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]
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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 (https://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 (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
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
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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 (https://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 (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 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:
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]]>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]
-----------------------------------------------------------------------
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.
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\10\ 15 U.S.C. 78f(b)(8).
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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.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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
[[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 (https://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 (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 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.
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\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
