Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Amex Options Fee Schedule To Specify the Frequency With Which the Exchange May Change the Options Regulatory Fee, 60362-60364 [2013-23827]
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60362
Federal Register / Vol. 78, No. 190 / Tuesday, October 1, 2013 / 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 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.
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:
emcdonald on DSK67QTVN1PROD 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–
NYSEArca–2013–91 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–NYSEArca–2013–91. 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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
9 15 U.S.C. 78s(b)(2)(B).
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
publicly available. All submissions
should refer to File Number SR–
NYSEArca–2013–91 and should be
submitted on or before October 22,
2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–23828 Filed 9–30–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70499; File No. SR–
NYSEMKT–2013–76]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE
Amex Options Fee Schedule To
Specify the Frequency With Which the
Exchange May Change the Options
Regulatory Fee
September 25, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 13, 2013, NYSE MKT LLC
(‘‘NYSE MKT’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
7 15
10 17
8 17
1 15
VerDate Mar<15>2010
14:45 Sep 30, 2013
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
Jkt 232001
PO 00000
Frm 00120
Fmt 4703
Sfmt 4703
Items I, II, and III below, which Items
have been prepared by the selfregulatory 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 Amex Options Fee Schedule
(‘‘Fee Schedule’’) to specify the
frequency with which the Exchange
may change the Options Regulatory Fee
(‘‘ORF’’). The Exchange proposes to
implement the change effective October
1, 2013. 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedule to specify the frequency
with which the Exchange may change
the ORF. The Exchange proposes to
implement the change effective October
1, 2013.
The ORF is assessed by the Exchange
on each ATP Holder for all options
transactions, including mini-options,
executed or cleared by the ATP Holder
that are cleared by The Options Clearing
Corporation (‘‘OCC’’) in the customer
range (i.e., transactions that clear in the
customer account of the ATP Holder’s
clearing firm at OCC) regardless of the
exchange on which the transaction
occurs. The fee is collected indirectly
from ATP Holders through their clearing
firms by OCC on behalf of the Exchange.
The dues and fees paid by ATP Holders
go into the general funds of the
E:\FR\FM\01OCN1.SGM
01OCN1
Federal Register / Vol. 78, No. 190 / Tuesday, October 1, 2013 / Notices
Exchange, a portion of which is used to
help pay the costs of regulation.
In response to feedback from
participants requesting greater certainty
as to when ORF changes may occur, the
Exchange proposes to specify in the Fee
Schedule that the Exchange may only
increase or decrease the ORF semiannually, and any such fee change will
be effective on the first business day of
February or August.3 In addition to
submitting a proposed rule change to
the Securities and Exchange
Commission (‘‘Commission’’) as
required by the Act to increase or
decrease the ORF, the Exchange will
notify participants via a Trader Update
of any anticipated change in the amount
of the fee at least 30 calendar days prior
to the effective date of the change. The
Exchange believes that by providing
guidance on the timing of any changes
to the ORF, the Exchange would make
it easier for participants to ensure their
systems are configured to properly
account for the ORF.
The proposed change is not intended
to address any other issues, and the
Exchange is not aware of any problems
that ATP Firms would have in
complying with the proposed change.
emcdonald on DSK67QTVN1PROD 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 believes that the
proposed change to limit changes to the
ORF to twice a year on specific dates
with advance notice is reasonable
because it will give participants
certainty on the timing of changes, if
any, and better enable them to properly
account for ORF charges among their
customers. The Exchange believes that
the proposed change is equitable and
not unfairly discriminatory because it
will apply in the same manner to all
ATP Holders that are subject to the ORF
and provide them with additional
advance notice of changes to that fee.
3 The Commission notes that in a prior filing, the
Exchange committed to continue to monitor the
amount of revenue collected from the ORF so that
it, in combination with its other regulatory fees and
fines, does not exceed regulatory costs. See, e.g.,
Securities Exchange Act Release No. 68183
(November 8, 2012), 77 FR 68186 (November 15,
2012) (SR–NYSEMKT–2012–54).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4) and (5).
VerDate Mar<15>2010
14:45 Sep 30, 2013
Jkt 232001
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.
The proposed change is not intended to
address a competitive issue but rather to
provide ATP Holders with better notice
of any change that the Exchange may
make to the ORF. In any event, because
competitors are free to modify their own
fees and credits in response, and
because market participants may readily
adjust their trading practices, the
Exchange believes that the degree to
which fee or credit changes in this
market may impose any burden on
competition is extremely limited. As a
result of all of these considerations, the
Exchange does not believe that the
proposed change will impair the ability
of ATP Holders or competing order
execution venues to maintain their
competitive standing in the financial
markets.
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.
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.
6 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(2).
