Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to MNX and NDX, 4958-4960 [2015-01644]
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4958
Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
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 16 and Rule
19b–4(f)(6) thereunder.17 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,
provided that the self-regulatory
organization has given 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,18 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.
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.
mstockstill on DSK4VPTVN1PROD with NOTICES
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEMKT–2015–06 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–NYSEMKT–2015–06. 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 Web site (https://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 Web site viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE.,
Washington, DC 20549–1090, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at www.nyse.com. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEMKT–2015–06 and should be
submitted on or before February 19,
2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Brent J. Fields,
Secretary.
[FR Doc. 2015–01646 Filed 1–28–15; 8:45 am]
16 15
U.S.C. 78s(b)(3)(A)(iii).
17 17 CFR 240.19b–4(f)(6).
18 The Exchange has satisfied this requirement.
19 15 U.S.C. 78s(b)(2)(B).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74125; File No. SR–PHLX–
2015–05]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
MNX and NDX
January 23, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
21, 2015, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Section II 3 of the Pricing Schedule
entitled ‘‘Multiply Listed Options Fees’’
to assess an increased Options
Surcharge in MNX 4 and NDX.5
While changes to the Pricing
Schedule pursuant to this proposal are
effective upon filing, the Exchange has
designated the proposed amendment to
be operative on February 2, 2015.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Section II of the Pricing Schedule includes
options overlying equities, ETFs, ETNs and indexes
which are Multiply Listed.
4 MNX represents options on the one-tenth value
of the Nasdaq 100 Index traded under the symbol
MNX (‘‘MNX’’).
5 NDX represents options on the Nasdaq 100
Index traded under the symbol NDX (‘‘NDX’’).
2 17
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29JAN1
Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
Section II of the Pricing Schedule
entitled ‘‘Multiply Listed Options Fees’’
to increase the Options Surcharge for
transactions in MNX and NDX from
$0.15 to $0.20 per contract for
Professionals,6 Market Makers,7
Specialists,8 Broker-Dealers 9 and
Firms.10 As is the case today,
Customers 11 will not be assessed an
Options Surcharge in MNX an NDX.
The Options Surcharge is assessed in
addition to the Options Transactions
Fees in Section II of the Pricing
Schedule. This rule change applies to
both electronic and floor transactions.
The Exchange believes that these
surcharges will assist the Exchange in
remaining competitive in these options
by recouping certain fees.
mstockstill on DSK4VPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,12
in general, and with Section 6(b)(4) and
6(b)(5) of the Act,13 in particular, in that
it provides for the equitable allocation
of reasonable dues, fees and other
charges among members and issuers and
6 The term ‘‘professional’’ means any person or
entity that (i) is not a broker or dealer in securities,
and (ii) places more than 390 orders in listed
options per day on average during a calendar month
for its own beneficial account(s). See Rule
1000(b)(14).
7 A ‘‘market maker’’ includes Registered Options
Traders (Rule 1014(b)(i) and (ii)), which includes
Streaming Quote Traders (see Rule 1014(b)(ii)(A))
and Remote Streaming Quote Traders (see Rule
1014(b)(ii)(B)). Directed Participants are also market
makers.
8 The term ‘‘Specialist’’ applies to transactions for
the account of a Specialist as defined in Exchange
Rule 1020(a).
9 The term ‘‘Broker-Dealer’’ applies to any
transaction which is not subject to any of the other
transaction fees applicable within a particular
category.
10 The term ‘‘Firm’’ applies to any transaction that
is identified by a member or member organization
for clearing in the Firm range at The Options
Clearing Corporation (‘‘OCC’’).
11 The term ‘‘Customer’’ applies to any
transaction that is identified by a member or
member organization for clearing in the Customer
range at OCC which is not for the account of a
broker or dealer or for the account of a
‘‘Professional’’ as that term is defined in Rule
1000(b)(14).
12 15 U.S.C. 78f.
13 15 U.S.C. 78f(b)(4) and (5).
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other persons using any facility or
system which the Exchange operates or
controls, and is not designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange’s proposal to increase
the Options Surcharge for transactions
in MNX and NDX from $0.15 to $0.20
per contract for all non-Customer
market participants is reasonable
because all non-Customer market
participants will continue to be assessed
the same surcharge. As is the case today,
Customers will not be assessed an
Options Surcharge. Also, the Options
Surcharge remains competitive with
fees at other options exchanges.14
The Exchange’s proposal to increase
the Options Surcharge for transactions
in MNX and NDX from $0.15 to $0.20
per contract for all non-Customer
market participants is equitable and not
unfairly discriminatory because the
Exchange will continue to assess all
non-Customer market participants a
uniform Options Surcharge. Customers
are not assessed an Options Surcharge.
