Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Withdrawal of Proposed Rule Change To Add Rules Related to the Clearing of MCDX Index CDS Contracts and Make Conforming Changes to Existing Rules, 76358 [2013-29888]
Download as PDF
<![CDATA[
76358
Federal Register / Vol. 78, No. 242 / Tuesday, December 17, 2013 / Notices
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71032; File No. SR–ICC–
2013–08]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Withdrawal
of Proposed Rule Change To Add
Rules Related to the Clearing of MCDX
Index CDS Contracts and Make
Conforming Changes to Existing Rules
December 11, 2013.
On October 25, 2013, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 1 and Rule 19b–4 thereunder,2 a
proposed rule change relating to the
clearing of MCDX Index CDS Contracts
and making conforming changes to
existing rules. Notice of the proposed
rule change was published in the
Federal Register on November 14,
2013.3 The Commission did not receive
comments on the proposed rule change.
On December 2, 2013, ICC withdrew
the proposed rule change (SR–ICC–
2013–08).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.4
Kevin M. O’Neill,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71040; File No. SR–Phlx–
2013–118]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Routing Fees
wreier-aviles on DSK5TPTVN1PROD with NOTICES
December 11, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
2, 2013, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 70826
(Nov. 7, 2013), 78 FR 68480 (Nov. 14, 2013).
4 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Mar<15>2010
14:45 Dec 16, 2013
Jkt 232001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2013–29888 Filed 12–16–13; 8:45 am]
1 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Section V of the Pricing Schedule
entitled ‘‘Routing Fees.’’
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
1. Purpose
The purpose of this filing is to amend
the Routing Fees in Section V of the
Pricing Schedule in order to recoup
costs the Exchange incurs for routing
and executing certain orders in equity
options to away markets. Today, the
Exchange assesses a Non-Customer a
$0.95 per contract Routing Fee to any
options exchange. The Customer
Routing Fee for option orders routed to
The NASDAQ Options Exchange LLC
(‘‘NOM’’) is a $0.05 per contract Fixed
Fee in addition to the actual transaction
fee assessed. The Customer Routing Fee
for option orders routed to NASDAQ
OMX BX, Inc. (‘‘BX Options’’) is $0.00.
The Customer Routing Fee for option
orders routed to all other options
exchanges 3 (excluding NOM and BX
3 Including BATS Exchange, Inc. (‘‘BATS’’), BOX
Options Exchange LLC (‘‘BOX’’), the Chicago Board
Options Exchange, Incorporated (‘‘CBOE’’), C2
Options Exchange, Incorporated (‘‘C2’’),
International Securities Exchange, LLC (‘‘ISE’’), the
Miami International Securities Exchange, LLC
(‘‘MIAX’’), NYSE Arca, Inc. (‘‘NYSE Arca’’), NYSE
MKT LLC (‘‘NYSE Amex’’) and Topaz Exchange,
LLC (‘‘Gemini’’).
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
Options) is a fixed fee of $0.15 per
contract (‘‘Fixed Fee’’) in addition to the
actual transaction fee assessed. If the
away market pays a rebate, the Routing
Fee is $0.00 per contract.4
The Exchange proposes to increase
the Customer Routing Fixed Fee of
$0.15 per contract when an option order
is routed to all other exchanges to $0.20
per contract. With respect to the fixed
costs, the Exchange incurs a fee when it
utilizes Nasdaq Options Services LLC
(‘‘NOS’’), a member of the Exchange and
the Exchange’s exclusive order router.5
Each time NOS routes an order to an
away market, NOS is charged a clearing
fee 6 and, in the case of certain
exchanges, a transaction fee is also
charged in certain symbols, which fees
are passed through to the Exchange. The
Exchange currently recoups clearing
and transaction charges incurred by the
Exchange as well as certain other costs
incurred by the Exchange when routing
to away markets, such as administrative
and technical costs associated with
operating NOS, membership fees at
away markets, Options Regulatory Fees
(‘‘ORFs’’) and technical costs associated
with routing options. The Exchange
assesses the actual away market fee at
the time that the order was entered into
the Exchange’s trading system. This
transaction fee would be calculated on
an order-by-order basis since different
away markets charge different amounts.
A new market entrant recently
adopted an ORF.7 The Exchange
proposes to increase its Fixed Fee from
$0.15 to $0.20 per contract to recoup
costs associated with increased costs.
The Exchange also proposes to correct
a reference in the Routing Fees to the
Customer Rebate Program which was
relocated from Section A to Section B.
4 For all Routing Fees, the transaction fee will
continue to be based on the away market’s actual
transaction fee or rebate for particular market
participants and in the case that there is no
transaction fee or rebate assessed by the away
market, the Fixed Fee. A member organization
qualifying for a Tier 2, 3 or 4 rebate in the Customer
Rebate Program in Section B of the Pricing
Schedule is entitled to receive a credit equal to the
applicable Fixed Fee plus $0.05 per contract, unless
the away market transaction fee is $0.00 or the away
market pays a rebate, in which case the member
organization is entitled to receive a credit equal to
the applicable Fixed Fee.
5 In May 2009, the Exchange adopted Rule
1080(m)(iii)(A) to establish Nasdaq Options
Services LLC (‘‘NOS’’), a member of the Exchange,
as the Exchange’s exclusive order router. See
Securities Exchange Act Release No. 59995 (May
28, 2009), 74 FR 26750 (June 3, 2009) (SR–Phlx–
2009–32). NOS is utilized by the Exchange’s fully
automated options trading system, PHLX XL®.
6 The Options Clearing Corporation (‘‘OCC’’)
assesses $0.01 per contract side.
7 Gemini adopted an ORF of $0.0010 per contract.
See Securities Exchange Act Release No. 70200
(August 14, 2013), 78 FR 51242 (August 20, 2013)
(SR–Topaz–2013–01).
E:\FR\FM\17DEN1.SGM
17DEN1
]]>Agencies
[Federal Register Volume 78, Number 242 (Tuesday, December 17, 2013)]
[Notices]
[Page 76358]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-29888]
[[Page 76358]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71032; File No. SR-ICC-2013-08]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Withdrawal of Proposed Rule Change To Add Rules Related to the Clearing
of MCDX Index CDS Contracts and Make Conforming Changes to Existing
Rules
December 11, 2013.
On October 25, 2013, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 \1\ and Rule
19b-4 thereunder,\2\ a proposed rule change relating to the clearing of
MCDX Index CDS Contracts and making conforming changes to existing
rules. Notice of the proposed rule change was published in the Federal
Register on November 14, 2013.\3\ The Commission did not receive
comments on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 70826 (Nov. 7, 2013), 78
FR 68480 (Nov. 14, 2013).
---------------------------------------------------------------------------
On December 2, 2013, ICC withdrew the proposed rule change (SR-ICC-
2013-08).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\4\
---------------------------------------------------------------------------
\4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-29888 Filed 12-16-13; 8:45 am]
BILLING CODE 8011-01-P
