83 FR 54800 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 211 (October 31, 2018)
Federal Register Volume 83, Issue 211 (October 31, 2018)
| Page Range | 54800-54801 | |
| FR Document | 2018-23733 |
[Federal Register Volume 83, Number 211 (Wednesday, October 31, 2018)] [Notices] [Pages 54800-54801] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-23733] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84489; File No. SR-NYSEARCA-2018-76] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule October 25, 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 October 17, 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 modify the NYSE Arca Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective October 17, 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 purpose of this filing is to modify the Fee Schedule, effective October 17, 2018, to eliminate obsolete charges. Specifically, the Exchange proposes to remove Royalty fees for products the Exchange no longer trades. Pursuant to the current Fee Schedule, the Exchange charges Royalty Fees on certain trades in proprietary products for which the Exchange has a license, namely: NDX, MNX, KBW Bank Index (BKK) and the Russell Index (RUT).\4\ The Exchange proposes to modify the Fee Schedule to remove NDX, MNX, and the Russell Index (RUT), as these products are no longer licensed to the Exchange. As proposed, the Royalty Fees section will only include reference to KBW Bank Index (BKK), as this product continues to be licensed to the Exchange. --------------------------------------------------------------------------- \4\ See Fee Schedule, NYSE Arca OPTIONS: TRADE-RELATED CHARGES FOR STANDARD OPTIONS, Royalty Fees, available at, https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf. Royalty Fees will be assessed on a per contract basis for firm, broker/dealer, and Market Maker transactions. For electronic executions in issues included in the Penny Pilot, Royalty Fees will be passed through to the trading participant on the ``Take'' side of the transaction. See id. Royalty Fees are not assessed on the customer side of transactions and information about Royalty Fees as associated with Options Strategy Transactions are set forth in the ``Limit of Fees on Options Strategy Executions'' section of this schedule. See id., fn. 11. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act, in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act, in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. The Exchange believes that the proposal to remove references to products that the Exchange is no longer licensed to trade is reasonable, equitable, and not unfairly discriminatory because it provides clarity and transparency to the Fee Schedule as it relates to Royalty Fees. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\5\ the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the proposed change is meant to add clarity and transparency to the Fee Schedule to the benefit of all market participants that trade on the Exchange. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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) \6\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \7\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 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 [[Page 54801]] 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) \8\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \8\ 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-2018-76 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-2018-76. 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-2018-76 and should be submitted on or before November 21, 2018. --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-23733 Filed 10-30-18; 8:45 am] BILLING CODE 8011-01-P
![54800 Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices
change that are filed with the solicit comments on the proposed rule Exchange. As proposed, the Royalty
Commission, and all written change from interested persons. Fees section will only include reference
communications relating to the to KBW Bank Index (BKK), as this
I. Self-Regulatory Organization’s
proposed rule change between the product continues to be licensed to the
Statement of the Terms of Substance of
Commission and any person, other than the Proposed Rule Change Exchange.
those that may be withheld from the
The Exchange proposes to modify the 2. Statutory Basis
public in accordance with the
provisions of 5 U.S.C. 552, will be NYSE Arca Options Fee Schedule (‘‘Fee The Exchange believes that the
available for website viewing and Schedule’’). The Exchange proposes to proposed rule change is consistent with
printing in the Commission’s Public implement the fee change effective Section 6(b) of the Act, in general, and
Reference Room, 100 F Street NE, October 17, 2018. The proposed rule furthers the objectives of Sections
Washington, DC 20549 on official change is available on the Exchange’s 6(b)(4) and (5) of the Act, in particular,
business days between the hours of website at www.nyse.com, at the because it provides for the equitable
10:00 a.m. and 3:00 p.m. Copies of the principal office of the Exchange, and at allocation of reasonable dues, fees, and
filing also will be available for the Commission’s Public Reference other charges among its members,
inspection and copying at the principal Room. issuers and other persons using its
office of the Exchange. All comments II. Self-Regulatory Organization’s facilities and does not unfairly
received will be posted without change. Statement of the Purpose of, and discriminate between customers,
Persons submitting comments are Statutory Basis for, the Proposed Rule issuers, brokers or dealers.
cautioned that we do not redact or edit Change The Exchange believes that the
personal identifying information from proposal to remove references to
In its filing with the Commission, the products that the Exchange is no longer
comment submissions. You should self-regulatory organization included
submit only information that you wish licensed to trade is reasonable,
statements concerning the purpose of, equitable, and not unfairly
to make available publicly. All and basis for, the proposed rule change
submissions should refer to File discriminatory because it provides
and discussed any comments it received clarity and transparency to the Fee
Number SR–CBOE–2018–067 and on the proposed rule change. The text
should be submitted on or before Schedule as it relates to Royalty Fees.
of those statements may be examined at
November 21, 2018. the places specified in Item IV below. B. Self-Regulatory Organization’s
For the Commission, by the Division of The Exchange has prepared summaries, Statement on Burden on Competition
Trading and Markets, pursuant to delegated set forth in sections A, B, and C below,
authority.28
In accordance with Section 6(b)(8) of
of the most significant parts of such the Act,5 the Exchange does not believe
Eduardo A. Aleman, statements. that the proposed rule change would
Assistant Secretary. impose any burden on competition that
A. Self-Regulatory Organization’s
[FR Doc. 2018–23734 Filed 10–30–18; 8:45 am] Statement of the Purpose of, and the is not necessary or appropriate in
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule furtherance of the purposes of the Act.
