Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees, 17216-17221 [2014-06759]

Download as PDF 17216 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method of submission. 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 Section, 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 OCC and on OCC’s Web site at https://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_14_ 05.pdf. 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–OCC–2014–05 and should be submitted on or before April 17, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–06761 Filed 3–26–14; 8:45 am] notice is hereby given that on March 7, 2013, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III below, which items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The ISE proposes to amend the Schedule of Fees. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.ise.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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71765; File No. SR–ISE– 2014–17] tkelley on DSK3SPTVN1PROD with NOTICES Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees March 21, 2014. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 The purpose of the proposed rule change is to amend the Schedule of Fees as described in more detail below. The fee changes discussed apply to both Standard Options and Mini Options traded on Exchange. The Exchange’s Schedule of Fees has separate tables for fees applicable to Standard Options and Mini Options. The Exchange notes that while the discussion below relates to fees for Standard Options, the fees for Mini Options, which are not discussed below, are and shall continue to be 1⁄10th of the fees for Standard Options. 1. Market Maker Plus Rebate for Select Symbols In order to promote and encourage liquidity in symbols that are in the penny pilot program (‘‘Select Symbols’’), the Exchange currently PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 offers Market Makers 3 that meet the quoting requirements for Market Maker Plus 4 a rebate of $0.10 per contract for adding liquidity in those symbols. In addition, the Exchange pays a higher rebate of $0.12 per contract to Market Makers that meet the quoting requirements for Market Maker Plus and are affiliated with an Electronic Access Member (‘‘EAM’’) that executes a total affiliated Priority Customer 5 average daily volume (‘‘ADV’’) of 200,000 contracts or more in a calendar month.6 The Exchange now proposes to increase the Market Maker Plus rebate to $0.20 per contract, and $0.22 per contract for Members that currently qualify for the higher rebate based on affiliated Priority Customer volume. The Exchange also proposes to modify the requirements for Market Maker Plus to only look to all expirations in the front two months,7 and to reduce the premium requirements for series on which the Market Maker Plus calculations are based.8 As proposed, a Market Maker 3 The term ‘‘Market Makers’’ refers to ‘‘Competitive Market Makers’’ and ‘‘Primary Market Makers’’ collectively. See ISE Rule 100(a)(25). 4 A Market Maker Plus is a Market Maker who is on the National Best Bid or National Best Offer at least 80% of the time for series trading between $0.03 and $5.00 (for options whose underlying stock’s previous trading day’s last sale price was less than or equal to $100) and between $0.10 and $5.00 (for options whose underlying stock’s previous trading day’s last sale price was greater than $100) in premium in each of the front two expiration months and at least 80% of the time for series trading between $0.03 and $5.00 (for options whose underlying stock’s previous trading day’s last sale price was less than or equal to $100) and between $0.10 and $5.00 (for options whose underlying stock’s previous trading day’s last sale price was greater than $100) in premium for all expiration months in that symbol during the current trading month. A Market Maker’s single best and single worst overall quoting days each month, on a per symbol basis, will be excluded in calculating whether a Market Maker qualifies for this rebate, if doing so will qualify a Market Maker for the rebate. 5 A Priority Customer is defined in ISE Rule 100(a)(37A) as a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). 6 See Securities Exchange Act Release No. 70872 (November 14, 2013), 78 FR 69718 (November 20, 2013) (SR–ISE–2013–57). 7 Currently, a Market Maker qualifies for Market Maker Plus if it is on the NBBO a specified percentage of the time in each of the front two expiration months, and separately for all expiration months in that symbol during the current trading month. See supra note 2. 8 The Exchange currently determines whether a Market Maker qualifies as a Market Maker Plus at the end of each month by looking back at each Market Maker’s quoting statistics per symbol during that month. The Exchange will continue to monitor each Market Maker’s quoting statistics to determine whether a Market Maker qualifies for a rebate under the standards proposed herein. The Exchange also currently provides Market Makers a report on a daily basis with quoting statistics so that Market Makers can determine whether or not they are E:\FR\FM\27MRN1.SGM 27MRN1 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices will qualify for Market Maker Plus rebates if it is on the National Best Bid or National Best Offer at least 80% of the time for series trading between $0.03 and $3.00 (for options whose underlying stock’s previous trading day’s last sale price was less than or equal to $100) and between $0.10 and $3.00 (for options whose underlying stock’s previous trading day’s last sale price was greater than $100) in premium in each of the front two expiration months. As is currently the case, a Market Maker’s single best and single worst overall quoting days each month, on a per symbol basis, will be excluded in calculating whether a Market Maker qualifies for Market Maker Plus, if doing so will qualify a Market Maker for the rebate. 2. Taker Fee for Select Symbols tkelley on DSK3SPTVN1PROD with NOTICES The Exchange currently assesses per contract transaction fees and provides rebates to market participants that add or remove liquidity from the Exchange (‘‘maker/taker fees and rebates’’) in Select Symbols. For regular orders that remove liquidity in Select Symbols, the Exchange currently charges a taker fee of: (i) $0.34 per contract for Market Maker and Market Maker Plus orders, (ii) $0.38 per contract for Non-ISE Market Maker orders,9 (iii) $0.35 per contract for Firm Proprietary/BrokerDealer 10 and Professional Customer orders,11 and (iv) $0.32 per contract for Priority Customer orders. The Exchange now proposes to decrease the taker fee for Priority Customer orders and increase the taker fee for other market participant types. In particular, the Exchange proposes to decrease the taker fee for Priority Customer orders in Select Symbols to $0.25 per contract. For Market Maker and Market Maker Plus orders in Select Symbols the Exchange proposes to increase the taker fee to $0.42 per contract. And for Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders the meeting the Exchange’s current stated criteria. Again, the Exchange will continue to provide Market Makers a daily report so that Market Makers can track their quoting activity to determine whether or not they qualify for the Market Maker Plus rebate. 9 A ‘‘Non-ISE Market Maker’’ is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange. 10 A ‘‘Firm Proprietary’’ order is an order submitted by a member for its own proprietary account. A ‘‘Broker-Dealer’’ order is an order submitted by a member for a non-member brokerdealer account. 11 A ‘‘Professional Customer’’ is a person or entity that is not a broker/dealer and is not a Priority Customer. VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 Exchange proposes to increase the taker fee to $0.45 per contract. 3. Responses to Crossing Orders The Exchange charges a fee for responses to Crossing Orders 12 for regular and complex orders in Select and Non-Select Symbols as well as for Foreign Currency (‘‘FX’’) Option Symbols. For Crossing Orders in Select Symbols this response fee is a uniform $0.40 per contract for regular orders, and $0.44 per contract for complex orders. For regular orders in Non-Select Symbols and FX Option Symbols the response fee is $0.22 per contract for Market Maker orders (subject to applicable tier discounts),13 $0.20 per contract for Market Maker orders sent by an EAM, $0.45 per contract for Non-ISE Market Maker orders, and $0.30 per contract for Firm Proprietary/BrokerDealer and Professional Customer orders. Early Adopter Market Makers do not pay a response fee in Early Adopter FX Option Symbols.14 For Priority Customer orders the response fee is $0.20 per contract for regular orders in Non-Select Symbols,15 and $0.40 per contract for regular orders in FX Option Symbols, including the Early Adopter Symbols. For complex orders in NonSelect Symbols the response fee is $0.87 per contract for Market Maker, Non-ISE Market Maker, Firm Proprietary/BrokerDealer, and Professional Customer orders.16 Priority Customers are not currently charged a fee for responses to complex Crossing Orders in Non-Select Symbols. The Exchange proposes to increase the fee for responses to Crossing Orders as follows. For regular orders in Select Symbols, Non-Select Symbols, and FX Options Symbols, as well as complex orders in Select Symbols, the fee for 12 A ‘‘Crossing Order’’ is an order executed in the Exchange’s Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism (‘‘PIM’’) or submitted as a Qualified Contingent Cross (‘‘QCC’’) order. For purposes of the Fee Schedule, orders executed in the Block Order Mechanism are also considered Crossing Orders. 13 See Schedule of Fees, Section VI.C for applicable tier discounts. 14 An Early Adopter Market Maker is a Market Maker that entered into a revenue sharing agreement with the Exchange on or before March 30, 2012 to make markets in Early Adopter FX Option Symbols. 15 This fee applies to both singly and multiply listed options in Non-Select Symbols. 16 Complex order fees and rebates for Non-Select Symbols in Section II of the Schedule of Fees apply for complex orders in FX Option Symbols. Currently, the Schedule of Fees notes that ‘‘Complex Order fees and rebates in Section II apply for FX Option Symbols.’’ As this language is somewhat ambiguous, the Exchange proposes to modify it to state that ‘‘Complex Order fees and rebates for Non-Select Symbols in Section II apply for FX Option Symbols.’’ PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 17217 responses to Crossing Orders will be increased to $0.45 per contract for all market participants,17 except that Early Adopter Market Makers will continue to pay no response fee in Early Adopter FX Option Symbols. For complex orders in Non-Select Symbols the fee for responses to Crossing Orders will be $0.90 per contract for Market Maker orders and $0.95 per contract for NonISE Market Maker, Firm Proprietary/ Broker-Dealer, Professional Customer, and Priority Customer orders. 4. PIM Fees and Break-up Rebate Currently, the Exchange charges a fee for Crossing Orders which applies to regular and complex orders executed in the ISE’s Facilitation, Solicited Order, Block Order, or Price Improvement Mechanism (‘‘PIM’’), or submitted as a Qualified Contingent Cross (‘‘QCC’’) order.18 This fee applies to Market Maker, Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders in regular and complex orders in Select and NonSelect Symbols, as well as FX Option Symbols,19 and to regular Priority Customer orders in singly listed NonSelect Symbols and FX Option Symbols only. For Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders the fee for Crossing Orders is $0.20 per contract across all symbols for both regular and complex orders. Priority Customer orders are also charged a fee of $0.20 per contract for regular orders in singly listed Non-Select Symbols, but pay a higher fee of $0.40 per contract in Early Adopter and other FX Option Symbols. Priority Customer orders do not pay a fee for regular Crossing Orders in Select Symbols or multiply listed Non-Select Symbols, or for complex orders. Market Maker orders pay a fee of $0.20 per contract for regular orders in Select Symbols,20 and in both Non-Select and FX Option Symbols for orders sent by an EAM, as well as in complex orders. Regular Market Maker orders in NonSelect and FX Option Symbols that are not sent by an EAM are charged a fee of $0.22 per contract, subject to 17 Under the proposed fee structure Market Maker responses to Crossing Orders in Non-Select Symbols and FX Option Symbols will not be eligible for the current tier discounts provided under Section VI.C of the Schedule of Fees. 18 For complex orders the Exchange currently only charges the largest leg. 19 Complex order fees and rebates for Non-Select Symbols in Section II of the Schedule of Fees apply for complex orders in FX Option Symbols. 