Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change Regarding Elimination of the Cancellation Fee From the NYSE Amex Options Fee Schedule, 66980-66982 [2013-26664]

Download as PDF 66980 Federal Register / Vol. 78, No. 216 / Thursday, November 7, 2013 / Notices 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 email to rule-comments@ sec.gov. Please include File Number SR– NYSEArca–2013–111 on the subject line. tkelley on DSK3SPTVN1PROD 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–2013–111. 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 (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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEArca–2013–111, and should be submitted on or before November 29, 2013.26 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–26663 Filed 11–6–13; 8:45 am] BILLING CODE 8011–01–P 26 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 18:27 Nov 06, 2013 Jkt 232001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70797; File No. SR–BOX– 2013–43] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Permit Complex Orders To Participate in Price Improvement Periods either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–BOX–2013– 43). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–26662 Filed 11–6–13; 8:45 am] BILLING CODE 8011–01–P November 1, 2013. On September 5, 2013, BOX Options Exchange LLC (‘‘Exchange’’ or ‘‘BOX’’) 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 add new BOX Rule 7245 to permit Complex Orders to participate in Price Improvement Periods (the ‘‘COPIP’’) and to make certain other conforming and clarifying changes to accommodate the new COPIP Rule. The proposed rule change was published for comment in the Federal Register on September 23, 2013.3 The Commission has received no comment letters on the proposal. 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 self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether these proposed rule changes should be disapproved. The 45th day for this filing is November 7, 2013. The Commission is extending the 45day time period for Commission action on the proposed rule change. 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 and take action on the Exchange’s proposed rule change. Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act 5 and for the reasons stated above, the Commission designates December 20, 2013, as the date by which the Commission should 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 70427 (September 17, 2013), 78 FR 58364. 4 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2)(A)(ii)(I). SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70799; File No. SR– NYSEMKT–2013–87] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change Regarding Elimination of the Cancellation Fee From the NYSE Amex Options Fee Schedule November 1, 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 October 29, 2013, NYSE MKT LLC (the ‘‘Exchange’’ or ‘‘NYSE MKT’’) 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 the Substance of the Proposed Rule Change The Exchange proposes to eliminate the Cancellation Fee from the NYSE Amex Options Fee Schedule (‘‘Fee Schedule’’). The Exchange proposes to implement the fee change effective November 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, 2 17 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 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 E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 78, No. 216 / Thursday, November 7, 2013 / Notices 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 tkelley on DSK3SPTVN1PROD with NOTICES 1. Purpose The Exchange proposes to eliminate the Cancellation Fee from the Fee Schedule. The Exchange proposes to implement the fee change effective November 1, 2013. The Exchange added the Cancellation Fee to the Fee Schedule in March 2009.4 The Exchange assesses a Cancellation Fee of $1.50 on an executing clearing member for each cancelled public customer order for both Mini and standard option contracts (origin code ‘‘C’’) in excess of the number of public customer orders for both Mini and standard option contracts that the executing clearing member executes in a month for itself or for a correspondent firm. All public customer orders for both Mini and standard option contracts from the same executing clearing member for itself or for such correspondent firm executed in the same series on the same side of the market at the same price within a 300second period are aggregated and counted as one executed order for purposes of the Cancellation Fee. If an executing clearing member cancels fewer than 500 public customer orders for both Mini and standard option contracts in a month for itself or for a correspondent firm, then the Cancellation Fee does not apply. The Cancellation Fee also does not apply to cancelled orders, for both Mini and standard option contracts, that improve the Exchange’s prevailing best bid and offer (‘‘BBO’’) at the time the orders are received, or to Professional Customer orders. The Cancellation Fee was adopted to encourage the efficient use of the Exchange’s system capacity; the Exchange noted that excessive order cancelling had the residual effect of exhausting system resources, bandwidth, and capacity.5 4 See Securities Exchange Act Release No. 59658 (March 31, 2009), 74 FR 15569 (April 6, 2009) (SR– NYSEAmex–2009–01). 