83_FR_42357 83 FR 42196 - Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Rebates

83 FR 42196 - Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Rebates

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 161 (August 20, 2018)

Page Range42196-42198
FR Document2018-17830

Federal Register, Volume 83 Issue 161 (Monday, August 20, 2018)
[Federal Register Volume 83, Number 161 (Monday, August 20, 2018)]
[Notices]
[Pages 42196-42198]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-17830]



[[Page 42196]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83843; File No. SR-NYSENAT-2018-18]


Self-Regulatory Organizations; NYSE National, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its 
Schedule of Fees and Rebates

August 14, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that, on August 1, 2018, NYSE National, Inc. (``Exchange'' or ``NYSE 
National'') 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 self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Schedule of Fees and Rebates to 
specify that an ETP Holder may request that the Exchange aggregate its 
eligible activity with activity of its ETP Holder affiliates for 
purposes of charges or credits based on volume. 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 its Schedule of Fees and Rebates to 
specify that an ETP Holder may request that the Exchange aggregate its 
eligible activity with activity of its ETP Holder affiliates for 
purposes of charges or credits based on volume. As noted below, the 
proposed provision is based on similar provisions in the price lists of 
the Exchange's affiliates New York Stock Exchange LLC (``NYSE''), NYSE 
Arca, Inc. (``NYSE Arca''), and NYSE American Equities (``NYSE 
American'') (together, the ``Exchange Affiliates'').\4\
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    \4\ See New York Stock Exchange Price List 2018, available at 
https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf; NYSE Arca Equities Fees and Charges, available 
at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf; and the NYSE American Equities Price 
List, available at https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf.
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    The Exchange proposes to amend its Schedule of Fees and Rebates to 
specify that an ETP Holder may request that the Exchange aggregate its 
eligible activity with eligible activity of its ETP Holder affiliates 
for purposes of charges or credits based on volume. The proposed rule 
change is based on the rules of the Exchange Affiliates, which contain 
substantially the same language.\5\ The Exchange notes that this type 
of provision is also common among many other exchanges.\6\
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    \5\ See note 4, supra. The Exchange proposes to omit a reference 
to Designated Market Makers or ``DMMs'' found in price lists of the 
Exchange Affiliates because the Exchange does not currently have 
DMMs.
    \6\ See, e.g., NASDAQ Stock Market Rule 7027, NASDAQ Options 
Market Rules at Chapter XV, and the NASDAQ PHLX LLC Pricing 
Schedule, available at http://nasdaqphlx.cchwallstreet.com/NASDAQPHLXTools/PlatformViewer.asp?selectednode=chp_1_5_2&manual=%2Fnasdaqomxphlx%2Fphlx%2Fphlx-rulesbrd%2F.
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    As proposed, for purposes of applying any provision of the 
Exchange's Schedule of Fees and Rebates where the charge assessed, or 
credit provided, by the Exchange depends on the volume of an ETP 
Holder's activity (i.e., where a volume threshold or volume percentage 
is required to obtain the pricing), an ETP Holder may request that the 
Exchange aggregate its eligible activity with eligible activity of its 
ETP Holder affiliates. The Exchange further proposes that an ETP Holder 
requesting aggregation of eligible affiliate activity would be required 
to (1) certify to the Exchange which affiliate(s) it seeks to aggregate 
prior to receiving approval for aggregation, and (2) inform the 
Exchange immediately of any event that causes an entity to cease being 
an affiliate(s). The Exchange would review available information 
regarding the entities and reserves the right to request additional 
information to verify the affiliate status of an entity. As further 
proposed, the Exchange would approve a request, unless it determines 
that the certificate is not accurate.
    The Exchange also proposes that if two or more ETP Holders become 
affiliated on or prior to the sixteenth day of a month, and submit the 
required request for aggregation on or prior to the twenty-second day 
of the month, an approval of the request would be deemed to be 
effective as of the first day of that month. If two or more ETP Holders 
become affiliated after the sixteenth day of a month, or submit a 
request for aggregation after the twenty second day of the month, an 
approval of the request would be deemed to be effective as of the first 
day of the next calendar month. The Exchange believes that this 
requirement, which is also similar to requirements of the Exchange 
Affiliates, would be a fair and objective way to apply the aggregation 
rule to fees and streamline the billing process. The Exchange further 
proposes to provide that for purposes of applying any provision of the 
Schedule of Fees and Rebates where the charge assessed, or credit 
provided, by the Exchange depends upon the volume of an ETP Holder's 
activity, references to an entity would be deemed to include the entity 
and its affiliates that have been approved for aggregation. The 
Exchange proposes to provide that ETP Holders may not aggregate volume 
where the Schedule of Fees and Rebates specifies that aggregation is 
not permitted.\7\
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    \7\ See note 4, supra.
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    Finally, the Exchange proposes that for purposes of the Schedule of 
Fees and Rebates, the term ``affiliate'' would mean any ETP Holder 
under 75% common ownership or control of that ETP Holder. Once again, 
this is consistent with the rules of the Exchange Affiliates and other 
exchanges.\8\
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    \8\ See note 4, supra; see also, e.g., NASDAQ Rule 7027(c).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and furthers the 
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\10\ in 
particular, because it provides for the equitable allocation of 
reasonable dues,

