Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule, 45691-45693 [2015-18768]
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Federal Register / Vol. 80, No. 147 / Friday, July 31, 2015 / Notices
asabaliauskas on DSK5VPTVN1PROD with NOTICES
regulatory requirements
(‘‘Procedures’’).4
Specifically, OCC recently adopted
the Procedures which, according to
OCC, are designed to clarify for clearing
members and market participants the
manner in which OCC would resize the
clearing fund on a monthly basis and, if
necessary, collect additional financial
resources through intra-day margin calls
and intra-month increases of the
clearing fund.5 According to OCC,
under the Procedures, OCC continues to
size the clearing fund on the first
business day of each month, with the
clearing fund size equal to a base
amount and an additional prudential
margin of safety determined by OCC,
currently set at $1.8 billion. The base
amount is equal to the peak five-day
rolling average of clearing fund draws 6
observed over the preceding three
calendar months. Under the Procedures,
OCC must issue an intra-day margin call
in the event that a projected draw on the
clearing fund under stress tests
conducted by OCC exceeds 75% of the
then-current size of OCC’s clearing
fund. In addition, OCC must increase
the size of the clearing fund intra-month
where a projected draw, after taking into
account intra-day margin collected
under the Procedures, exceeds 90% of
the then-current size of the clearing
fund.
According to OCC, it is amending
Rule 1001(a) to codify, in accordance
with the Procedures, the process by
which such clearing fund size: (i) Is
determined and set on a monthly basis,
and (ii) may be increased on an intramonth basis. OCC believes that the
proposed rule change provides greater
transparency to clearing members and
other market participants, because
OCC’s practices with regard to the
monthly sizing of the clearing fund and
OCC’s ability to increase the clearing
fund intra-month in accordance with
the Procedures would be codified in the
text of Rule 1001(a).
4 See Securities Exchange Act Release No. 74980
(May 15, 2015), 80 FR 29364 (May 21, 2015) (SR–
OCC–2015–009) and Securities Exchange Act
Release No. 74981 (May 15, 2015), 80 FR 29367
(May 21, 2015) (SR–OCC–2015–811). OCC recently
amended the Procedures. See Securities Exchange
Act Release No. 75255 (June 22, 2015), 80 FR 36869
(June 26, 2015) (SR–OCC–2015–012) (changing the
method by which certain dashboard reports are
distributed).
5 Id.
6 According to OCC, clearing fund draws are the
amounts that OCC would have been required to
draw against the clearing fund under the daily
idiosyncratic default and minor systemic default
scenario calculations conducted by OCC (i.e., the
amount of projected losses not covered by margin
deposits or deposits in lieu of margin).
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II. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Act 7 directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if it finds that the proposed
rule change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
such organization.
The Commission finds that the
proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act 8 and
Rule 17Ad–22(b)(3) of the Act.9 Rule
17Ad–22(b)(3) of the Act requires OCC
to establish, implement, maintain and
enforce written policies and procedures
reasonably designed to maintain
sufficient financial resources to
withstand, at a minimum, a default by
the participant family to which it has
the largest exposure in extreme but
plausible market conditions.10 OCC is
amending Rule 1001(a) to reflect the
process by which OCC determines its
clearing fund size on a monthly basis
and increases its clearing fund size on
an intra-month basis. As stated above,
OCC already adopted Procedures that
reflect this change.11 By amending Rule
1001(a) to codify the Procedures, as
described above, and thus permitting
OCC to take action pursuant to the
Procedures, OCC should be able to be
more responsive to sudden increases in
exposure and less sensitive to short-run
reductions in exposure that could
inappropriately reduce the overall size
of the clearing fund. As a result, OCC
should be in a better position to
maintain sufficient financial resources
to withstand, at a minimum, a default
by the participant family to which it has
the largest exposure in extreme but
plausible market conditions.
For these same reasons, OCC’s rule
change is consistent with Section
17A(b)(3)(F) of the Act,12 which
requires, in part, that the rules of a
clearing agency be designed to promote
the prompt and accurate clearance and
settlement of securities transactions and
to assure the safeguarding of securities
and funds which are in the custody or
control of the clearing agency or for
which it is responsible. By maintaining
financial resources in this manner, OCC
is less likely to be subject to disruptions
in its operations as a result of a default
of a participant family, thereby
facilitating the prompt and accurate
clearance and settlement of securities
PO 00000
7 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
9 17 CFR 240.17Ad–22(b)(3).
10 Id.
11 See supra note 4.
12 15 U.S.C. 78q-1(b)(3)(F).
8 15
Frm 00053
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45691
transactions and assuring the
safeguarding of securities and funds
which are in the custody or control of
OCC or for which it is responsible.
III. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 13 and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (SR–OCC–2015–
013) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–18770 Filed 7–30–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75530; File No. SR–
NYSEARCA–2015–66]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE Arca
Options Fee Schedule
July 27, 2015.
