Options Price Reporting Authority; Notice of Filing of Proposed Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Amend Sections 5.4 and 7.1 of the OPRA Plan, 48779-48780 [2014-19476]
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Federal Register / Vol. 79, No. 159 / Monday, August 18, 2014 / Notices
Act. Comments may be submitted by
any of the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–72820; File No. SR–OPRA–
2013–03]
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File No. SR–
OPRA–2014–06 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.
mstockstill on DSK4VPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–OPRA–2014–06. 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 plan
amendment that are filed with the
Commission, and all written
communications relating to the
proposed plan amendment 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 OPRA. 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–OPRA–
2014–06 and should be submitted on or
before September 4, 2014.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–19482 Filed 8–15–14; 8:45 am]
BILLING CODE 8011–01–P
VerDate Mar<15>2010
16:57 Aug 15, 2014
Jkt 232001
Options Price Reporting Authority;
Notice of Filing of Proposed
Amendment to the Plan for Reporting
of Consolidated Options Last Sale
Reports and Quotation Information To
Amend Sections 5.4 and 7.1 of the
OPRA Plan
August 12, 2014.
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on October
21, 2013, the Options Price Reporting
Authority, LLC (‘‘OPRA’’) submitted to
the Securities and Exchange
Commission (‘‘Commission’’) an
amendment to the Plan for Reporting of
Consolidated Options Last Sale Reports
and Quotation Information (‘‘OPRA
Plan’’).3 The proposed amendment
would modify Sections 5.4 and 7.1 of
the OPRA Plan as they pertain to
operations of OPRA outside of its
regular hours of operations. The
Commission is publishing this notice to
solicit comments from interested
persons on the proposed OPRA Plan
amendment.
I. Description and Purpose of the Plan
Amendment
The purpose of the proposed
amendment is to amend the OPRA Plan
so that it provides for the aggregation of
costs for operations of OPRA outside of
its regular hours of operations (‘‘afterhours operations’’) with costs for
operations of OPRA during its regular
hours of operations (‘‘regular-hours
operations’’) and states expressly that
OPRA may establish separate fees for
access to OPRA data during periods of
after-hours operations.
1 15
U.S.C. 78k–1.
CFR 242.608.
3 The OPRA Plan is a national market system plan
approved by the Commission pursuant to Section
11A of the Act and Rule 608 thereunder (formerly
Rule 11Aa3–2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C.
Docket 484 (March 31, 1981). The full text of the
OPRA Plan is available at https://
www.opradata.com. The OPRA Plan provides for
the collection and dissemination of last sale and
quotation information on options that are traded on
the participant exchanges. The twelve participants
to the OPRA Plan are BATS Exchange, Inc., BOX
Options Exchange, LLC, Chicago Board Options
Exchange, Incorporated, C2 Options Exchange,
Incorporated, International Securities Exchange,
LLC, Miami International Securities Exchange, LLC,
NASDAQ OMX BX, Inc., NASDAQ OMX PHLX
LLC, NASDAQ Stock Market LLC, NYSE MKT LLC,
NYSE Arca, Inc., and the Topaz Exchange, LLC
(d/b/a ISE Gemini).
2 17
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
48779
One of OPRA’s member exchanges
has indicated that it is planning to
initiate after-hours trading and to
request OPRA to operate during the
after-hours period when its market is
open for trading.4 No exchange has
previously made such a request, and as
a result OPRA currently does not
operate outside of its regular hours of
operations.
Currently, the OPRA Plan provides
that the costs of OPRA’s after-hour
operations are to be allocated separately
from the costs of OPRA’s regular-hour
operations and in a somewhat different
manner. In essence, the Plan currently
provides that the costs of OPRA’s
regular-hour operations below a
specified ceiling 5 and OPRA’s revenues
from regular-hour operations are both to
be allocated among the OPRA member
exchanges on the basis of the relative
number of compared trades in options
contracts traded on each of the OPRA
member exchanges.6
The current provisions of the Plan
state that, if the OPRA System operates
outside of OPRA’s regular hours, any
costs attributable to such operation will
be allocated to the exchange or
exchanges that are actually operating
during the after-hours period. The Plan
does not make any special provision for
the allocation of revenues resulting from
fees for access to OPRA data generated
in the course of after-hours operations,
and the Plan therefore provides that
4 The OPRA Plan provides that the OPRA System
will operate outside of its regular hours of operation
at the request of any one or more of its member
exchanges. See Section 5.3 of the OPRA Plan
(available on the OPRA Web site,
www.opradata.com, under the ‘‘OPRA Plan’’ tab).
OPRA is not proposing to amend Section 5.3 of the
OPRA Plan.
5 Clause 7.1(a)(iii)(2) of the Plan provides that
costs above a ‘‘specified ceiling’’ are to be allocated
in accordance with OPRA’s Capacity Guidelines.