9 15 U.S.C. 78s(b)(2)(B).
7 15
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
60363
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–2013–76 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–NYSEMKT–2013–76. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet 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
publicly available. All submissions
should refer to File Number SR–
NYSEMKT–2013–76 and should be
submitted on or before October 22,
2013.
E:\FR\FM\01OCN1.SGM
01OCN1
60364
Federal Register / Vol. 78, No. 190 / Tuesday, October 1, 2013 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–23827 Filed 9–30–13; 8:45 am]
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70503; File No. SR–
NYSEArca–2013–95]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE Arca
Options Fee Schedule To Add an
Additional Tier to the Lead Market
Maker Rights Fees
September 25, 2013.
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
September 19, 2013, 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 selfregulatory 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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’) to add an additional tier to
the Lead Market Maker (‘‘LMM’’) rights
fees. The Exchange proposes to
implement the fee change effective
October 1, 2013. 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.
emcdonald on DSK67QTVN1PROD with NOTICES
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
10 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
VerDate Mar<15>2010
14:45 Sep 30, 2013
Jkt 232001
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.
1. Purpose
The Exchange proposes to amend the
Fee Schedule to add an additional tier
to the LMM rights fees. The Exchange
proposes to implement the fee change
effective October 1, 2013.
OTP Firms acting as LMMs are
assessed a fee for LMM rights for each
appointed issue.4 The LMM rights fee is
based on the average national daily
volume (‘‘ADV’’) of Customer contracts
traded in that issue.5 The LMM rights
fees are assessed at the end of each
month on each issue that an LMM holds
in its LMM appointment. Currently, the
LMM rights fees are charged as follows:
LMMs that have requested
appointments in such issues.
In order to better align the Exchange’s
revenue with the costs of listing these
low-volume issues, the Exchange
proposes to add an additional LMM
rights fee tier for issues with an ADV of
Customer contracts of between 0 and
100. The LMM rights fee for this new
tier would be $125. The resulting LMM
rights fees would be charged as follows:
Average national daily customer
contracts
0–100 ..........................................
101–1,000 ...................................
1001 to 2,000 .............................
2,001 to 5,000 ............................
5,001 to 15,000 ..........................
15,001 to 100,000 ......................
Over 100,000 ..............................
Monthly
issue fee
$125
45
75
200
375
750
1,500
The Exchange proposes that the new
LMM rights fee tier apply only to (i) an
option listed on the Exchange for the
first time on or after October 1, 2013,
and (ii) an option listed on the Exchange
prior to October 1, 2013 that is
reallocated to a new LMM on or after
October 1, 2013. Thus, the LMM for an
Average national daily customer
Monthly
issue with an ADV of Customer
contracts
issue fee
contracts within the new lowest tier
0–1,000 .......................................
$45 (i.e., 0–100 contracts) that listed on the
1,001 to 2,000 ............................
75 Exchange prior to October 1, 2013
2,001 to 5,000 ............................
200 would continue to be subject to the $45
5,001 to 15,000 ..........................
375 monthly issue fee. If, on or after October
15,001 to 100,000 ......................
750 1, 2013, the LMM relinquished that
Over 100,000 ..............................
1,500
appointment and a new LMM applied
for and was granted an appointment in
The Exchange’s formal listing
that issue, then the new LMM would be
standards are provided under NYSE
subject to the revised fees; following the
Arca Rule 5.3 (Criteria for Underlying
reallocation, if the issue traded a
Securities) and prescribe the minimum
monthly ADV of 100 or fewer Customer
standards that must be satisfied before
contracts, then the new LMM would pay
the Exchange lists a particular issue.
the $125 monthly fee.
However, the Exchange is not required
The proposed change is not otherwise
to list an issue simply because it
intended to address any other issues,
satisfies the minimum standards. To
and the Exchange is not aware of any
date, the Exchange generally has not
problems that LMMs would have in
listed an issue if the Exchange
complying with the proposed change.6
anticipated that it would trade an ADV
2. Statutory Basis
of 100 or fewer Customer contracts
because the minimal revenue associated
The Exchange believes that the
with such low-volume issues would not proposed rule change is consistent with
offset the costs of listing and
Section 6(b) of the Act,7 in general, and
maintaining the listing of such issues.
furthers the objectives of Sections
However, other exchanges do list such
6(b)(4) and (5) of the Act,8 in particular,
issues, and the Exchange has
because it provides for the equitable
determined that it may be appropriate to allocation of reasonable dues, fees, and
list these low-volume issues as a
other charges among its members,
convenience for OTP Holders and OTP
issuers and other persons using its
Firms whose customers wish to transact
in such issues and to satisfy requests of
6 The Exchange notes that NYSE MKT LLC
4 ‘‘OTP
Firm’’ is defined in NYSE Arca Rule
1.1(r). ‘‘Market Maker’’ is defined in NYSE Arca
Rule 6.32. ‘‘Lead Market Maker’’ is defined in NYSE
Arca Rule 6.82.