20 This fee applies to both Market Makers and Market Maker Plus. E:\FR\FM\27MRN1.SGM 27MRN1 tkelley on DSK3SPTVN1PROD with NOTICES 17218 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices applicable tier discounts.21 Early Adopter Market Makers are not charged a fee for Crossing Orders in Early Adopter FX Options symbols. The Exchange now proposes to adopt separate fees for PIM orders that meet specified size requirements. In particular, the Exchange proposes to charge a fee of $0.05 per contract for Market Maker, Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders for one hundred or fewer contracts executed in the PIM. For complex orders, the quantity of the largest leg will be used to determine if the order meets the size requirement for the reduced fee. While currently only the largest leg of a complex Crossing Order is charged a fee, however, the new proposed fee for complex PIM orders will apply to all legs. For example, a Broker-Dealer complex PIM order containing three option legs of 10 contracts each will be assessed a fee equal to the total number of Broker-Dealer contracts (3 legs × 10 contracts each) multiplied by $0.05. For Members that execute an average daily volume (‘‘ADV’’) in Priority Customer PIM orders of 20,000 or more contracts in a given month, the fee for Market Maker, Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders will be reduced further to $0.03 per contract, which will be applied retroactively to all eligible PIM volume in that month once the threshold has been reached.22 As is currently the case, Priority Customer orders will not pay a fee for regular orders in Select Symbols, multiply listed Non-Select Symbols, or for complex orders, and Early Adopter Market Makers will not pay a fee in Early Adopter FX Options Symbols, for orders executed in the PIM. The Exchange will continue to charge regular Priority Customer orders in singly listed Non-Select Symbols and FX Option Symbols (including Early Adopter FX Option Symbols) at the applicable rate for Crossing Orders. Fees for PIM orders of greater than 100 contracts, as well as orders executed in the Exchange’s other crossing mechanisms, will also remain at their current rates but fees for PIM orders of greater than 100 contracts, like the fees for a PIM order of 100 or fewer contracts, will now be charged for all legs. 21 See Schedule of Fees, Section VI.C for applicable tier discounts. 22 Under the proposed fee structure Market Maker PIM orders of 100 or fewer contracts in Non-Select Symbols and FX Option Symbols will not be eligible for the current tier discounts provided under Section VI.C of the Schedule of Fees. VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 For regular and complex PIM orders in Select Symbols that do not trade with their contra order, the Exchange currently provides a break-up rebate of $0.25 per contract for Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, Professional Customer, and Priority Customer orders in Select Symbols.23 The Exchange proposes to increase this rebate to $0.35 per contract. In addition, the Exchange proposes to introduce a new break-up rebate for regular and complex orders in Non-Select Symbols and in FX Option Symbols executed in the PIM by the above listed market participants. This rebate will be $0.15 per contract for regular orders in NonSelect Symbols and in FX Option Symbols, and $0.80 per contract for complex orders in Non-Select Symbols.24 Market Makers are not permitted to enter orders into PIM and will therefore not be eligible for this rebate. 5. Priority Customer Complex Order Tiers The Exchange currently provides volume-based tiered rebates for Priority Customer complex orders when these orders trade with non-Priority Customer orders in the complex order book,25 or trade with quotes and orders on the regular order book.26 These complex order rebates are provided to Members based on the Member’s ADV in Priority Customer complex contracts in six volume tiers as follows: 0 to 39,999 (Tier 1), 40,000 to 74,999 (Tier 2), 75,000 to 124,999 (Tier 3), 125,000 to 224,999 (Tier 4), 225,000 to 299,999 (Tier 5), 300,000 or more (Tier 6). A Member that executes an ADV of 40,000 to 74,999 Priority Customer complex contracts (i.e., Tier 2) is entitled to a rebate of $0.37 per contract for Select Symbols (excluding SPY), $0.40 per contract for SPY, and $0.75 per contract for non-Select Symbols, in each case when trading with non-Priority Customer orders in the complex order book. When trading against quotes and orders on the regular order book this rebate is $0.14 per contract for all 23 The fee for Crossing Orders is applied to any contracts for which a rebate is provided. 24 The applicable fee is applied to any contracts for which a rebate is provided. 25 The Exchange offers a rebate in Standard and Mini Options for Priority Customer complex orders in (i) Select Symbols (excluding SPY), (ii) SPY, and (iii) non-Select Symbols, when these orders trade with non-Priority Customer orders in the complex order book. 26 The Exchange offers a rebate in Standard and Mini Options for Priority Customer complex orders that trade with quotes and orders on the regular order book in (i) SPY, and (ii) other symbols excluding SPY. PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 symbols (excluding SPY), and $0.15 per contract for SPY. The Exchange now proposes to decrease the volume requirements necessary for achieving Tier 2 Priority Customer complex order rebates. As proposed, a Member that executes an ADV of 30,000 to 74,999 Priority Customer complex contracts will now be entitled to the Tier 2 rebates described above. Members that execute an ADV of 0 to 29,999 Priority Customer complex contracts will continue to receive Tier 1 rebates. By decreasing the lower ADV threshold for Tier 2 from 40,000 contracts to 30,000 contracts the Exchange expects to attract additional Priority Customer complex order volume to the ISE. In addition, the Exchange proposes to delete outdated footnote references to an incremental tier for Priority Customer complex volume that was recently replaced with a new tier that applies retroactively to all Priority Customer complex volume.27 6. Credit for Responses to Flash Orders Currently, when the ISE is not at the National Best Bid or Offer (‘‘NBBO’’), Public Customer 28 and Non-Customer 29 orders are exposed to all ISE members to give them an opportunity to match the NBBO (‘‘Flash Orders’’) before the order is routed to another exchange for execution or is cancelled.30 As an incentive to attract Public Customer orders to the ISE, the Exchange offers a Credit for Responses to Flash Orders when trading against Priority and Professional Customer orders.31 In Select Symbols, this credit is $0.10 per contract when trading against Priority or Professional Customer orders or $0.12 per contract when trading against Preferenced Priority Customer orders.32 In non-Select Symbols the credit is $0.20 per contract when trading against Professional Customer orders only. The Exchange now proposes to decrease the Credit for Responses to Flash Orders to $0.05 per contract when trading against 27 See Exchange Act Release No. 70873 (November 14, 2013), 78 FR 69714 (November 20, 2013) (SR–ISE–2013–56). 28 The term ‘‘Public Customer’’ means a person or entity that is not a broker or dealer in securities. Public Customers include both Priority and Professional Customers. 29 The term ‘‘Non-Customer’’ means a person or entity that is a broker or dealer in securities. 30 A ‘‘Flash Order’’ is an order that is exposed at the NBBO by the Exchange to all members for execution, as provided under Supplementary Material .02 to ISE Rule 1901. 31 No fee is charged or credit provided when trading against a non-Customer. 32 The credit for responses to Preferenced Priority Customer orders applies to an ISE Market Maker when trading against a Priority Customer order that is preferenced to that Market Maker. E:\FR\FM\27MRN1.SGM 27MRN1 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices Priority Customer orders in Select Symbols or Professional Customer orders in Select and Non-Select Symbols. The Exchange will no longer offer an increased credit for trading against Preferenced Priority Customer orders. 7. ISE Gemini Name Change Finally, the Exchange notes that its sister exchange recently filed to change its name from the Topaz Exchange, LLC to ISE Gemini, LLC.33 Certain text in the ISE Schedule of Fees references the Topaz Exchange, LLC in noting that certain fees provide connectivity to both exchanges.34 The Exchange proposes to replace all references to the Topaz Exchange, LLC with updated references to ISE Gemini, LLC. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,35 in general, and Section 6(b)(4) of the Act,36 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange is retooling its fees and rebates in order to remain competitive with other options exchanges and believes that each of these changes are reasonable, equitable, and not unfairly discriminatory for the reasons discussed below. The Exchange believes that taken as a whole the proposed changes, which increase certain fees in addition to providing higher rebates, will be attractive to market participants that trade on the ISE. tkelley on DSK3SPTVN1PROD with NOTICES 1. Market Maker Plus Rebate for Select Symbols The Exchange believes that the proposed increase to the Market Maker Plus rebate is reasonable and equitable because it will encourage Market Makers to post tighter markets in Select Symbols and thereby maintain liquidity and attract additional order flow to the ISE, which will ultimately benefit all market participants that trade on the Exchange. The Market Maker Plus rebate is competitive with incentives provided by other exchanges, and has proven to be an effective incentive for Market Makers to provide liquidity in Select Symbols. The Exchange believes 33 See Exchange Act Release No. 71586 (February 20, 2014), 79 FR 10861 (February 26, 2014) (SR– Topaz–2014–06). 34 See Exchange Act Release No. 71324 (January 16, 2014), 79 FR 3911 (January 23, 2014) (SR–ISE– 2014–01). 35 15 U.S.C. 78f. 36 15 U.S.C. 78f(b)(4). VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 that the proposed Market Maker Plus rebate is reasonable and equitably allocated to those members that direct orders to the Exchange rather than to a competing exchange. The Exchange also believes that the new Market Maker Plus rebate is not unfairly discriminatory because all Market Makers can achieve the higher rebates by satisfying the applicable Market Maker Plus requirements. Furthermore, the Exchange believes that the proposed changes to qualification requirements are reasonable, equitable, and not unfairly discriminatory as they are designed to focus attention on tighter quoting by Market Makers in the front two expiration months, and to a smaller subset of series trading within the proposed premium parameters, where the majority of trading volume occurs. The Exchange believes that these changes will encourage higher participation in the Market Maker Plus program, while still incentivizing market makers to post tighter markets in the series identified above. 