Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Amex Options Fee Schedule To Modify the Securities That Are Subject to the NYSE Amex Options Market Maker Premium Product Fees, 48129-48131 [2015-19647]
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Federal Register / Vol. 80, No. 154 / Tuesday, August 11, 2015 / Notices
December 31, 2014, there were 175
participants of NSCC, the primary
registered clearing agency responsible
for clearing U.S. transactions that were
registered as broker-dealers.3 If a
participant of a registered clearing
agency has a fail to deliver position in
an equity security at a registered
clearing agency and determines that
such fail to deliver position resulted
from a long sale, we estimate that a
participant of a registered clearing
agency will have to make such
determination with respect to
approximately 38 securities per day.4
We estimate a total of 1,675,800
demonstrations in accordance with Rule
204(a)(1) across all participants per year
(175 participants checking for
compliance once per day on 38
securities, multiplied by 252 trading
days in a year). The total approximate
estimated annual burden hour per year
will be approximately 268,128 burden
hours (1,675,800 multiplied by 0.16
hours/documentation).
III. Pre-Borrow Notification
Requirement: As of December 31, 2014,
there were 175 participants of NSCC,
the primary registered clearing agency
responsible for clearing U.S.
transactions that were registered as
broker-dealers.5 If a participant of a
registered clearing agency has a fail to
deliver position in an equity security
and after the beginning of regular
trading hours on the applicable closeout date, the participant has to
determine whether or not the fail to
deliver position was closed out in
accordance with Rule 204(a). We
estimate that a participant of a
registered clearing agency will have to
make such determination with respect
to approximately 58 equity securities
asabaliauskas on DSK5VPTVN1PROD with NOTICES
3 Those
participants not registered as brokerdealers include such entities as banks, U.S.registered exchanges, and clearing agencies.
Although these entities are participants of a
registered clearing agency, generally these entities
do not engage in the types of activities that will
implicate the close-out requirements of the rule.
Such activities of these entities include creating and
redeeming Exchange Traded Funds, trading in
municipal securities, and using NSCC’s Envelope
Settlement Service or Inter-city Envelope
Settlement Service. These activities rarely lead to
fails to deliver and, if fails to deliver do occur, they
are small in number and are usually closed out
within a day.
4 DERA estimates approximately 65.1% of trades
are long sales as of March 2014 and applies this
percentage to the number of fail to deliver positions
per day. DERA estimates that there are
approximately 10,208 fail to deliver positions per
settlement day. Across 175 broker-dealer
participants of the NSCC, the number of securities
per participant per day is approximately 58 equity
securities. 65.1% of 58 securities per day is
approximately 38 securities per day.
5 See supra note 3.
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16:44 Aug 10, 2015
Jkt 235001
per day.6 We estimate a total of
2,557,800 notifications in accordance
with Rule 204(c) across all participants
per year (175 participants notifying
broker-dealers once per day on 58
securities, multiplied by 252 trading
days in a year). The total estimated
annual burden hours per year will be
approximately 409,248 burden hours
(2,557,800 @0.16 hours/documentation).
IV. Certification Requirement: If the
broker-dealer determines that it has not
incurred a fail to deliver position on
settlement date in an equity security for
which the participant has a fail to
deliver position at a registered clearing
agency or has purchased securities in
accordance with the conditions
specified in Rule 204(e), we estimate
that a broker-dealer will have to make
such determinations with respect to
approximately 2.44 securities per day.
As of December 31, 2014, there were
4,184 registered broker-dealers. Each of
these broker-dealers may clear trades
through a participant of a registered
clearing agency. We estimate that on
average, a broker-dealer will have to
certify to the participant that it has not
incurred a fail to deliver position on
settlement date in an equity security for
which the participant has a fail to
deliver position at a registered clearing
agency or, alternatively, that it is in
compliance with the requirements set
forth in Rule 204(e), 2,572,657 times per
year (4,184 broker-dealers certifying
once per day on 2.44 securities,
multiplied by 252 trading days in a
year). The total approximate estimated
annual burden hour per year will be
approximately 411,625 burden hours
(2,572,657 multiplied by 0.16 hours/
certification).
V. Pre-Fail Credit Demonstration
Requirement: If a broker-dealer
purchases or borrows securities in
accordance with the conditions
specified in Rule 204(e) and determines
that it has a net long position or net flat
position on the settlement day on which
the broker-dealer purchases or borrows
securities we estimate that a brokerdealer will have to make such
determination with respect to
approximately 2.44 securities per day.7
As of December 31, 2014, there were
4,184 registered broker-dealers. We
estimate that on average, a broker-dealer
will have to demonstrate in its books
and records that it has a net long
position or net flat position on the
settlement day for which the broker6 DERA estimates that there are approximately
10,208 fail to deliver positions per day. Across 175
broker-dealer participants of the NSCC, the number
of securities per participant per day is
approximately 58 equity securities.
7 See supra note 1.
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
48129
dealer is claiming credit, 2,572,657
times per year (4,184 broker-dealers
checking for compliance once per day
on 2.44 securities, multiplied by 252
trading days in a year). The total
approximate estimated annual burden
hour per year will be approximately
411,625 burden hours (2,572,657
multiplied by 0.16 hours/
demonstration).