(OPRA’s Capacity Guidelines are available on the
OPRA Web site, also under the ‘‘OPRA Plan’’ tab.)
The ‘‘ceiling’’ is described in Guideline 7 of the
Capacity Guidelines. OPRA is not proposing any
change in the allocation of costs that is described
in the Capacity Guidelines.
6 Section 7.1 of the Plan provides for three
‘‘accounting centers’’: The foreign currency option
or ‘‘FCO’’ accounting center, the index option
accounting center and the ‘‘basic’’ accounting
center—the accounting center for all options other
than foreign currency and index options. Section
7.1 describes the allocation of revenues and
expenses associated with OPRA’s regular-hour
operations first among these three accounting
centers and then within each of these accounting
centers. OPRA does not currently incur costs
specifically attributable to either the FCO
accounting center or the index option accounting
center, and does not allocate revenues to either of
these accounting centers. Both the allocation of
costs among the accounting centers and the
allocation of costs within each accounting center are
therefore on the basis of the relative number of
compared trades in options contracts traded on
each of the OPRA member exchanges. See, e.g.,
Section 7.1(a)(iii)(B) of the Plan.
E:\FR\FM\18AUN1.SGM
18AUN1
mstockstill on DSK4VPTVN1PROD with NOTICES
48780
Federal Register / Vol. 79, No. 159 / Monday, August 18, 2014 / Notices
these revenues will be allocated among
the OPRA member exchanges in the
same way that revenues derived from
regular-hours operations are allocated.
The result is that the Plan currently
provides for the allocation of costs of
after-hours trading only to the exchange
or exchanges that are actually operating
during the after-hours period, but for the
allocation of revenues resulting from
fees for access to quotation and last sale
information generated in the course of
after-hours operations to all of the
OPRA member exchanges on the basis
of the relative number of compared
trades in options contracts traded on
each of the OPRA member exchanges in
trading during both regular hours and
outside of regular hours.
OPRA is therefore proposing to revise
the Plan to provide that the costs of
after-hours operations will be aggregated
with the costs of operating the OPRA
System during regular hours of
operation. The consequence of the
revision would be that the aggregated
costs of operating the System during all
hours of operation would be allocated
among all of OPRA’s member
exchanges, regardless of whether any
particular exchange operates its market
outside of regular hours. OPRA believes
that this amendment will better align
the provisions of the Plan relating to the
allocation of costs of after-hours
operations with the provisions of the
Plan relating to the allocation of
revenues derived from after-hours
trading.
OPRA’s Fee Schedule does not
currently provide for fees specifically
for access to OPRA data during periods
of after-hours operations. OPRA believes
that, in order to fairly allocate the
burden of funding OPRA’s after-hours
operations to those persons who choose
to have access to OPRA information
during periods of after-hours operations,
it will be appropriate to establish such
fees rather than increase its current fees,
and OPRA is proposing to add a
sentence in Section 5.4(d) to state
expressly that it may establish such
fees.7 However, OPRA is not proposing
in this filing to amend its Fee Schedule
to establish fees for access to data
generated in after-hours trading.
The text of the proposed amendment
to the OPRA Plan is available at OPRA,
the Commission’s Public Reference
Room, https://opradata.com, and on the
Commission’s Web site at www.sec.gov.
7 OPRA is also proposing in this filing to make
a non-substantive change to Section 5.4(d) to reflect
that the OPRA Fee Schedule is no longer identified
as ‘‘Exhibit B’’ to the OPRA Plan but is publicly
available on the OPRA Web site under the ‘‘Fees’’
tab.
VerDate Mar<15>2010
17:44 Aug 15, 2014
Jkt 232001
II. Implementation of the OPRA Plan
Amendment
2013–03 and should be submitted on or
before September 8, 2014.
OPRA will implement the proposed
amendment to the OPRA Plan after this
filing has been approved by the
Commission in accordance with
paragraph (b)(1) of Rule 608 of
Regulation NMS under the Act.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–19476 Filed 8–15–14; 8:45 am]
BILLING CODE 8011–01–P
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed OPRA
Plan amendment is consistent with the
Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File No. SR–
OPRA–2013–03 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–OPRA–2013–03. 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 plan
amendment that are filed with the
Commission, and all written
communications relating to the
proposed plan amendment 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 OPRA. 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–OPRA–
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72824; File No. SR–OPRA–
2014–03]
Options Price Reporting Authority;
Notice of Filing of Proposed
Amendment to the Plan for Reporting
of Consolidated Options Last Sale
Reports and Quotation Information To
Amend OPRA’s Definition of the Term
‘‘Nonprofessional’’
August 12, 2014.