2. Taker Fee for Select Symbols The Exchange believes that its proposal to decrease the taker fee for Priority Customer orders, and to increase the taker fee for Non-ISE Market Maker, Firm Proprietary/BrokerDealer, and Professional Customer orders in Select Symbols is reasonable and equitable because the proposed fees are within the range of fees assessed by other exchanges employing similar pricing schemes. While the Exchange is proposing a fee increase for certain market participants, the proposed fees are lower, for example, than the fee for removing liquidity currently charged by the NASDAQ Options Market (‘‘NOM’’), which ranges from $0.47 per contract to $0.49 per contract in penny pilot symbols.37 The Exchange notes that with this proposed fee change, the fee charged to Priority Customer orders will remain lower (as it historically has always been) than the fee charged to other market participants, including Professional Customers. The Exchange believes that it is equitable and not unfairly discriminatory to charge a lower fee for Priority Customer orders than Professional Customer orders as a Priority Customer is by definition not a broker or dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). This limitation does not apply to participants whose behavior is 37 See NOM Rules, Chapter XV Options Pricing, Sec. 2 NASDAQ Options Market—Fees and Rebates. PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 17219 substantially similar to that of market professionals, including Professional Customers, who will generally submit a higher number of orders (many of which do not result in executions) than Priority Customers. The Exchange believes that attracting more liquidity from Priority Customers will benefit all market participants that trade on the ISE. 3. Responses to Crossing Orders The Exchange believes that the proposed increase to fees for responses to Crossing Orders is reasonable, equitable, and not unfairly discriminatory. As proposed, the response fee will now be uniform for regular orders in Select and Non-Select Symbols, as well as FX Options Symbols, across all market participant types. As is currently the case, the Exchange will continue to charge a higher fee for responses to complex Crossing Orders in Non-Select symbols, which reflects the higher fees generally charged for complex orders in these symbols. The Exchange notes that Priority Customers will now pay a fee for responses to complex Crossing Orders in Non-Select Symbols, eliminating an incentive previously provided to Priority Customer orders in those symbols. The Exchange believes that this proposed change is reasonable, equitable, and not unfairly discriminatory as the response fee for complex Crossing Orders executed for Priority Customers in Non-Select Symbols will now be in line with the fees charged to other market participants, as is the case currently in Select Symbols. Furthermore, while Market Makers will be entitled to a lower response fee than other market participants for complex Crossing Orders in Non-Select Symbols, the Exchange believes that this is appropriate and not unfairly discriminatory because Market Makers have different requirements and obligations to the Exchange that other market participants do not (such as quoting requirements). The Exchange believes that it is equitable and not unfairly discriminatory to charge higher fees to market participants that do not have the requirements and obligations that Market Makers do. 4. PIM Fees and Break-up Rebate The Exchange believes that the proposed changes to PIM fees and the break-up rebate are reasonable, equitable, and not unfairly discriminatory. By increasing the breakup rebate provided for contracts that are submitted to PIM that do not trade with their contra order, and lowering fees for E:\FR\FM\27MRN1.SGM 27MRN1 17220 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices PIM orders of one hundred or fewer contracts, the fee change is designed to encourage Members to execute this order flow in the PIM rather than on competing exchanges. In connection with this proposed change, the Exchange believes that it is reasonable and equitable to provide a significantly higher break-up rebate for complex PIM orders in Non-Select symbols, which reflects the higher level of fees and rebates generally offered for complex orders in these symbols. While the Exchange will now charge for all legs of complex PIM orders, the Exchange believes that market participants will benefit from lower overall fees for their PIM trades. In addition, providing a further discount to Members that execute a higher ADV of Priority Customer PIM orders will encourage Members to send additional order flow to the ISE in order to qualify for the reduced fees. While this incentive is specifically targeted towards Priority Customer orders, the Exchange does not believe that this is unfairly discriminatory. Priority Customer orders on the Exchange are generally entitled to lower or no fees as the Exchange believes that attracting more liquidity from Priority Customers will benefit all market participants that trade on the ISE. tkelley on DSK3SPTVN1PROD with NOTICES 5. Priority Customer Complex Order Tiers The Exchange believes that it is reasonable, equitable, and not unfairly discriminatory to decrease the volume requirements necessary for achieving Tier 2 Priority Customer complex order rebates as this proposed change is designed to attract additional Priority Customer complex order volume to the ISE. The Exchange already provides volume-based tiered rebates for Priority Customer complex orders, and believes that lowering the volume threshold for the second tier of complex order rebates will incentivize Members to send additional order flow to the ISE in order to achieve the more attainable rebates for their Priority Customer complex order volume. In addition, the Exchange believes that it is reasonable, equitable, and not unfairly discriminatory to delete inapplicable footnote text as this is a non-substantive change intended to reduce investor confusion. 6. Credit for Responses to Flash Orders The Exchange believes that it is reasonable and equitable to decrease the Credit for Responses to Flash Orders as the higher credits previously offered were unsuccessful in encouraging market participants to respond to Flash Orders. The Exchange has recently VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 experimented with higher credits,38 and has now determined to offer a reduced incentive. In addition, the Exchange believes that the proposed change is equitable and not unfairly discriminatory as the credit provided will now be the same for all Priority Customer orders in Select Symbols and Professional Customer Orders in Select and Non-Select symbols. The Exchange does not believe that the proposed change will affect the execution quality of Public Customer orders, which, in the absence of sufficient responses, will continue to be routed to the market with the best price in accordance with the ISE’s linkage handling rules. Exchange is increasing the fees for certain market participants, the Exchange does not believe that this will cause an undue burden on competition as the increased fees are still within the range of fees charged by other options exchanges. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. 7. ISE Gemini Name Change C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. The Exchange believes that it is reasonable, equitable, and not unfairly discriminatory to update references to the name of its sister exchange as this is a non-substantive change. ISE Gemini, LLC, which was formerly known as the Topaz Exchange, LLC, recently filed to change its name, and the ISE believes that updating references to its sister exchange in the fee schedule will reduce investor confusion. The Exchange notes that it has determined to charge fees and provide rebates in Mini Options at a rate that is 1/10th the rate of fees and rebates the Exchange provides for trading in Standard Options. The Exchange believes it is reasonable and equitable and not unfairly discriminatory to assess lower fees and rebates to provide market participants an incentive to trade Mini Options on the Exchange. The Exchange believes the proposed fees and rebates are reasonable and equitable in light of the fact that Mini Options have a smaller exercise and assignment value, specifically 1/10th that of a standard option contract, and, as such, is providing fees and rebates for Mini Options that are 1/10th of those applicable to Standard Options. B. Self-Regulatory Organization’s Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,39 the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes that the proposed rule change is pro-competitive as it is designed to attract additional order flow to the ISE. While the 38 See Securities Exchange Act Release No. 70873 (November 14, 2013), 78 FR 69714 (November 20, 2013) (SR–ISE–2013–56). 39 15 U.S.C. 78f(b)(8). PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 40 and subparagraph (f)(2) of Rule 19b–4 thereunder,41 because it establishes a due, fee, or other charge imposed by ISE. 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 to determine whether the proposed rule 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: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or 40 15 41 17 E:\FR\FM\27MRN1.SGM U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 27MRN1 Federal Register / Vol. 79, No. 59 / Thursday, March 27, 2014 / Notices • Send an Email to rule-comments@ sec.gov. Please include File No. SR–ISE– 2014–17 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ISE–2014–17. 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 ISE. 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–ISE– 2014–17 and should be submitted by April 17, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.42 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–06759 Filed 3–26–14; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION tkelley on DSK3SPTVN1PROD with NOTICES Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. 30-Day Notice. AGENCY: ACTION: notice to comply with requirements of the Paperwork Reduction Act (PRA) (44 U.S.C. Chapter 35), which requires agencies to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. This notice also allows an additional 30 days for public comments. Submit comments on or before April 28, 2014. DATES: Comments should refer to the information collection by name and/ or OMB Control Number and should be sent to: Agency Clearance Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW., 5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, (202) 205–7030 curtis.rich@sba.gov Copies: A copy of the Form OMB 83–1, supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. The Small Business Administration needs to collect this information to determine an applicant’s eligibility for admission into the 8(a) Business Development (BD) Program and for continued eligibility to participate in the Program. SBA also uses some of the information for an annual report to Congress on the 8(a) BD Program. Respondents can be individuals and firms making applications to the 8(a) BD Program, or respondents can be individuals and Participant firms revising information related to the 8(a) BD Program Annual Review. SUPPLEMENTARY INFORMATION: Summary of Information Collections (1) Title: 8(A) SDB Paper and Electronic Application. Description of Respondents: 8(A) SDB Participants. Form Numbers: 1010, ANC, NHO, IND, AIT and C. Estimated Annual Responses: 11,364. Estimated Annual Hour Burden: 45,745. 17221 SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. 30-Day Notice. AGENCY: ACTION: The Small Business Administration (SBA) is publishing this notice to comply with requirements of the Paperwork Reduction Act (PRA) (44 U.S.C. Chapter 35), which requires agencies to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. This notice also allows an additional 30 days for public comments. DATES: Submit comments on or before April 28, 2014. ADDRESSES: Comments should refer to the information collection by name and/ or OMB Control Number and should be sent to: Agency Clearance Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW., 5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, (202) 205–7030, curtis.rich@sba.gov. Copies: A copy of the Form OMB 83–1, supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. SUPPLEMENTARY INFORMATION: To obtain the information needed to carry out its program evaluation and oversight responsibilities. SBA requires small business investment companies (SBIC’S) to provide information on SBA Form 1031 each time financing is extended to a small business concern. SBA uses this information to evaluate how SBIC’S fill market financing gaps and contribute to economic growth, and to monitor the regulatory compliance of individual SBIC’S. SUMMARY: Summary of Information Collections (1) Title: Portfolio Financing Report. Description of Respondents: Small Business Investment Companies. Form Number: 1031. Estimated Annual Responses: 2,800. Estimated Annual Hour Burden: 560. 42 17 VerDate Mar<15>2010 18:40 Mar 26, 2014 Jkt 232001 Curtis B. Rich, Management Analyst. [FR Doc. 2014–06794 Filed 3–26–14; 8:45 am] BILLING CODE 8025–01–P CFR 200.30–3(a)(12). Curtis B. Rich, Management Analyst. [FR Doc. 2014–06795 Filed 3–26–14; 8:45 am] The Small Business Administration (SBA) is publishing this SUMMARY: BILLING CODE 8025–01–P PO 00000 Frm 00096 Fmt 4703 Sfmt 9990 E:\FR\FM\27MRN1.SGM 27MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 59 (Thursday, March 27, 2014)]
[Notices]
[Pages 17216-17221]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-06759]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71765; File No. SR-ISE-2014-17]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Schedule of Fees