[[Page 42197]]

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, and because it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4) & (5).
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    The Exchange believes that the proposed rule change establishes a 
reasonable and clear process for the Exchange to treat affiliated ETP 
Holders for purposes of assessing charges or credits that are based on 
volume. The provision is equitable because all ETP Holders seeking to 
aggregate their activity are subject to the same parameters, in 
accordance with a standard that recognizes an affiliation as of the 
month's beginning or close in time to when the affiliation occurs, 
provided the ETP Holder submits a timely request. Moreover, the 
proposed billing aggregation language is substantially similar to 
aggregation language adopted by the NYSE Affiliates and other 
exchanges.\11\
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    \11\ See notes 5-6, supra.
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    The Exchange notes that the proposal would serve to reduce 
disparity of treatment between ETP Holders with regard to the pricing 
of different services and reduce any potential for confusion on how 
activity can be aggregated. The Exchange believes that the proposed 
rule change avoids disparate treatment of ETP Holders that have divided 
their various business activities between separate corporate entities 
as compared to ETP Holders that operate those business activities 
within a single corporate entity. The Exchange further notes that the 
proposed rule change is reasonable and is designed to remove 
impediments to and perfect the mechanism of a free and open market by 
harmonizing the manner by which the Exchanges permits ETP Holders to 
aggregate volume with other exchanges. As noted, the Exchange 
Affiliates and other markets all have the same standard that the 
Exchange is proposing to adopt.
    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,\12\ 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. The proposed rule change, which would apply 
equally to all ETP Holders, would incent submission of order flow to a 
public exchange by permitting the Exchange to apply price discounts to 
ETP Holders that have requested aggregation with an affiliated ETP 
Holder and is substantially similar to rules adopted by the Exchange 
Affiliates as well as other exchanges. Because the market for order 
execution and routing is extremely competitive, ETP Holders may readily 
opt to disfavor the Exchange if they believe that alternatives offer 
them better value. The Exchange does not believe the proposed changes 
will impair the ability of ETP Holders or competing order execution 
venues to maintain their competitive standing in the financial markets. 
Moreover, because the Exchange does not propose to alter or modify 
specific fees or credits applicable to ETP Holders, the proposal does 
not impose any burden on competition.
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    \12\ 15 U.S.C. 78f(b)(8).
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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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ 
Because the proposed rule change does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder. \15\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\17\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. According to 
the Exchange, waiving the 30-day operative delay would be consistent 
with the protection of investors and the public interest because it 
would enable the Exchange to harmonize its rules with respect to 
aggregation of affiliate activity with the rules of its affiliates 
without delay and, as a result, reduce potential confusion for 
investors. The Exchange explains that as it is harmonizing its Schedule 
of Fees and Rebates with the requirements in the price lists of its 
affiliates as well as other exchanges, the proposed change does not 
present any new or novel issues. The Commission believes that waiving 
the 30-day operative delay is consistent with the protection of 
investors and the public interest. Accordingly, the Commission waives 
the 30-day operative delay and designates the proposed rule change 
operative upon filing.\18\
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    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \19\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \19\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or