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 July 20,
2015, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’). The Exchange proposes to
13 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
14 15 U.S.C. 78s(b)(2).
15 17 CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
E:\FR\FM\31JYN1.SGM
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45692
Federal Register / Vol. 80, No. 147 / Friday, July 31, 2015 / Notices
implement the fee change effective
August 1, 2015. The text of the proposed
rule change is available on the
Exchange’s Web site 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
asabaliauskas on DSK5VPTVN1PROD with NOTICES
1. Purpose
The purpose of this filing is to
increase the number of issues a Market
Maker may trade per Options Trading
Permit (‘‘OTP’’).
Currently, the number of issues a
Market Maker may quote and trade in
their assignment is based on how many
OTPs the Market Maker has. A Market
Maker may quote and trade up to 100
issues under its first OTP; up to 250
issues with a second OTP; up to 750
issues with a third OTP; and, with a
fourth OTP a Market Maker may quote
and trade all option issues on the
Exchange.4
The Exchange is proposing to increase
the number of issues ‘‘covered’’ by an
OTP (i.e., the number of issues in which
a Market Maker may quote and trade) as
follows:
1st OTP Up to 175 option issues
2nd OTP Up to 350 option issues
3rd OTP Up to 1,000 option issues
4th OTP All option issues traded on
the Exchange
The Exchange is proposing to increase
the number of covered issues per OTP
to encourage Market Makers to quote
and trade more issues based on the
number of OTPs they currently have. By
doing so, the Exchange believes it will
provide an opportunity for more liquid
4 A Market Maker may trade any issue on the
Exchange, but may only submit quotes in issues in
the Market Maker assignment, however, in
accordance with NYSE Arca Rule 6.35(i), at least
75% of a Market Maker’s trading activity must be
in the Market Maker’s appointment.
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markets and quote competition, which
in turn will benefit all market
participants.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,5 in general, and
furthers the objectives of sections 6(b)(4)
and (5) of the Act,6 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 the increase in
the number of issues covered by an OTP
is reasonable, as it allows a Market
Maker to trade a greater number of
issues without incurring the expense of
paying for additional OTPs. The
proposed change is equitable and not
unfairly discriminatory because it solely
affects Market Makers because only
Market Makers are required to have
more than one OTP to correlate to the
options issues in their Market Maker
assignments. The Exchange believes that
the proposed change is reasonable,
equitable and not unfairly
discriminatory because it is designed to
encourage Market Makers to quote and
trade additional issues, which would
provide an opportunity for more liquid
markets and quote competition, which
in turn will benefit all market
participants.
For these 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,7 the Exchange does not believe
that the proposed rule change will
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
Instead, the Exchange believes that the
proposed change would continue to
encourage competition, including by
providing more opportunities to quote
and trade, thereby attracting additional
liquidity to the Exchange, which would
continue to make the Exchange a more
competitive venue for, among other
things, order execution and price
discovery. The Exchange believes the
proposed change would not unduly
burden any particular group of market
participants trading on the Exchange
`
vis-a-vis another group, as the change
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
7 15 U.S.C. 78f(b)(8).
solely impacts Market Makers. In
addition, the Exchange believes that by
expanded [sic] the number of covered
issues per OTP would encourage
increased liquidity and quote
competition on the Exchange, which in
turn would benefit all market
participants.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues., [sic] In such an
environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
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) 8 of the Act and
subparagraph (f)(2) of Rule 19b–4 9
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
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) 10 of the Act to
determine whether the proposed rule
change 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:
5 15
8 15
6 15
9 17
Frm 00054
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
10 15 U.S.C. 78s(b)(2)(B).
E:\FR\FM\31JYN1.SGM
31JYN1
Federal Register / Vol. 80, No. 147 / Friday, July 31, 2015 / Notices
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–
NYSEARCA–2015–66 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.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NYSEARCA–2015–66. 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–
NYSEARCA–2015–66 and should be
submitted on or before August 21, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–18768 Filed 7–30–15; 8:45 am]
BILLING CODE 8011–01–P
11 17
CFR 200.30–3(a)(12).
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17:44 Jul 30, 2015
Jkt 235001
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Form N–Q SEC, File No. 270–519, OMB
Control No. 3235–0578.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Form N–Q (17 CFR 249.332 and
274.130) is a reporting form used by
registered management investment
companies, other than small business
investment companies registered on
Form N–5 (‘‘funds’’), under Section
30(b) of the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) and
Sections 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). Pursuant to Rule 30b1–5 under the
Investment Company Act, funds are
required to file quarterly reports with
the Commission on Form N–Q not more
than 60 days after the close of the first
and third quarters of each fiscal year
containing their complete portfolio
holdings. Additionally, fund
management is required to evaluate the
effectiveness of the fund’s disclosure
controls and procedures within the 90day period prior to the filing of a report
on Form N–Q, and such report must
also be signed and certified by the
fund’s principal executive and financial
officers.
