Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the C2 Fees Schedule, 27117-27118 [2011-11313]

Download as PDF Federal Register / Vol. 76, No. 90 / Tuesday, May 10, 2011 / Notices including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2011–20 on the subject line. jlentini on DSKJ8SOYB1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2011–20. This file number should be included on the subject line if e-mail 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for 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 a.m. and 3 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–2011–20 and should be submitted on or before May 31, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–11314 Filed 5–9–11; 8:45 am] BILLING CODE 8011–01–P 24 17 18:02 May 09, 2011 [Release No. 34–64390; File No. SR–C2– 2011–011] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the C2 Fees Schedule May 4, 2011. 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 April 29, 2011, C2 Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) thereunder.4 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 C2 proposes to amend its Fees Schedule. The text of the proposed rule change is available on the Exchange’s Web site (http://www.c2exchange.com), at the Exchange’s Office of the Secretary and at the Commission. 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 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. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 SECURITIES AND EXCHANGE COMMISSION Jkt 223001 PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 27117 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose C2 proposes to amend its Fee Schedule to revise its transaction fees for all multiply-listed, equity and exchange-traded fund (‘‘ETF’’) option classes traded on C2. Currently, transactions fees as set out in the Fees Schedule under two categories: (i) Transaction fees for option classes C, BAC, XLF, F, and SPY; 5 and (ii) transaction fees for all other multiplylisted, equity and ETF option classes.6 The transaction fees will be simplified to have only a single category for all multiply-listed, equity and ETF option classes. Within that category, the transaction fees will be structured as follows: Public customers will receive a liquidity making rebate of $.22 per contract and will pay a liquidity removing taker rate of $.25 per contract; C2 Market-Makers will receive a liquidity making rebate of $.25 per contract and will pay a liquidity removing taker rate of $.33 per contract; and all other users will receive a liquidity making rebate of $.22 per contract and will pay a liquidity removing taker rate of $.33 per contract. As is currently the case, there will continue to be no maker credits or taker fees for trades executed as part of the open for these classes. Finally, we note that the Exchange is making a nonsubstantive amendment to reorganize the text of the Fees Schedule (the sequence of the liquidity making rebate and liquidity removing taker rate columns in the Fees Schedule are being flip-flipped). The change will be effective on May 2, 2011. 5 For C, BAC, XLF, F, and SPY, the transaction fees are currently as follows: public customers do not receive a maker rebate and pay a liquidity removing taker rate of $.25 per contract; C2 MarketMakers receive a liquidity making rebate of $.25 per contract and pay a liquidity removing taker rate of $.34 per contract; and all other users receive a liquidity making rebate of $.10 per contract and pay a liquidity removing taker rate of $.34 per contract. There are no taker fees or maker credits for trades executed as part of the open for these classes. 6 For all other multiply-listed, equity and ETF option classes, the transaction fees are currently as follows: Public customers do not receive a maker rebate and pay a liquidity removing taker rate of $.15 per contract; C2 Market-Makers receive a liquidity making rebate of $.15 per contract and pay a liquidity removing taker rate of $.25 per contract; and all other users receive a liquidity making rebate of $.10 per contract and pay a liquidity removing taker rate of $.40 per contract. There are no taker fees or maker credits for trades executed as part of the open for these classes. E:\FR\FM\10MYN1.SGM 10MYN1 27118 Federal Register / Vol. 76, No. 90 / Tuesday, May 10, 2011 / Notices 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Section 6(b)(4) 8 of the Act in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among C2 Trading Permit Holders and other persons using Exchange facilities. The Exchange believes that modifying the C2 transaction fee rates so that the rebate and charge levels are more closely aligned between participant types is consistent with: (i) Section 6(b)(4) of the Act in that it represents an equitable allocation of fees; and (ii) Section 6(b)(5) of the Act in that the modifications are not designed to unfairly discriminate between customers, brokers, or dealers. The Exchange believes that the preferred customer fee is consistent with the long history in the options markets of customers being given preferred fees and that the MarketMaker rebate is reflective of the fact that Market-Makers have affirmative obligations to enhance market quality and can be rewarded for their commitments through advantaged pricing. 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 that is not necessary or appropriate in furtherance of purposes of the Act. jlentini on DSKJ8SOYB1PROD with 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 proposed rule change is designated by the Exchange as establishing or changing a due, fee, or other charge, thereby qualifying for effectiveness on filing pursuant to Section 19(b)(3)(A)(ii) of the Act 9 and subparagraph (f)(2) of Rule 19b–4 10 thereunder. 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 7 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A)(ii). 10 17 CFR 240.19b–4(f)(2). 8 15 VerDate Mar<15>2010 18:02 May 09, 2011 Jkt 223001 action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments [FR Doc. 2011–11313 Filed 5–9–11; 8:45 am] Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–C2–2011–011 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–C2–2011–011. This file number should be included on the subject line if e-mail 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 (http://www.sec.gov/ rules/sro/shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for 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 a.m. and 3 p.m. Copies of such filing will also 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 No. SR–C2–2011– 011 and should be submitted on or before May 31, 2011. PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Elizabeth M. Murphy, Secretary. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64400; File No. SR– NYSEAmex–2011–27] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Fee Schedule To Eliminate Registered Representative Fees for Amex Trading Permit (‘‘ATP’’) Holders and To Institute a New Transaction-Based ‘‘Options Regulatory Fee’’ May 4, 2011. 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 April 28, 2011, NYSE Amex LLC (‘‘NYSE Amex’’ or the ‘‘Exchange’’) 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 its Fee Schedule to eliminate registered representative fees for Amex Trading Permit (‘‘ATP’’) Holders and institute a new transaction-based ‘‘Options Regulatory Fee.’’ The text of the proposed rule change is available at the Exchange, at the Commission’s Public Reference Room, on the Commission’s Web site at http://www.sec.gov, and http://www.nyse.com. 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 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\10MYN1.SGM 10MYN1