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on March 11,
2014, the Options Price Reporting
Authority (‘‘OPRA’’) submitted to the
Securities and Exchange Commission
(‘‘Commission’’) an amendment to the
Plan for Reporting of Consolidated
Options Last Sale Reports and
Quotation Information (‘‘OPRA Plan’’).3
The proposed amendment revises
definition of the term
‘‘Nonprofessional.’’ The Commission is
publishing this notice to solicit
comments from interested persons on
the proposed OPRA Plan amendment.
I. Description and Purpose of the Plan
Amendment
The purpose of the proposed
amendment is to revise OPRA’s
definition of the term
‘‘Nonprofessional.’’
1 15
U.S.C. 78k–1.
CFR 242.608.
3 The OPRA Plan is a national market system plan
approved by the Commission pursuant to Section
11A of the Act and Rule 608 thereunder (formerly
Rule 11Aa3–2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C.
Docket 484 (March 31, 1981). The full text of the
OPRA Plan is available at https://
www.opradata.com. The OPRA Plan provides for
the collection and dissemination of last sale and
quotation information on options that are traded on
the participant exchanges. The twelve participants
to the OPRA Plan are BATS Exchange, Inc., BOX
Options Exchange, LLC, Chicago Board Options
Exchange, Incorporated, C2 Options Exchange,
Incorporated, International Securities Exchange,
LLC, Miami International Securities Exchange, LLC,
NASDAQ OMX BX, Inc., NASDAQ OMX PHLX
LLC, NASDAQ Stock Market LLC, NYSE MKT LLC,
NYSE Arca, Inc., and the Topaz Exchange, LLC
(d/b/a ISE Gemini).
2 17
E:\FR\FM\18AUN1.SGM
18AUN1
]]>Agencies
[Federal Register Volume 79, Number 159 (Monday, August 18, 2014)]
[Notices]
[Pages 48779-48780]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-19476]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72820; File No. SR-OPRA-2013-03]
Options Price Reporting Authority; Notice of Filing of Proposed
Amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotation Information To Amend Sections 5.4 and 7.1 of the
OPRA Plan
August 12, 2014.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that
on October 21, 2013, the Options Price Reporting Authority, LLC
(``OPRA'') submitted to the Securities and Exchange Commission
(``Commission'') an amendment to the Plan for Reporting of Consolidated
Options Last Sale Reports and Quotation Information (``OPRA Plan'').\3\
The proposed amendment would modify Sections 5.4 and 7.1 of the OPRA
Plan as they pertain to operations of OPRA outside of its regular hours
of operations. The Commission is publishing this notice to solicit
comments from interested persons on the proposed OPRA Plan amendment.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The OPRA Plan is a national market system plan approved by
the Commission pursuant to Section 11A of the Act and Rule 608
thereunder (formerly Rule 11Aa3-2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31,
1981). The full text of the OPRA Plan is available at https://www.opradata.com. The OPRA Plan provides for the collection and
dissemination of last sale and quotation information on options that
are traded on the participant exchanges. The twelve participants to
the OPRA Plan are BATS Exchange, Inc., BOX Options Exchange, LLC,
Chicago Board Options Exchange, Incorporated, C2 Options Exchange,
Incorporated, International Securities Exchange, LLC, Miami
International Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ
OMX PHLX LLC, NASDAQ Stock Market LLC, NYSE MKT LLC, NYSE Arca,
Inc., and the Topaz Exchange, LLC (d/b/a ISE Gemini).
---------------------------------------------------------------------------
I. Description and Purpose of the Plan Amendment
The purpose of the proposed amendment is to amend the OPRA Plan so
that it provides for the aggregation of costs for operations of OPRA
outside of its regular hours of operations (``after-hours operations'')
with costs for operations of OPRA during its regular hours of
operations (``regular-hours operations'') and states expressly that
OPRA may establish separate fees for access to OPRA data during periods
of after-hours operations.
One of OPRA's member exchanges has indicated that it is planning to
initiate after-hours trading and to request OPRA to operate during the
after-hours period when its market is open for trading.\4\ No exchange
has previously made such a request, and as a result OPRA currently does
not operate outside of its regular hours of operations.
---------------------------------------------------------------------------
\4\ The OPRA Plan provides that the OPRA System will operate
outside of its regular hours of operation at the request of any one
or more of its member exchanges. See Section 5.3 of the OPRA Plan
(available on the OPRA Web site, www.opradata.com, under the ``OPRA
Plan'' tab). OPRA is not proposing to amend Section 5.3 of the OPRA
Plan.
