83 FR 32930 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE American Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 136 (July 16, 2018)
Federal Register Volume 83, Issue 136 (July 16, 2018)
| Page Range | 32930-32932 | |
| FR Document | 2018-15083 |
[Federal Register Volume 83, Number 136 (Monday, July 16, 2018)] [Notices] [Pages 32930-32932] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-15083] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83617; File No. SR-NYSEAMER-2018-36] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE American Options Fee Schedule July 10, 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 July 2, 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 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 modify the NYSE American Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective July 2, 2018. The proposed change is available on the Exchange's [[Page 32931]] website at www.nyse.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 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to modify the Fee Schedule, effective July 2, 2018, to provide an incentive for Floor Brokers to bring business to the Trading Floor in the newly listed options on the NYSE FANG+ Index (``NYSE FANG+''), which trades under the symbol FAANG. The Exchange proposes to introduce rebates for Floor Broker organizations that execute a certain number of FAANG contract sides on the Exchange in a calendar month, based on the highest Tier achieved (the ``Rebate''). The volume Tiers, and the associated proposed Rebate, are set forth as follows: FAANG Rebate ------------------------------------------------------------------------ Floor broker FAANG Tier executions Rebate ------------------------------------------------------------------------ 1.......................... From 200 to 999 contract ($1,000) sides. 2.......................... From 1,000 to 1,999 (2,500) contract sides. 3.......................... 2,000 to 19,999 contract (5,000) sides. 4.......................... 20,000 or more contract (10,000) sides. ------------------------------------------------------------------------ The Exchange believes the proposed Rebate would further the Exchange's goal of introducing new products to the marketplace by encouraging trading in this index, in particular by encouraging Floor Brokers to bring business to the Trading Floor, which would in turn, benefit all market participants through increased liquidity and more opportunities to trade. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act, in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act, 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. The Exchange believes the proposal to introduce a Floor Broker Rebate for executing a certain number of options contract sides on NYSE FANG+ is reasonable, equitable and not unfairly discriminatory for the following reasons. The Exchange believes the proposed rebates, which apply equally to all Floor Broker transactions in NYSE FANG+, regardless of account type, to be reasonable and equitable because business brought to the Trading Floor may be on behalf of any market participant. In addition, such orders benefit all market participants by providing more trading opportunities, which attracts Market Makers, Customers and other participants. An increase in activity, in turn, facilitates tighter spreads, which may result in a corresponding increase in order flow from all market participants. 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 the proposed rebates for Floor Broker organizations that achieve the proposed Rebate would not place an unfair burden on competition as it would apply to all similarly situated Floor Brokers, and is applicable to business from all account types. The Exchange also believes the proposed Rebate is procompetitive as it would further the Exchange's goal of introducing new products to the marketplace and encouraging Floor Brokers to bring business to the Trading Floor, which would in turn, benefit all market participants. Market participants that do not wish to trade in NYSE FANG+ are not obliged to do so. The Exchange does not believe that the proposed change will impair the ability of any market participants or competing order execution venues to maintain their competitive standing in the financial markets. Further, the proposed Rebate would be applied to all similarly situated participants (i.e., Floor Brokers), and, as such, the proposed change would not impose a disparate burden on competition either among or between classes of market participants. 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) \4\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \5\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(3)(A). \5\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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) \6\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule [[Page 32932]] 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-NYSEAMER-2018-36 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-2018-36. 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-NYSEAMER-2018-36 and should be submitted on or before August 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-15083 Filed 7-13-18; 8:45 am] BILLING CODE 8011-01-P
![32930 Federal Register / Vol. 83, No. 136 / Monday, July 16, 2018 / Notices
be reasonable and equitable because subparagraph (f)(2) of Rule 19b–4 5 Reference Room, 100 F Street NE,
business brought to the Trading Floor thereunder, because it establishes a due, Washington, DC 20549 on official
may be on behalf of any market fee, or other charge imposed by the business days between the hours of
participant. In addition, such orders Exchange. 10:00 a.m. and 3:00 p.m. Copies of the
benefit all market participants by At any time within 60 days of the filing also will be available for
providing more trading opportunities, filing of such proposed rule change, the inspection and copying at the principal
which attracts Market Makers, Commission summarily may office of the Exchange. All comments
Customers and other participants. An temporarily suspend such rule change if received will be posted without change.
increase in activity, in turn, facilitates it appears to the Commission that such Persons submitting comments are
tighter spreads, which may result in a action is necessary or appropriate in the cautioned that we do not redact or edit
corresponding increase in order flow public interest, for the protection of personal identifying information from
from all market participants. investors, or otherwise in furtherance of comment submissions. You should
the purposes of the Act. If the submit only information that you wish
B. Self-Regulatory Organization’s Commission takes such action, the to make available publicly. All
Statement on Burden on Competition Commission shall institute proceedings submissions should refer to File
In accordance with Section 6(b)(8) of under Section 19(b)(2)(B) 6 of the Act to Number SR–NYSEARCA–2018–51 and
the Act, the Exchange does not believe determine whether the proposed rule should be submitted on or before
that the proposed rule change would change should be approved or August 6, 2018.
