83 FR 40103 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 156 (August 13, 2018)
Federal Register Volume 83, Issue 156 (August 13, 2018)
| Page Range | 40103-40105 | |
| FR Document | 2018-17257 |
[Federal Register Volume 83, Number 156 (Monday, August 13, 2018)] [Notices] [Pages 40103-40105] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-17257] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83793; File No. SR-ISE-2018-70] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee August 7, 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 July 27, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') 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 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 revise ISE's Schedule of Fees to amend its Options Regulatory Fee or ``ORF''. While the changes proposed herein are effective upon filing, the Exchange has designated the amendments become operative on August 1, 2018. 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. [[Page 40104]] A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, ISE assesses an ORF of $0.0016 per contract side. The Exchange proposes to increase this ORF to $0.0020 per contract side. In 2017, ISE reduced its ORF from $0.0039 per contract side to $0.0016 per contract side to account for synergies which resulted from Nasdaq's acquisition \3\ of the Exchange. At this time, the Exchange proposes an increase to its ORF that reflects its current expense profile. The Exchange's proposed change to the ORF should balance the Exchange's regulatory revenue against the anticipated costs. --------------------------------------------------------------------------- \3\ On June 30, 2016, Nasdaq completed its acquisition of the International Securities Exchange. With the acquisition, ISE regulatory program has been examined and conformed to certain best practices which exist today on NASDAQ PHLX LLC, The NASDAQ Options Market LLC and NASDAQ BX, Inc. (collectively ``Nasdaq Markets'') and Nasdaq GEMX, LLC. These synergies in combination with conforming the expense and revenue review of ISE to that of the Nasdaq Markets resulted in decreased regulatory expenses for ISE. See Securities Exchange Act Release No. 81345 (August 8, 2017), 82 FR 155 (August 14, 2017) (SR-ISE-2017-71). --------------------------------------------------------------------------- Collection of ORF Currently, ISE assesses its ORF for each customer option transaction that is either: (1) Executed by a Member on ISE; or (2) cleared by an ISE Member at The Options Clearing Corporation (``OCC'') in the customer range,\4\ even if the transaction was executed by a non-member of ISE, regardless of the exchange on which the transaction occurs.\5\ If the OCC clearing member is an ISE Member, ORF is assessed and collected on all cleared customer contracts (after adjustment for CMTA \6\); and (2) if the OCC clearing member is not an ISE Member, ORF is collected only on the cleared customer contracts executed at ISE, taking into account any CMTA instructions which may result in collecting the ORF from a non-member. --------------------------------------------------------------------------- \4\ Members must record the appropriate account origin code on all orders at the time of entry in order. The Exchange represents that it has surveillances in place to verify that members mark orders with the correct account origin code. \5\ The Exchange uses reports from OCC when assessing and collecting the ORF. \6\ CMTA or Clearing Member Trade Assignment is a form of ``give-up'' whereby the position will be assigned to a specific clearing firm at OCC. --------------------------------------------------------------------------- By way of example, if Broker A, an ISE Member, routes a customer order to CBOE and the transaction executes on CBOE and clears in Broker A's OCC Clearing account, ORF will be collected by ISE from Broker A's clearing account at OCC via direct debit. While this transaction was executed on a market other than ISE, it was cleared by an ISE Member in the member's OCC clearing account in the customer range, therefore there is a regulatory nexus between ISE and the transaction. If Broker A was not an ISE Member, then no ORF should be assessed and collected because there is no nexus; the transaction did not execute on ISE nor was it cleared by an ISE Member. In the case where a Member both executes a transaction and clears the transaction, the ORF is assessed to and collected from that Member. In the case where a Member executes a transaction and a different member clears the transaction, the ORF is assessed to and collected from the Member who clears the transaction and not the Member who executes the transaction. In the case where a non-member executes a transaction at an away market and a Member clears the transaction, the ORF is assessed to and collected from the Member who clears the transaction. In the case where a Member executes a transaction on ISE and a non-member clears the