83 FR 40816 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges To Introduce a New Pricing Tier
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 159 (August 16, 2018)
Federal Register Volume 83, Issue 159 (August 16, 2018)
| Page Range | 40816-40818 | |
| FR Document | 2018-17636 |
[Federal Register Volume 83, Number 159 (Thursday, August 16, 2018)] [Notices] [Pages 40816-40818] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-17636] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83828; File No. SR-NYSEARCA-2018-58] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges To Introduce a New Pricing Tier August 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 August 1, 2018, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 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 amend the NYSE Arca Equities Fees and Charges (``Fee Schedule'') to introduce a new pricing tier, Retail Order Step-Up Tier 2. The Exchange proposes to implement the fee change effective August 1, 2018. The proposed rule 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. 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 Exchange proposes to amend the Fee Schedule, as described below, to introduce a new pricing tier, Retail Order Step-Up Tier 2, for securities with a per share price of $1.00 or above. The Exchange currently has a Retail Order Step-Up Tier pursuant to which ETP Holders, including Market Makers, that execute an ADV of Retail Orders \4\ with a time-in-force designation of Day that add or remove liquidity during the month that is an increase of 0.12% or more of the U.S. CADV above their April 2018 ADV taken as a percentage of U.S. CADV receive a credit of $0.0033 per share when such orders provide liquidity to the book during the month in Tape A, Tape B and Tape C Securities. Retail Orders with a time-in-force designation of Day that remove liquidity from the Book are not charged a fee.\5\ --------------------------------------------------------------------------- \4\ A Retail Order is an agency order that originates from a natural person and is submitted to the Exchange by an ETP Holder, provided that no change is made to the terms of the order to price or side of market and the order does not originate from a trading algorithm or any other computerized methodology. See Securities Exchange Act Release No. 67540 (July 30, 2012), 77 FR 46539 (August 3, 2012) (SR-NYSEArca-2012-77). \5\ See Securities Exchange Act Release No. 83268 (May 17, 2018), 83 FR 23983 (May 23, 2017) (SR-NYSEArca-2018-34). --------------------------------------------------------------------------- To encourage even greater participation from ETP Holders and promote additional liquidity in Retail Orders, the Exchange proposes a new pricing tier--Retail Order Step-Up Tier 2.\6\ --------------------------------------------------------------------------- \6\ The Exchange proposes a non-substantive amendment to the Fee Schedule to rename the current Retail Order Step-Up Tier as ``Retail Order Step-Up Tier 1.'' --------------------------------------------------------------------------- As proposed, a new Retail Order Step-Up Tier 2 credit of $0.0035 per share for Retail Orders that provide displayed liquidity during the month in Tape A, Tape B and Tape C Securities would apply to ETP Holders, including Market Makers, that provide liquidity an average daily share volume per month of 1.10% or more of the U.S. CADV, and execute an ADV of Retail Orders with a time-in-force designation of Day that add or remove liquidity during the month that is an increase of 0.35% or more of the U.S. CADV above their April 2018 ADV taken as a percentage of U.S. CADV. Retail Orders with a time-in-force designation of Day that remove liquidity from the Book will not be charged a fee. Additionally, if an ETP Holder qualifies for the new Retail Order Step- [[Page 40817]] Up Tier 2, that ETP Holder would also receive a credit of $0.0035 per share for orders (not just Retail Orders) that provide displayed liquidity to the order book in Tape C Securities, and an incremental credit of $0.0002 per share for orders that provide non-displayed liquidity \7\ to the order book in Tape C Securities. The proposed incremental credit would be in addition to the ETP Holder's or Market Maker's Tiered or Basic Rate credit(s). Such ETP Holders and Market Makers would also pay a fee of $0.0027 per share for orders that take liquidity from the order book in Tape C Securities. --------------------------------------------------------------------------- \7\ The following orders provide non-displayed liquidity to the order book: Limit Non-Displayed Order, Mid-Point Liquidity (``MPL'') Order and Tracking Order. See Rule 7.31-E(d)(2), (3) and (4). --------------------------------------------------------------------------- For all other fees and credits, tiered or basic rates apply based on a firm's qualifying levels. For example, assume an ETP Holder averages 1 million shares in Retail Orders with a time-in-force designation of Day that add or remove liquidity per day in April, or 0.015% of U.S. CADV, where U.S. CADV was 6.6 billion shares. If that ETP holder then averages 24.25 million shares in Retail Orders with a time-in-force designation of Day that add or remove liquidity in the billing month, or 0.367% of U.S. CADV, where U.S. CADV was also 6.6 billion shares, that ETP Holder would qualify for the proposed Retail Order Step-Up Tier 2 because it would have met the requirement of the proposed new pricing tier, i.e., an increase of at least 0.35% of the U.S. CADV over the ETP Holder's April 2018 ADV taken as a percentage of U.S. CADV, or 0.352% (0.367% in the billing month over 0.015% in the baseline month). Also assume that same ETP holder averages 5 million shares in Retail Orders that remove liquidity in Tape A Securities, of which 100,000 shares are in Retail Orders with a time-in-force designation of Day. As a result, 4.9 