Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Price List To Revise Fees and Credits for Mid-Point Passive Liquidity Orders and Non Displayed Reserve Orders and To Revise Credits Applicable to Certain Transactions at the Open, Certain Designated Market Maker Transactions, and Certain Supplemental Liquidity Provider Transactions, 34475-34480 [2015-14668]
Download as PDF
<![CDATA[
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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.7 At any time
within 60 days of the filing of the
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:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
Phlx–2015–48 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–Phlx–2015–48. 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
7 15
U.S.C. 78s(b)(3)(A)(ii).
VerDate Sep<11>2014
18:21 Jun 15, 2015
Jkt 235001
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 the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–Phlx–
2015–48 and should be submitted on or
July 7, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–14671 Filed 6–15–15; 08:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75139; File No. SR–NYSE–
2015–28]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending the
Price List To Revise Fees and Credits
for Mid-Point Passive Liquidity Orders
and Non Displayed Reserve Orders
and To Revise Credits Applicable to
Certain Transactions at the Open,
Certain Designated Market Maker
Transactions, and Certain
Supplemental Liquidity Provider
Transactions
June 10, 2015.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on May 27,
2015, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
34475
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 Exchange proposes to amend its
Price List to revise (i) fees and credits
for Mid-Point Passive Liquidity Orders
and Non-Displayed Reserve Orders; (ii)
credits applicable to certain transactions
at the open; (iii) credits applicable to
certain Designated Market Maker
transactions; and (iv) credits applicable
to Supplemental Liquidity Providers.
The Exchange proposes to implement
the fee change effective June 1, 2015.
The text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Price List to revise (i) fees and credits
for Mid-Point Passive Liquidity (‘‘MPL’’)
Orders and Non-Displayed Reserve
Orders; (ii) credits applicable to certain
transactions at the open; (iii) credits
applicable to certain Designated Market
Maker (‘‘DMM’’) transactions; and (iv)
credits applicable to Supplemental
Liquidity Providers (‘‘SLPs’’).
MPL Orders and Non-Displayed Reserve
Orders
An MPL Order is an undisplayed
limit order that trades at the mid-point
of the best protected bid (‘‘PBB’’) and
best protected offer (‘‘PBO’’), as such
terms are defined in Regulation NMS
Rule 600(b)(57) (together, ‘‘PBBO’’).
The Exchange currently charges
$0.0025 per share for all MPL Orders,
not designated as ‘‘retail’’ under Rule
13, for securities priced $1.00 or more
that remove liquidity from the
E:\FR\FM\16JNN1.SGM
16JNN1
asabaliauskas on DSK5VPTVN1PROD with NOTICES
34476
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
Exchange. The Exchange proposes to
amend its Price List to increase the
charge for such MPL Orders from
$0.0025 per share to $0.0027 per share.
The proposed change would not affect
transaction fees for MPL Orders that
remove liquidity from the Exchange and
that are designated with a ‘‘retail
modifier’’ as defined in Rule 13.4
The Exchange currently provides a
credit of $0.0020 per share for
executions of MPL Orders that provide
liquidity for securities priced $1.00 or
more. With respect to market
participants, including floor brokers and
SLPs, but not DMMs, the Exchange
proposes to amend its Price List to
replace the credit of $0.0020 per share
for MPL Orders that provide liquidity
for securities priced $1.00 or more with
the following credits:
• A $0.0030 per share transaction
credit for MPL Orders that provide
liquidity from a member organization
that has Adding ADV in MPL Orders
that is at least 1.5 million shares,
excluding any liquidity added by a
Designated Market Maker (‘‘MPL Order
Tier’’).5
• A $0.0015 per share transaction
credit for MPL Orders that provide
liquidity from a member organization
that does not meet the above Adding
ADV threshold.
Because the credits for MPL Orders
that add liquidity would be as specified
above, the Exchange also proposes to
add, to each of the descriptions of the
Non-Tier Adding Credit, Tier 1 Adding
Credit, Tier 2 Adding Credit, Tier 3
Adding Credit, the Equity per Share
Credit for retail orders, and the Credit
per Share for execution of orders sent to
floor brokers, language that excludes
MPL orders from the applicable credit.
For SLP Tier 1, SLP Tier 2, and SLP Tier
3 (as defined below in ‘‘SLPs’’), the
Exchange also proposes to add language
that excludes MPL Orders from the
applicable credit.
In addition, the Exchange proposes to
amend its Price List to increase the
transaction credit for DMMs in
securities with a per share price of $1.00
or more of $0.0020 per share for MPL
Orders that provide liquidity to the
Exchange to $0.0030 per share for MPL
Orders that provide liquidity to the
Exchange. For clarity, the Exchange is
proposing to specify this credit for
4 MPL Orders that remove liquidity from the
Exchange and that are designated with a ‘‘retail’’
modifier as defined in Rule 13 would continue not
to be charged transaction fees.
5 Footnote 2 to the Price List defines ADV as
‘‘average daily volume’’ and ‘‘Adding ADV’’ as ADV
that adds liquidity to the Exchange during the
billing month. The Exchange is not proposing to
change these definitions.
VerDate Sep<11>2014
17:18 Jun 15, 2015
Jkt 235001
liquidity by adding MPL Orders
separately in the Price List under the
section entitled ‘‘Fees and Credits
applicable to Designated Market Makers
(‘‘DMMs’’).’’ Further, the Exchange is
proposing to include language that
excludes MPL orders from the other
DMM per share rebates for adding
liquidity.
Finally, the Exchange currently
provides a credit of $0.0010 per share
for executions of Non-Displayed Reserve
Orders for market participants, other
than SLPs, that provide liquidity. The
Exchange proposes to eliminate that
credit. Accordingly, the Exchange is
proposing to add to each of the
descriptions of the Non-Tier Adding
Credit, Tier 1 Adding Credit, Tier 2
Adding Credit, Tier 3 Adding Credit,
and the Equity per Share Credit for
retail orders language that excludes
Non-Displayed Reserve Orders from the
applicable credit.
Credits for Execution of Certain Orders
at the Opening
The Exchange proposes to amend its
Price List for certain executions at the
opening.
For securities priced $1.00 or more,
the Exchange currently charges a fee of
$0.0010 per share for executions at the
opening or at the opening only orders,
subject to a monthly fee cap of $20,000
per member organization for such
executions. The Exchange proposes to
raise the monthly fee cap for transaction
fees for at the opening or at the opening
only orders to $30,000 per member
organization for securities priced $1.00
or greater.6 The $0.0010 per share fee for
executions at the opening or at the
opening only orders would not be
changed. DMMs currently are not
charged for executions at the opening
and would continue to not be charged.
DMMs
The section of the Exchange’s Price
List entitled ‘‘Fees and Credits
applicable to Designated Market Makers
(‘‘DMMs’’)’’ sets out different monthly
rebate amounts to DMMs depending on
the average daily consolidated volume
of the security and the DMM quoting
percentage in any month in which the
DMM meets the Less Active Securities
Quoting Requirement. The DMM meets
the ‘‘Less Active Securities Quoting
Requirement’’ when a security has a
consolidated ADV of less than 1,000,000
shares per month in the previous month
and a stock price of $1.00 or more, and
the DMM quotes at the National Best
6 The existing pricing for executions at the
opening in securities priced below $1.00 would also
remain unchanged (i.e., 0.3% of the total dollar
value of the transaction).
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
Bid or Offer (‘‘NBBO’’) in the applicable
security at least 15% of the time in the
applicable month.