impose any burden on competition that disapproved. For the Commission, by the Division of
is not necessary or appropriate in IV. Solicitation of Comments Trading and Markets, pursuant to delegated
furtherance of the purposes of the Act. authority.7
The Exchange believes the proposed Interested persons are invited to Eduardo A. Aleman,
rebates for Floor Broker organizations submit written data, views, and Assistant Secretary.
that achieve the proposed Rebate would arguments concerning the foregoing, [FR Doc. 2018–15082 Filed 7–13–18; 8:45 am]
not place an unfair burden on including whether the proposed rule
BILLING CODE 8011–01–P
competition as it would apply to all change is consistent with the Act.
similarly situated Floor Brokers, and is Comments may be submitted by any of
applicable to business from all account the following methods: SECURITIES AND EXCHANGE
types. The Exchange also believes the Electronic Comments COMMISSION
proposed Rebate is procompetitive as it
• Use the Commission’s internet [Release No. 34–83617; File No. SR–
would further the Exchange’s goal of NYSEAMER–2018–36]
comment form (http://www.sec.gov/
introducing new products to the
rules/sro.shtml); or
marketplace and encouraging Floor • Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
Brokers to bring business to the Trading sec.gov. Please include File Number SR– American LLC; Notice of Filing and
Floor, which would in turn, benefit all NYSEARCA–2018–51 on the subject Immediate Effectiveness of Proposed
market participants. Market participants line. Change To Modify the NYSE American
that do not wish to trade in NYSE Options Fee Schedule
FANG+ are not obliged to do so. Paper Comments
July 10, 2018.
The Exchange does not believe that • Send paper comments in triplicate
the proposed change will impair the Pursuant to Section 19(b)(1) 1 of the
to Brent J. Fields, Secretary, Securities
ability of any market participants or Securities Exchange Act of 1934 (the
and Exchange Commission, 100 F Street
competing order execution venues to ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
NE, Washington, DC 20549–1090.
maintain their competitive standing in notice is hereby given that, on July 2,
All submissions should refer to File 2018, NYSE American LLC (the
the financial markets. Further, the Number SR–NYSEARCA–2018–51. This
proposed Rebate would be applied to all ‘‘Exchange’’ or ‘‘NYSE American’’) filed
file number should be included on the with the Securities and Exchange
similarly situated participants (i.e., subject line if email is used. To help the
Floor Brokers), and, as such, the Commission (the ‘‘Commission’’) the
Commission process and review your proposed rule change as described in
proposed change would not impose a comments more efficiently, please use
disparate burden on competition either Items I, II, and III below, which Items
only one method. The Commission will have been prepared by the self-
among or between classes of market post all comments on the Commission’s
participants. regulatory organization. The
internet website (http://www.sec.gov/ Commission is publishing this notice to
C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the solicit comments on the proposed rule
Statement on Comments on the submission, all subsequent change from interested persons.
Proposed Rule Change Received From amendments, all written statements
Members, Participants, or Others with respect to the proposed rule I. Self-Regulatory Organization’s
change that are filed with the Statement of the Terms of Substance of
No written comments were solicited Commission, and all written the Proposed Rule Change
or received with respect to the proposed communications relating to the The Exchange proposes to modify the
rule change. proposed rule change between the NYSE American Options Fee Schedule
III. Date of Effectiveness of the Commission and any person, other than (‘‘Fee Schedule’’). The Exchange
sradovich on DSK3GMQ082PROD with NOTICES
Proposed Rule Change and Timing for those that may be withheld from the proposes to implement the fee change
Commission Action public in accordance with the effective July 2, 2018. The proposed
provisions of 5 U.S.C. 552, will be change is available on the Exchange’s
The foregoing rule change is effective available for website viewing and
upon filing pursuant to Section printing in the Commission’s Public 7 17 CFR 200.30–3(a)(12).
19(b)(3)(A) 4 of the Act and 1 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4(f)(2). 2 15 U.S.C. 78a.
4 15 U.S.C. 78s(b)(3)(A). 6 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4.
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![32932 Federal Register / Vol. 83, No. 136 / Monday, July 16, 2018 / Notices
change is consistent with the Act. SECURITIES AND EXCHANGE SECURITIES AND EXCHANGE
Comments may be submitted by any of COMMISSION COMMISSION
the following methods:
[Release No. 34–83619; File No. SR–MIAX–
Sunshine Act Meeting
Electronic Comments 2018–14]
• Use the Commission’s internet TIME AND DATE: Notice is hereby given, Self-Regulatory Organizations: Notice
comment form (http://www.sec.gov/ pursuant to the provisions of the of Filing of a Proposed Rule Change by
rules/sro.shtml); or Government in the Sunshine Act, Public Miami International Securities
• Send an email to rule-comments@ Exchange, LLC to List and Trade on
Law 94–409, that the Securities and
sec.gov. Please include File Number SR– the Exchange Options on the
Exchange Commission will hold an
NYSEAMER–2018–36 on the subject SPIKESTM Index
line. Open Meeting on July 18, 2018 at 10:00
a.m. July 11, 2018.