Customer order flow is unique because
Customer liquidity benefits all market
participants by providing more trading
opportunities, which attracts Specialists
and Market Makers. An increase in the
activity of these market participants in
turn facilitates tighter spreads, which
may cause an additional corresponding
increase in order flow from other market
participants. Finally, the Exchange
believes that it is equitable and not
unfairly discriminatory for nonCustomer market participants who trade
these products to pay the surcharge fee
as the Exchange has entered into a
licensing agreement to obtain
intellectual property rights to list these
products and seeks to recoup a portion
of its costs.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act because all
non-Customer market participants will
continue to be assessed a uniform
Options Surcharge Fee for transactions
in MNX and NDX, in addition to other
transaction fees. Customer liquidity
benefits all market participants by
providing more trading opportunities,
which attracts Specialists and Market
14 See NYSE MKT LLC’s (‘‘NYSE AMEX’’) Fee
Schedule. NYSE AMEX assesses a Royalty Fee of
$0.22 per contract for transactions in MNX and
NDX. See also NYSE Arca Inc.’s (‘‘NYSE Arca’’)
Fees and Charges. NYSE Arca, Inc. assesses a
Royalty Fee of $0.22 per contract for transactions
in MNX and NDX.
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4959
Makers. An increase in the activity of
these market participants in turn
facilitates tighter spreads, which may
cause an additional corresponding
increase in order flow from other market
participants. The Exchange operates in
a highly competitive market, comprised
of twelve exchanges, in which market
participants can easily and readily
direct order flow to competing venues if
they deem fee levels at a particular
venue to be excessive or rebates to be
inadequate. Accordingly, the fees that
are assessed, as described in the
proposal, are influenced by these robust
market forces and therefore must remain
competitive with fees charged by other
venues and therefore must continue to
be reasonable and equitably allocated to
those members that opt to direct orders
to the Exchange rather than competing
venues.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.15 At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
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 to determine
whether the proposed rule should be
approved or disapproved.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
PHLX–2015–05 on the subject line.
15 15
E:\FR\FM\29JAN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
29JAN1
4960
Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549.
All submissions should refer to File
Number SR–PHLX–2015–05. 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 Web site (https://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 Web site 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 such
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. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–PHLX–
2015–05 and should be submitted on or
before February 19, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Brent J. Fields,
Secretary.
[FR Doc. 2015–01644 Filed 1–28–15; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14213 and #14214]
Mississippi Disaster # MS–00075
U.S. Small Business
Administration.
ACTION: Notice.
mstockstill on DSK4VPTVN1PROD with NOTICES
AGENCY:
This is a notice of an
Administrative declaration of a disaster
for the State of Mississippi dated 01/20/
2015.
SUMMARY:
Incident: Severe Weather and
Tornadoes.
Incident Period: 12/23/2014.
Effective Date: 01/20/2015.
Physical Loan Application Deadline
Date: 03/23/2015.
Economic Injury (EIDL) Loan
Application Deadline Date: 10/20/2015.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing And
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Marion.
Contiguous Counties:
Mississippi, Jefferson Davis, Lamar,
Lawrence, Pearl River, Walthall.
Louisiana, Washington.
The Interest Rates are:
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................
3.875
1.938
6.000
4.000
2.625
2.625
4.000
2.625
The number assigned to this disaster
for physical damage is 14213 C and for
economic injury is 14214 0.
The States which received an EIDL
Declaration # are Mississippi Louisiana
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Dated: January 20, 2015.
Maria Contreras-Sweet,
Administrator.
[FR Doc. 2015–01632 Filed 1–28–15; 8:45 am]
16 17
CFR 200.30–3(a)(12).
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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2014–152]
Petition for Exemption; Summary of
Petition Received
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petition for exemption
received.
AGENCY:
This notice contains a
summary of a petition seeking relief
from specified requirements of 14 CFR.
The purpose of this notice is to improve
the public’s awareness of, and
participation in, this aspect of FAA’s
regulatory activities. Neither publication
of this notice nor the inclusion or
omission of information in the summary
is intended to affect the legal status of
the petition or its final disposition.
DATES: Comments on this petition must
identify the petition docket number and
must be received on or before February
18, 2015.
ADDRESSES: You may send comments
identified by Docket Number FAA–
2014–1011 using any of the following
methods:
• Government-wide rulemaking Web
site: Go to https://www.regulations.gov
and follow the instructions for sending
your comments electronically.
• Mail: Send comments to the Docket
Management Facility; U.S. Department
of Transportation, 1200 New Jersey
Avenue SE., West Building Ground
Floor, Room W12–140, Washington, DC
20590.
• Fax: Fax comments to the Docket
Management Facility at 202–493–2251.
• Hand Delivery: Bring comments to
the Docket Management Facility in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue SE., Washington, DC, between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
Privacy: We will post all comments
we receive, without change, to https://
www.regulations.gov, including any
personal information you provide.
Using the search function of our docket
Web site, anyone can find and read the
comments received into any of our
dockets, including the name of the
individual sending the comment (or
signing the comment for an association,
business, labor union, etc.). You may
review DOT’s complete Privacy Act
Statement in the Federal Register
published on April 11, 2000 (65 FR
19477–78).