---------------------------------------------------------------------------
Currently, the OPRA Plan provides that the costs of OPRA's after-
hour operations are to be allocated separately from the costs of OPRA's
regular-hour operations and in a somewhat different manner. In essence,
the Plan currently provides that the costs of OPRA's regular-hour
operations below a specified ceiling \5\ and OPRA's revenues from
regular-hour operations are both to be allocated among the OPRA member
exchanges on the basis of the relative number of compared trades in
options contracts traded on each of the OPRA member exchanges.\6\
---------------------------------------------------------------------------
\5\ Clause 7.1(a)(iii)(2) of the Plan provides that costs above
a ``specified ceiling'' are to be allocated in accordance with
OPRA's Capacity Guidelines. (OPRA's Capacity Guidelines are
available on the OPRA Web site, also under the ``OPRA Plan'' tab.)
The ``ceiling'' is described in Guideline 7 of the Capacity
Guidelines. OPRA is not proposing any change in the allocation of
costs that is described in the Capacity Guidelines.
\6\ Section 7.1 of the Plan provides for three ``accounting
centers'': The foreign currency option or ``FCO'' accounting center,
the index option accounting center and the ``basic'' accounting
center--the accounting center for all options other than foreign
currency and index options. Section 7.1 describes the allocation of
revenues and expenses associated with OPRA's regular-hour operations
first among these three accounting centers and then within each of
these accounting centers. OPRA does not currently incur costs
specifically attributable to either the FCO accounting center or the
index option accounting center, and does not allocate revenues to
either of these accounting centers. Both the allocation of costs
among the accounting centers and the allocation of costs within each
accounting center are therefore on the basis of the relative number
of compared trades in options contracts traded on each of the OPRA
member exchanges. See, e.g., Section 7.1(a)(iii)(B) of the Plan.
---------------------------------------------------------------------------
The current provisions of the Plan state that, if the OPRA System
operates outside of OPRA's regular hours, any costs attributable to
such operation will be allocated to the exchange or exchanges that are
actually operating during the after-hours period. The Plan does not
make any special provision for the allocation of revenues resulting
from fees for access to OPRA data generated in the course of after-
hours operations, and the Plan therefore provides that
[[Page 48780]]
these revenues will be allocated among the OPRA member exchanges in the
same way that revenues derived from regular-hours operations are
allocated. The result is that the Plan currently provides for the
allocation of costs of after-hours trading only to the exchange or
exchanges that are actually operating during the after-hours period,
but for the allocation of revenues resulting from fees for access to
quotation and last sale information generated in the course of after-
hours operations to all of the OPRA member exchanges on the basis of
the relative number of compared trades in options contracts traded on
each of the OPRA member exchanges in trading during both regular hours
and outside of regular hours.
OPRA is therefore proposing to revise the Plan to provide that the
costs of after-hours operations will be aggregated with the costs of
operating the OPRA System during regular hours of operation. The
consequence of the revision would be that the aggregated costs of
operating the System during all hours of operation would be allocated
among all of OPRA's member exchanges, regardless of whether any
particular exchange operates its market outside of regular hours. OPRA
believes that this amendment will better align the provisions of the
Plan relating to the allocation of costs of after-hours operations with
the provisions of the Plan relating to the allocation of revenues
derived from after-hours trading.
OPRA's Fee Schedule does not currently provide for fees
specifically for access to OPRA data during periods of after-hours
operations. OPRA believes that, in order to fairly allocate the burden
of funding OPRA's after-hours operations to those persons who choose to
have access to OPRA information during periods of after-hours
operations, it will be appropriate to establish such fees rather than
increase its current fees, and OPRA is proposing to add a sentence in
Section 5.4(d) to state expressly that it may establish such fees.\7\
However, OPRA is not proposing in this filing to amend its Fee Schedule
to establish fees for access to data generated in after-hours trading.
---------------------------------------------------------------------------
\7\ OPRA is also proposing in this filing to make a non-
substantive change to Section 5.4(d) to reflect that the OPRA Fee
Schedule is no longer identified as ``Exhibit B'' to the OPRA Plan
but is publicly available on the OPRA Web site under the ``Fees''
tab.
---------------------------------------------------------------------------
The text of the proposed amendment to the OPRA Plan is available at
OPRA, the Commission's Public Reference Room, https://opradata.com, and
on the Commission's Web site at www.sec.gov.
II. Implementation of the OPRA Plan Amendment
OPRA will implement the proposed amendment to the OPRA Plan after
this filing has been approved by the Commission in accordance with
paragraph (b)(1) of Rule 608 of Regulation NMS under the Act.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed OPRA
Plan amendment is consistent with the Act. Comments may be submitted by
any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File No. SR-OPRA-2013-03 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-OPRA-2013-03. 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 plan amendment that are
filed with the Commission, and all written communications relating to
the proposed plan amendment 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 OPRA.
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-OPRA-2013-03
and should be submitted on or before September 8, 2014.
By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-19476 Filed 8-15-14; 8:45 am]
BILLING CODE 8011-01-P