transaction, the ORF is assessed to the Member that executed the transaction on ISE and collected from the non- member who cleared the transaction. In the case where a Member executes a transaction at an away market and a non-member clears the transaction, the ORF is not assessed to the Member who executed the transaction or collected from the non-member who cleared the transaction because the Exchange does not have access to the data to make absolutely certain that ORF should apply. Further, the data does not allow the Exchange to identify the Member executing the trade at an away market. ORF Revenue and Monitoring of ORF The Exchange monitors the amount of revenue collected from the ORF to ensure that it, in combination with other regulatory fees and fines, does not exceed regulatory costs. In determining whether an expense is considered a regulatory cost, the Exchange reviews all costs and makes determinations if there is a nexus between the expense and a regulatory function. The Exchange notes that fines collected by the Exchange in connection with a disciplinary matter offset ORF. The ORF is designed to recover a material portion of the costs to the Exchange of the supervision and regulation of its members, including performing routine surveillances, investigations, examinations, financial monitoring, and policy, rulemaking, interpretive, and enforcement activities. The Exchange believes that revenue generated from the ORF, when combined with all of the Exchange's other regulatory fees, will cover a material portion, but not all, of the Exchange's regulatory costs. The Exchange will continue to monitor the amount of revenue collected from the ORF to ensure that it, in combination with its other regulatory fees and fines, does not exceed regulatory costs. If the Exchange determines regulatory revenues exceed regulatory costs, the Exchange will adjust the ORF by submitting a fee change filing to the Commission. Proposal The Exchange is proposing to increase the ORF from $0.0016 to $0.0020 as of August 1, 2018 to reflect its current expense expenses while also ensuring that the ORF will not exceed costs. The Exchange regularly reviews its ORF to ensure that the ORF, in combination with its other regulatory fees and fines, does not exceed regulatory costs. The Exchange believes this adjustment will permit the Exchange to cover a material portion of its regulatory costs, while not exceeding regulatory costs. The Exchange notified Members via an Options Trader Alert of the proposed change to the ORF thirty (30) calendar days prior to the proposed operative date, August 1, 2018.\7\ The Exchange believes that the prior notification market participants will ensure market participants are prepared to configure their systems to properly account for the ORF. --------------------------------------------------------------------------- \7\ See Options Trader Alert #2018-27. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \8\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act \9\ 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 its facility and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that increasing the ORF from $0.0016 to $0.0020 as of August 1, 2018 is reasonable because the Exchange's collection of ORF needs to be balanced against the amount of regulatory costs incurred by the Exchange. The Exchange believes that the proposed adjustments noted herein will serve to balance the Exchange's regulatory revenue against the [[Page 40105]] anticipated regulatory costs. While these adjustments result in an increase, the increase is modest. The Exchange believes that amending the ORF from $0.0016 to $0.0020 as of August 1, 2018 is equitable and not unfairly discriminatory because assessing the ORF to each Member for options transactions cleared by OCC in the customer range where the execution occurs on another exchange and is cleared by an ISE Member is an equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. The ORF is collected by OCC on behalf of ISE from Exchange clearing members for all customer transactions they clear or from non-members for all customer transactions they clear that were executed on ISE. The Exchange believes the ORF ensures fairness by assessing fees to Members based on the amount of customer options business they conduct. Regulating customer trading activity is much more labor intensive and requires greater expenditure of human and technical resources than regulating non-customer trading activity, which tends to be more automated and less labor-intensive. As a result, the costs associated with administering the customer component of the Exchange's overall regulatory program are materially higher than the costs associated with administering the non-customer component (e.g., Member proprietary transactions) of its regulatory program. The ORF is designed to recover a material portion of the costs of supervising and regulating Members' customer options business including performing routine surveillances, investigations, examinations, financial monitoring, and policy, rulemaking, interpretive, and enforcement activities. The Exchange will monitor the amount of revenue collected from the ORF to ensure that it, in combination with its other regulatory fees and fines, does not exceed the Exchange's total regulatory costs. The Exchange has designed the ORF to generate revenues that, when combined with all of the Exchange's other regulatory fees, will be less than or equal to the Exchange's regulatory costs, which is consistent with the Commission's view that regulatory fees be used for regulatory purposes and not to support the Exchange's business side. 