5 Id. at 15570. VerDate Mar<15>2010 16:24 Nov 06, 2013 Jkt 232001 In 2011, the Exchange adopted Excessive Bandwidth Utilization Fees,6 which have reduced the need to continue to charge the Cancellation Fee. The Excessive Bandwidth Utilization Fees have two components, the Order to Trade Ratio Fee and the Messages to Contracts Traded Ratio Fee. The Order to Trade Ratio Fee assesses a charge of $5,000 to $35,000 per month on an ATP Holder entering a large number of orders that do not subsequently execute if the ATP Holder fails to achieve a certain execution ratio. The Messages to Contracts Traded Ratio Fee is $0.01 per 1,000 messages in excess of 1.5 billion messages in a calendar month if the ATP Holder does not execute at least one contract for every 1,500–5,000 messages entered, as determined by the Exchange. Both fees target excessive activity by requiring a certain level of executed orders to avoid incurring the fees. ATP Holders that become subject to more than one of the three fees (Cancellation, Order to Trade Ratio, and/or Messages to Contracts Traded Ratio) in any one month are only charged the highest of the three fees.7 As such, the Exchange believes that it can eliminate the Cancellation Fee but continue to discourage inefficient activity by continuing to charge the Excessive Bandwidth Utilization Fees. The Exchange believes that the Excessive Bandwidth Utilization Fees will adequately incent ATP Holders to utilize the Exchange’s system capacity in a rational manner. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,8 in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,9 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 eliminating the Cancellation Fee is reasonable because the Exchange will continue to have Excessive Bandwidth Utilization Fees that will discourage inefficient use of the Exchange’s system capacity. The 6 See Securities Exchange Act Release No. 64655 (June 13, 2011), 76 FR 35495 (June 17, 2011) (SR– NYSEAmex–2011–37). 7 See endnote 12 to the Fee Schedule, available at https://globalderivatives.nyx.com/sites/ globalderivatives.nyx.com/files/nyse_amex_ options_fee_schedule_10_1_13.pdf. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4) and (5). PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 66981 Exchange believes that the proposed change is also equitable and not unfairly discriminatory. The Cancellation Fee only applies to public customer orders while the Excessive Bandwidth Utilization Fees are applicable to all of an ATP Holder’s activity. The Exchange believes that retaining a fee that discourages excessive cancellations and encourages efficient use of the Exchange’s system capacity irrespective of account type (Customer, Professional Customer, Firm, etc.) will result in more equitable treatment of market participants. B. Self-Regulatory Organization’s Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,10 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 is intended to encourage efficient use of the Exchange’s system capacity. 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) 11 of the Act and subparagraph (f)(2) of Rule 19b–4 12 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 10 15 U.S.C. 78f(b)(8). U.S.C. 78s(b)(3)(A). 12 17 CFR 240.19b–4(f)(2). 11 15 E:\FR\FM\07NON1.SGM 07NON1 66982 Federal Register / Vol. 78, No. 216 / Thursday, November 7, 2013 / Notices 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 email to rule-comments@ sec.gov. Please include File Number SR– NYSEMKT–2013–87 on the subject line. tkelley on DSK3SPTVN1PROD 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–NYSEMKT–2013–87. 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 (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 at 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEMKT–2013–87, and should be VerDate Mar<15>2010 16:24 Nov 06, 2013 Jkt 232001 submitted on or before November 29, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–26664 Filed 11–6–13; 8:45 am] BILLING CODE 8011–01–P Percent For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere .......................... 2.875 The number assigned to this disaster for physical damage is 13807B and for economic injury is 13808B. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). SMALL BUSINESS ADMINISTRATION [Disaster Declaration #13807 and #13808] James E. Rivera, Associate Administrator for Disaster Assistance. Santa Clara Pueblo Disaster #NM– 00039 [FR Doc. 2013–26707 Filed 11–6–13; 8:45 am] U.S. Small Business Administration. ACTION: Notice. BILLING CODE 8025–01–P AGENCY: SMALL BUSINESS ADMINISTRATION This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the Santa Clara Pueblo (FEMA–4151– DR), dated 10/29/2013. Incident: Severe Storms and Flooding. Incident Period: 09/13/2013 through 09/16/2013. Effective Date: 10/29/2013. Physical Loan Application Deadline Date: 12/30/2013. Economic Injury (EIDL) Loan Application Deadline Date: 07/29/2014. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 10/29/2013, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Areas: Santa Clara Pueblo. The Interest Rates are: SUMMARY: For Physical Damage: Non-Profit Organizations with Credit Available Elsewhere Non-Profit Organizations without Credit Available Elsewhere .......................... 13 17 PO 00000 CFR 200.30–3(a)(12). Frm 00093 Fmt 4703 Sfmt 4703 [Disaster Declaration #13809 and #13810] New Mexico Disaster #NM–00035 U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of New Mexico (FEMA–4152– DR), dated 10/29/2013. Incident: Severe storms, flooding, and mudslides. Incident Period: 09/09/2013 through 09/22/2013. Effective Date: 10/29/2013. Physical Loan Application Deadline Date: 12/30/2013. Economic Injury (EIDL) Loan Application Deadline Date: 07/29/2014. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 10/29/2013, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced Percent locations. The following areas have been determined to be adversely affected by the disaster: 2.875 Primary Counties: Catron, Chaves, Cibola, Colfax, Eddy, Guadalupe, Los Alamos, Mckinley, Mora, San Miguel, 2.875 Sandoval, Santa Fe, Sierra, Socorro, Torrance. SUMMARY: E:\FR\FM\07NON1.SGM 07NON1