Change Instead, the proposed change is meant
to add clarity and transparency to the
SECURITIES AND EXCHANGE 1. Purpose Fee Schedule to the benefit of all market
COMMISSION The purpose of this filing is to modify participants that trade on the Exchange.
the Fee Schedule, effective October 17,
[Release No. 34–84489; File No. SR– 2018, to eliminate obsolete charges. C. Self-Regulatory Organization’s
NYSEARCA–2018–76] Specifically, the Exchange proposes to Statement on Comments on the
remove Royalty fees for products the Proposed Rule Change Received From
Self-Regulatory Organizations; NYSE Exchange no longer trades. Members, Participants, or Others
Arca, Inc.; Notice of Filing and Pursuant to the current Fee Schedule, No written comments were solicited
Immediate Effectiveness of Proposed the Exchange charges Royalty Fees on or received with respect to the proposed
Rule Change To Modify the NYSE Arca certain trades in proprietary products rule change.
Options Fee Schedule for which the Exchange has a license,
namely: NDX, MNX, KBW Bank Index III. Date of Effectiveness of the
October 25, 2018. Proposed Rule Change and Timing for
(BKK) and the Russell Index (RUT).4
Pursuant to Section 19(b)(1) 1 of the The Exchange proposes to modify the Commission Action
Securities Exchange Act of 1934 (the Fee Schedule to remove NDX, MNX, The foregoing rule change is effective
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 and the Russell Index (RUT), as these upon filing pursuant to Section
notice is hereby given that, on October products are no longer licensed to the 19(b)(3)(A) 6 of the Act and
17, 2018, NYSE Arca, Inc. (the subparagraph (f)(2) of Rule 19b–4 7
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 4 See Fee Schedule, NYSE Arca OPTIONS:
thereunder, because it establishes a due,
the Securities and Exchange TRADE–RELATED CHARGES FOR STANDARD
OPTIONS, Royalty Fees, available at, https://
fee, or other charge imposed by the
Commission (the ‘‘Commission’’) the www.nyse.com/publicdocs/nyse/markets/arca- Exchange.
proposed rule change as described in options/NYSE_Arca_Options_Fee_Schedule.pdf. At any time within 60 days of the
Items I, II, and III below, which Items Royalty Fees will be assessed on a per contract basis filing of such proposed rule change, the
have been prepared by the self- for firm, broker/dealer, and Market Maker
Commission summarily may
amozie on DSK3GDR082PROD with NOTICES1
transactions. For electronic executions in issues
regulatory organization. The included in the Penny Pilot, Royalty Fees will be temporarily suspend such rule change if
Commission is publishing this notice to passed through to the trading participant on the it appears to the Commission that such
‘‘Take’’ side of the transaction. See id. Royalty Fees action is necessary or appropriate in the
28 17
are not assessed on the customer side of
CFR 200.30–3(a)(12). transactions and information about Royalty Fees as
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b)(8).
associated with Options Strategy Transactions are
2 15 U.S.C. 78a. 6 15 U.S.C. 78s(b)(3)(A).
set forth in the ‘‘Limit of Fees on Options Strategy
3 17 CFR 240.19b–4. Executions’’ section of this schedule. See id., fn. 11. 7 17 CFR 240.19b–4(f)(2).
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![Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices 54801
public interest, for the protection of comment submissions. You should Commission with the notice required by
investors, or otherwise in furtherance of submit only information that you wish Rule 19b–4(f)(6) thereunder.5
the purposes of the Act. If the to make available publicly. All The text of the proposed rule change
Commission takes such action, the submissions should refer to File is available on the Exchange’s website at
Commission shall institute proceedings Number SR–NYSEARCA–2018–76 and http://nasdaq.cchwallstreet.com, at the
under Section 19(b)(2)(B) 8 of the Act to should be submitted on or before principal office of the Exchange, and at
determine whether the proposed rule November 21, 2018. the Commission’s Public Reference
change should be approved or For the Commission, by the Division of Room.
disapproved. Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
IV. Solicitation of Comments authority.9 Statement of the Purpose of, and
Eduardo A. Aleman, Statutory Basis for, the Proposed Rule
Interested persons are invited to Assistant Secretary.