The total aggregate annual burden for
the collection of information undertaken
pursuant to all five provisions is thus
1,912,251 hours per year (411,625 +
268,128 + 409,248 + 411,625 + 411,625).
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information under the
PRA unless it displays a currently valid
OMB control number.
The public may review background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington DC 20549,
or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: August 5, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–19649 Filed 8–10–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75614; File No. SR–
NYSEMKT–2015–62]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE
Amex Options Fee Schedule To Modify
the Securities That Are Subject to the
NYSE Amex Options Market Maker
Premium Product Fees
August 5, 2015.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
1 15
E:\FR\FM\11AUN1.SGM
U.S.C. 78s(b)(1).
11AUN1
48130
Federal Register / Vol. 80, No. 154 / Tuesday, August 11, 2015 / Notices
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on August
4, 2015, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Amex Options Fee Schedule
(‘‘Fee Schedule’’) to modify the
securities that are subject to the NYSE
Amex Options Market Maker Premium
Product Fees. The Exchange proposes to
implement the fee change effective
August 4, 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
asabaliauskas on DSK5VPTVN1PROD with NOTICES
1. Purpose
The purpose of this filing is to modify
the securities that are subject to the
NYSE Amex Options Market Maker
Premium Product Fees. The Exchange
proposes to implement the fee change
effective August 4, 2015.
In August, 2012, the Exchange
introduced the Premium Product Fees,
which charges a monthly fee to any
NYSE Amex Options Market Maker
transacting in the most active issues
2 15
3 17
U.S.C. 78a.
CFR 240.19b–4.
VerDate Sep<11>2014
16:44 Aug 10, 2015
Jkt 235001
trading on the Exchange.4 Section III.D.
of the Fee Schedule sets forth the list of
10 Premium Products—SPY, AAPL,
IWM, QQQ, BAC, EEM, GLD, JPM, XLF,
and VXX. Subject to exceptions, NYSE
Amex Options Marker Makers that
transact in these issues are subject to a
fee of $1,000 per product traded with a
monthly cap of $7,000.5
The Exchange proposes to amend the
list of Premium Products to reflect the
most actively traded securities on the
Exchange today, which have changed
since the fees were introduced in 2012.6
Specifically, the Exchange proposes to
remove GLD, JPM, and XLF from the list
of Premium Products and to replace
them with BABA, FB and USO. The
Exchange believes that the proposed
change would continue to encourage
meaningful Market Maker participation
in the most active issues on the
Exchange. In this regard, the Exchange
proposes to amend Section III.D. to the
Fee Schedule to reflect the proposed
changes to the list of Premium Product.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,8 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
The Exchange believes that the
change to the list of Premium Products
is reasonable, equitable, and not
unfairly discriminatory because the
proposed change applies to all NYSE
Amex Options Market Makers equally,
except for those market makers who
qualify as NYSE Amex Floor Market
Makers and achieve 75% or more of
their volumes in open or public outcry,
which Marker Makers are exempt
because the Exchange believes that
public outcry markets serve an
important role in the price discovery
process that benefits all participants on
4 See Securities Exchange Act Release No. 67634
(August 9, 2012), 77 FR 49038 (August 15, 2012)
(SR–NYSEMKT–2012–33) (‘‘Premium Product
Filing’’).
5 The Premium Product Fees do not apply to
Market Makers that qualify as NYSE Amex Options
Floor Market Makers as described in note 1 to
Section III.A of the Fee Schedule. See Fee Schedule,
Section III.D. and III.A.
6 The Exchange represented in the Premium
Product Filing that ‘‘any change to the list of
Premium Products would be done through a fee
filing.’’ See supra n. 4, 77 FR at 49038.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4) and (5).
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
the Exchange and in the marketplace.9
As the Exchange noted in 2012 in the
Premium Products Filing, because the
Exchange does not limit the number of
participants who may act as market
makers, either electronically or in
public outcry, the Exchange has more
than sufficient liquidity in the most
active options on the Exchange. The
proposed change simply updates the list
of Premium Products to include those
names most actively traded on the
Exchange.
For these 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,10 the Exchange does not believe
that the proposed rule change will
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues. In such an
environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 11 of the Act and
subparagraph (f)(2) of Rule 19b–4 12
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
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
9 See
supra n. 5.
U.S.C. 78f(b)(8).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(2).
10 15
E:\FR\FM\11AUN1.SGM
11AUN1
Federal Register / Vol. 80, No. 154 / Tuesday, August 11, 2015 / Notices
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 13 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
submitted on or before September 1,
2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–19647 Filed 8–10–15; 8:45 am]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEMKT–2015–62 on the subject line.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
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:
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, August 13, 2015 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at
the Closed Meeting.
Commissioner Piwowar, as duty
officer, voted to consider the items
listed for the Closed Meeting in closed
session.
The subject matter of the Closed
Meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Adjudicatory matters; and
Other matters relating to enforcement
proceedings.
