Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule, 40379-40381 [2016-14557]
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Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because doing so will allow the Pilot
Program to continue without
interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program and will allow the
Exchange and the Commission
additional time to analyze the impact of
the Pilot Program. Accordingly, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.13
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) 14 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:
asabaliauskas on DSK3SPTVN1PROD with 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–
MIAX–2016–16 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–MIAX–2016–16. 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
13 For purposes only of waiving the operative
delay for this proposal, 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)(B).
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40379
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 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. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–MIAX–2016–16 and should
be submitted on or before July 12, 2016.
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2016–14560 Filed 6–20–16; 8:45 am]
1. Purpose
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78076; File No. SR–
NYSEARCA–2016–86]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Options Fee Schedule
June 15, 2016.
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 June 6,
2016, 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
15 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
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. 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.
The purpose of this filing is to amend
the Fee Schedule to introduce a new
alternative for qualifying for the
Customer and Professional Customer
Incentive Program, as described below.
The Exchange proposes to implement
the fee change effective June 6, 2016.
The Exchange is proposing to
introduce a new tier to the Incentive
Program, which provides OTP Holders
and OTP Firms (collectively, ‘‘OTPs’’)
several alternatives to earn additional
posting credits ranging from $0.01 to
$0.05. Specifically, the Exchange
proposes to add a new alternative that
would enable OTPs to earn a $0.03
credit if they achieve at least 1.50% of
Total Industry Customer equity and ETF
option ADV (‘‘TCADV’’) from Customer
and Professional Customer Posted
Orders in both Penny Pilot and nonPenny Pilot Issues, Plus Executed ADV
of 0.10% of U.S. Equity Market Share
Posted and Executed on NYSE Arca
Equity Market. The Exchange believes
this new credit would provide
additional incentive to direct Customer
and Professional Customer order flow to
the Exchange, which benefits all market
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40380
Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices
participants through increased liquidity
and enhanced price discovery.
Moreover, the Exchange believes that
the proposed new alternative to qualify
for the Customer Incentive Program is
reasonable because it is designed to
continue to bring additional posted
order flow to NYSE Arca Equities, so as
to provide additional opportunities for
all ETP Holders to trade on NYSE Arca
Equities.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,4 in general, and
furthers the objectives of sections 6(b)(4)
and (5) of the Act,5 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 also believes that the
proposed new alternative to the
Incentive Program is reasonable,
equitable, and not unfairly
discriminatory because the incentive
would be available to all OTPs that
execute posted Customer and
Professional Customer orders on the
Exchange on an equal and nondiscriminatory basis, in particular
because it provides alternative means of
achieving a posting credit. The
Exchange believes that providing
methods for achieving the credits based
on posted Customer and Professional
Customer Executions in both Penny
Pilot and non-Penny Pilot issues is
equitable and not unfairly
discriminatory because it would
continue to result in more OTPs
qualifying for the credits and therefore
reducing their overall transaction costs
on the Exchange. Moreover, the
Exchange believes the proposed
modification would provide an
additional incentive for OTPs to direct
Customer and Professional Customer
order flow to the Exchange, which
benefits all market participants through
increased liquidity and enhanced price
discovery.
Furthermore, the Exchange also
believes that the proposed modification
that relates to executed ADV of 0.10%
of U.S. Equity Market Share Posted and
Executed on NYSE Arca Equity Market
is equitable and not unfairly
discriminatory because it is designed to
bring additional order flow to NYSE
Arca Equities, which increases liquidity
on NYSE Arca Equities to the benefit of
its 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,6 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 by 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 does not
believe that the proposed change will
impair the ability of any market
participants or competing order
execution venues to maintain their
competitive standing in the financial
markets. Further, the proposed
alternative credit under the Incentive
Program would provide OTP Holders
and OTP Firms an additional means of
achieving a credit and, likewise, may
allow those OTP Holders and OTP
Firms that, to date, have been unable to
achieve a credit under the Incentive
Program to achieve the proposed credit.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues. 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) 7 of the Act and
subparagraph (f)(2) of Rule 19b–4 8
thereunder, because it establishes a due,
6 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(2).
4 15
U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4) and (5).
VerDate Sep<11>2014
18:37 Jun 20, 2016
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) 9 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:
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–2016–86 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–2016–86. 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
7 15
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U.S.C. 78s(b)(2)(B).
21JNN1
Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices
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. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEARCA–2016–86 and should be
submitted on or before July 12, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–14557 Filed 6–20–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Robert W. Errett,
Deputy Secretary.
[Release No. 34–78079; File No. SR–
BatsBZX–2016–09]
Self-Regulatory Organizations; Bats
BZX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change to Rule 14.11, Managed
Fund Shares, To List and Trade Shares
of the Pointbreak Agriculture
Commodity Strategy Fund of the
Pointbreak ETF Trust
June 15, 2016.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The Commission is
extending this 45-day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to section
19(b)(2) of the Act,5 designates August
1, 2016, as the date by which the
Commission should either approve or
disapprove or institute proceedings to
determine whether to disapprove the
proposed rule change (File Number SR–
BatsBZX–2016–09).
On April 15, 2016, Bats BZX
Exchange, Inc. (‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade shares
(‘‘Shares’’) of the Pointbreak Agriculture
Commodity Strategy Fund of the
Pointbreak ETF Trust under BATS Rule
14.11(i). The proposed rule change was
published for comment in the Federal
Register on May 3, 2016.3 The
Commission received no comment
letters on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 77723
(April 27, 2016), 81 FR 26600.
4 15 U.S.C. 78s(b)(2).
[FR Doc. 2016–14559 Filed 6–20–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78075; File No. SR–
NYSEArca–2016–84]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To List and Trade Shares
of the Global Currency Gold Fund
Under NYSE Arca Equities Rule 8.201
June 15, 2016.