[[Page 42198]]

     Send an email to [email protected]. Please include 
File Number SR-NYSENAT-2018-18 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-NYSENAT-2018-18. 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; the Commission does not edit 
personal identifying information from submissions. 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-NYSENAT-2018-18 and should 
be submitted on or before September 10, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-17830 Filed 8-17-18; 8:45 am]
 BILLING CODE 8011-01-P



                                               42196                        Federal Register / Vol. 83, No. 161 / Monday, August 20, 2018 / Notices

                                               SECURITIES AND EXCHANGE                                 A. Self-Regulatory Organization’s                     Exchange immediately of any event that
                                               COMMISSION                                              Statement of the Purpose of, and the                  causes an entity to cease being an
                                                                                                       Statutory Basis for, the Proposed Rule                affiliate(s). The Exchange would review
                                               [Release No. 34–83843; File No. SR–                     Change                                                available information regarding the
                                               NYSENAT–2018–18]                                                                                              entities and reserves the right to request
                                                                                                       1. Purpose
                                                                                                                                                             additional information to verify the
                                                                                                          The Exchange proposes to amend its                 affiliate status of an entity. As further
                                               Self-Regulatory Organizations; NYSE
                                                                                                       Schedule of Fees and Rebates to specify               proposed, the Exchange would approve
                                               National, Inc.; Notice of Filing and
                                                                                                       that an ETP Holder may request that the               a request, unless it determines that the
                                               Immediate Effectiveness of Proposed                     Exchange aggregate its eligible activity
                                               Rule Change To Amend Its Schedule of                                                                          certificate is not accurate.
                                                                                                       with activity of its ETP Holder affiliates               The Exchange also proposes that if
                                               Fees and Rebates                                        for purposes of charges or credits based              two or more ETP Holders become
                                               August 14, 2018.                                        on volume. As noted below, the                        affiliated on or prior to the sixteenth day
                                                                                                       proposed provision is based on similar                of a month, and submit the required
                                                  Pursuant to Section 19(b)(1) 1 of the                provisions in the price lists of the                  request for aggregation on or prior to the
                                               Securities Exchange Act of 1934                         Exchange’s affiliates New York Stock                  twenty-second day of the month, an
                                               (‘‘Act’’) 2 and Rule 19b–4 thereunder,3                 Exchange LLC (‘‘NYSE’’), NYSE Arca,                   approval of the request would be
                                               notice is hereby given that, on August                  Inc. (‘‘NYSE Arca’’), and NYSE                        deemed to be effective as of the first day
                                               1, 2018, NYSE National, Inc.                            American Equities (‘‘NYSE American’’)                 of that month. If two or more ETP
                                               (‘‘Exchange’’ or ‘‘NYSE National’’) filed               (together, the ‘‘Exchange Affiliates’’).4             Holders become affiliated after the
                                               with the Securities and Exchange                           The Exchange proposes to amend its                 sixteenth day of a month, or submit a
                                               Commission (‘‘Commission’’) the                         Schedule of Fees and Rebates to specify               request for aggregation after the twenty
                                               proposed rule change as described in                    that an ETP Holder may request that the               second day of the month, an approval of
                                               Items I and II below, which Items have                  Exchange aggregate its eligible activity              the request would be deemed to be
                                               been prepared by the self-regulatory                    with eligible activity of its ETP Holder              effective as of the first day of the next
                                               organization. The Commission is                         affiliates for purposes of charges or                 calendar month. The Exchange believes
                                                                                                       credits based on volume. The proposed                 that this requirement, which is also
                                               publishing this notice to solicit
                                                                                                       rule change is based on the rules of the
                                               comments on the proposed rule change                                                                          similar to requirements of the Exchange
                                                                                                       Exchange Affiliates, which contain
                                               from interested persons.                                                                                      Affiliates, would be a fair and objective
                                                                                                       substantially the same language.5 The
                                                                                                                                                             way to apply the aggregation rule to fees
                                               I. Self-Regulatory Organization’s                       Exchange notes that this type of
                                                                                                                                                             and streamline the billing process. The
                                               Statement of the Terms of Substance of                  provision is also common among many