The term ‘‘ADV’’ in this section
currently is defined as ‘‘average daily
consolidated volume.’’ The Exchange
proposes to change the name of the term
to ‘‘Security CADV’’ to clarify that the
term refers to consolidated volume for
the applicable security, and to remove
any confusion with the term ‘‘ADV’’ as
defined and used elsewhere in the Price
List. The Exchange proposes to make
conforming changes to use the term
‘‘Security CADV’’ in place of ‘‘ADV’’
throughout this section of the Price List.
The Exchange also proposes to change
the monthly rebate amounts to DMMs
depending on the Security CADV and
the DMM quoting percentage. The
monthly rebate payable to DMMs for
securities with a Security CADV of
100,000 up to 250,000 shares in the
previous month is currently $250 when
the DMM quotes at the NBBO 20% of
the time or more in an applicable
security and $200 if the DMM quotes at
the NBBO at least 15% and up to 20%
of the time in an applicable month in an
applicable security. For these securities,
the Exchange proposes monthly rebates
as follows:
• $450 rebate if the DMM quotes at
the NBBO 50% of the time or more in
an applicable security.
• $375 rebate if the DMM quotes at
the NBBO at least 40% and up to 50%
of the time in an applicable month in an
applicable security.
• $300 rebate if the DMM quotes at
the NBBO at least 30% and up to 40%
of the time in an applicable month in an
applicable security.
• $225 rebate if the DMM quotes at
the NBBO at least 20% and up to 30%
of the time in an applicable month in an
applicable security.
• $150 rebate if the DMM quotes at
the NBBO at least 15% and up to 20%
of the time in an applicable month in an
applicable security.
The current monthly rebate payable to
DMMs for securities with a Security
CADV of less than 100,000 shares in the
previous month is $175 when the DMM
quotes at the NBBO 20% of the time or
more in an applicable security and $125
if the DMM quotes at the NBBO at least
15% and up to 20% of the time in an
applicable month in an applicable
security. For these securities, the
Exchange proposes monthly rebates as
follows:
• $400 rebate if the DMM quotes at
the NBBO 50% of the time or more in
an applicable security.
• $325 rebate if the DMM quotes at
the NBBO at least 40% and up to 50%
E:\FR\FM\16JNN1.SGM
16JNN1
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
of the time in an applicable month in an
applicable security.
• $250 rebate if the DMM quotes at
the NBBO at least 30% and up to 40%
of the time in an applicable month in an
applicable security.
• $175 rebate if the DMM quotes at
the NBBO at least 20% and up to 30%
of the time in an applicable month in an
applicable security.
• $100 rebate if the DMM quotes at
the NBBO at least 15% and up to 20%
of the time in an applicable month in an
applicable security.
In addition, the Exchange proposes to
add monthly rebates to the Price List for
securities with a Security CADV of
250,000 up to 1,500,000 shares in the
previous month, which would apply, as
with the other two categories of rebates,
in any month in which the DMM meets
the Less Active Securities Quoting
Requirement in an applicable security,
and as follows:
• $500 rebate if the DMM quotes at
the NBBO 50% of the time or more in
an applicable security.
• $425 rebate if the DMM quotes at
the NBBO at least 40% and up to 50%
of the time in an applicable month in an
applicable security.
• $350 rebate if the DMM quotes at
the NBBO at least 30% and up to 40%
of the time in an applicable month in an
applicable security.
• $275 rebate if the DMM quotes at
the NBBO at least 20% and up to 30%
of the time in an applicable month in an
applicable security.
• $200 rebate if the DMM quotes at
the NBBO at least 15% and up to 20%
of the time in an applicable month in an
applicable security.
Finally, as noted above, because the
Exchange is proposing to list separately
the credit to DMMs for liquidity adding
MPL Orders, the Exchange is proposing
to exclude MPL orders from the other
DMM per share rebates for adding
liquidity listed in this section.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
SLPs
SLPs are eligible for certain credits
when adding liquidity to the Exchange.
The amount of the credit is currently
determined by the ‘‘tier’’ for which the
SLP qualifies, which is generally based
on the SLP’s level of quoting and the
ADV of liquidity added by the SLP in
assigned securities.
Currently, when adding liquidity to
the NYSE in securities with a share
price of $1.00 or more, an SLP is eligible
for a credit of $0.0023 per share traded
if the SLP (1) meets the 10% average or
more quoting requirement in assigned
securities pursuant to Rule 107B and (2)
adds liquidity for assigned SLP
VerDate Sep<11>2014
17:18 Jun 15, 2015
Jkt 235001
securities in the aggregate 7 of an ADV 8
of more than 0.20% of NYSE CADV,9 or
an SLP that is also a DMM and subject
to Rule 107B(i)(2)(a),10 more than 0.15%
of NYSE CADV (‘‘SLP Tier 3’’). In the
case of Non-Displayed Reserve Orders,
the SLP credit is $0.0018 and in the case
of MPL Orders, the credit is $0.0020.
For less active SLP securities (i.e.
securities with an ADV in the previous
month of 500,000 share or less per
month (‘‘Less Active SLP Securities’’)),
the SLP is eligible for a per share credit
of $0.0028; $0.0023 if a Non-Displayed
Reserve Order; or $0.0020 if an MPL
Order.
Similarly, an SLP adding liquidity in
securities with a per share price of $1.00
or more is eligible for a per share credit
of $0.0026 if the SLP: (1) Meets the 10%
average or more quoting requirement in
an assigned security pursuant to Rule
107B; and (2) adds liquidity for all
assigned SLP securities in the aggregate
of an ADV of more than 0.35% of NYSE
CADV, or for an SLP that is also a DMM
and subject to Rule 107B(i)(2)(a), more
than 0.30% of NYSE CADV 11 (‘‘SLP
Tier 2’’). In the case of Non-Displayed
Reserve Orders, the SLP credit is
$0.0021 and in the case of MPL Orders,
the credit is $0.0020. For Less Active
SLP Securities, the SLP is eligible for a
per share credit of $0.0031; 0.0026 if a
Non-Displayed Reserve Order; or
$0.0020 if an MPL Order.
An SLP adding liquidity in securities
with a per share price of $1.00 or more
is eligible for a per share credit of
$0.0029 if the SLP: (1) Meets the 10%
average or more quoting requirement in
an assigned security pursuant to Rule
107B; and (2) adds liquidity for all for
assigned SLP securities in the aggregate
of an ADV of more than 0.55% of NYSE
CADV, or for an SLP that is also a DMM
7 Under Rule 107B, an SLP can be either a
proprietary trading unit of a member organization
(‘‘SLP-Prop’’) or a registered market maker at the
Exchange (‘‘SLMM’’). For purposes of the 10%
average or more quoting requirement in assigned
securities pursuant to Rule 107B, quotes of an SLPProp and an SLMM of the same member
organization are not aggregated. However, for
purposes of adding liquidity for assigned SLP
securities in the aggregate, shares of both an SLPProp and an SLMM of the same member
organization are included.
8 The defined term, ‘‘ADV,’’ used here as defined
in footnote 2 to the Price List. See supra note 5.
9 NYSE CADV is defined in the Price List as the
consolidated average daily volume of NYSE-listed
securities.
10 Rule 107B(i)(2)(A) prohibits a DMM from
acting as a SLP in the same securities in which it
is a DMM.