Agencies

[Federal Register Volume 78, Number 216 (Thursday, November 7, 2013)]
[Notices]
[Pages 66980-66982]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-26664]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70799; File No. SR-NYSEMKT-2013-87]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of 
Proposed Rule Change Regarding Elimination of the Cancellation Fee From 
the NYSE Amex Options Fee Schedule

November 1, 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 October 29, 2013, NYSE MKT LLC (the ``Exchange'' or 
``NYSE MKT'') 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.
---------------------------------------------------------------------------

    \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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to eliminate the Cancellation Fee from the 
NYSE Amex Options Fee Schedule (``Fee Schedule''). The Exchange 
proposes to implement the fee change effective November 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,

[[Page 66981]]

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 eliminate the Cancellation Fee from the 
Fee Schedule. The Exchange proposes to implement the fee change 
effective November 1, 2013.
    The Exchange added the Cancellation Fee to the Fee Schedule in 
March 2009.\4\ The Exchange assesses a Cancellation Fee of $1.50 on an 
executing clearing member for each cancelled public customer order for 
both Mini and standard option contracts (origin code ``C'') in excess 
of the number of public customer orders for both Mini and standard 
option contracts that the executing clearing member executes in a month 
for itself or for a correspondent firm. All public customer orders for 
both Mini and standard option contracts from the same executing 
clearing member for itself or for such correspondent firm executed in 
the same series on the same side of the market at the same price within 
a 300-second period are aggregated and counted as one executed order 
for purposes of the Cancellation Fee. If an executing clearing member 
cancels fewer than 500 public customer orders for both Mini and 
standard option contracts in a month for itself or for a correspondent 
firm, then the Cancellation Fee does not apply. The Cancellation Fee 
also does not apply to cancelled orders, for both Mini and standard 
option contracts, that improve the Exchange's prevailing best bid and 
offer (``BBO'') at the time the orders are received, or to Professional 
Customer orders. The Cancellation Fee was adopted to encourage the 
efficient use of the Exchange's system capacity; the Exchange noted 
that excessive order cancelling had the residual effect of exhausting 
system resources, bandwidth, and capacity.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59658 (March 31, 
2009), 74 FR 15569 (April 6, 2009) (SR-NYSEAmex-2009-01).
    \5\ Id. at 15570.
---------------------------------------------------------------------------

    In 2011, the Exchange adopted Excessive Bandwidth Utilization 
Fees,\6\ which have reduced the need to continue to charge the 
Cancellation Fee. The Excessive Bandwidth Utilization Fees have two 
components, the Order to Trade Ratio Fee and the Messages to Contracts 
Traded Ratio Fee. The Order to Trade Ratio Fee assesses a charge of 
$5,000 to $35,000 per month on an ATP Holder entering a large number of 
orders that do not subsequently execute if the ATP Holder fails to 
achieve a certain execution ratio. The Messages to Contracts Traded 
Ratio Fee is $0.01 per 1,000 messages in excess of 1.5 billion messages 
in a calendar month if the ATP Holder does not execute at least one 
contract for every 1,500-5,000 messages entered, as determined by the 
Exchange. Both fees target excessive activity by requiring a certain 
level of executed orders to avoid incurring the fees.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 64655 (June 13, 
2011), 76 FR 35495 (June 17, 2011) (SR-NYSEAmex-2011-37).
---------------------------------------------------------------------------

    ATP Holders that become subject to more than one of the three fees 
(Cancellation, Order to Trade Ratio, and/or Messages to Contracts 
Traded Ratio) in any one month are only charged the highest of the 
three fees.\7\ As such, the Exchange believes that it can eliminate the 
Cancellation Fee but continue to discourage inefficient activity by 
continuing to charge the Excessive Bandwidth Utilization Fees. The 
Exchange believes that the Excessive Bandwidth Utilization Fees will 
adequately incent ATP Holders to utilize the Exchange's system capacity 
in a rational manner.
---------------------------------------------------------------------------

    \7\ See endnote 12 to the Fee Schedule, available at https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/nyse_amex_options_fee_schedule_10_1_13.pdf.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\8\ in general, and furthers the 
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\9\ 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 eliminating the Cancellation Fee is reasonable because the 
Exchange will continue to have Excessive Bandwidth Utilization Fees 
that will discourage inefficient use of the Exchange's system capacity. 
The Exchange believes that the proposed change is also equitable and 
not unfairly discriminatory. The Cancellation Fee only applies to 
public customer orders while the Excessive Bandwidth Utilization Fees 
are applicable to all of an ATP Holder's activity. The Exchange 
believes that retaining a fee that discourages excessive cancellations 
and encourages efficient use of the Exchange's system capacity 
irrespective of account type (Customer, Professional Customer, Firm, 
etc.) will result in more equitable treatment of market participants.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\10\ 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 is intended to encourage efficient use 
of the Exchange's system capacity. 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.
---------------------------------------------------------------------------

    \10\ 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) \11\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \12\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may

[[Page 66982]]

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 email to rule-comments@sec.gov. Please include 
File Number SR-NYSEMKT-2013-87 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-2013-87. 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 (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 at 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 such filing also will be 
available for inspection and copying at the principal office of the 
Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
NYSEMKT-2013-87, and should be submitted on or before November 29, 
2013.
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-26664 Filed 11-6-13; 8:45 am]
BILLING CODE 8011-01-P