March 21, 2014.
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 March 7, 2013, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE'') filed with the Securities and Exchange
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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The ISE proposes to amend the Schedule of Fees. The text of the
proposed rule change is available on the Exchange's Web site (https://www.ise.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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The purpose of the proposed rule change is to amend the Schedule of
Fees as described in more detail below. The fee changes discussed apply
to both Standard Options and Mini Options traded on Exchange. The
Exchange's Schedule of Fees has separate tables for fees applicable to
Standard Options and Mini Options. The Exchange notes that while the
discussion below relates to fees for Standard Options, the fees for
Mini Options, which are not discussed below, are and shall continue to
be \1/10\th of the fees for Standard Options.
1. Market Maker Plus Rebate for Select Symbols
In order to promote and encourage liquidity in symbols that are in
the penny pilot program (``Select Symbols''), the Exchange currently
offers Market Makers \3\ that meet the quoting requirements for Market
Maker Plus \4\ a rebate of $0.10 per contract for adding liquidity in
those symbols. In addition, the Exchange pays a higher rebate of $0.12
per contract to Market Makers that meet the quoting requirements for
Market Maker Plus and are affiliated with an Electronic Access Member
(``EAM'') that executes a total affiliated Priority Customer \5\
average daily volume (``ADV'') of 200,000 contracts or more in a
calendar month.\6\ The Exchange now proposes to increase the Market
Maker Plus rebate to $0.20 per contract, and $0.22 per contract for
Members that currently qualify for the higher rebate based on
affiliated Priority Customer volume. The Exchange also proposes to
modify the requirements for Market Maker Plus to only look to all
expirations in the front two months,\7\ and to reduce the premium
requirements for series on which the Market Maker Plus calculations are
based.\8\ As proposed, a Market Maker