                                                                                                                                                             Exchange further proposes to provide
                                               the Proposed Rule Change                                other exchanges.6
                                                                                                          As proposed, for purposes of applying              that for purposes of applying any
                                                                                                       any provision of the Exchange’s                       provision of the Schedule of Fees and
                                                 The Exchange proposes to amend its
                                                                                                       Schedule of Fees and Rebates where the                Rebates where the charge assessed, or
                                               Schedule of Fees and Rebates to specify
                                                                                                       charge assessed, or credit provided, by               credit provided, by the Exchange
                                               that an ETP Holder may request that the                                                                       depends upon the volume of an ETP
                                               Exchange aggregate its eligible activity                the Exchange depends on the volume of
                                                                                                       an ETP Holder’s activity (i.e., where a               Holder’s activity, references to an entity
                                               with activity of its ETP Holder affiliates                                                                    would be deemed to include the entity
                                               for purposes of charges or credits based                volume threshold or volume percentage
                                                                                                       is required to obtain the pricing), an                and its affiliates that have been
                                               on volume. The proposed rule change is                                                                        approved for aggregation. The Exchange
                                               available on the Exchange’s website at                  ETP Holder may request that the
                                                                                                       Exchange aggregate its eligible activity              proposes to provide that ETP Holders
                                               www.nyse.com, at the principal office of                                                                      may not aggregate volume where the
                                                                                                       with eligible activity of its ETP Holder
                                               the Exchange, and at the Commission’s                   affiliates. The Exchange further                      Schedule of Fees and Rebates specifies
                                               Public Reference Room.                                  proposes that an ETP Holder requesting                that aggregation is not permitted.7
                                                                                                       aggregation of eligible affiliate activity               Finally, the Exchange proposes that
                                               II. Self-Regulatory Organization’s
                                                                                                       would be required to (1) certify to the               for purposes of the Schedule of Fees and
                                               Statement of the Purpose of, and                                                                              Rebates, the term ‘‘affiliate’’ would
                                               Statutory Basis for, the Proposed Rule                  Exchange which affiliate(s) it seeks to
                                                                                                       aggregate prior to receiving approval for             mean any ETP Holder under 75%
                                               Change                                                                                                        common ownership or control of that
                                                                                                       aggregation, and (2) inform the
                                                 In its filing with the Commission, the                                                                      ETP Holder. Once again, this is
                                               self-regulatory organization included                      4 See New York Stock Exchange Price List 2018,     consistent with the rules of the
                                                                                                       available at https://www.nyse.com/publicdocs/nyse/    Exchange Affiliates and other
                                               statements concerning the purpose of,                   markets/nyse/NYSE_Price_List.pdf; NYSE Arca           exchanges.8
                                               and basis for, the proposed rule change                 Equities Fees and Charges, available at https://
                                               and discussed any comments it received                  www.nyse.com/publicdocs/nyse/markets/nyse-arca/       2. Statutory Basis
                                                                                                       NYSE_Arca_Marketplace_Fees.pdf; and the NYSE
                                               on the proposed rule change. The text                   American Equities Price List, available at https://      The Exchange believes that the
                                               of those statements may be examined at                  www.nyse.com/publicdocs/nyse/markets/nyse-            proposed rule change is consistent with
                                               the places specified in Item IV below.                  american/NYSE_America_Equities_Price_List.pdf.        Section 6(b) of the Act,9 in general, and
                                                                                                          5 See note 4, supra. The Exchange proposes to
                                               The Exchange has prepared summaries,                                                                          furthers the objectives of Sections
                                                                                                       omit a reference to Designated Market Makers or
                                               set forth in sections A, B, and C below,                ‘‘DMMs’’ found in price lists of the Exchange         6(b)(4) and 6(b)(5) of the Act,10 in
daltland on DSKBBV9HB2PROD with NOTICES




                                               of the most significant parts of such                   Affiliates because the Exchange does not currently    particular, because it provides for the
                                               statements.                                             have DMMs.                                            equitable allocation of reasonable dues,
                                                                                                          6 See, e.g., NASDAQ Stock Market Rule 7027,