million shares in Retail Orders that remove liquidity would be subject to the Tape A fee for removing liquidity of $0.0030 per share while the 100,000 shares in Retail Orders with a time-in-force designation of Day would not be charged a fee. Further assume that the same ETP Holder qualified for the MPL Order credit of $0.0020 per share for MPL Orders that add liquidity in Tape C Securities, a Tracking Order Tier 1 credit of $0.0015 per share, and no fee or credit for Limit Non-Displayed Orders. That ETP holder would receive in Tape C Securities a credit for $0.0022 per share for MPL Orders that add liquidity ($0.0020 + $0.0002 Retail Order Step-Up Tier 2 credit), a credit of $0.0017 per share for Tracking Orders ($0.0015 + $0.0002 Retail Order Step-Up Tier 2 credit) and a credit of $0.0002 per share for Limit Non-Displayed Orders (no fee/credit + $0.0002 Retail Order Step-Up Tier 2 credit). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\9\ 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes it is reasonable to add the proposed Retail Order Step-Up Tier 2 because the Exchange believes it would encourage participation from a greater number of ETP Holders, which would promote additional liquidity in Retail Orders. In this regard, an ETP Holder that does not qualify for the proposed higher credit and lower fees could still be eligible for the pricing for its Retail Orders that provide liquidity under the current Retail Order Tier, the Retail Order Step-Up Tier 1, or under Basic Rates. The proposed new Retail Order Step-Up Tier 2 would create an added financial incentive for ETP Holders to bring additional retail flow to a public market. The proposed new pricing tier is also reasonable because it would reduce the costs of ETP Holders that represent retail flow and potentially also reduce costs to their customers. The Exchange believes that the proposed modification to adopt an incremental credit and lower take fee for Tape C Securities is reasonable, fair, and equitable. The proposed credit is designed to encourage increased trading of Retail Orders by ETP Holders and Market Makers in Tape C Securities while the decreased fee to ETP Holders and Market Makers would further incent liquidity to the Exchange and provide an incentive to ETP Holders to provide liquidity that supports the quality of price discovery and promotes market transparency. The Exchange further believes the proposed incremental credit is reasonable and appropriate in that it is based on the amount of business transacted on the Exchange. The Exchange believes offering the same credit of $0.0035 per share in Tape C Securities for orders that provide displayed liquidity as Retail Orders that provide displayed liquidity is reasonable and equitable as it would provide an incentive to ETP Holders to provide displayed liquidity that supports the quality of price discovery, improves quoting, and promotes market transparency. The Exchange believes the proposed incremental credit for adding non- displayed liquidity is also reasonable because it will encourage liquidity and competition in Tape C securities traded on the Exchange. The Exchange believes charging lower fees for orders in Tape C Securities that remove liquidity from the order book will also incentivize ETP Holders to increase the orders sent to the Exchange. The Exchange believes that recalibrating the fees for taking liquidity will attract additional order flow and liquidity to the Exchange, thereby contributing to price discovery on the Exchange and benefiting investors generally. The Exchange also believes the proposed Retail Order Step-Up Tier 2 is equitable and not unfairly discriminatory because it is available to all ETP Holders and Market Makers on an equal basis and provides discounts that are reasonably related to the value to the Exchange's market quality associated with higher volumes. The Exchange does not believe that it is unfairly discriminatory to offer increased credits and lower fees to ETP Holders and Market Makers as these participants would be subject to additional volume requirements. The Exchange believes that it is reasonable that only Retail Orders with a time-in-force designation of Day that add or remove liquidity would count toward qualifying for the Retail Order Step-Up Tier 2. This would largely result in the type of orders to which the corresponding credit applies being the same as the volume that counts toward qualification--i.e., only Retail Orders with a time-in-force designation of Day. The Exchange believes that the proposed requirements to provide liquidity of an average daily share volume per month of 1.10% or more of the U.S. CADV and execute an ADV of Retail Orders with a time-in-force of Day that add or remove liquidity during the month that is an increase of 0.35% or more of U.S. CADV above the ETP Holder's April 2018 ADV taken as a percentage of U.S. CADV are reasonable because they are within ranges that the Exchange believes would continue to incentivize ETP Holders to submit Retail Orders to the Exchange in order to qualify for the proposed credit. The Exchange believes that the proposed rule change is equitable and [[Page 40818]] not unfairly discriminatory because maintaining or increasing the proportion of Retail Orders in exchange-listed securities that are executed on a registered national securities exchange (rather than relying on certain available off-exchange execution methods) would contribute to investors' confidence in the fairness of their transactions and would benefit all investors by deepening the Exchange's liquidity pool, supporting the quality of price discovery, promoting market transparency and improving investor protection. This aspect of the proposed rule change also is consistent with the Act because all similarly situated ETP Holders would pay the same rate, as is currently the case, and because all ETP Holders would be eligible to qualify for the rates by satisfying