11 In determining whether an SLP meets the
requirement to add liquidity in the aggregate of an
ADV of more than 0.35% or 0.30% depending on
whether the SLP is also a DMM, the SLP may
include shares of both an SLP-Prop and an SLMM
of the same member organization.
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
34477
and subject to Rule 107B(i)(2)(a), more
than 0.50% of NYSE CADV, the SLP is
eligible for a per share credit of $.0029
(‘‘SLP Tier 1’’). In the case of NonDisplayed Reserve Orders, the credit is
$0.0024 and in the case of MPL Orders,
the credit is $0.0020. For Less Active
SLP Securities, the SLP is eligible for a
per share credit of $0.0034; $0.0029 if a
Non-Displayed Reserve Order; or
$0.0020 if an MPL Order.
Finally, an SLP adding liquidity in
securities with a per share price of $1.00
or more that does not qualify for the
credits described above is eligible for
the applicable rate for the base SLP tier,
which would be the rate that applies to
the non-SLP activity of the member
organization, i.e. the non-Tier Adding
Credit, Tier 3 Adding Credit, Tier 2
Adding Credit or Tier 1 Adding Credit
(‘‘SLP Non-Tier’’). In the case of NonDisplayed Reserve Orders, the credit is
$0.0010 and in the case of MPL Orders,
the credit is $0.0020.
The Exchange proposes to add
defined terms identifying each of tiers
for SLP credits, as defined above, in the
Price List, as SLP Tier 1, SLP Tier 2,
SLP Tier 3 and SLP Non-Tier.
The Exchange proposes to increase for
SLP Tier 1 and SLP Tier 2 the ADV
percentage requirement for SLPs and for
SLPs that are also DMMs and subject to
Rule 107B(i)(2)(A). The ADV percentage
requirement for SLPs for SLP Tier 1 and
SLP Tier 2 would increase from 0.55%
to 0.90% and 0.35% to 0.45%,
respectively. The ADV percentage
requirement for SLPs that are also
DMMs and subject to Rule 107B(i)(2)(A)
for SLP Tier 1 and SLP Tier 2 would
increase from 0.50% to 0.85% and
0.30% to 0.40%, respectively. The
Exchange does not propose to change
the ADV percentage requirement for
SLP Tier 3.
The Exchange proposes, for each SLP
tier, to decrease the credit for a NonDisplayed Reserve Order by $0.0010.
Specifically, for Non-Displayed Reserve
Orders the SLP Tier 1 credit would
decrease from $0.0024 to $0.0014; the
SLP Tier 2 credit would decrease from
$0.0021 to $0.0011; the SLP Tier 3
credit would decrease from $0.0018 to
$0.0008; and the SLP Non-Tier credit
would decrease from $0.0010 to no
credit.
The Exchange proposes to decrease
the credit for a Non-Displayed Reserve
Order for Less Active SLP Securities by
$0.0010 for each SLP tier: specifically,
for SLP Tier 1, from $0.0029 to $0.0019;
for SLP Tier 2, from $0.0026 to $0.0016;
and for SLP Tier 3, from $0.0023 to
$0.0013.
The proposed changes to the credits
applicable to MPL Orders are as set
E:\FR\FM\16JNN1.SGM
16JNN1
34478
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
forth in ‘‘MPL Orders and NonDisplayed Reserve Orders’’ above.
The above proposed changes are not
otherwise intended to address any other
issues, and the Exchange is not aware of
any problems that members and
member organizations would have in
complying with the proposed change.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,12 in general, and
furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,13 in
particular, because it provides for the
equitable allocation of reasonable dues,
fees, and other charges among its
members, issuers and other persons
using its facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
MPL Orders and Non-Displayed Reserve
Orders
The Exchange believes that the
proposed increase to the fee for
executions of MPL Orders that remove
liquidity and the proposed changes to
the credits for MPL Orders that provide
liquidity are reasonable. MPL Orders
provide opportunities for market
participants to interact with orders
priced at the midpoint of the PBBO,
thus providing price improving
liquidity to market participants and
increasing the quality of order execution
on the Exchange’s market, which
benefits all market participants. These
changes should encourage additional
utilization of MPL Orders on the
Exchange.
Specifically, the Exchange believes
that the proposed change for MPL
Orders that remove liquidity from the
Exchange if the security is priced $1.00
or more from $0.0025 per share to
$0.0027 per share is reasonable because
the charge would be the same as the
$0.0027 fee proposed for other
executions that remove liquidity. The
resulting fee is also reasonable because
would be lower than the rates on the
NASDAQ Stock Market, LLC
(‘‘NASDAQ’’). For example, NASDAQ
charges $0.0030 per share to execute
against resting midpoint liquidity,
which is greater than both the existing
$0.0025 per share rate and the proposed
$0.0027 per share rate that would apply
to MPL Orders.14
The Exchange believes that the
proposed additional tier of credits for
MPL Orders is reasonable because the
proposed MPL Order Tier credit of
12 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
14 See NASDAQ Rule 7018(a).
$0.0030 per share that would apply if
the member organization has Adding
ADV in MPL Orders that is at least 1.5
million shares would relate to volume
that provides liquidity, which would be
identical to the type of volume to which
the credit would apply.
In addition, the Exchange believes the
decrease in the non-tier MPL Order
credit to $0.0015 is reasonable as it is
greater than the non-tier credit that is
available on NASDAQ for midpoint
liquidity, which is currently $0.0014 for
Tape A and B securities and $0.0010 per
share for Tape C securities.15
The Exchange also believes that the
proposed changes are equitable and not
unfairly discriminatory because all
market participants—customers, Floor
brokers, DMMs, and SLPs—may use
MPL Orders on the Exchange and
because customers, Floor brokers and
SLPs that use MPL Orders would be
subject to the same fee or credit.
Finally, the Exchange believes that
the proposed change to the credit for
DMMs for MPL Orders that provide
liquidity to the Exchange to $0.0030 per
share is reasonable because DMMs
cannot trade in securities they are not a
DMM in and therefore the minimum
volume requirement of the MPL Order
Tier should not apply. Moreover, the
requirement is equitable and not
unfairly discriminatory because it
would apply equally to all DMM firms.
The Exchange believes the proposed
changes should incentivize additional
utilization of MPL Orders on the
Exchange. MPL Orders provide
opportunities for market participants to
interact with orders priced at the
midpoint of the PBBO, thus providing
price improving liquidity to market
participants and increasing the quality
of order execution on the Exchange’s
market, which benefits all market
participants. The proposed change is
equitable and not unfairly
discriminatory because MPL Orders
increase the quality of order execution
on the Exchange’s market, which
benefits all market participants. The
Exchange also believes that the
proposed changes are equitable and not
unfairly discriminatory because all
market participants—customers, Floor
brokers, DMMs, and SLPs—may use
MPL Orders on the Exchange and
because all market participants that use
MPL Orders may receive credits for
MPL Orders, as is currently the case.
The Exchange believes that the
proposed rule change to reduce the
credit for Non-Displayed Reserve Orders
that provide liquidity is reasonable,
equitable and not unfairly
13 15
VerDate Sep<11>2014
17:18 Jun 15, 2015
15 See
Jkt 235001
PO 00000
supra note 14.
Frm 00116
Fmt 4703
Sfmt 4703
discriminatory because it is intended to
incentivize member organizations to
submit additional amounts of displayed
liquidity to the Exchange during the
trading day. For example, the proposed
higher credits applicable to member
organization for executions other than
Non-Displayed Reserve Orders would
incentivize member organizations to
instead provide displayed liquidity on
the Exchange. The Exchange believes
that the proposed lower credit is
equitable and not unfairly
discriminatory because it would apply
equally to all member organizations.