                                                                                                       NASDAQ Options Market Rules at Chapter XV, and          7 See
                                                                                                       the NASDAQ PHLX LLC Pricing Schedule,                         note 4, supra.
                                                                                                                                                               8 See note 4, supra; see also, e.g., NASDAQ Rule
                                                 1 15
                                                                                                       available at http://nasdaqphlx.cchwallstreet.com/
                                                      U.S.C.78s(b)(1).                                                                                       7027(c).
                                                                                                       NASDAQPHLXTools/PlatformViewer.asp?
                                                 2 15 U.S.C. 78a.                                                                                              9 15 U.S.C. 78f(b).
                                                                                                       selectednode=chp_1_5_2&manual=%2Fnasdaq
                                                 3 17 CFR 240.19b–4.                                   omxphlx%2Fphlx%2Fphlx-rulesbrd%2F.                      10 15 U.S.C. 78f(b)(4) & (5).




                                          VerDate Sep<11>2014   19:04 Aug 17, 2018   Jkt 244001   PO 00000   Frm 00097   Fmt 4703   Sfmt 4703   E:\FR\FM\20AUN1.SGM    20AUN1


                                                                              Federal Register / Vol. 83, No. 161 / Monday, August 20, 2018 / Notices                                                       42197

                                               fees, and other charges among its                         necessary or appropriate in furtherance                   become operative prior to 30 days after
                                               members, issuers and other persons                        of the purposes of the Act. The                           the date of the filing. However, pursuant
                                               using its facilities and does not unfairly                proposed rule change, which would                         to Rule 19b4(f)(6)(iii),17 the Commission
                                               discriminate between customers,                           apply equally to all ETP Holders, would                   may designate a shorter time if such
                                               issuers, brokers or dealers, and because                  incent submission of order flow to a                      action is consistent with the protection
                                               it is designed to promote just and                        public exchange by permitting the                         of investors and the public interest. The
                                               equitable principles of trade, to remove                  Exchange to apply price discounts to                      Exchange has requested that the
                                               impediments to and perfect the                            ETP Holders that have requested                           Commission waive the 30-day operative
                                               mechanism of a free and open market                       aggregation with an affiliated ETP                        delay so that the proposal may become
                                               and a national market system, and, in                     Holder and is substantially similar to                    operative immediately upon filing.
                                               general, to protect investors and the                     rules adopted by the Exchange Affiliates                  According to the Exchange, waiving the
                                               public interest.                                          as well as other exchanges. Because the                   30-day operative delay would be
                                                  The Exchange believes that the                         market for order execution and routing                    consistent with the protection of
                                               proposed rule change establishes a                        is extremely competitive, ETP Holders                     investors and the public interest
                                               reasonable and clear process for the                      may readily opt to disfavor the                           because it would enable the Exchange to
                                               Exchange to treat affiliated ETP Holders                  Exchange if they believe that                             harmonize its rules with respect to
                                               for purposes of assessing charges or                      alternatives offer them better value. The                 aggregation of affiliate activity with the
                                               credits that are based on volume. The                     Exchange does not believe the proposed                    rules of its affiliates without delay and,
                                               provision is equitable because all ETP                    changes will impair the ability of ETP                    as a result, reduce potential confusion
                                               Holders seeking to aggregate their                        Holders or competing order execution                      for investors. The Exchange explains
                                               activity are subject to the same                          venues to maintain their competitive                      that as it is harmonizing its Schedule of
                                               parameters, in accordance with a                          standing in the financial markets.                        Fees and Rebates with the requirements
                                               standard that recognizes an affiliation as                Moreover, because the Exchange does                       in the price lists of its affiliates as well
                                               of the month’s beginning or close in                      not propose to alter or modify specific                   as other exchanges, the proposed change
                                               time to when the affiliation occurs,                      fees or credits applicable to ETP                         does not present any new or novel
                                               provided the ETP Holder submits a                         Holders, the proposal does not impose                     issues. The Commission believes that
                                               timely request. Moreover, the proposed                    any burden on competition.                                waiving the 30-day operative delay is
                                               billing aggregation language is                                                                                     consistent with the protection of
                                                                                                         C. Self-Regulatory Organization’s
                                               substantially similar to aggregation                                                                                investors and the public interest.
                                                                                                         Statement on Comments on the
                                               language adopted by the NYSE Affiliates                                                                             Accordingly, the Commission waives
                                                                                                         Proposed Rule Change Received From
                                               and other exchanges.11                                                                                              the 30-day operative delay and
                                                  The Exchange notes that the proposal                   Members, Participants, or Others
                                                                                                                                                                   designates the proposed rule change
                                               would serve to reduce disparity of                          No written comments were solicited
                                                                                                                                                                   operative upon filing.18
                                               treatment between ETP Holders with                        or received with respect to the proposed