Paper Comments
PLACE: The meeting will be held in the Pursuant to the provisions of Section
• Send paper comments in triplicate Auditorium, Room LL–002 at the 19(b)(1) of the Securities Exchange Act
to Brent J. Fields, Secretary, Securities Commission’s headquarters, 100 F of 1934 (‘‘Act’’) 1 and Rule 19b–4
and Exchange Commission, 100 F Street Street NE, Washington, DC 20549. thereunder,2 notice is hereby given that
NE, Washington, DC 20549–1090. on June 28, 2018, Miami International
All submissions should refer to File STATUS: This meeting will begin at 10:00 Securities Exchange, LLC (‘‘MIAX
Number SR–NYSEAMER–2018–36. This a.m. (ET) and will be open to the public. Options’’ or ‘‘Exchange’’) filed with the
file number should be included on the Seating will be on a first-come, first- Securities and Exchange Commission
subject line if email is used. To help the served basis. Visitors will be subject to (‘‘Commission’’) a proposed rule change
Commission process and review your security checks. The meeting will be as described in Items I and II below,
comments more efficiently, please use webcast on the Commission’s website at which Items have been prepared by the
only one method. The Commission will http://www.sec.gov. Exchange. The Commission is
post all comments on the Commission’s publishing this notice to solicit
internet website (http://www.sec.gov/ MATTERS TO BE CONSIDERED: The subject
comments on the proposed rule change
rules/sro.shtml). Copies of the matters of the Open Meeting will be the
from interested persons.
submission, all subsequent Commission’s consideration of:
amendments, all written statements 1. Whether to adopt an amendment to I. Self-Regulatory Organization’s
with respect to the proposed rule Securities Act Rule 701(e), as mandated Statement of the Terms of Substance of
change that are filed with the the Proposed Rule Change
by the Economic Growth, Regulatory
Commission, and all written Relief, and Consumer Protection Act. The Exchange proposes to list and
communications relating to the trade on the Exchange options on the
2. Whether to issue a concept release
proposed rule change between the SPIKESTM Index (‘‘SPIKES’’ or the
requesting comment on potential ‘‘Index’’), a new index that measures
Commission and any person, other than
revisions to Securities Act Rule 701 and expected 30-day volatility of the SPDR
those that may be withheld from the
Securities Act Form S–8. S&P 500 ETF Trust. The Exchange also
public in accordance with the
provisions of 5 U.S.C. 552, will be 3. Whether to propose amendments to proposes to list and trade short-term,
available for website viewing and the disclosure requirements in Rule 3– quarterly, and long-term options on
printing in the Commission’s Public 10 and Rule 3–16 of Regulation S–X. SPIKES. Options on SPIKES will be
Reference Room, 100 F Street NE, 4. Whether to adopt amendments to cash-settled and will have European-
Washington, DC 20549 on official Rule 3a1–1 and Regulation ATS and style exercise provisions.
business days between the hours of The text of the proposed rule change
new Form ATS–N under the Securities
10:00 a.m. and 3:00 p.m. Copies of the is available on the Exchange’s website at
Exchange Act of 1934 related to certain http://www.miaxoptions.com/rule-
filing also will be available for alternative trading systems.
inspection and copying at the principal filings/, at MIAX Options’ principal
office of the Exchange. All comments At times, changes in Commission office, and at the Commission’s Public
received will be posted without change. priorities require alterations in the Reference Room.
Persons submitting comments are scheduling of meeting items. II. Self-Regulatory Organization’s
cautioned that we do not redact or edit Statement of the Purpose of, and
CONTACT PERSON FOR MORE INFORMATION:
personal identifying information from Statutory Basis for, the Proposed Rule
comment submissions. You should For further information, please contact
Brent J. Fields from the Office of the Change
submit only information that you wish
to make available publicly. All Secretary at (202) 551–5400. In its filing with the Commission, the
submissions should refer to File Dated: July 11, 2018.
Exchange included statements
Number SR–NYSEAMER–2018–36 and concerning the purpose of and basis for
Lynn M. Powalski,
should be submitted on or before the proposed rule change and discussed
Deputy Secretary. any comments it received on the
August 6, 2018.
[FR Doc. 2018–15233 Filed 7–12–18; 4:15 pm] proposed rule change. The text of these
For the Commission, by the Division of BILLING CODE 8011–01–P statements may be examined at the
Trading and Markets, pursuant to delegated
sradovich on DSK3GMQ082PROD with NOTICES
places specified in Item IV below. The
authority.7
Exchange has prepared summaries, set
Eduardo A. Aleman, forth in sections A, B, and C below, of
Assistant Secretary. the most significant aspects of such
[FR Doc. 2018–15083 Filed 7–13–18; 8:45 am] statements.
BILLING CODE 8011–01–P
1 15 U.S.C. 78s(b)(1).
7 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2018-07-14 00:54:11
Document Modified: 2018-07-14 00:54:11
| 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 32930 |
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