[[Page 17217]]

will qualify for Market Maker Plus rebates if it is on the National
Best Bid or National Best Offer at least 80% of the time for series
trading between $0.03 and $3.00 (for options whose underlying stock's
previous trading day's last sale price was less than or equal to $100)
and between $0.10 and $3.00 (for options whose underlying stock's
previous trading day's last sale price was greater than $100) in
premium in each of the front two expiration months. As is currently the
case, a Market Maker's single best and single worst overall quoting
days each month, on a per symbol basis, will be excluded in calculating
whether a Market Maker qualifies for Market Maker Plus, if doing so
will qualify a Market Maker for the rebate.
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\3\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(25).
\4\ A Market Maker Plus is a Market Maker who is on the National
Best Bid or National Best Offer at least 80% of the time for series
trading between $0.03 and $5.00 (for options whose underlying
stock's previous trading day's last sale price was less than or
equal to $100) and between $0.10 and $5.00 (for options whose
underlying stock's previous trading day's last sale price was
greater than $100) in premium in each of the front two expiration
months and at least 80% of the time for series trading between $0.03
and $5.00 (for options whose underlying stock's previous trading
day's last sale price was less than or equal to $100) and between
$0.10 and $5.00 (for options whose underlying stock's previous
trading day's last sale price was greater than $100) in premium for
all expiration months in that symbol during the current trading
month. A Market Maker's single best and single worst overall quoting
days each month, on a per symbol basis, will be excluded in
calculating whether a Market Maker qualifies for this rebate, if
doing so will qualify a Market Maker for the rebate.
\5\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a
person or entity that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s).
\6\ See Securities Exchange Act Release No. 70872 (November 14,
2013), 78 FR 69718 (November 20, 2013) (SR-ISE-2013-57).
\7\ Currently, a Market Maker qualifies for Market Maker Plus if
it is on the NBBO a specified percentage of the time in each of the
front two expiration months, and separately for all expiration
months in that symbol during the current trading month. See supra
note 2.
\8\ The Exchange currently determines whether a Market Maker
qualifies as a Market Maker Plus at the end of each month by looking
back at each Market Maker's quoting statistics per symbol during
that month. The Exchange will continue to monitor each Market
Maker's quoting statistics to determine whether a Market Maker
qualifies for a rebate under the standards proposed herein. The
Exchange also currently provides Market Makers a report on a daily
basis with quoting statistics so that Market Makers can determine
whether or not they are meeting the Exchange's current stated
criteria. Again, the Exchange will continue to provide Market Makers
a daily report so that Market Makers can track their quoting
activity to determine whether or not they qualify for the Market
Maker Plus rebate.
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2. Taker Fee for Select Symbols
The Exchange currently assesses per contract transaction fees and
provides rebates to market participants that add or remove liquidity
from the Exchange (``maker/taker fees and rebates'') in Select Symbols.
For regular orders that remove liquidity in Select Symbols, the
Exchange currently charges a taker fee of: (i) $0.34 per contract for
Market Maker and Market Maker Plus orders, (ii) $0.38 per contract for
Non-ISE Market Maker orders,\9\ (iii) $0.35 per contract for Firm
Proprietary/Broker-Dealer \10\ and Professional Customer orders,\11\
and (iv) $0.32 per contract for Priority Customer orders.
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\9\ A ``Non-ISE Market Maker'' is a market maker as defined in
Section 3(a)(38) of the Securities Exchange Act of 1934, as amended,
registered in the same options class on another options exchange.
\10\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account. A ``Broker-Dealer'' order is
an order submitted by a member for a non-member broker-dealer
account.
\11\ A ``Professional Customer'' is a person or entity that is
not a broker/dealer and is not a Priority Customer.
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The Exchange now proposes to decrease the taker fee for Priority
Customer orders and increase the taker fee for other market participant
types. In particular, the Exchange proposes to decrease the taker fee
for Priority Customer orders in Select Symbols to $0.25 per contract.
For Market Maker and Market Maker Plus orders in Select Symbols the
Exchange proposes to increase the taker fee to $0.42 per contract. And
for Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and
Professional Customer orders the Exchange proposes to increase the
taker fee to $0.45 per contract.
3. Responses to Crossing Orders
The Exchange charges a fee for responses to Crossing Orders \12\
for regular and complex orders in Select and Non-Select Symbols as well
as for Foreign Currency (``FX'') Option Symbols. For Crossing Orders in
Select Symbols this response fee is a uniform $0.40 per contract for
regular orders, and $0.44 per contract for complex orders. For regular
orders in Non-Select Symbols and FX Option Symbols the response fee is
$0.22 per contract for Market Maker orders (subject to applicable tier
discounts),\13\ $0.20 per contract for Market Maker orders sent by an
EAM, $0.45 per contract for Non-ISE Market Maker orders, and $0.30 per
contract for Firm Proprietary/Broker-Dealer and Professional Customer
orders. Early Adopter Market Makers do not pay a response fee in Early
Adopter FX Option Symbols.\14\ For Priority Customer orders the
response fee is $0.20 per contract for regular orders in Non-Select
Symbols,\15\ and $0.40 per contract for regular orders in FX Option
Symbols, including the Early Adopter Symbols. For complex orders in
Non-Select Symbols the response fee is $0.87 per contract for Market
Maker, Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and
Professional Customer orders.\16\ Priority Customers are not currently
charged a fee for responses to complex Crossing Orders in Non-Select
Symbols.
---------------------------------------------------------------------------