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. This proposal does not create an unnecessary or inappropriate intra-market burden on competition because the ORF applies to all customer activity, thereby raising regulatory revenue to offset regulatory expenses. It also supplements the regulatory revenue derived from non-customer activity. This proposal does not create an unnecessary or inappropriate inter-market burden on competition because it is a regulatory fee that supports regulation in furtherance of the purposes of the Act. The Exchange is obligated to ensure that the amount of regulatory revenue collected from the ORF, in combination with its other regulatory fees and fines, does not exceed regulatory costs. 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.\10\ 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-ISE-2018-70 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File No. SR-ISE-2018-70. 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 No. SR-ISE-2018-70, and should be submitted on or before September 4, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-17257 Filed 8-10-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 156 / Monday, August 13, 2018 / Notices 40103
contrary, the Exchange believes that the Electronic Comments SECURITIES AND EXCHANGE
proposed changes should increase both COMMISSION
intermarket and intramarket • Use the Commission’s internet
competition. Specifically, the Exchange comment form (http://www.sec.gov/
[Release No. 34–83793; File No. SR–ISE–
believes that the changes will promote rules/sro.shtml); or
2018–70]
competition by increasing the • Send an email to rule-comments@
connectivity fees to become more within sec.gov. Please include File Number SR– Self-Regulatory Organizations; Nasdaq
the range of comparable fees assessed by PEARL–2018–16 on the subject line. ISE, LLC; Notice of Filing and
other competing exchanges.14 Immediate Effectiveness of a Proposed
Paper Comments
The Exchange notes that it operates in Rule Change To Amend the Options
a highly competitive market in which • Send paper comments in triplicate Regulatory Fee
market participants can readily favor to Secretary, Securities and Exchange
August 7, 2018.
competing venues if they deem fee Commission, 100 F Street NE,
levels at a particular venue to be Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
excessive. In such an environment, the Securities Exchange Act of 1934
All submissions should refer to File (‘‘Act’’),1 and Rule 19B–4 thereunder,2
Exchange must continually adjust its Number SR–PEARL–2018–16. This file
fees to remain competitive with other notice is hereby given that on July 27,
number should be included on the 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
exchanges. The Exchange believes that subject line if email is used. To help the
the proposed changes reflect this ‘‘Exchange’’) filed with the Securities
Commission process and review your and Exchange Commission (the
competitive environment. To the extent comments more efficiently, please use
that this purpose is achieved, all the ‘‘Commission’’) the proposed rule
only one method. The Commission will change as described in Items I, II, and
Exchange’s market participants should post all comments on the Commission’s
benefit from the improved market III below, which Items have been
internet website (http://www.sec.gov/ prepared by the Exchange. The
liquidity. rules/sro.shtml). Copies of the Commission is publishing this notice to
C. Self-Regulatory Organization’s submission, all subsequent solicit comments on the proposed rule
Statement on Comments on the amendments, all written statements change from interested persons.
Proposed Rule Change Received From with respect to the proposed rule
Members, Participants, or Others change that are filed with the I. Self-Regulatory Organization’s
Commission, and all written Statement of the Terms of Substance of
Written comments were neither communications relating to the the Proposed Rule Change
solicited nor received. proposed rule change between the
Commission and any person, other than The Exchange proposes to revise ISE’s
III. Date of Effectiveness of the Schedule of Fees to amend its Options
Proposed Rule Change and Timing for those that may be withheld from the
public in accordance with the Regulatory Fee or ‘‘ORF’’.