the related threshold, where applicable. Furthermore, the submission of Retail Orders is optional for ETP Holders, in that an ETP Holder could choose whether to submit Retail Orders and, if it does, the extent of its activity in this regard. For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\10\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposed rule change would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for ETP Holders and Market Makers. The Exchange believes that this could promote competition between the Exchange and other execution venues, including those that currently offer comparable transaction pricing, by encouraging additional orders to be sent to the Exchange for execution. The Exchange also believes that the proposed rule change is consistent with the Act because it strikes an appropriate balance between fees and credits, which will encourage submission of orders to the Exchange, thereby promoting competition. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 and rebates to remain competitive with other exchanges and to attract order flow to the Exchange. Because competitors are free to modify their own fees and credits 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. As a result of all of these considerations, the Exchange does not believe that the proposed changes will impair the ability of ETP Holders or competing order execution venues to maintain their competitive standing in the financial markets. 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) \11\ of the Act and subparagraph (f)(2) of Rule 19b-4 \12\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 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 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 Number SR-NYSEARCA-2018-58 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-NYSEARCA-2018-58. 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-NYSEARCA-2018-58 and should be submitted on or before September 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2018-17636 Filed 8-15-18; 8:45 am] BILLING CODE 8011-01-P
![40816 Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices
Paper Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and the
• Send paper comments in triplicate Statutory Basis for, the Proposed Rule
to Secretary, Securities and Exchange Change
[Release No. 34–83828; File No. SR–
Commission, 100 F Street NE,
NYSEARCA–2018–58] 1. Purpose
Washington, DC 20549.
The Exchange proposes to amend the
All submissions should refer to File Self-Regulatory Organizations; NYSE
Fee Schedule, as described below, to
Number SR–ICC–2018–009. This file Arca, Inc.; Notice of Filing and
introduce a new pricing tier, Retail
number should be included on the Immediate Effectiveness of Proposed Order Step-Up Tier 2, for securities with
subject line if email is used. To help the Rule Change To Amend the NYSE Arca a per share price of $1.00 or above.
Commission process and review your Equities Fees and Charges To The Exchange currently has a Retail
comments more efficiently, please use Introduce a New Pricing Tier Order Step-Up Tier pursuant to which
only one method. The Commission will ETP Holders, including Market Makers,
August 10, 2018.
post all comments on the Commission’s that execute an ADV of Retail Orders 4
internet website (http://www.sec.gov/ Pursuant to Section 19(b)(1) 1 of the with a time-in-force designation of Day
rules/sro.shtml). Copies of the Securities Exchange Act of 1934 (the that add or remove liquidity during the
submission, all subsequent ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 month that is an increase of 0.12% or
amendments, all written statements notice is hereby given that, on August more of the U.S. CADV above their
with respect to the proposed rule 1, 2018, NYSE Arca, Inc. (the April 2018 ADV taken as a percentage
change, security-based swap ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with of U.S. CADV receive a credit of $0.0033
submission, or advance notice that are the Securities and Exchange per share when such orders provide
filed with the Commission, and all Commission (the ‘‘Commission’’) the liquidity to the book during the month
proposed rule change as described in in Tape A, Tape B and Tape C
written communications relating to the
Items I, II, and III below, which Items Securities. Retail Orders with a time-in-
proposed rule change, security-based
have been prepared by the self- force designation of Day that remove
swap submission, or advance notice liquidity from the Book are not charged
between the Commission and any regulatory organization. The
a fee.5
person, other than those that may be Commission is publishing this notice to To encourage even greater
withheld from the public in accordance solicit comments on the proposed rule participation from ETP Holders and
with the provisions of 5 U.S.C. 552, will change from interested persons. promote additional liquidity in Retail
be available for website viewing and I. Self-Regulatory Organization’s Orders, the Exchange proposes a new
printing in the Commission’s Public Statement of the Terms of Substance of pricing tier—Retail Order Step-Up Tier
Reference Room, 100 F Street NE, the Proposed Rule Change 2.6
Washington, DC 20549, on official As proposed, a new Retail Order Step-
business days between the hours of The Exchange proposes to amend the Up Tier 2 credit of $0.0035 per share for
10:00 a.m. and 3:00 p.m. Copies of the NYSE Arca Equities Fees and Charges Retail Orders that provide displayed
filing also will be available for (‘‘Fee Schedule’’) to introduce a new liquidity during the month in Tape A,
inspection and copying at the principal pricing tier, Retail Order Step-Up Tier 2. Tape B and Tape C Securities would
office of ICE Clear Credit and on ICE The Exchange proposes to implement apply to ETP Holders, including Market
Clear Credit’s website at https:// Makers, that provide liquidity an
the fee change effective August 1, 2018.