\12\ A ``Crossing Order'' is an order executed in the Exchange's
Facilitation Mechanism, Solicited Order Mechanism, Price Improvement
Mechanism (``PIM'') or submitted as a Qualified Contingent Cross
(``QCC'') order. For purposes of the Fee Schedule, orders executed
in the Block Order Mechanism are also considered Crossing Orders.
\13\ See Schedule of Fees, Section VI.C for applicable tier
discounts.
\14\ An Early Adopter Market Maker is a Market Maker that
entered into a revenue sharing agreement with the Exchange on or
before March 30, 2012 to make markets in Early Adopter FX Option
Symbols.
\15\ This fee applies to both singly and multiply listed options
in Non-Select Symbols.
\16\ Complex order fees and rebates for Non-Select Symbols in
Section II of the Schedule of Fees apply for complex orders in FX
Option Symbols. Currently, the Schedule of Fees notes that ``Complex
Order fees and rebates in Section II apply for FX Option Symbols.''
As this language is somewhat ambiguous, the Exchange proposes to
modify it to state that ``Complex Order fees and rebates for Non-
Select Symbols in Section II apply for FX Option Symbols.''
---------------------------------------------------------------------------

The Exchange proposes to increase the fee for responses to Crossing
Orders as follows. For regular orders in Select Symbols, Non-Select
Symbols, and FX Options Symbols, as well as complex orders in Select
Symbols, the fee for responses to Crossing Orders will be increased to
$0.45 per contract for all market participants,\17\ except that Early
Adopter Market Makers will continue to pay no response fee in Early
Adopter FX Option Symbols. For complex orders in Non-Select Symbols the
fee for responses to Crossing Orders will be $0.90 per contract for
Market Maker orders and $0.95 per contract for Non-ISE Market Maker,
Firm Proprietary/Broker-Dealer, Professional Customer, and Priority
Customer orders.
---------------------------------------------------------------------------

\17\ Under the proposed fee structure Market Maker responses to
Crossing Orders in Non-Select Symbols and FX Option Symbols will not
be eligible for the current tier discounts provided under Section
VI.C of the Schedule of Fees.
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4. PIM Fees and Break-up Rebate
Currently, the Exchange charges a fee for Crossing Orders which
applies to regular and complex orders executed in the ISE's
Facilitation, Solicited Order, Block Order, or Price Improvement
Mechanism (``PIM''), or submitted as a Qualified Contingent Cross
(``QCC'') order.\18\ This fee applies to Market Maker, Non-ISE Market
Maker, Firm Proprietary/Broker-Dealer, and Professional Customer orders
in regular and complex orders in Select and Non-Select Symbols, as well
as FX Option Symbols,\19\ and to regular Priority Customer orders in
singly listed Non-Select Symbols and FX Option Symbols only. For Non-
ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional
Customer orders the fee for Crossing Orders is $0.20 per contract
across all symbols for both regular and complex orders. Priority
Customer orders are also charged a fee of $0.20 per contract for
regular orders in singly listed Non-Select Symbols, but pay a higher
fee of $0.40 per contract in Early Adopter and other FX Option Symbols.
Priority Customer orders do not pay a fee for regular Crossing Orders
in Select Symbols or multiply listed Non-Select Symbols, or for complex
orders. Market Maker orders pay a fee of $0.20 per contract for regular
orders in Select Symbols,\20\ and in both Non-Select and FX Option
Symbols for orders sent by an EAM, as well as in complex orders.
Regular Market Maker orders in Non-Select and FX Option Symbols that
are not sent by an EAM are charged a fee of $0.22 per contract, subject
to

[[Page 17218]]

applicable tier discounts.\21\ Early Adopter Market Makers are not
charged a fee for Crossing Orders in Early Adopter FX Options symbols.
---------------------------------------------------------------------------

\18\ For complex orders the Exchange currently only charges the
largest leg.
\19\ Complex order fees and rebates for Non-Select Symbols in
Section II of the Schedule of Fees apply for complex orders in FX
Option Symbols.
\20\ This fee applies to both Market Makers and Market Maker
Plus.
\21\ See Schedule of Fees, Section VI.C for applicable tier
discounts.
---------------------------------------------------------------------------

The Exchange now proposes to adopt separate fees for PIM orders
that meet specified size requirements. In particular, the Exchange
proposes to charge a fee of $0.05 per contract for Market Maker, Non-
ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional
Customer orders for one hundred or fewer contracts executed in the PIM.
For complex orders, the quantity of the largest leg will be used to
determine if the order meets the size requirement for the reduced fee.
While currently only the largest leg of a complex Crossing Order is
charged a fee, however, the new proposed fee for complex PIM orders
will apply to all legs. For example, a Broker-Dealer complex PIM order
containing three option legs of 10 contracts each will be assessed a
fee equal to the total number of Broker-Dealer contracts (3 legs x 10
contracts each) multiplied by $0.05. For Members that execute an
average daily volume (``ADV'') in Priority Customer PIM orders of
20,000 or more contracts in a given month, the fee for Market Maker,
Non-ISE Market Maker, Firm Proprietary/Broker-Dealer, and Professional
Customer orders will be reduced further to $0.03 per contract, which
will be applied retroactively to all eligible PIM volume in that month
once the threshold has been reached.\22\ As is currently the case,
Priority Customer orders will not pay a fee for regular orders in
Select Symbols, multiply listed Non-Select Symbols, or for complex
orders, and Early Adopter Market Makers will not pay a fee in Early
Adopter FX Options Symbols, for orders executed in the PIM. The
Exchange will continue to charge regular Priority Customer orders in
singly listed Non-Select Symbols and FX Option Symbols (including Early
Adopter FX Option Symbols) at the applicable rate for Crossing Orders.
Fees for PIM orders of greater than 100 contracts, as well as orders
executed in the Exchange's other crossing mechanisms, will also remain
at their current rates but fees for PIM orders of greater than 100
contracts, like the fees for a PIM order of 100 or fewer contracts,
will now be charged for all legs.
---------------------------------------------------------------------------

\22\ Under the proposed fee structure Market Maker PIM orders of
100 or fewer contracts in Non-Select Symbols and FX Option Symbols
will not be eligible for the current tier discounts provided under
Section VI.C of the Schedule of Fees.
---------------------------------------------------------------------------