Agencies

[Federal Register Volume 76, Number 90 (Tuesday, May 10, 2011)]
[Notices]
[Pages 27117-27118]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-11313]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64390; File No. SR-C2-2011-011]


Self-Regulatory Organizations; C2 Options Exchange, Incorporated; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the C2 Fees Schedule

May 4, 2011.
    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 April 29, 2011, C2 Options Exchange, Incorporated (the ``Exchange'' 
or ``C2'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Exchange has designated this proposal as one establishing or changing a 
due, fee, or other charge imposed by the Exchange under Section 
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    C2 proposes to amend its Fees Schedule. The text of the proposed 
rule change is available on the Exchange's Web site (http://www.c2exchange.com), at the Exchange's Office of the Secretary and at 
the Commission.

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 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
    C2 proposes to amend its Fee Schedule to revise its transaction 
fees for all multiply-listed, equity and exchange-traded fund (``ETF'') 
option classes traded on C2. Currently, transactions fees as set out in 
the Fees Schedule under two categories: (i) Transaction fees for option 
classes C, BAC, XLF, F, and SPY; \5\ and (ii) transaction fees for all 
other multiply-listed, equity and ETF option classes.\6\
---------------------------------------------------------------------------

    \5\ For C, BAC, XLF, F, and SPY, the transaction fees are 
currently as follows: public customers do not receive a maker rebate 
and pay a liquidity removing taker rate of $.25 per contract; C2 
Market-Makers receive a liquidity making rebate of $.25 per contract 
and pay a liquidity removing taker rate of $.34 per contract; and 
all other users receive a liquidity making rebate of $.10 per 
contract and pay a liquidity removing taker rate of $.34 per 
contract. There are no taker fees or maker credits for trades 
executed as part of the open for these classes.
    \6\ For all other multiply-listed, equity and ETF option 
classes, the transaction fees are currently as follows: Public 
customers do not receive a maker rebate and pay a liquidity removing 
taker rate of $.15 per contract; C2 Market-Makers receive a 
liquidity making rebate of $.15 per contract and pay a liquidity 
removing taker rate of $.25 per contract; and all other users 
receive a liquidity making rebate of $.10 per contract and pay a 
liquidity removing taker rate of $.40 per contract. There are no 
taker fees or maker credits for trades executed as part of the open 
for these classes.
---------------------------------------------------------------------------

    The transaction fees will be simplified to have only a single 
category for all multiply-listed, equity and ETF option classes. Within 
that category, the transaction fees will be structured as follows: 
Public customers will receive a liquidity making rebate of $.22 per 
contract and will pay a liquidity removing taker rate of $.25 per 
contract; C2 Market-Makers will receive a liquidity making rebate of 
$.25 per contract and will pay a liquidity removing taker rate of $.33 
per contract; and all other users will receive a liquidity making 
rebate of $.22 per contract and will pay a liquidity removing taker 
rate of $.33 per contract. As is currently the case, there will 
continue to be no maker credits or taker fees for trades executed as 
part of the open for these classes. Finally, we note that the Exchange 
is making a non-substantive amendment to reorganize the text of the 
Fees Schedule (the sequence of the liquidity making rebate and 
liquidity removing taker rate columns in the Fees Schedule are being 
flip-flipped). The change will be effective on May 2, 2011.

[[Page 27118]]

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\7\ in general, and furthers the objectives of Section 6(b)(4) \8\ 
of the Act in particular, in that it is designed to provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
C2 Trading Permit Holders and other persons using Exchange facilities. 
The Exchange believes that modifying the C2 transaction fee rates so 
that the rebate and charge levels are more closely aligned between 
participant types is consistent with: (i) Section 6(b)(4) of the Act in 
that it represents an equitable allocation of fees; and (ii) Section 
6(b)(5) of the Act in that the modifications are not designed to 
unfairly discriminate between customers, brokers, or dealers. The 
Exchange believes that the preferred customer fee is consistent with 
the long history in the options markets of customers being given 
preferred fees and that the Market-Maker rebate is reflective of the 
fact that Market-Makers have affirmative obligations to enhance market 
quality and can be rewarded for their commitments through advantaged 
pricing.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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 that is not necessary or appropriate 
in furtherance of purposes of the Act.

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 proposed rule change is designated by the Exchange as 
establishing or changing a due, fee, or other charge, thereby 
qualifying for effectiveness on filing pursuant to Section 
19(b)(3)(A)(ii) of the Act \9\ and subparagraph (f)(2) of Rule 19b-4 
\10\ thereunder.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-C2-2011-011 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-C2-2011-011. This file 
number should be included on the subject line if e-mail 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 (http://www.sec.gov/rules/sro/shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for 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 
a.m. and 3 p.m. Copies of such filing will also 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 No. SR-C2-2011-011 and should be 
submitted on or before May 31, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-11313 Filed 5-9-11; 8:45 am]
BILLING CODE 8011-01-P