average daily share volume per month
www.theice.com/clear-credit/regulation. The proposed rule change is available
of 1.10% or more of the U.S. CADV, and
All comments received will be posted on the Exchange’s website at execute an ADV of Retail Orders with a
without change. Persons submitting www.nyse.com, at the principal office of time-in-force designation of Day that
comments are cautioned that we do not the Exchange, and at the Commission’s add or remove liquidity during the
redact or edit personal identifying Public Reference Room. month that is an increase of 0.35% or
information from comment submissions. II. Self-Regulatory Organization’s more of the U.S. CADV above their
You should submit only information Statement of the Purpose of, and April 2018 ADV taken as a percentage
that you wish to make available Statutory Basis for, the Proposed Rule of U.S. CADV. Retail Orders with a
publicly. All submissions should refer time-in-force designation of Day that
Change
to File Number SR–ICC–2018–009 and remove liquidity from the Book will not
should be submitted on or before In its filing with the Commission, the be charged a fee.
September 6, 2018. self-regulatory organization included Additionally, if an ETP Holder
statements concerning the purpose of, qualifies for the new Retail Order Step-
For the Commission, by the Division of
Trading and Markets, pursuant to delegated and basis for, the proposed rule change 4 A Retail Order is an agency order that originates
authority.22 and discussed any comments it received from a natural person and is submitted to the
Brent J. Fields,
on the proposed rule change. The text Exchange by an ETP Holder, provided that no
of those statements may be examined at change is made to the terms of the order to price
Secretary. or side of market and the order does not originate
the places specified in Item IV below. from a trading algorithm or any other computerized
[FR Doc. 2018–17627 Filed 8–15–18; 8:45 am]
The Exchange has prepared summaries, methodology. See Securities Exchange Act Release
sradovich on DSK3GMQ082PROD with NOTICES
BILLING CODE 8011–01–P set forth in sections A, B, and C below, No. 67540 (July 30, 2012), 77 FR 46539 (August 3,
of the most significant parts of such 2012) (SR–NYSEArca–2012–77).
5 See Securities Exchange Act Release No. 83268
statements. (May 17, 2018), 83 FR 23983 (May 23, 2017) (SR–
NYSEArca–2018–34).
6 The Exchange proposes a non-substantive
1 15 U.S.C. 78s(b)(1).
amendment to the Fee Schedule to rename the
2 15 U.S.C. 78a. current Retail Order Step-Up Tier as ‘‘Retail Order
22 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. Step-Up Tier 1.’’
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![40818 Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices
not unfairly discriminatory because available at other venues to be more Electronic Comments
maintaining or increasing the favorable. In such an environment, the
proportion of Retail Orders in exchange- Exchange must continually adjust its • Use the Commission’s internet
listed securities that are executed on a fees and rebates to remain competitive comment form (http://www.sec.gov/
registered national securities exchange with other exchanges and to attract rules/sro.shtml); or
(rather than relying on certain available order flow to the Exchange. Because • Send an email to rule-comments@
off-exchange execution methods) would competitors are free to modify their own sec.gov. Please include File Number SR–
contribute to investors’ confidence in fees and credits in response, and NYSEARCA–2018–58 on the subject
the fairness of their transactions and because market participants may readily line.