For regular and complex PIM orders in Select Symbols that do not
trade with their contra order, the Exchange currently provides a break-
up rebate of $0.25 per contract for Non-ISE Market Maker, Firm
Proprietary/Broker-Dealer, Professional Customer, and Priority Customer
orders in Select Symbols.\23\ The Exchange proposes to increase this
rebate to $0.35 per contract. In addition, the Exchange proposes to
introduce a new break-up rebate for regular and complex orders in Non-
Select Symbols and in FX Option Symbols executed in the PIM by the
above listed market participants. This rebate will be $0.15 per
contract for regular orders in Non-Select Symbols and in FX Option
Symbols, and $0.80 per contract for complex orders in Non-Select
Symbols.\24\ Market Makers are not permitted to enter orders into PIM
and will therefore not be eligible for this rebate.
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\23\ The fee for Crossing Orders is applied to any contracts for
which a rebate is provided.
\24\ The applicable fee is applied to any contracts for which a
rebate is provided.
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5. Priority Customer Complex Order Tiers
The Exchange currently provides volume-based tiered rebates for
Priority Customer complex orders when these orders trade with non-
Priority Customer orders in the complex order book,\25\ or trade with
quotes and orders on the regular order book.\26\ These complex order
rebates are provided to Members based on the Member's ADV in Priority
Customer complex contracts in six volume tiers as follows: 0 to 39,999
(Tier 1), 40,000 to 74,999 (Tier 2), 75,000 to 124,999 (Tier 3),
125,000 to 224,999 (Tier 4), 225,000 to 299,999 (Tier 5), 300,000 or
more (Tier 6). A Member that executes an ADV of 40,000 to 74,999
Priority Customer complex contracts (i.e., Tier 2) is entitled to a
rebate of $0.37 per contract for Select Symbols (excluding SPY), $0.40
per contract for SPY, and $0.75 per contract for non-Select Symbols, in
each case when trading with non-Priority Customer orders in the complex
order book. When trading against quotes and orders on the regular order
book this rebate is $0.14 per contract for all symbols (excluding SPY),
and $0.15 per contract for SPY.
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\25\ The Exchange offers a rebate in Standard and Mini Options
for Priority Customer complex orders in (i) Select Symbols
(excluding SPY), (ii) SPY, and (iii) non-Select Symbols, when these
orders trade with non-Priority Customer orders in the complex order
book.
\26\ The Exchange offers a rebate in Standard and Mini Options
for Priority Customer complex orders that trade with quotes and
orders on the regular order book in (i) SPY, and (ii) other symbols
excluding SPY.
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The Exchange now proposes to decrease the volume requirements
necessary for achieving Tier 2 Priority Customer complex order rebates.
As proposed, a Member that executes an ADV of 30,000 to 74,999 Priority
Customer complex contracts will now be entitled to the Tier 2 rebates
described above. Members that execute an ADV of 0 to 29,999 Priority
Customer complex contracts will continue to receive Tier 1 rebates. By
decreasing the lower ADV threshold for Tier 2 from 40,000 contracts to
30,000 contracts the Exchange expects to attract additional Priority
Customer complex order volume to the ISE.
In addition, the Exchange proposes to delete outdated footnote
references to an incremental tier for Priority Customer complex volume
that was recently replaced with a new tier that applies retroactively
to all Priority Customer complex volume.\27\
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\27\ See Exchange Act Release No. 70873 (November 14, 2013), 78
FR 69714 (November 20, 2013) (SR-ISE-2013-56).
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6. Credit for Responses to Flash Orders
Currently, when the ISE is not at the National Best Bid or Offer
(``NBBO''), Public Customer \28\ and Non-Customer \29\ orders are
exposed to all ISE members to give them an opportunity to match the
NBBO (``Flash Orders'') before the order is routed to another exchange
for execution or is cancelled.\30\ As an incentive to attract Public
Customer orders to the ISE, the Exchange offers a Credit for Responses
to Flash Orders when trading against Priority and Professional Customer
orders.\31\ In Select Symbols, this credit is $0.10 per contract when
trading against Priority or Professional Customer orders or $0.12 per
contract when trading against Preferenced Priority Customer orders.\32\
In non-Select Symbols the credit is $0.20 per contract when trading
against Professional Customer orders only. The Exchange now proposes to
decrease the Credit for Responses to Flash Orders to $0.05 per contract
when trading against

[[Page 17219]]

Priority Customer orders in Select Symbols or Professional Customer
orders in Select and Non-Select Symbols. The Exchange will no longer
offer an increased credit for trading against Preferenced Priority
Customer orders.
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\28\ The term ``Public Customer'' means a person or entity that
is not a broker or dealer in securities. Public Customers include
both Priority and Professional Customers.
\29\ The term ``Non-Customer'' means a person or entity that is
a broker or dealer in securities.
\30\ A ``Flash Order'' is an order that is exposed at the NBBO
by the Exchange to all members for execution, as provided under
Supplementary Material .02 to ISE Rule 1901.
\31\ No fee is charged or credit provided when trading against a
non-Customer.
\32\ The credit for responses to Preferenced Priority Customer
orders applies to an ISE Market Maker when trading against a
Priority Customer order that is preferenced to that Market Maker.
---------------------------------------------------------------------------

7. ISE Gemini Name Change
Finally, the Exchange notes that its sister exchange recently filed
to change its name from the Topaz Exchange, LLC to ISE Gemini, LLC.\33\
Certain text in the ISE Schedule of Fees references the Topaz Exchange,
LLC in noting that certain fees provide connectivity to both
exchanges.\34\ The Exchange proposes to replace all references to the
Topaz Exchange, LLC with updated references to ISE Gemini, LLC.
---------------------------------------------------------------------------

\33\ See Exchange Act Release No. 71586 (February 20, 2014), 79
FR 10861 (February 26, 2014) (SR-Topaz-2014-06).
\34\ See Exchange Act Release No. 71324 (January 16, 2014), 79
FR 3911 (January 23, 2014) (SR-ISE-2014-01).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\35\ in general, and
Section 6(b)(4) of the Act,\36\ in particular, in that it is designed
to provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
The Exchange is retooling its fees and rebates in order to remain
competitive with other options exchanges and believes that each of
these changes are reasonable, equitable, and not unfairly
discriminatory for the reasons discussed below. The Exchange believes
that taken as a whole the proposed changes, which increase certain fees
in addition to providing higher rebates, will be attractive to market
participants that trade on the ISE.
---------------------------------------------------------------------------

\35\ 15 U.S.C. 78f.
\36\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

1. Market Maker Plus Rebate for Select Symbols
The Exchange believes that the proposed increase to the Market
Maker Plus rebate is reasonable and equitable because it will encourage
Market Makers to post tighter markets in Select Symbols and thereby
maintain liquidity and attract additional order flow to the ISE, which
will ultimately benefit all market participants that trade on the
Exchange. The Market Maker Plus rebate is competitive with incentives
provided by other exchanges, and has proven to be an effective
incentive for Market Makers to provide liquidity in Select Symbols. The
Exchange believes that the proposed Market Maker Plus rebate is
reasonable and equitably allocated to those members that direct orders
to the Exchange rather than to a competing exchange. The Exchange also
believes that the new Market Maker Plus rebate is not unfairly
discriminatory because all Market Makers can achieve the higher rebates
by satisfying the applicable Market Maker Plus requirements.
Furthermore, the Exchange believes that the proposed changes to
qualification requirements are reasonable, equitable, and not unfairly
discriminatory as they are designed to focus attention on tighter
quoting by Market Makers in the front two expiration months, and to a
smaller subset of series trading within the proposed premium
parameters, where the majority of trading volume occurs. The Exchange
believes that these changes will encourage higher participation in the
Market Maker Plus program, while still incentivizing market makers to
post tighter markets in the series identified above.
2. Taker Fee for Select Symbols
The Exchange believes that its proposal to decrease the taker fee
for Priority Customer orders, and to increase the taker fee for Non-ISE
Market Maker, Firm Proprietary/Broker-Dealer, and Professional Customer
orders in Select Symbols is reasonable and equitable because the
proposed fees are within the range of fees assessed by other exchanges
employing similar pricing schemes. While the Exchange is proposing a
fee increase for certain market participants, the proposed fees are
lower, for example, than the fee for removing liquidity currently
charged by the NASDAQ Options Market (``NOM''), which ranges from $0.47
per contract to $0.49 per contract in penny pilot symbols.\37\
---------------------------------------------------------------------------