Credits for Certain Executions at the
Opening
The Exchange believes that it is
reasonable to increase the monthly fee
cap for fees for executions at the
opening or executions at the opening
only orders to $30,000 because members
and member organizations benefit from
the substantial amounts of liquidity that
are present on the Exchange during such
time. In addition, the Exchange believes
that the proposed cap is reasonable
because the proposed cap and the
current fee rate together are comparable
to those for executions at the opening on
other markets.16
The proposed increased fee cap is
equitable and not unfairly
discriminatory because, even at such an
increased level, this pricing would
continue to encourage robust levels of
liquidity at the opening, which benefits
all market participants. The proposed
increase will encourage the submission
of additional liquidity to a national
securities exchange, thereby promoting
price discovery and transparency and
enhancing order execution
opportunities for member organization
from the substantial amounts of
liquidity that are present on the
Exchange during the opening. Moreover,
the requirement is equitable and not
unfairly discriminatory because it
would apply equally to all similarly
situated member organizations.
DMMs
The Exchange believes that the
proposed higher monthly credit of $300,
$375, and $450 for each security that
has a consolidated ADV of more than
100,000 and less than 250,000 shares
during the month when the DMM
quotes at the NBBO in the applicable
security at least 30%, 40%, and 50%, of
the time, respectively, in the applicable
month is reasonable because of the
16 For example, NASDAQ charges $0.0015 per
share for certain orders executed in the NASDAQ
Opening Corss [sic] and applies at $20,000 fee cap
per month per firm for such executions. See Nasdaq
Rule 7018(e).
E:\FR\FM\16JNN1.SGM
16JNN1
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
proposed higher quoting requirement
associated with this increase in the
credit. The Exchange believes that the
proposed lower monthly credit of $150
and $225 for each security that has a
consolidated ADV of more than 100,000
and less than 250,000 shares during the
month when the DMM quotes at the
NBBO in the applicable security
between 15% and 20% and 20% to 30%
of the time, respectively, in the
applicable month is reasonable because
of the proposed higher credit available
based on higher quoting, which should
encourage greater quoting. The
Exchange believes that the proposal
would increase the incentive to add
liquidity across thinly-traded securities
where there may be fewer liquidity
providers. Moreover, the requirement is
equitable and not unfairly
discriminatory because it would apply
equally to all DMM firms.
The Exchange believes that the
proposed higher monthly credit of $250,
$325, and $400 for each security that
has a consolidated ADV of less than
100,000 shares during the month when
the DMM quotes at the NBBO in the
applicable security at least 30%, 40%,
and 50%, of the time, respectively, in
the applicable month is reasonable
because of the proposed higher quoting
requirement associated with this
increase in the credit. The Exchange
believes that the proposed lower
monthly credit of $100 each security
that has a consolidated ADV of less than
100,000 shares during the month when
the DMM quotes at the NBBO in the
applicable security between 15% and
20% of the time in the applicable month
is reasonable because of higher credit
available based on higher quoting,
which should encourage greater
quoting. The Exchange also believes that
it is reasonable to retain a $175 credit
for each security that has a consolidated
ADV of less than 100,000 shares during
the month when the DMM quotes at the
NBBO in the applicable security at least
20% and up to 30% of the time in the
applicable month as this is the rate
currently charged and it would apply
equally to all DMM firms. The Exchange
believes that the proposal would
increase the incentive to add liquidity
across thinly-traded securities where
there may be fewer liquidity providers.
Moreover, the requirement is equitable
and not unfairly discriminatory because
it would apply equally to all DMM
firms.
The Exchange believes that the
proposed monthly credit of $200, $275,
$350, $425, and $500 for each security
that has a consolidated ADV of more
than 250,000 and less than 1,500,000
shares during the month when the DMM
VerDate Sep<11>2014
17:18 Jun 15, 2015
Jkt 235001
quotes at the NBBO in the applicable
security at least 15%, 20%, 30%, 40%,
and 50%, of the time, respectively, in
the applicable month is reasonable
because of the proposed higher quoting
requirement associated with this credit.
The Exchange also believes that the
higher credits for each security that has
a consolidated ADV of more than
250,000 and less than 1,500,000 shares
during the month when the DMM
quotes at the NBBO of the time in the
applicable month is reasonable in light
of higher trading volumes in the
applicable securities relatively to those
securities that have a consolidated ADV
of less than 250,000 shares. The
Exchange believes that the proposal
would increase the incentive to add
liquidity across thinly-traded securities
where there may be fewer liquidity
providers. Moreover, the requirement is
equitable and not unfairly
discriminatory because it would apply
equally to all DMM firms.
SLPs
The Exchange believes that the
proposal to add defined terms for the
SLP Tiers to the Price List is reasonable
because the change will make the Price
List clearer and easier to understand.
The Exchange believes that proposal
to increase the ADV percentage
requirement for SLPs that are also
DMMs and subject to Rule 107B(i)(2)(A)
is reasonable because the higher
requirements would incentivize member
organizations to provide additional
amounts of liquidity on the Exchange.
The Exchange believes that the higher
requirements are reasonable given the
higher credits—$0.0029 per share for
SLP Tier 1 and $0.026 per share for SLP
Tier 2—relative to the credit applicable
to member organizations other than
SLPs, and that the lower requirements
for SLP Tier 3 and the SLP Non-Tier are,
similarly, reasonable given the lower
credits for those tiers The Exchange
believes that the proposed higher ADV
percentage requirements for SLP Tier 1
and SLP Tier 2 are equitable and not
unfairly discriminatory because they
would apply equally to all SLPs.
Further, the Exchange believes that
the proposed rule change to reduce the
credit for Non-Displayed Reserve Orders
that provide liquidity is reasonable,
equitable and not unfairly
discriminatory because it is intended to
incentivize SLPs to submit additional
amounts of displayed liquidity to the
Exchange during the trading day. This
decrease in the credits for NonDisplayed Reserve Orders for SLPs is
the same decrease as proposed for the
credits applicable to Non-Displayed
Reserve Orders for other member
PO 00000
Frm 00117
Fmt 4703
Sfmt 4703
34479
organizations. Once again, the Exchange
believes that the proposed lower credit
is equitable and not unfairly
discriminatory because it would apply
equally to all SLPs.
The Exchange believes that it is
subject to significant competitive forces,
as described below in the Exchange’s
statement regarding the burden on
competition. For the foregoing reasons,
the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,17 the Exchange believes that the
proposed rule change would not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Instead, the
Exchange believes that the proposed
change would contribute to the
Exchange’s market quality by promoting
price discovery and ultimately
increased competition. For the same
reasons, the proposed change also
would not impose any burden on
competition among market participants.
Pricing for executions at the opening
would remain at the same relatively low
levels and would continue to reflect the
benefit that market participants receive
through the ability to have their orders
interact with other liquidity at the
opening.
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues if they
deem fee levels at a particular venue to
be excessive or rebate opportunities
available at other venues to be more
favorable. In such an environment, the
Exchange must continually adjust its
fees and rebates to remain competitive
with other exchanges and with
alternative trading systems that have
been exempted from compliance with
the statutory standards applicable to
exchanges. Because competitors are free
to modify their own fees and credits in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
believes that the degree to which fee
changes in this market may impose any
burden on competition is extremely
limited. As a result of all of these
considerations, the Exchange does not
believe that the proposed changes will
impair the ability of member
organizations or competing order
execution venues to maintain their
competitive standing in the financial
markets.