would benefit all investors by adjust their order routing practices, the
deepening the Exchange’s liquidity Exchange believes that the degree to Paper Comments
pool, supporting the quality of price which fee changes in this market may
discovery, promoting market • Send paper comments in triplicate
impose any burden on competition is to Brent J. Fields, Secretary, Securities
transparency and improving investor extremely limited. As a result of all of
protection. This aspect of the proposed and Exchange Commission, 100 F Street
these considerations, the Exchange does
rule change also is consistent with the NE, Washington, DC 20549–1090.
not believe that the proposed changes
Act because all similarly situated ETP will impair the ability of ETP Holders or All submissions should refer to File
Holders would pay the same rate, as is competing order execution venues to Number SR–NYSEARCA–2018–58. This
currently the case, and because all ETP maintain their competitive standing in file number should be included on the
Holders would be eligible to qualify for the financial markets. subject line if email is used. To help the
the rates by satisfying the related Commission process and review your
threshold, where applicable. C. Self-Regulatory Organization’s
Statement on Comments on the comments more efficiently, please use
Furthermore, the submission of Retail
Proposed Rule Change Received From only one method. The Commission will
Orders is optional for ETP Holders, in
Members, Participants, or Others post all comments on the Commission’s
that an ETP Holder could choose
whether to submit Retail Orders and, if internet website (http://www.sec.gov/
it does, the extent of its activity in this No written comments were solicited rules/sro.shtml). Copies of the
regard. or received with respect to the proposed submission, all subsequent
For the foregoing reasons, the rule change. amendments, all written statements
Exchange believes that the proposal is with respect to the proposed rule
III. Date of Effectiveness of the
consistent with the Act. change that are filed with the
Proposed Rule Change and Timing for
Commission Action Commission, and all written
B. Self-Regulatory Organization’s communications relating to the
Statement on Burden on Competition
The foregoing rule change is effective proposed rule change between the
In accordance with Section 6(b)(8) of upon filing pursuant to Section Commission and any person, other than
the Act,10 the Exchange believes that the 19(b)(3)(A) 11 of the Act and those that may be withheld from the
proposed rule change would not impose subparagraph (f)(2) of Rule 19b–4 12 public in accordance with the
any burden on competition that is not thereunder, because it establishes a due, provisions of 5 U.S.C. 552, will be
necessary or appropriate in furtherance fee, or other charge imposed by the available for website viewing and
of the purposes of the Act. Instead, the Exchange. printing in the Commission’s Public
Exchange believes that the proposed Reference Room, 100 F Street NE,
rule change would encourage the At any time within 60 days of the
filing of such proposed rule change, the Washington, DC 20549 on official
submission of additional liquidity to a
Commission summarily may business days between the hours of
public exchange, thereby promoting
temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
price discovery and transparency and
it appears to the Commission that such filing also will be available for
enhancing order execution
action is necessary or appropriate in the inspection and copying at the principal
opportunities for ETP Holders and
Market Makers. The Exchange believes public interest, for the protection of office of the Exchange. All comments
that this could promote competition investors, or otherwise in furtherance of received will be posted without change.
between the Exchange and other the purposes of the Act. If the Persons submitting comments are
execution venues, including those that Commission takes such action, the cautioned that we do not redact or edit
currently offer comparable transaction Commission shall institute proceedings personal identifying information from
pricing, by encouraging additional under Section 19(b)(2)(B) 13 of the Act to comment submissions. You should
orders to be sent to the Exchange for determine whether the proposed rule submit only information that you wish
execution. The Exchange also believes change should be approved or to make available publicly. All
that the proposed rule change is disapproved. submissions should refer to File
consistent with the Act because it Number SR–NYSEARCA–2018–58 and
IV. Solicitation of Comments
strikes an appropriate balance between should be submitted on or before
fees and credits, which will encourage Interested persons are invited to September 6, 2018.
submission of orders to the Exchange, submit written data, views, and For the Commission, by the Division of
thereby promoting competition. arguments concerning the foregoing, Trading and Markets, pursuant to delegated
sradovich on DSK3GMQ082PROD with NOTICES
The Exchange notes that it operates in including whether the proposed rule authority.14
a highly competitive market in which change is consistent with the Act. Brent J. Fields,
market participants can readily favor Comments may be submitted by any of
Secretary.
competing venues if they deem fee the following methods:
levels at a particular venue to be [FR Doc. 2018–17636 Filed 8–15–18; 8:45 am]
excessive or rebate opportunities 11 15 U.S.C. 78s(b)(3)(A). BILLING CODE 8011–01–P
12 17 CFR 240.19b–4(f)(2).
10 15 U.S.C. 78f(b)(8). 13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12).
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Document Created: 2018-08-16 01:03:21
Document Modified: 2018-08-16 01:03:21
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 40816 |
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