose of, and
19(b)(3)(A)(ii) of the Act,14 and Rule 10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule
filing also will be available for Change
19b–4(f)(2) 15 thereunder. At any time
inspection and copying at the principal
within 60 days of the filing of the In its filing with the Commission, the
office of the Exchange. All comments
proposed rule change, the Commission Exchange included statements
received will be posted without change.
summarily may temporarily suspend concerning the purpose of and basis for
Persons submitting comments are
such rule change if it appears to the the proposed rule change and discussed
cautioned that we do not redact or edit
Commission that such action is: (i) any comments it received on the
amozie on DSK30RV082PROD with NOTICES
personal identifying information from
Necessary or appropriate in the public proposed rule change. The text of these
comment submissions. You should
interest; (ii) for the protection of statements may be examined at the
submit only information that you wish
investors; or (iii) otherwise in places specified in Item IV below. The
to make available publicly. All
13 See ISE Rule 804.
submissions should refer to File 16 17 CFR 200.30–3(a)(12).
14 15 U.S.C. 78s(b)(3)(A)(ii). Number SR–ISE–2018–37 and should be 1 15 U.S.C. 78s(b)(1).
15 17 CFR 240.19b–4(f)(2). submitted on or before May 22, 2018. 2 17 CFR 240.19b–4.
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Document Created: 2018-05-01 00:25:04
Document Modified: 2018-05-01 00:25:04
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 19128 |
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