17 15
E:\FR\FM\16JNN1.SGM
U.S.C. 78f(b)(8).
16JNN1
34480
Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 18 of the Act and
subparagraph (f)(2) of Rule 19b–4 19
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
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
under Section 19(b)(2)(B) 20 of the Act to
determine whether the proposed rule
change 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:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2015–28 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2015–28. 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/
18 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
20 15 U.S.C. 78s(b)(2)(B).
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 the
filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at www.nyse.com. 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– NYSE–
2015–28 and should be submitted on or
before July 7,2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Robert W. Errett,
Deputy Secretary.
17:18 Jun 15, 2015
Dated: June 11, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–14834 Filed 6–12–15; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75140; File No. SR–MIAX–
2015–37]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Fee Schedule
June 10, 2015.
[FR Doc. 2015–14668 Filed 6–15–15; 8:45 am]
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
SECURITIES AND EXCHANGE
on May 29, 2015, Miami International
COMMISSION
Securities Exchange LLC (‘‘MIAX’’ or
‘‘Exchange’’) filed with the Securities
Sunshine Act Meeting
and Exchange Commission
Federal Register citation of previous (‘‘Commission’’) a proposed rule change
announcement: [80 FR 32638, June 9,
as described in Items I, II, and III below,
2015].
which Items have been prepared by the
STATUS: Closed Meeting.
Exchange. The Commission is
publishing this notice to solicit
PLACE: 100 F Street NE., Washington,
comments on the proposed rule change
D.C.
DATE AND TIME OF PREVIOUSLY ANNOUNCED from interested persons.
MEETING: June 11, 2015 at 2:00 p.m.
I. Self-Regulatory Organization’s
CHANGE IN THE MEETING: Additional Item. Statement of the Terms of Substance of
The following matter will also be
the Proposed Rule Change
considered during the 2:00 p.m. Closed
The Exchange is filing a proposal to
Meeting scheduled for Thursday, June
amend the MIAX Options Fee Schedule
11, 2015: A matter related to pending
(the ‘‘Fee Schedule’’).
litigation
The text of the proposed rule change
The General Counsel of the
is available on the Exchange’s Web site
Commission, or her designee, has
at https://www.miaxoptions.com/filter/
certified that, in her opinion, one or
wotitle/rule_filing, at MIAX’s principal
more of the exemptions as set forth in
office, and at the Commission’s Public
5 U.S.C. 552b(c)(3), (5), (7), (9)(B) and
Reference Room.
and (10) and 17 CFR 200.402(a)(3), (5),
(7), (9)(ii) and (10), permit consideration
BILLING CODE 8011–01–P
19 17
VerDate Sep<11>2014
of the scheduled matter at the Closed
Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session, and
determined that Commission business
required consideration earlier than one
week from today. No earlier notice of
this Meeting was practicable.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact the Office
of the Secretary at (202) 551–5400.
1 15
21 17
Jkt 235001
PO 00000
CFR 200.30–3(a)(12).
Frm 00118
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\16JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
16JNN1
]]>Agencies
[Federal Register Volume 80, Number 115 (Tuesday, June 16, 2015)]
[Notices]
[Pages 34475-34480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14668]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75139; File No. SR-NYSE-2015-28]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending the Price List To Revise Fees and Credits for Mid-Point
Passive Liquidity Orders and Non Displayed Reserve Orders and To Revise
Credits Applicable to Certain Transactions at the Open, Certain
Designated Market Maker Transactions, and Certain Supplemental
Liquidity Provider Transactions
June 10, 2015.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 27, 2015, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Price List to revise (i) fees
and credits for Mid-Point Passive Liquidity Orders and Non-Displayed
Reserve Orders; (ii) credits applicable to certain transactions at the
open; (iii) credits applicable to certain Designated Market Maker
transactions; and (iv) credits applicable to Supplemental Liquidity
Providers. The Exchange proposes to implement the fee change effective
June 1, 2015. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Price List to revise (i) fees
and credits for Mid-Point Passive Liquidity (``MPL'') Orders and Non-
Displayed Reserve Orders; (ii) credits applicable to certain
transactions at the open; (iii) credits applicable to certain
Designated Market Maker (``DMM'') transactions; and (iv) credits
applicable to Supplemental Liquidity Providers (``SLPs'').
MPL Orders and Non-Displayed Reserve Orders
An MPL Order is an undisplayed limit order that trades at the mid-
point of the best protected bid (``PBB'') and best protected offer
(``PBO''), as such terms are defined in Regulation NMS Rule 600(b)(57)
(together, ``PBBO'').
The Exchange currently charges $0.0025 per share for all MPL
Orders, not designated as ``retail'' under Rule 13, for securities
priced $1.00 or more that remove liquidity from the
[[Page 34476]]
Exchange. The Exchange proposes to amend its Price List to increase the
charge for such MPL Orders from $0.0025 per share to $0.0027 per share.
The proposed change would not affect transaction fees for MPL
Orders that remove liquidity from the Exchange and that are designated
with a ``retail modifier'' as defined in Rule 13.\4\
---------------------------------------------------------------------------
\4\ MPL Orders that remove liquidity from the Exchange and that
are designated with a ``retail'' modifier as defined in Rule 13
would continue not to be charged transaction fees.
---------------------------------------------------------------------------
The Exchange currently provides a credit of $0.0020 per share for
executions of MPL Orders that provide liquidity for securities priced
$1.00 or more. With respect to market participants, including floor
brokers and SLPs, but not DMMs, the Exchange proposes to amend its
Price List to replace the credit of $0.0020 per share for MPL Orders
that provide liquidity for securities priced $1.00 or more with the
following credits:
A $0.0030 per share transaction credit for MPL Orders that
provide liquidity from a member organization that has Adding ADV in MPL
Orders that is at least 1.5 million shares, excluding any liquidity
added by a Designated Market Maker (``MPL Order Tier'').\5\
---------------------------------------------------------------------------
\5\ Footnote 2 to the Price List defines ADV as ``average daily
volume'' and ``Adding ADV'' as ADV that adds liquidity to the
Exchange during the billing month. The Exchange is not proposing to
change these definitions.
---------------------------------------------------------------------------
A $0.0015 per share transaction credit for MPL Orders that
provide liquidity from a member organization that does not meet the
above Adding ADV threshold.
Because the credits for MPL Orders that add liquidity would be as
specified above, the Exchange also proposes to add, to each of the
descriptions of the Non-Tier Adding Credit, Tier 1 Adding Credit, Tier
2 Adding Credit, Tier 3 Adding Credit, the Equity per Share Credit for
retail orders, and the Credit per Share for execution of orders sent to
floor brokers, language that excludes MPL orders from the applicable
credit. For SLP Tier 1, SLP Tier 2, and SLP Tier 3 (as defined below in
``SLPs''), the Exchange also proposes to add language that excludes MPL
Orders from the applicable credit.
In addition, the Exchange proposes to amend its Price List to
increase the transaction credit for DMMs in securities with a per share
price of $1.00 or more of $0.0020 per share for MPL Orders that provide
liquidity to the Exchange to $0.0030 per share for MPL Orders that
provide liquidity to the Exchange. For clarity, the Exchange is
proposing to specify this credit for liquidity by adding MPL Orders
separately in the Price List under the section entitled ``Fees and
Credits applicable to Designated Market Makers (``DMMs'').'' Further,
the Exchange is proposing to include language that excludes MPL orders
from the other DMM per share rebates for adding liquidity.