submit written data, views, and Change
[FR Doc. 2018–23733 Filed 10–30–18; 8:45 am]
arguments concerning the foregoing, In its filing with the Commission, the
BILLING CODE 8011–01–P Exchange included statements
including whether the proposed rule
change is consistent with the Act. concerning the purpose of and basis for
Comments may be submitted by any of the proposed rule change and discussed
SECURITIES AND EXCHANGE any comments it received on the
the following methods:
COMMISSION proposed rule change. The text of these
Electronic Comments statements may be examined at the
[Release No. 34–84488; File No. SR–
• Use the Commission’s internet NASDAQ–2018–082] places specified in Item IV below. The
comment form (http://www.sec.gov/ Exchange has prepared summaries, set
rules/sro.shtml); or Self-Regulatory Organizations; The forth in sections A, B, and C below, of
• Send an email to rule-comments@ Nasdaq Stock Market LLC; Notice of the most significant aspects of such
sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of statements.
NYSEARCA–2018–76 on the subject Proposed Rule Change Relating to
line. Derivative Securities Traded Under A. Self–Regulatory Organization’s
Unlisted Trading Privileges Statement of the Purpose of, and
Paper Comments Statutory Basis for, the Proposed Rule
• Send paper comments in triplicate October 25, 2018. Change
to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 1. Purpose
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 The purpose of the proposed rule
notice is hereby given that on October change is to amend Rule 5740 related to
All submissions should refer to File
12, 2018, The Nasdaq Stock Market LLC derivative securities traded under UTP
Number SR–NYSEARCA–2018–76. This
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the by removing the requirement in Rule
file number should be included on the
Securities and Exchange Commission 5740(a)(1) for the Exchange to file with
subject line if email is used. To help the
(‘‘Commission’’) the proposed rule the Commission a Form 19b–4(e) for
Commission process and review your
change as described in Items I and II each Derivative Security, and
comments more efficiently, please use
below, which Items have been prepared renumbering the remaining rules of Rule
only one method. The Commission will 5740(a) to maintain an organized rule
post all comments on the Commission’s by the Exchange. The Commission is
publishing this notice to solicit structure, as described below.
internet website (http://www.sec.gov/ Rule 5740(a)(1) sets forth the
rules/sro.shtml). Copies of the comments on the proposed rule change
from interested persons. requirement for Nasdaq to file with the
submission, all subsequent Commission a Form 19b–4(e) with
amendments, all written statements I. Self-Regulatory Organization’s respect to each Derivative Security that
with respect to the proposed rule Statement of the Terms of Substance of is traded under UTP. However, Nasdaq
change that are filed with the the Proposed Rule Change believes that it should not be necessary
Commission, and all written The Exchange proposes to amend to file a Form 19b–4(e) with the
communications relating to the Nasdaq Rule 5740 related to derivative Commission if it begins trading a
proposed rule change between the securities traded under unlisted trading Derivative Security on a UTP basis,
Commission and any person, other than privileges (‘‘UTP’’) to remove the because Rule 19b–4(e)(1) under the Act
those that may be withheld from the requirement in Rule 5740(a)(1) for the refers to the ‘‘listing and trading’’ of a
public in accordance with the Exchange to file with the Commission a ‘‘new derivative securities product.’’
provisions of 5 U.S.C. 552, will be Form 19b–4(e) for each ‘‘new derivative The Exchange believes that the
available for website viewing and securities product’’ as defined in Rule requirements of that rule refers to when
printing in the Commission’s Public 19b–4(e) under the Act 3 (‘‘Derivative an exchange lists and trades a Derivative
Reference Room, 100 F Street NE, Security’’) traded under UTP and Security, and not when an exchange
Washington, DC 20549 on official renumber the remaining provisions of seeks only to trade such product on a
business days between the hours of Rule 5740(a) to maintain an organized UTP basis pursuant to Rule 12f–2 under
10:00 a.m. and 3:00 p.m. Copies of the rule structure. The Exchange has the Act.6 Therefore, Nasdaq proposes to
filing also will be available for designated this rule change as ‘‘non- delete the requirement in current Rule
inspection and copying at the principal 5740(a)(1) for Nasdaq to file a Form
amozie on DSK3GDR082PROD with NOTICES1
controversial’’ under Section 19(b)(3)(A)
office of the Exchange. All comments of the Act 4 and provided the 19b–4(e) with the Commission with
received will be posted without change. respect to each Derivative Security it
Persons submitting comments are 9 17 CFR 200.30–3(a)(12). begins trading on a UTP basis. In
cautioned that we do not redact or edit 1 15 U.S.C. 78s(b)(1). addition, as a result of the deletion of
personal identifying information from 2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(e) 5 17 CFR 240.19b–4(f)(6).
8 15 U.S.C. 78s(b)(2)(B). 4 15 U.S.C. 78s(b)(3)(A). 6 17 CFR 240.12f–2.
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Document Created: 2018-10-31 00:33:23
Document Modified: 2018-10-31 00:33:23
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 54800 |
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