We estimate that there are 11,348
funds required to file reports on Form
N–Q. Based on staff experience and
conversations with industry
representatives, we estimate that it takes
approximately 26 hours per fund to
prepare reports on Form N–Q annually.
Accordingly, we estimate that the total
annual burden associated with Form
N–Q is 295,048 hours (26 hours per
fund × 11,348 funds) per year.
The estimates of average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
cost of Commission rules and forms.
The collection of information under
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
45693
Form N–Q is mandatory. The
information provided by the form is not
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid control number.
The public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC 20549
or send an email to: PRA_Mailbox@
sec.gov. Comments must be submitted to
OMB within 30 days of this notice.
Dated: July 27, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–18766 Filed 7–30–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Form N–3; SEC File No. 270–281, OMB
Control No. 3235–0316.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Form N–3 (17 CFR
239.17a and 274.11b) under the
Securities Act of 1933 (15 U.S.C. 77)
and under the Investment Company Act
of 1940 (15 U.S.C. 80a), Registration
Statement of Separate Accounts
Organized as Management Investment
Companies.’’ Form N–3 is the form used
by separate accounts offering variable
annuity contracts which are organized
as management investment companies
E:\FR\FM\31JYN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 147 (Friday, July 31, 2015)]
[Notices]
[Pages 45691-45693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18768]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75530; File No. SR-NYSEARCA-2015-66]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE
Arca Options Fee Schedule
July 27, 2015.
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 July 20, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE Arca Options Fee Schedule
(``Fee Schedule''). The Exchange proposes to
[[Page 45692]]
implement the fee change effective August 1, 2015. The text of the
proposed rule change is available on the Exchange's Web site 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 increase the number of issues a
Market Maker may trade per Options Trading Permit (``OTP'').
Currently, the number of issues a Market Maker may quote and trade
in their assignment is based on how many OTPs the Market Maker has. A
Market Maker may quote and trade up to 100 issues under its first OTP;
up to 250 issues with a second OTP; up to 750 issues with a third OTP;
and, with a fourth OTP a Market Maker may quote and trade all option
issues on the Exchange.\4\
---------------------------------------------------------------------------
\4\ A Market Maker may trade any issue on the Exchange, but may
only submit quotes in issues in the Market Maker assignment,
however, in accordance with NYSE Arca Rule 6.35(i), at least 75% of
a Market Maker's trading activity must be in the Market Maker's
appointment.
---------------------------------------------------------------------------
The Exchange is proposing to increase the number of issues
``covered'' by an OTP (i.e., the number of issues in which a Market
Maker may quote and trade) as follows:
1st OTP Up to 175 option issues
2nd OTP Up to 350 option issues
3rd OTP Up to 1,000 option issues
4th OTP All option issues traded on the Exchange
The Exchange is proposing to increase the number of covered issues
per OTP to encourage Market Makers to quote and trade more issues based
on the number of OTPs they currently have. By doing so, the Exchange
believes it will provide an opportunity for more liquid markets and
quote competition, which in turn will benefit all market participants.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\5\ in general, and furthers the
objectives of sections 6(b)(4) and (5) of the Act,\6\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes the increase in the number of issues covered
by an OTP is reasonable, as it allows a Market Maker to trade a greater
number of issues without incurring the expense of paying for additional
OTPs. The proposed change is equitable and not unfairly discriminatory
because it solely affects Market Makers because only Market Makers are
required to have more than one OTP to correlate to the options issues
in their Market Maker assignments. The Exchange believes that the
proposed change is reasonable, equitable and not unfairly
discriminatory because it is designed to encourage Market Makers to
quote and trade additional issues, which would provide an opportunity
for more liquid markets and quote competition, which in turn will
benefit all market participants.
For these 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,\7\ the Exchange does
not believe that the proposed rule change will impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the Exchange believes that the proposed
change would continue to encourage competition, including by providing
more opportunities to quote and trade, thereby attracting additional
liquidity to the Exchange, which would continue to make the Exchange a
more competitive venue for, among other things, order execution and
price discovery. The Exchange believes the proposed change would not
unduly burden any particular group of market participants trading on
the Exchange vis-[agrave]-vis another group, as the change solely
impacts Market Makers. In addition, the Exchange believes that by
expanded [sic] the number of covered issues per OTP would encourage
increased liquidity and quote competition on the Exchange, which in
turn would benefit all market participants.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues., [sic]
In such an environment, the Exchange must continually review, and
consider adjusting, its fees and credits to remain competitive with
other exchanges. For the reasons described above, the Exchange believes
that the proposed rule change reflects this competitive environment.
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) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
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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) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 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:
[[Page 45693]]
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-NYSEARCA-2015-66 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-NYSEARCA-2015-66. 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-NYSEARCA-2015-66 and should be submitted
on or before August 21, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18768 Filed 7-30-15; 8:45 am]
BILLING CODE 8011-01-P