Finally, the Exchange currently provides a credit of $0.0010 per
share for executions of Non-Displayed Reserve Orders for market
participants, other than SLPs, that provide liquidity. The Exchange
proposes to eliminate that credit. Accordingly, the Exchange is
proposing to add to each of the descriptions of the Non-Tier Adding
Credit, Tier 1 Adding Credit, Tier 2 Adding Credit, Tier 3 Adding
Credit, and the Equity per Share Credit for retail orders language that
excludes Non-Displayed Reserve Orders from the applicable credit.
Credits for Execution of Certain Orders at the Opening
The Exchange proposes to amend its Price List for certain
executions at the opening.
For securities priced $1.00 or more, the Exchange currently charges
a fee of $0.0010 per share for executions at the opening or at the
opening only orders, subject to a monthly fee cap of $20,000 per member
organization for such executions. The Exchange proposes to raise the
monthly fee cap for transaction fees for at the opening or at the
opening only orders to $30,000 per member organization for securities
priced $1.00 or greater.\6\ The $0.0010 per share fee for executions at
the opening or at the opening only orders would not be changed. DMMs
currently are not charged for executions at the opening and would
continue to not be charged.
---------------------------------------------------------------------------
\6\ The existing pricing for executions at the opening in
securities priced below $1.00 would also remain unchanged (i.e.,
0.3% of the total dollar value of the transaction).
---------------------------------------------------------------------------
DMMs
The section of the Exchange's Price List entitled ``Fees and
Credits applicable to Designated Market Makers (``DMMs'')'' sets out
different monthly rebate amounts to DMMs depending on the average daily
consolidated volume of the security and the DMM quoting percentage in
any month in which the DMM meets the Less Active Securities Quoting
Requirement. The DMM meets the ``Less Active Securities Quoting
Requirement'' when a security has a consolidated ADV of less than
1,000,000 shares per month in the previous month and a stock price of
$1.00 or more, and the DMM quotes at the National Best Bid or Offer
(``NBBO'') in the applicable security at least 15% of the time in the
applicable month.
The term ``ADV'' in this section currently is defined as ``average
daily consolidated volume.'' The Exchange proposes to change the name
of the term to ``Security CADV'' to clarify that the term refers to
consolidated volume for the applicable security, and to remove any
confusion with the term ``ADV'' as defined and used elsewhere in the
Price List. The Exchange proposes to make conforming changes to use the
term ``Security CADV'' in place of ``ADV'' throughout this section of
the Price List.
The Exchange also proposes to change the monthly rebate amounts to
DMMs depending on the Security CADV and the DMM quoting percentage. The
monthly rebate payable to DMMs for securities with a Security CADV of
100,000 up to 250,000 shares in the previous month is currently $250
when the DMM quotes at the NBBO 20% of the time or more in an
applicable security and $200 if the DMM quotes at the NBBO at least 15%
and up to 20% of the time in an applicable month in an applicable
security. For these securities, the Exchange proposes monthly rebates
as follows:
$450 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
$375 rebate if the DMM quotes at the NBBO at least 40% and
up to 50% of the time in an applicable month in an applicable security.
$300 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
$225 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
$150 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
The current monthly rebate payable to DMMs for securities with a
Security CADV of less than 100,000 shares in the previous month is $175
when the DMM quotes at the NBBO 20% of the time or more in an
applicable security and $125 if the DMM quotes at the NBBO at least 15%
and up to 20% of the time in an applicable month in an applicable
security. For these securities, the Exchange proposes monthly rebates
as follows:
$400 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
$325 rebate if the DMM quotes at the NBBO at least 40% and
up to 50%
[[Page 34477]]
of the time in an applicable month in an applicable security.
$250 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
$175 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
$100 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
In addition, the Exchange proposes to add monthly rebates to the
Price List for securities with a Security CADV of 250,000 up to
1,500,000 shares in the previous month, which would apply, as with the
other two categories of rebates, in any month in which the DMM meets
the Less Active Securities Quoting Requirement in an applicable
security, and as follows:
$500 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
$425 rebate if the DMM quotes at the NBBO at least 40% and
up to 50% of the time in an applicable month in an applicable security.
$350 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
$275 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
$200 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
Finally, as noted above, because the Exchange is proposing to list
separately the credit to DMMs for liquidity adding MPL Orders, the
Exchange is proposing to exclude MPL orders from the other DMM per
share rebates for adding liquidity listed in this section.
SLPs
SLPs are eligible for certain credits when adding liquidity to the
Exchange. The amount of the credit is currently determined by the
``tier'' for which the SLP qualifies, which is generally based on the
SLP's level of quoting and the ADV of liquidity added by the SLP in
assigned securities.
Currently, when adding liquidity to the NYSE in securities with a
share price of $1.00 or more, an SLP is eligible for a credit of
$0.0023 per share traded if the SLP (1) meets the 10% average or more
quoting requirement in assigned securities pursuant to Rule 107B and
(2) adds liquidity for assigned SLP securities in the aggregate \7\ of
an ADV \8\ of more than 0.20% of NYSE CADV,\9\ or an SLP that is also a
DMM and subject to Rule 107B(i)(2)(a),\10\ more than 0.15% of NYSE CADV
(``SLP Tier 3''). In the case of Non-Displayed Reserve Orders, the SLP
credit is $0.0018 and in the case of MPL Orders, the credit is $0.0020.
For less active SLP securities (i.e. securities with an ADV in the
previous month of 500,000 share or less per month (``Less Active SLP
Securities'')), the SLP is eligible for a per share credit of $0.0028;
$0.0023 if a Non-Displayed Reserve Order; or $0.0020 if an MPL Order.
---------------------------------------------------------------------------
\7\ Under Rule 107B, an SLP can be either a proprietary trading
unit of a member organization (``SLP-Prop'') or a registered market
maker at the Exchange (``SLMM''). For purposes of the 10% average or
more quoting requirement in assigned securities pursuant to Rule
107B, quotes of an SLP-Prop and an SLMM of the same member
organization are not aggregated. However, for purposes of adding
liquidity for assigned SLP securities in the aggregate, shares of
both an SLP-Prop and an SLMM of the same member organization are
included.
\8\ The defined term, ``ADV,'' used here as defined in footnote
2 to the Price List. See supra note 5.
\9\ NYSE CADV is defined in the Price List as the consolidated
average daily volume of NYSE-listed securities.
\10\ Rule 107B(i)(2)(A) prohibits a DMM from acting as a SLP in
the same securities in which it is a DMM.
---------------------------------------------------------------------------
Similarly, an SLP adding liquidity in securities with a per share
price of $1.00 or more is eligible for a per share credit of $0.0026 if
the SLP: (1) Meets the 10% average or more quoting requirement in an
assigned security pursuant to Rule 107B; and (2) adds liquidity for all
assigned SLP securities in the aggregate of an ADV of more than 0.35%
of NYSE CADV, or for an SLP that is also a DMM and subject to Rule
107B(i)(2)(a), more than 0.30% of NYSE CADV \11\ (``SLP Tier 2''). In
the case of Non-Displayed Reserve Orders, the SLP credit is $0.0021 and
in the case of MPL Orders, the credit is $0.0020. For Less Active SLP
Securities, the SLP is eligible for a per share credit of $0.0031;
0.0026 if a Non-Displayed Reserve Order; or $0.0020 if an MPL Order.