Docket: To read background
documents or comments received, go to
SUMMARY:
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]]>Agencies
[Federal Register Volume 80, Number 19 (Thursday, January 29, 2015)]
[Notices]
[Pages 4958-4960]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01644]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74125; File No. SR-PHLX-2015-05]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
MNX and NDX
January 23, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 21, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Section II \3\ of the Pricing
Schedule entitled ``Multiply Listed Options Fees'' to assess an
increased Options Surcharge in MNX \4\ and NDX.\5\
---------------------------------------------------------------------------
\3\ Section II of the Pricing Schedule includes options
overlying equities, ETFs, ETNs and indexes which are Multiply
Listed.
\4\ MNX represents options on the one-tenth value of the Nasdaq
100 Index traded under the symbol MNX (``MNX'').
\5\ NDX represents options on the Nasdaq 100 Index traded under
the symbol NDX (``NDX'').
---------------------------------------------------------------------------
While changes to the Pricing Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated the proposed
amendment to be operative on February 2, 2015.
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaqomxphlx.cchwallstreet.com/, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the
[[Page 4959]]
places specified in Item IV below. The Exchange has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend Section II of the Pricing
Schedule entitled ``Multiply Listed Options Fees'' to increase the
Options Surcharge for transactions in MNX and NDX from $0.15 to $0.20
per contract for Professionals,\6\ Market Makers,\7\ Specialists,\8\
Broker-Dealers \9\ and Firms.\10\ As is the case today, Customers \11\
will not be assessed an Options Surcharge in MNX an NDX. The Options
Surcharge is assessed in addition to the Options Transactions Fees in
Section II of the Pricing Schedule. This rule change applies to both
electronic and floor transactions.
---------------------------------------------------------------------------
\6\ The term ``professional'' means any person or entity that
(i) is not a broker or dealer in securities, and (ii) places more
than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Rule
1000(b)(14).
\7\ A ``market maker'' includes Registered Options Traders (Rule
1014(b)(i) and (ii)), which includes Streaming Quote Traders (see
Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (see Rule
1014(b)(ii)(B)). Directed Participants are also market makers.
\8\ The term ``Specialist'' applies to transactions for the
account of a Specialist as defined in Exchange Rule 1020(a).
\9\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category.
\10\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at The Options Clearing Corporation (``OCC'').
\11\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at OCC which is not for the account of a broker or
dealer or for the account of a ``Professional'' as that term is
defined in Rule 1000(b)(14).
---------------------------------------------------------------------------
The Exchange believes that these surcharges will assist the
Exchange in remaining competitive in these options by recouping certain
fees.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\12\ in general, and with
Section 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility or system which the Exchange operates or controls, and is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange's proposal to increase the Options Surcharge for
transactions in MNX and NDX from $0.15 to $0.20 per contract for all
non-Customer market participants is reasonable because all non-Customer
market participants will continue to be assessed the same surcharge. As
is the case today, Customers will not be assessed an Options Surcharge.
Also, the Options Surcharge remains competitive with fees at other
options exchanges.\14\
---------------------------------------------------------------------------
\14\ See NYSE MKT LLC's (``NYSE AMEX'') Fee Schedule. NYSE AMEX
assesses a Royalty Fee of $0.22 per contract for transactions in MNX
and NDX. See also NYSE Arca Inc.'s (``NYSE Arca'') Fees and Charges.
NYSE Arca, Inc. assesses a Royalty Fee of $0.22 per contract for
transactions in MNX and NDX.
---------------------------------------------------------------------------
The Exchange's proposal to increase the Options Surcharge for
transactions in MNX and NDX from $0.15 to $0.20 per contract for all
non-Customer market participants is equitable and not unfairly
discriminatory because the Exchange will continue to assess all non-
Customer market participants a uniform Options Surcharge. Customers are
not assessed an Options Surcharge. Customer order flow is unique
because Customer liquidity benefits all market participants by
providing more trading opportunities, which attracts Specialists and
Market Makers. An increase in the activity of these market participants
in turn facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
Finally, the Exchange believes that it is equitable and not unfairly
discriminatory for non-Customer market participants who trade these
products to pay the surcharge fee as the Exchange has entered into a
licensing agreement to obtain intellectual property rights to list
these products and seeks to recoup a portion of its costs.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act because all non-Customer market
participants will continue to be assessed a uniform Options Surcharge
Fee for transactions in MNX and NDX, in addition to other transaction
fees. Customer liquidity benefits all market participants by providing
more trading opportunities, which attracts Specialists and Market
Makers. An increase in the activity of these market participants in
turn facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
The Exchange operates in a highly competitive market, comprised of
twelve exchanges, in which market participants can easily and readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive or rebates to be inadequate.
Accordingly, the fees that are assessed, as described in the proposal,
are influenced by these robust market forces and therefore must remain
competitive with fees charged by other venues and therefore must
continue to be reasonable and equitably allocated to those members that
opt to direct orders to the Exchange rather than competing venues.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\15\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is 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 to determine whether the
proposed rule should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-PHLX-2015-05 on the subject line.
[[Page 4960]]
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549.
All submissions should refer to File Number SR-PHLX-2015-05. 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 Web site (https://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 Web site 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 such 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. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-PHLX-2015-05 and should be
submitted on or before February 19, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-01644 Filed 1-28-15; 8:45 am]
BILLING CODE 8011-01-P