                                                                                                         rule change.                                                 At any time within 60 days of the
                                               regard to the pricing of different services                                                                         filing of such proposed rule change, the
                                               and reduce any potential for confusion                    III. Date of Effectiveness of the                         Commission summarily may
                                               on how activity can be aggregated. The                    Proposed Rule Change and Timing for                       temporarily suspend such rule change if
                                               Exchange believes that the proposed                       Commission Action                                         it appears to the Commission that such
                                               rule change avoids disparate treatment                                                                              action is necessary or appropriate in the
                                               of ETP Holders that have divided their                       The Exchange has filed the proposed
                                                                                                         rule change pursuant to Section                           public interest, for the protection of
                                               various business activities between                                                                                 investors, or otherwise in furtherance of
                                               separate corporate entities as compared                   19(b)(3)(A)(iii) of the Act 13 and Rule
                                                                                                         19b–4(f)(6) thereunder.14 Because the                     the purposes of the Act. If the
                                               to ETP Holders that operate those                                                                                   Commission takes such action, the
                                               business activities within a single                       proposed rule change does not: (i)
                                                                                                         Significantly affect the protection of                    Commission shall institute proceedings
                                               corporate entity. The Exchange further                                                                              under Section 19(b)(2)(B) 19 of the Act to
                                               notes that the proposed rule change is                    investors or the public interest; (ii)
                                                                                                         impose any significant burden on                          determine whether the proposed rule
                                               reasonable and is designed to remove                                                                                change should be approved or
                                               impediments to and perfect the                            competition; and (iii) become operative
                                                                                                         prior to 30 days from the date on which                   disapproved.
                                               mechanism of a free and open market by
                                                                                                         it was filed, or such shorter time as the                 IV. Solicitation of Comments
                                               harmonizing the manner by which the
                                                                                                         Commission may designate, if
                                               Exchanges permits ETP Holders to                                                                                      Interested persons are invited to
                                                                                                         consistent with the protection of
                                               aggregate volume with other exchanges.                                                                              submit written data, views, and
                                                                                                         investors and the public interest, the
                                               As noted, the Exchange Affiliates and                                                                               arguments concerning the foregoing,
                                                                                                         proposed rule change has become
                                               other markets all have the same                                                                                     including whether the proposed rule
                                                                                                         effective pursuant to Section 19(b)(3)(A)
                                               standard that the Exchange is proposing                                                                             change is consistent with the Act.
                                                                                                         of the Act and Rule 19b–4(f)(6)(iii)
                                               to adopt.                                                                                                           Comments may be submitted by any of
                                                  For the foregoing reasons, the                         thereunder. 15
                                                                                                            A proposed rule change filed under                     the following methods:
                                               Exchange believes that the proposal is
                                                                                                         Rule 19b–4(f)(6) 16 normally does not
                                               consistent with the Act.                                                                                            Electronic Comments
                                               B. Self-Regulatory Organization’s                           13 15  U.S.C. 78s(b)(3)(A)(iii).                          • Use the Commission’s internet
                                               Statement on Burden on Competition                          14 17  CFR 240.19b–4(f)(6).                             comment form (http://www.sec.gov/
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                                                                                                           15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                 In accordance with Section 6(b)(8) of                                                                             rules/sro.shtml); or
                                                                                                         4(f)(6) requires a self-regulatory organization to give
                                               the Act,12 the Exchange believes that the                 the Commission written notice of its intent to file
                                                                                                                                                                     17 17 CFR 240.19b–4(f)(6)(iii).
                                               proposed rule change would not impose                     the proposed rule change at least five business days
                                                                                                         prior to the date of filing of the proposed rule            18 For purposes only of waiving the 30-day
                                               any burden on competition that is not                     change, or such shorter time as designated by the         operative delay, the Commission has considered the
                                                                                                         Commission. The Exchange has satisfied this               proposed rule’s impact on efficiency, competition,
                                                 11 See   notes 5–6, supra.                              requirement.                                              and capital formation. See 15 U.S.C. 78c(f).
                                                 12 15   U.S.C. 78f(b)(8).                                 16 17 CFR 240.19b–4(f)(6).                                19 15 U.S.C. 78s(b)(2)(B).