---------------------------------------------------------------------------
\11\ In determining whether an SLP meets the requirement to add
liquidity in the aggregate of an ADV of more than 0.35% or 0.30%
depending on whether the SLP is also a DMM, the SLP may include
shares of both an SLP-Prop and an SLMM of the same member
organization.
---------------------------------------------------------------------------
An SLP adding liquidity in securities with a per share price of
$1.00 or more is eligible for a per share credit of $0.0029 if the SLP:
(1) Meets the 10% average or more quoting requirement in an assigned
security pursuant to Rule 107B; and (2) adds liquidity for all for
assigned SLP securities in the aggregate of an ADV of more than 0.55%
of NYSE CADV, or for an SLP that is also a DMM and subject to Rule
107B(i)(2)(a), more than 0.50% of NYSE CADV, the SLP is eligible for a
per share credit of $.0029 (``SLP Tier 1''). In the case of Non-
Displayed Reserve Orders, the credit is $0.0024 and in the case of MPL
Orders, the credit is $0.0020. For Less Active SLP Securities, the SLP
is eligible for a per share credit of $0.0034; $0.0029 if a Non-
Displayed Reserve Order; or $0.0020 if an MPL Order.
Finally, an SLP adding liquidity in securities with a per share
price of $1.00 or more that does not qualify for the credits described
above is eligible for the applicable rate for the base SLP tier, which
would be the rate that applies to the non-SLP activity of the member
organization, i.e. the non-Tier Adding Credit, Tier 3 Adding Credit,
Tier 2 Adding Credit or Tier 1 Adding Credit (``SLP Non-Tier''). In the
case of Non-Displayed Reserve Orders, the credit is $0.0010 and in the
case of MPL Orders, the credit is $0.0020.
The Exchange proposes to add defined terms identifying each of
tiers for SLP credits, as defined above, in the Price List, as SLP Tier
1, SLP Tier 2, SLP Tier 3 and SLP Non-Tier.
The Exchange proposes to increase for SLP Tier 1 and SLP Tier 2 the
ADV percentage requirement for SLPs and for SLPs that are also DMMs and
subject to Rule 107B(i)(2)(A). The ADV percentage requirement for SLPs
for SLP Tier 1 and SLP Tier 2 would increase from 0.55% to 0.90% and
0.35% to 0.45%, respectively. The ADV percentage requirement for SLPs
that are also DMMs and subject to Rule 107B(i)(2)(A) for SLP Tier 1 and
SLP Tier 2 would increase from 0.50% to 0.85% and 0.30% to 0.40%,
respectively. The Exchange does not propose to change the ADV
percentage requirement for SLP Tier 3.
The Exchange proposes, for each SLP tier, to decrease the credit
for a Non-Displayed Reserve Order by $0.0010. Specifically, for Non-
Displayed Reserve Orders the SLP Tier 1 credit would decrease from
$0.0024 to $0.0014; the SLP Tier 2 credit would decrease from $0.0021
to $0.0011; the SLP Tier 3 credit would decrease from $0.0018 to
$0.0008; and the SLP Non-Tier credit would decrease from $0.0010 to no
credit.
The Exchange proposes to decrease the credit for a Non-Displayed
Reserve Order for Less Active SLP Securities by $0.0010 for each SLP
tier: specifically, for SLP Tier 1, from $0.0029 to $0.0019; for SLP
Tier 2, from $0.0026 to $0.0016; and for SLP Tier 3, from $0.0023 to
$0.0013.
The proposed changes to the credits applicable to MPL Orders are as
set
[[Page 34478]]
forth in ``MPL Orders and Non-Displayed Reserve Orders'' above.
The above proposed changes are not otherwise intended to address
any other issues, and the Exchange is not aware of any problems that
members and member organizations would have in complying with the
proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
MPL Orders and Non-Displayed Reserve Orders
The Exchange believes that the proposed increase to the fee for
executions of MPL Orders that remove liquidity and the proposed changes
to the credits for MPL Orders that provide liquidity are reasonable.
MPL Orders provide opportunities for market participants to interact
with orders priced at the midpoint of the PBBO, thus providing price
improving liquidity to market participants and increasing the quality
of order execution on the Exchange's market, which benefits all market
participants. These changes should encourage additional utilization of
MPL Orders on the Exchange.
Specifically, the Exchange believes that the proposed change for
MPL Orders that remove liquidity from the Exchange if the security is
priced $1.00 or more from $0.0025 per share to $0.0027 per share is
reasonable because the charge would be the same as the $0.0027 fee
proposed for other executions that remove liquidity. The resulting fee
is also reasonable because would be lower than the rates on the NASDAQ
Stock Market, LLC (``NASDAQ''). For example, NASDAQ charges $0.0030 per
share to execute against resting midpoint liquidity, which is greater
than both the existing $0.0025 per share rate and the proposed $0.0027
per share rate that would apply to MPL Orders.\14\
---------------------------------------------------------------------------
\14\ See NASDAQ Rule 7018(a).
---------------------------------------------------------------------------
The Exchange believes that the proposed additional tier of credits
for MPL Orders is reasonable because the proposed MPL Order Tier credit
of $0.0030 per share that would apply if the member organization has
Adding ADV in MPL Orders that is at least 1.5 million shares would
relate to volume that provides liquidity, which would be identical to
the type of volume to which the credit would apply.
In addition, the Exchange believes the decrease in the non-tier MPL
Order credit to $0.0015 is reasonable as it is greater than the non-
tier credit that is available on NASDAQ for midpoint liquidity, which
is currently $0.0014 for Tape A and B securities and $0.0010 per share
for Tape C securities.\15\
---------------------------------------------------------------------------
\15\ See supra note 14.
---------------------------------------------------------------------------
The Exchange also believes that the proposed changes are equitable
and not unfairly discriminatory because all market participants--
customers, Floor brokers, DMMs, and SLPs--may use MPL Orders on the
Exchange and because customers, Floor brokers and SLPs that use MPL
Orders would be subject to the same fee or credit.
Finally, the Exchange believes that the proposed change to the
credit for DMMs for MPL Orders that provide liquidity to the Exchange
to $0.0030 per share is reasonable because DMMs cannot trade in
securities they are not a DMM in and therefore the minimum volume
requirement of the MPL Order Tier should not apply. Moreover, the
requirement is equitable and not unfairly discriminatory because it
would apply equally to all DMM firms.
The Exchange believes the proposed changes should incentivize
additional utilization of MPL Orders on the Exchange. MPL Orders
provide opportunities for market participants to interact with orders
priced at the midpoint of the PBBO, thus providing price improving
liquidity to market participants and increasing the quality of order
execution on the Exchange's market, which benefits all market
participants. The proposed change is equitable and not unfairly
discriminatory because MPL Orders increase the quality of order
execution on the Exchange's market, which benefits all market
participants. The Exchange also believes that the proposed changes are
equitable and not unfairly discriminatory because all market
participants--customers, Floor brokers, DMMs, and SLPs--may use MPL
Orders on the Exchange and because all market participants that use MPL
Orders may receive credits for MPL Orders, as is currently the case.
The Exchange believes that the proposed rule change to reduce the
credit for Non-Displayed Reserve Orders that provide liquidity is
reasonable, equitable and not unfairly discriminatory because it is
intended to incentivize member organizations to submit additional
amounts of displayed liquidity to the Exchange during the trading day.