5 The term ‘‘Customer’’ excludes a broker-dealer.
See NYSE Arca Rule 6.1A(a)(4).
PO 00000
Frm 00122
Fmt 4703
Sfmt 4703
submitted a similar proposal to implement a rights
tier and fee for low-volume issues listed on NYSE
Amex Options LLC. See Securities Exchange Act
Release No. 67153 (June 7, 2012), 77 FR 35437 (June
13, 2012) (SR–NYSEMKT–2012–05).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4) and (5).
E:\FR\FM\01OCN1.SGM
01OCN1
]]>Agencies
[Federal Register Volume 78, Number 190 (Tuesday, October 1, 2013)]
[Notices]
[Pages 60362-60364]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-23827]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70499; File No. SR-NYSEMKT-2013-76]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Amex
Options Fee Schedule To Specify the Frequency With Which the Exchange
May Change the Options Regulatory Fee
September 25, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 13, 2013, NYSE MKT LLC (``NYSE MKT'' or ``Exchange'')
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 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\ 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 Amex Options Fee Schedule
(``Fee Schedule'') to specify the frequency with which the Exchange may
change the Options Regulatory Fee (``ORF''). The Exchange proposes to
implement the change effective October 1, 2013. 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to specify the
frequency with which the Exchange may change the ORF. The Exchange
proposes to implement the change effective October 1, 2013.
The ORF is assessed by the Exchange on each ATP Holder for all
options transactions, including mini-options, executed or cleared by
the ATP Holder that are cleared by The Options Clearing Corporation
(``OCC'') in the customer range (i.e., transactions that clear in the
customer account of the ATP Holder's clearing firm at OCC) regardless
of the exchange on which the transaction occurs. The fee is collected
indirectly from ATP Holders through their clearing firms by OCC on
behalf of the Exchange. The dues and fees paid by ATP Holders go into
the general funds of the
[[Page 60363]]
Exchange, a portion of which is used to help pay the costs of
regulation.
In response to feedback from participants requesting greater
certainty as to when ORF changes may occur, the Exchange proposes to
specify in the Fee Schedule that the Exchange may only increase or
decrease the ORF semi-annually, and any such fee change will be
effective on the first business day of February or August.\3\ In
addition to submitting a proposed rule change to the Securities and
Exchange Commission (``Commission'') as required by the Act to increase
or decrease the ORF, the Exchange will notify participants via a Trader
Update of any anticipated change in the amount of the fee at least 30
calendar days prior to the effective date of the change. The Exchange
believes that by providing guidance on the timing of any changes to the
ORF, the Exchange would make it easier for participants to ensure their
systems are configured to properly account for the ORF.
---------------------------------------------------------------------------
\3\ The Commission notes that in a prior filing, the Exchange
committed to continue to monitor the amount of revenue collected
from the ORF so that it, in combination with its other regulatory
fees and fines, does not exceed regulatory costs. See, e.g.,
Securities Exchange Act Release No. 68183 (November 8, 2012), 77 FR
68186 (November 15, 2012) (SR-NYSEMKT-2012-54).
---------------------------------------------------------------------------
The proposed change is not intended to address any other issues,
and the Exchange is not aware of any problems that ATP Firms would have
in complying with the proposed change.
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 believes that the proposed change to limit changes to
the ORF to twice a year on specific dates with advance notice is
reasonable because it will give participants certainty on the timing of
changes, if any, and better enable them to properly account for ORF
charges among their customers. The Exchange believes that the proposed
change is equitable and not unfairly discriminatory because it will
apply in the same manner to all ATP Holders that are subject to the ORF
and provide them with additional advance notice of changes to that fee.
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. The proposed change is not intended to address a
competitive issue but rather to provide ATP Holders with better notice
of any change that the Exchange may make to the ORF. In any event,
because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
trading practices, the Exchange believes that the degree to which fee
or credit changes in this market may impose any burden on competition
is extremely limited. As a result of all of these considerations, the
Exchange does not believe that the proposed change will impair the
ability of ATP Holders or competing order execution venues to maintain
their competitive standing in the financial markets.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \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-NYSEMKT-2013-76 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-NYSEMKT-2013-76. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet 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 publicly available. All
submissions should refer to File Number SR-NYSEMKT-2013-76 and should
be submitted on or before October 22, 2013.
[[Page 60364]]
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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-23827 Filed 9-30-13; 8:45 am]
BILLING CODE 8011-01-P