\37\ See NOM Rules, Chapter XV Options Pricing, Sec. 2 NASDAQ
Options Market--Fees and Rebates.
---------------------------------------------------------------------------

The Exchange notes that with this proposed fee change, the fee
charged to Priority Customer orders will remain lower (as it
historically has always been) than the fee charged to other market
participants, including Professional Customers. The Exchange believes
that it is equitable and not unfairly discriminatory to charge a lower
fee for Priority Customer orders than Professional Customer orders as a
Priority Customer is by definition not a broker or dealer in
securities, and does not place more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s). This limitation does not apply to participants whose
behavior is substantially similar to that of market professionals,
including Professional Customers, who will generally submit a higher
number of orders (many of which do not result in executions) than
Priority Customers. The Exchange believes that attracting more
liquidity from Priority Customers will benefit all market participants
that trade on the ISE.
3. Responses to Crossing Orders
The Exchange believes that the proposed increase to fees for
responses to Crossing Orders is reasonable, equitable, and not unfairly
discriminatory. As proposed, the response fee will now be uniform for
regular orders in Select and Non-Select Symbols, as well as FX Options
Symbols, across all market participant types. As is currently the case,
the Exchange will continue to charge a higher fee for responses to
complex Crossing Orders in Non-Select symbols, which reflects the
higher fees generally charged for complex orders in these symbols. The
Exchange notes that Priority Customers will now pay a fee for responses
to complex Crossing Orders in Non-Select Symbols, eliminating an
incentive previously provided to Priority Customer orders in those
symbols. The Exchange believes that this proposed change is reasonable,
equitable, and not unfairly discriminatory as the response fee for
complex Crossing Orders executed for Priority Customers in Non-Select
Symbols will now be in line with the fees charged to other market
participants, as is the case currently in Select Symbols. Furthermore,
while Market Makers will be entitled to a lower response fee than other
market participants for complex Crossing Orders in Non-Select Symbols,
the Exchange believes that this is appropriate and not unfairly
discriminatory because Market Makers have different requirements and
obligations to the Exchange that other market participants do not (such
as quoting requirements). The Exchange believes that it is equitable
and not unfairly discriminatory to charge higher fees to market
participants that do not have the requirements and obligations that
Market Makers do.
4. PIM Fees and Break-up Rebate
The Exchange believes that the proposed changes to PIM fees and the
break-up rebate are reasonable, equitable, and not unfairly
discriminatory. By increasing the break-up rebate provided for
contracts that are submitted to PIM that do not trade with their contra
order, and lowering fees for

[[Page 17220]]

PIM orders of one hundred or fewer contracts, the fee change is
designed to encourage Members to execute this order flow in the PIM
rather than on competing exchanges. In connection with this proposed
change, the Exchange believes that it is reasonable and equitable to
provide a significantly higher break-up rebate for complex PIM orders
in Non-Select symbols, which reflects the higher level of fees and
rebates generally offered for complex orders in these symbols. While
the Exchange will now charge for all legs of complex PIM orders, the
Exchange believes that market participants will benefit from lower
overall fees for their PIM trades. In addition, providing a further
discount to Members that execute a higher ADV of Priority Customer PIM
orders will encourage Members to send additional order flow to the ISE
in order to qualify for the reduced fees. While this incentive is
specifically targeted towards Priority Customer orders, the Exchange
does not believe that this is unfairly discriminatory. Priority
Customer orders on the Exchange are generally entitled to lower or no
fees as the Exchange believes that attracting more liquidity from
Priority Customers will benefit all market participants that trade on
the ISE.
5. Priority Customer Complex Order Tiers
The Exchange believes that it is reasonable, equitable, and not
unfairly discriminatory to decrease the volume requirements necessary
for achieving Tier 2 Priority Customer complex order rebates as this
proposed change is designed to attract additional Priority Customer
complex order volume to the ISE. The Exchange already provides volume-
based tiered rebates for Priority Customer complex orders, and believes
that lowering the volume threshold for the second tier of complex order
rebates will incentivize Members to send additional order flow to the
ISE in order to achieve the more attainable rebates for their Priority
Customer complex order volume. In addition, the Exchange believes that
it is reasonable, equitable, and not unfairly discriminatory to delete
inapplicable footnote text as this is a non-substantive change intended
to reduce investor confusion.
6. Credit for Responses to Flash Orders
The Exchange believes that it is reasonable and equitable to
decrease the Credit for Responses to Flash Orders as the higher credits
previously offered were unsuccessful in encouraging market participants
to respond to Flash Orders. The Exchange has recently experimented with
higher credits,\38\ and has now determined to offer a reduced
incentive. In addition, the Exchange believes that the proposed change
is equitable and not unfairly discriminatory as the credit provided
will now be the same for all Priority Customer orders in Select Symbols
and Professional Customer Orders in Select and Non-Select symbols. The
Exchange does not believe that the proposed change will affect the
execution quality of Public Customer orders, which, in the absence of
sufficient responses, will continue to be routed to the market with the
best price in accordance with the ISE's linkage handling rules.
---------------------------------------------------------------------------

\38\ See Securities Exchange Act Release No. 70873 (November 14,
2013), 78 FR 69714 (November 20, 2013) (SR-ISE-2013-56).
---------------------------------------------------------------------------

7. ISE Gemini Name Change
The Exchange believes that it is reasonable, equitable, and not
unfairly discriminatory to update references to the name of its sister
exchange as this is a non-substantive change. ISE Gemini, LLC, which
was formerly known as the Topaz Exchange, LLC, recently filed to change
its name, and the ISE believes that updating references to its sister
exchange in the fee schedule will reduce investor confusion.
The Exchange notes that it has determined to charge fees and
provide rebates in Mini Options at a rate that is 1/10th the rate of
fees and rebates the Exchange provides for trading in Standard Options.
The Exchange believes it is reasonable and equitable and not unfairly
discriminatory to assess lower fees and rebates to provide market
participants an incentive to trade Mini Options on the Exchange. The
Exchange believes the proposed fees and rebates are reasonable and
equitable in light of the fact that Mini Options have a smaller
exercise and assignment value, specifically 1/10th that of a standard
option contract, and, as such, is providing fees and rebates for Mini
Options that are 1/10th of those applicable to Standard Options.

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

In accordance with Section 6(b)(8) of the Act,\39\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the Exchange believes that the proposed rule change is pro-competitive
as it is designed to attract additional order flow to the ISE. While
the Exchange is increasing the fees for certain market participants,
the Exchange does not believe that this will cause an undue burden on
competition as the increased fees are still within the range of fees
charged by other options exchanges. The Exchange operates in a highly
competitive market in which market participants can readily direct
their order flow to competing venues. In such an environment, the
Exchange must continually review, and consider adjusting, its fees to
remain competitive with other exchanges. For the reasons described
above, the Exchange believes that the proposed fee changes reflect this
competitive environment.
---------------------------------------------------------------------------

\39\ 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

The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \40\ and subparagraph (f)(2) of Rule 19b-4
thereunder,\41\ because it establishes a due, fee, or other charge
imposed by ISE.
---------------------------------------------------------------------------

\40\ 15 U.S.C. 78s(b)(3)(A)(ii).
\41\ 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 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 to
determine whether the proposed rule 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:

Electronic Comments

Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or

[[Page 17221]]

Send an Email to rule-comments@sec.gov. Please include
File No. SR-ISE-2014-17 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2014-17. 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 ISE. 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-ISE-2014-17 and should be
submitted by April 17, 2014.
---------------------------------------------------------------------------

\42\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-06759 Filed 3-26-14; 8:45 am]
BILLING CODE 8011-01-P

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