Commission Action
provisions of 5 U.S.C. 552, will be While the changes proposed herein
The foregoing rule change has become available for website viewing and are effective upon filing, the Exchange
effective pursuant to Section printing in the Commission’s Public has designated the amendments become
19(b)(3)(A)(ii) of the Act,15 and Rule Reference Room, 100 F Street NE, operative on August 1, 2018.
19b–4(f)(2) 16 thereunder. At any time Washington, DC 20549, on official The text of the proposed rule change
within 60 days of the filing of the business days between the hours of is available on the Exchange’s website at
proposed rule change, the Commission 10:00 a.m. and 3:00 p.m. Copies of the http://ise.cchwallstreet.com/, at the
summarily may temporarily suspend filing also will be available for principal office of the Exchange, and at
such rule change if it appears to the inspection and copying at the principal the Commission’s Public Reference
Commission that such action is office of the Exchange. All comments Room.
necessary or appropriate in the public received will be posted without change.
interest, for the protection of investors, Persons submitting comments are II. Self-Regulatory Organization’s
or otherwise in furtherance of the cautioned that we do not redact or edit Statement of the Purpose of, and
purposes of the Act. If the Commission personal identifying information from Statutory Basis for, the Proposed Rule
takes such action, the Commission shall comment submissions. You should Change
institute proceedings to determine submit only information that you wish In its filing with the Commission, the
whether the proposed rule should be to make available publicly. All Exchange included statements
approved or disapproved. submissions should refer to File concerning the purpose of and basis for
Number SR–PEARL–2018–16 and the proposed rule change and discussed
IV. Solicitation of Comments
should be submitted on or before any comments it received on the
Interested persons are invited to September 4, 2018. proposed rule change. The text of these
submit written data, views, and For the Commission, by the Division of statements may be examined at the
arguments concerning the foregoing, Trading and Markets, pursuant to delegated places specified in Item IV below. The
including whether the proposed rule authority.17 Exchange has prepared summaries, set
sradovich on DSK3GMQ082PROD with NOTICES
change is consistent with the Act. Eduardo A. Aleman, forth in sections A, B, and C below, of
Comments may be submitted by any of Assistant Secretary. the most significant aspects of such
the following methods: [FR Doc. 2018–17251 Filed 8–10–18; 8:45 am] statements.
BILLING CODE 8011–01–P
14 See supra note 4.
15 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
16 17 CFR 240.19b–4(f)(2). 17 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19B–4.
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![Federal Register / Vol. 83, No. 156 / Monday, August 13, 2018 / Notices 40105
anticipated regulatory costs. While these of the purposes of the Act. This Commission, 100 F Street NE,
adjustments result in an increase, the proposal does not create an unnecessary Washington, DC 20549–1090.
increase is modest. or inappropriate intra-market burden on
The Exchange believes that amending competition because the ORF applies to All submissions should refer to File No.
the ORF from $0.0016 to $0.0020 as of all customer activity, thereby raising SR–ISE–2018–70. This file number
August 1, 2018 is equitable and not regulatory revenue to offset regulatory should be included on the subject line
unfairly discriminatory because expenses. It also supplements the if email is used. To help the
assessing the ORF to each Member for regulatory revenue derived from non- Commission process and review your
options transactions cleared by OCC in customer activity. This proposal does comments more efficiently, please use
the customer range where the execution not create an unnecessary or only one method. The Commission will
occurs on another exchange and is inappropriate inter-market burden on post all comments on the Commission’s
cleared by an ISE Member is an competition because it is a regulatory internet website (http://www.sec.gov/
equitable allocation of reasonable dues, fee that supports regulation in rules/sro.shtml). Copies of the
fees, and other charges among its furtherance of the purposes of the Act. submission, all subsequent
members and issuers and other persons The Exchange is obligated to ensure that amendments, all written statements
using its facilities. The ORF is collected the amount of regulatory revenue with respect to the proposed rule
by OCC on behalf of ISE from Exchange collected from the ORF, in combination change that are filed with the
clearing members for all customer with its other regulatory fees and fines, Commission, and all written
transactions they clear or from non- does not exceed regulatory costs. communications relating to the
members for all customer transactions
C. Self-Regulatory Organization’s proposed rule change between the
they clear that were executed on ISE.