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                                               42198                            Federal Register / Vol. 83, No. 161 / Monday, August 20, 2018 / Notices

                                                 • Send an email to rule-comments@                       DEPARTMENT OF STATE                                   session begins at 9:30 a.m. (ET).
                                               sec.gov. Please include File Number SR–                                                                         Preregistered speakers will address the
                                                                                                         [Public Notice: 10512]
                                               NYSENAT–2018–18 on the subject line.                                                                            Board first. TVA management will
                                                                                                         Certification Related to the Central                  answer questions from the news media
                                               Paper Comments                                                                                                  following the Board meeting.
                                                                                                         Government of Haiti Under the
                                                  • Send paper comments in triplicate                    Department of State, Foreign                          Agenda
                                               to Secretary, Securities and Exchange                     Operations, and Related Programs
                                                                                                                                                               1. Approval of minutes of the May 10,
                                               Commission, 100 F Street NE,                              Appropriations Act, 2018
                                                                                                                                                                    2018, Board Meeting
                                               Washington, DC 20549–1090.                                   Pursuant to section 7045(c) (1) of the             2. Report from President and CEO
                                               All submissions should refer to File                      Department of State, Foreign                          3. Report of the Finance, Rates, and
                                               Number SR–NYSENAT–2018–18. This                           Operations, and Related Programs                           Portfolio Committee
                                               file number should be included on the                     Appropriations Act, 2018 (Div. K, Pub.                   A. FY 2019 Financial Plan and Budget
                                               subject line if email is used. To help the                L. 115–141), I hereby certify that the                   B. Rate adjustment
                                               Commission process and review your                        central Government of Haiti is taking                    C. Financing authority
                                               comments more efficiently, please use                     effective steps, which are in addition to                D. Nuclear fuel supply contracts
                                                                                                         steps taken since the certification and                  E. Integrated Supply Program
                                               only one method. The Commission will
                                                                                                         report submitted on August 3, 2017, if                4. Report of the Audit, Risk, and
                                               post all comments on the Commission’s                                                                                Regulation Committee
                                               internet website (http://www.sec.gov/                     applicable, to:
                                                                                                            • Strengthen the rule of law in Haiti,                A. FY 2019 external auditor selection
                                               rules/sro.shtml). Copies of the                                                                                 5. Report of the External Relations
                                               submission, all subsequent                                including by selecting judges in a
                                                                                                         transparent manner based on merit;                         Committee
                                               amendments, all written statements                                                                                 A. Public Land Protection Policy
                                               with respect to the proposed rule                         reducing pre-trial detention; respecting
                                                                                                                                                               6. Report of the Nuclear Oversight
                                               change that are filed with the                            the independence of the judiciary; and
                                                                                                                                                                    Committee
                                                                                                         improving governance by implementing                  7. Report of the People and Performance
                                               Commission, and all written
                                                                                                         reforms to increase transparency and                       Committee
                                               communications relating to the
                                                                                                         accountability, including through the                    A. Corporate goals
                                               proposed rule change between the                          penal and criminal codes;
                                               Commission and any person, other than                                                                              B. Long-term incentive plan revisions
                                                                                                            • Combat corruption, including by                     C. Health savings account contract
                                               those that may be withheld from the                       implementing the anti-corruption law
                                               public in accordance with the                                                                                   CONTACT PERSON FOR MORE INFORMATION:
                                                                                                         enacted in 2014 and prosecuting corrupt
                                               provisions of 5 U.S.C. 552, will be                                                                             Please call TVA Media Relations at
                                                                                                         officials;
                                                                                                                                                               (865) 632–6000, Knoxville, Tennessee.