For example, the proposed higher credits applicable to member
organization for executions other than Non-Displayed Reserve Orders
would incentivize member organizations to instead provide displayed
liquidity on the Exchange. The Exchange believes that the proposed
lower credit is equitable and not unfairly discriminatory because it
would apply equally to all member organizations.
Credits for Certain Executions at the Opening
The Exchange believes that it is reasonable to increase the monthly
fee cap for fees for executions at the opening or executions at the
opening only orders to $30,000 because members and member organizations
benefit from the substantial amounts of liquidity that are present on
the Exchange during such time. In addition, the Exchange believes that
the proposed cap is reasonable because the proposed cap and the current
fee rate together are comparable to those for executions at the opening
on other markets.\16\
---------------------------------------------------------------------------
\16\ For example, NASDAQ charges $0.0015 per share for certain
orders executed in the NASDAQ Opening Corss [sic] and applies at
$20,000 fee cap per month per firm for such executions. See Nasdaq
Rule 7018(e).
---------------------------------------------------------------------------
The proposed increased fee cap is equitable and not unfairly
discriminatory because, even at such an increased level, this pricing
would continue to encourage robust levels of liquidity at the opening,
which benefits all market participants. The proposed increase will
encourage the submission of additional liquidity to a national
securities exchange, thereby promoting price discovery and transparency
and enhancing order execution opportunities for member organization
from the substantial amounts of liquidity that are present on the
Exchange during the opening. Moreover, the requirement is equitable and
not unfairly discriminatory because it would apply equally to all
similarly situated member organizations.
DMMs
The Exchange believes that the proposed higher monthly credit of
$300, $375, and $450 for each security that has a consolidated ADV of
more than 100,000 and less than 250,000 shares during the month when
the DMM quotes at the NBBO in the applicable security at least 30%,
40%, and 50%, of the time, respectively, in the applicable month is
reasonable because of the
[[Page 34479]]
proposed higher quoting requirement associated with this increase in
the credit. The Exchange believes that the proposed lower monthly
credit of $150 and $225 for each security that has a consolidated ADV
of more than 100,000 and less than 250,000 shares during the month when
the DMM quotes at the NBBO in the applicable security between 15% and
20% and 20% to 30% of the time, respectively, in the applicable month
is reasonable because of the proposed higher credit available based on
higher quoting, which should encourage greater quoting. The Exchange
believes that the proposal would increase the incentive to add
liquidity across thinly-traded securities where there may be fewer
liquidity providers. Moreover, the requirement is equitable and not
unfairly discriminatory because it would apply equally to all DMM
firms.
The Exchange believes that the proposed higher monthly credit of
$250, $325, and $400 for each security that has a consolidated ADV of
less than 100,000 shares during the month when the DMM quotes at the
NBBO in the applicable security at least 30%, 40%, and 50%, of the
time, respectively, in the applicable month is reasonable because of
the proposed higher quoting requirement associated with this increase
in the credit. The Exchange believes that the proposed lower monthly
credit of $100 each security that has a consolidated ADV of less than
100,000 shares during the month when the DMM quotes at the NBBO in the
applicable security between 15% and 20% of the time in the applicable
month is reasonable because of higher credit available based on higher
quoting, which should encourage greater quoting. The Exchange also
believes that it is reasonable to retain a $175 credit for each
security that has a consolidated ADV of less than 100,000 shares during
the month when the DMM quotes at the NBBO in the applicable security at
least 20% and up to 30% of the time in the applicable month as this is
the rate currently charged and it would apply equally to all DMM firms.
The Exchange believes that the proposal would increase the incentive to
add liquidity across thinly-traded securities where there may be fewer
liquidity providers. Moreover, the requirement is equitable and not
unfairly discriminatory because it would apply equally to all DMM
firms.
The Exchange believes that the proposed monthly credit of $200,
$275, $350, $425, and $500 for each security that has a consolidated
ADV of more than 250,000 and less than 1,500,000 shares during the
month when the DMM quotes at the NBBO in the applicable security at
least 15%, 20%, 30%, 40%, and 50%, of the time, respectively, in the
applicable month is reasonable because of the proposed higher quoting
requirement associated with this credit. The Exchange also believes
that the higher credits for each security that has a consolidated ADV
of more than 250,000 and less than 1,500,000 shares during the month
when the DMM quotes at the NBBO of the time in the applicable month is
reasonable in light of higher trading volumes in the applicable
securities relatively to those securities that have a consolidated ADV
of less than 250,000 shares. The Exchange believes that the proposal
would increase the incentive to add liquidity across thinly-traded
securities where there may be fewer liquidity providers. Moreover, the
requirement is equitable and not unfairly discriminatory because it
would apply equally to all DMM firms.
SLPs
The Exchange believes that the proposal to add defined terms for
the SLP Tiers to the Price List is reasonable because the change will
make the Price List clearer and easier to understand.
The Exchange believes that proposal to increase the ADV percentage
requirement for SLPs that are also DMMs and subject to Rule
107B(i)(2)(A) is reasonable because the higher requirements would
incentivize member organizations to provide additional amounts of
liquidity on the Exchange. The Exchange believes that the higher
requirements are reasonable given the higher credits--$0.0029 per share
for SLP Tier 1 and $0.026 per share for SLP Tier 2--relative to the
credit applicable to member organizations other than SLPs, and that the
lower requirements for SLP Tier 3 and the SLP Non-Tier are, similarly,
reasonable given the lower credits for those tiers The Exchange
believes that the proposed higher ADV percentage requirements for SLP
Tier 1 and SLP Tier 2 are equitable and not unfairly discriminatory
because they would apply equally to all SLPs.
Further, the Exchange believes that the proposed rule change to
reduce the credit for Non-Displayed Reserve Orders that provide
liquidity is reasonable, equitable and not unfairly discriminatory
because it is intended to incentivize SLPs to submit additional amounts
of displayed liquidity to the Exchange during the trading day. This
decrease in the credits for Non-Displayed Reserve Orders for SLPs is
the same decrease as proposed for the credits applicable to Non-
Displayed Reserve Orders for other member organizations. Once again,
the Exchange believes that the proposed lower credit is equitable and
not unfairly discriminatory because it would apply equally to all SLPs.
The Exchange believes that it is subject to significant competitive
forces, as described below in the Exchange's statement regarding the
burden on competition. For the foregoing reasons, the Exchange believes
that the proposal is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\17\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the Exchange believes that the proposed
change would contribute to the Exchange's market quality by promoting
price discovery and ultimately increased competition. For the same
reasons, the proposed change also would not impose any burden on
competition among market participants. Pricing for executions at the
opening would remain at the same relatively low levels and would
continue to reflect the benefit that market participants receive
through the ability to have their orders interact with other liquidity
at the opening.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and rebates to remain competitive with other exchanges and
with alternative trading systems that have been exempted from
compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. As a result of all of these considerations, the
Exchange does not believe that the proposed changes will impair the
ability of member organizations or competing order execution venues to
maintain their competitive standing in the financial markets.
[[Page 34480]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \18\ of the Act and subparagraph (f)(2) of Rule
19b-4 \19\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 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 under
Section 19(b)(2)(B) \20\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSE-2015-28 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2015-28. 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 the filing will also be available
for inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. 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- NYSE-2015-28 and should be submitted on or before July
7, 2015.
---------------------------------------------------------------------------
\21\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14668 Filed 6-15-15; 8:45 am]
BILLING CODE 8011-01-P