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 June 1,
2016, 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 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade shares of the Global Currency Gold
10 17
1 15
VerDate Sep<11>2014
18:37 Jun 20, 2016
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5 Id.
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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Frm 00123
Fmt 4703
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40381
Fund under NYSE Arca Equities Rule
8.201. 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 Exchange proposes to list and
trade (‘‘Shares’’) of the Global Currency
Gold Fund (the ‘‘Fund’’), a series of the
Global Gold Currency Trust (Trust’’),
under NYSE Arca Equities Rule 8.201.4
Under NYSE Arca Equities Rule 8.201,
the Exchange may propose to list and/
or trade pursuant to unlisted trading
privileges (‘‘UTP’’) ‘‘Commodity-Based
Trust Shares.’’ 5
The Fund will not be registered as an
investment company under the
Investment Company Act of 1940 6 and
is not required to register under such
act.
The Sponsor of the Fund and the
Trust will be WGC USA Asset
Management Company, LLC (the
‘‘Sponsor’’).7 BNY Mellon Asset
4 On May 26, 2016, the Trust filed with the
Commission an amended registration statement on
Form S–1 under the Securities Act of 1933 (‘‘1933
Act’’) relating to the Fund (File No. 333–206640)
(‘‘Registration Statement’’). The description of the
operation of the Trust and the Fund herein is based,
in part, on the Registration Statement.
5 Commodity-Based Trust Shares are securities
issued by a trust that represent investors’ discrete
identifiable and undivided beneficial ownership
interest in the commodities deposited into the
Trust.
6 15 U.S.C. 80a–1.
7 The Trust will be a Delaware statutory trust
consisting of multiple series, each of which will
issue common units of beneficial interest, which
represent units of fractional undivided beneficial
interest in and ownership of such series. The term
of the Trust and each series will be perpetual
(unless terminated earlier in certain circumstances).
The trustee for the Fund’s trust (‘‘Trustee’’) will be
a Delaware Trust Company, the sole trustee with
respect to the Fund.
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]]>Agencies
[Federal Register Volume 81, Number 119 (Tuesday, June 21, 2016)]
[Notices]
[Pages 40379-40381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14557]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78076; File No. SR-NYSEARCA-2016-86]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Fee Schedule
June 15, 2016.
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 June 6, 2016, 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.
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 amend the Fee Schedule to
introduce a new alternative for qualifying for the Customer and
Professional Customer Incentive Program, as described below. The
Exchange proposes to implement the fee change effective June 6, 2016.
The Exchange is proposing to introduce a new tier to the Incentive
Program, which provides OTP Holders and OTP Firms (collectively,
``OTPs'') several alternatives to earn additional posting credits
ranging from $0.01 to $0.05. Specifically, the Exchange proposes to add
a new alternative that would enable OTPs to earn a $0.03 credit if they
achieve at least 1.50% of Total Industry Customer equity and ETF option
ADV (``TCADV'') from Customer and Professional Customer Posted Orders
in both Penny Pilot and non-Penny Pilot Issues, Plus Executed ADV of
0.10% of U.S. Equity Market Share Posted and Executed on NYSE Arca
Equity Market. The Exchange believes this new credit would provide
additional incentive to direct Customer and Professional Customer order
flow to the Exchange, which benefits all market
[[Page 40380]]
participants through increased liquidity and enhanced price discovery.
Moreover, the Exchange believes that the proposed new alternative to
qualify for the Customer Incentive Program is reasonable because it is
designed to continue to bring additional posted order flow to NYSE Arca
Equities, so as to provide additional opportunities for all ETP Holders
to trade on NYSE Arca Equities.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\4\ in general, and furthers the
objectives of sections 6(b)(4) and (5) of the Act,\5\ 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange also believes that the proposed new alternative to the
Incentive Program is reasonable, equitable, and not unfairly
discriminatory because the incentive would be available to all OTPs
that execute posted Customer and Professional Customer orders on the
Exchange on an equal and non-discriminatory basis, in particular
because it provides alternative means of achieving a posting credit.
The Exchange believes that providing methods for achieving the credits
based on posted Customer and Professional Customer Executions in both
Penny Pilot and non-Penny Pilot issues is equitable and not unfairly
discriminatory because it would continue to result in more OTPs
qualifying for the credits and therefore reducing their overall
transaction costs on the Exchange. Moreover, the Exchange believes the
proposed modification would provide an additional incentive for OTPs to
direct Customer and Professional Customer order flow to the Exchange,
which benefits all market participants through increased liquidity and
enhanced price discovery.
Furthermore, the Exchange also believes that the proposed
modification that relates to executed ADV of 0.10% of U.S. Equity
Market Share Posted and Executed on NYSE Arca Equity Market is
equitable and not unfairly discriminatory because it is designed to
bring additional order flow to NYSE Arca Equities, which increases
liquidity on NYSE Arca Equities to the benefit of its 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,\6\ 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 by 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 does not believe that the proposed change
will impair the ability of any market participants or competing order
execution venues to maintain their competitive standing in the
financial markets. Further, the proposed alternative credit under the
Incentive Program would provide OTP Holders and OTP Firms an additional
means of achieving a credit and, likewise, may allow those OTP Holders
and OTP Firms that, to date, have been unable to achieve a credit under
the Incentive Program to achieve the proposed credit.
---------------------------------------------------------------------------
\6\ 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. 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) \7\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \8\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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) \9\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\9\ 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEARCA-2016-86 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-2016-86. 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
[[Page 40381]]
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. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEARCA-2016-86 and should
be submitted on or before July 12, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14557 Filed 6-20-16; 8:45 am]
BILLING CODE 8011-01-P