                                               available for website viewing and                            • Increase government revenues,
                                               printing in the Commission’s Public                                                                             People who plan to attend the meeting
                                                                                                         including by implementing tax reforms,
                                               Reference Room, 100 F Street NE,                                                                                and have special needs should call (865)
                                                                                                         and increase expenditures on public
                                               Washington, DC 20549 on official                                                                                632–6000. Anyone who wishes to
                                                                                                         services; and
                                                                                                                                                               comment on any of the agenda in
                                               business days between the hours of                           • Resolve commercial disputes
                                                                                                                                                               writing may send their comments to:
                                               10:00 a.m. and 3:00 p.m. Copies of the                    between United States entities and the
                                                                                                                                                               TVA Board of Directors, Board Agenda
                                               filing also will be available for                         Government of Haiti.
                                                                                                                                                               Comments, 400 West Summit Hill
                                               inspection and copying at the principal                     Dated: August 13, 2018.                             Drive, Knoxville, Tennessee 37902.
                                               office of the Exchange. All comments                      Michael Pompeo,
                                               received will be posted without change;                                                                           Dated: August 15, 2018.
                                                                                                         Secretary of State.
                                               the Commission does not edit personal                                                                           Sherry A. Quirk,
                                                                                                         [FR Doc. 2018–17920 Filed 8–17–18; 8:45 am]
                                               identifying information from                                                                                    General Counsel.
                                                                                                         BILLING CODE 4710–29–P
                                               submissions. Persons submitting                                                                                 [FR Doc. 2018–17969 Filed 8–16–18; 11:15 am]
                                               comments are cautioned that we do not                                                                           BILLING CODE 8120–08–P
                                               redact or edit personal identifying                       TENNESSEE VALLEY AUTHORITY
                                               information from comment submissions.
                                               You should submit only information                        [Meeting No. 18–03]                                   DEPARTMENT OF TRANSPORTATION
                                               that you wish to make available
                                                                                                         Sunshine Act Meetings                                 Federal Aviation Administration
                                               publicly. All submissions should refer
                                               to File Number SR–NYSENAT–2018–18                         TIME AND DATE:  9:30 a.m. (ET) on August              Availability of Noise Compatibility
                                               and should be submitted on or before                      22, 2018.                                             Program for Chicago Executive
                                               September 10, 2018.                                       PLACE: TVA West Tower Auditorium,                     Airport, Wheeling and Prospect
                                                 For the Commission, by the Division of                  400 West Summit Hill Drive, Knoxville,                Heights, Illinois
                                               Trading and Markets, pursuant to delegated                Tennessee.
                                                                                                                                                               AGENCY: Federal Aviation
                                               authority.20                                              STATUS: Open.                                         Administration (FAA), DOT.
                                               Robert W. Errett,                                         MATTERS TO BE CONSIDERED: The TVA                     ACTION: Notice.
                                               Deputy Secretary.                                         Board of Directors will hold a public
                                               [FR Doc. 2018–17830 Filed 8–17–18; 8:45 am]               meeting. The public may comment on                    SUMMARY:  The Federal Aviation
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                                               BILLING CODE 8011–01–P                                    any agenda item or subject at the public              Administration (FAA) announces its
                                                                                                         listening session. Following the end of               determination that the updated noise
                                                                                                         the public listening session, the meeting             exposure maps submitted by the
                                                                                                         will be called to order to consider the               Chicago Executive Airport under the
                                                                                                         agenda items listed below. On-site                    provisions of the (Aviation Safety and
                                                                                                         registration will be available until 15               Noise Abatement Act) and Title 14 Code
                                                 20 17   CFR 200.30–3(a)(12).                            minutes before the public listening                   of Federal Regulations (CFR) Part 150


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Document Created: 2018-08-18 01:29:27
Document Modified: 2018-08-18 01:29:27
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 42196 

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