Statement on Comments on the Commission and any person, other than
The Exchange believes the ORF ensures
fairness by assessing fees to Members Proposed Rule Change Received From those that may be withheld from the
based on the amount of customer Members, Participants, or Others public in accordance with the
options business they conduct. provisions of 5 U.S.C. 552, will be
No written comments were either
Regulating customer trading activity is solicited or received. available for website viewing and
much more labor intensive and requires printing in the Commission’s Public
greater expenditure of human and III. Date of Effectiveness of the Reference Room, 100 F Street NE,
technical resources than regulating non- Proposed Rule Change and Timing for Washington, DC 20549, on official
customer trading activity, which tends Commission Action business days between the hours of
to be more automated and less labor- The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
intensive. As a result, the costs effective pursuant to Section filing also will be available for
associated with administering the 19(b)(3)(A)(ii) of the Act.10 At any time inspection and copying at the principal
customer component of the Exchange’s within 60 days of the filing of the office of the Exchange. All comments
overall regulatory program are proposed rule change, the Commission received will be posted without change.
materially higher than the costs summarily may temporarily suspend Persons submitting comments are
associated with administering the non- such rule change if it appears to the cautioned that we do not redact or edit
customer component (e.g., Member Commission that such action is: (i) personal identifying information from
proprietary transactions) of its necessary or appropriate in the public comment submissions. You should
regulatory program. interest; (ii) for the protection of submit only information that you wish
The ORF is designed to recover a investors; or (iii) otherwise in to make available publicly. All
material portion of the costs of furtherance of the purposes of the Act.
supervising and regulating Members’ submissions should refer to File No.
If the Commission takes such action, the SR–ISE–2018–70, and should be
customer options business including Commission shall institute proceedings
performing routine surveillances, submitted on or before September 4,
to determine whether the proposed rule 2018.
investigations, examinations, financial should be approved or disapproved.
monitoring, and policy, rulemaking, For the Commission, by the Division of
interpretive, and enforcement activities. IV. Solicitation of Comments Trading and Markets, pursuant to delegated
The Exchange will monitor the amount Interested persons are invited to authority.11
of revenue collected from the ORF to submit written data, views, and Eduardo A. Aleman,
ensure that it, in combination with its arguments concerning the foregoing, Assistant Secretary.
other regulatory fees and fines, does not including whether the proposed rule [FR Doc. 2018–17257 Filed 8–10–18; 8:45 am]
exceed the Exchange’s total regulatory change is consistent with the Act.
costs. The Exchange has designed the BILLING CODE 8011–01–P
Comments may be submitted by any of
ORF to generate revenues that, when the following methods:
combined with all of the Exchange’s
other regulatory fees, will be less than Electronic Comments
or equal to the Exchange’s regulatory • Use the Commission’s internet
costs, which is consistent with the comment form (http://www.sec.gov/
Commission’s view that regulatory fees rules/sro.shtml); or
be used for regulatory purposes and not • Send an email to rule-comments@
sradovich on DSK3GMQ082PROD with NOTICES
to support the Exchange’s business side. sec.gov. Please include File No. SR–ISE–
2018–70 on the subject line.
B. Self-Regulatory Organization’s
Statement on Burden on Competition Paper Comments
The Exchange does not believe that • Send paper comments in triplicate
the proposed rule change will impose to Secretary, Securities and Exchange
any burden on competition not
necessary or appropriate in furtherance 10 15 U.S.C. 78s(b)(3)(A)(ii). 11 17 CFR 200.30–3(a)(12).
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Document Created: 2018-08-11 00:27:48
Document Modified: 2018-08-11 00:27:48
| 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 40103 |
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