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.
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–NYSEMKT–2015–62. 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 Section, 100 F Street NE.,
Washington, DC 20549–1090. 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–
NYSEMKT–2015–62 and should be
13 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
16:44 Aug 10, 2015
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Dated: August 6, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–19754 Filed 8–7–15; 11:15 am]
BILLING CODE 8011–01–P
14 17
Jkt 235001
PO 00000
CFR 200.30–3(a)(12).
Frm 00062
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48131
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 17Ad–13; SEC File No. 270–263;
OMB Control No. 3235–0275.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.) the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rule 17Ad–13 (17 CFR
240.17Ad–13). The Commission plans
to submit this existing collection of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 17Ad–13 (17 CFR 240.17Ad–13)
requires an annual study and evaluation
of internal accounting controls under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). It requires
approximately 100 registered transfer
agents to obtain an annual report on the
adequacy of their internal accounting
controls from an independent
accountant. In addition, transfer agents
must maintain copies of any reports
prepared pursuant to Rule 17Ad–13
plus any documents prepared to notify
the Commission and appropriate
regulatory agencies in the event that the
transfer agent is required to take any
corrective action. These recordkeeping
requirements assist the Commission and
other regulatory agencies with
monitoring transfer agents and ensuring
compliance with the rule. Small transfer
agents are exempt from Rule 17Ad–13
as are transfer agents that service only
their own companies’ securities.
Approximately 100 independent,
professional transfer agents must file the
independent accountant’s report
annually. We estimate that the annual
internal time burden for each transfer
agent to comply with Rule 17Ad–13 by
submitting the report prepared by the
independent accountant to the
Commission is minimal. The time
required for the independent accountant
to prepare the accountant’s report varies
with each transfer agent depending on
the size and nature of the transfer
agent’s operations. The Commission
estimates that, on average, each report
can be completed by the independent
accountant in 120 hours, resulting in a
total of 12,000 external hours annually
(120 hours × 100 reports). The burden
E:\FR\FM\11AUN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 154 (Tuesday, August 11, 2015)]
[Notices]
[Pages 48129-48131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19647]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75614; File No. SR-NYSEMKT-2015-62]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending the NYSE Amex
Options Fee Schedule To Modify the Securities That Are Subject to the
NYSE Amex Options Market Maker Premium Product Fees
August 5, 2015.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the
[[Page 48130]]
``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that,
on August 4, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, 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 the NYSE Amex Options Fee Schedule
(``Fee Schedule'') to modify the securities that are subject to the
NYSE Amex Options Market Maker Premium Product Fees. The Exchange
proposes to implement the fee change effective August 4, 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 purpose of this filing is to modify the securities that are
subject to the NYSE Amex Options Market Maker Premium Product Fees. The
Exchange proposes to implement the fee change effective August 4, 2015.
In August, 2012, the Exchange introduced the Premium Product Fees,
which charges a monthly fee to any NYSE Amex Options Market Maker
transacting in the most active issues trading on the Exchange.\4\
Section III.D. of the Fee Schedule sets forth the list of 10 Premium
Products--SPY, AAPL, IWM, QQQ, BAC, EEM, GLD, JPM, XLF, and VXX.
Subject to exceptions, NYSE Amex Options Marker Makers that transact in
these issues are subject to a fee of $1,000 per product traded with a
monthly cap of $7,000.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 67634 (August 9,
2012), 77 FR 49038 (August 15, 2012) (SR-NYSEMKT-2012-33) (``Premium
Product Filing'').
\5\ The Premium Product Fees do not apply to Market Makers that
qualify as NYSE Amex Options Floor Market Makers as described in
note 1 to Section III.A of the Fee Schedule. See Fee Schedule,
Section III.D. and III.A.
---------------------------------------------------------------------------
The Exchange proposes to amend the list of Premium Products to
reflect the most actively traded securities on the Exchange today,
which have changed since the fees were introduced in 2012.\6\
Specifically, the Exchange proposes to remove GLD, JPM, and XLF from
the list of Premium Products and to replace them with BABA, FB and USO.
The Exchange believes that the proposed change would continue to
encourage meaningful Market Maker participation in the most active
issues on the Exchange. In this regard, the Exchange proposes to amend
Section III.D. to the Fee Schedule to reflect the proposed changes to
the list of Premium Product.
---------------------------------------------------------------------------
\6\ The Exchange represented in the Premium Product Filing that
``any change to the list of Premium Products would be done through a
fee filing.'' See supra n. 4, 77 FR at 49038.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that the change to the list of Premium
Products is reasonable, equitable, and not unfairly discriminatory
because the proposed change applies to all NYSE Amex Options Market
Makers equally, except for those market makers who qualify as NYSE Amex
Floor Market Makers and achieve 75% or more of their volumes in open or
public outcry, which Marker Makers are exempt because the Exchange
believes that public outcry markets serve an important role in the
price discovery process that benefits all participants on the Exchange
and in the marketplace.\9\ As the Exchange noted in 2012 in the Premium
Products Filing, because the Exchange does not limit the number of
participants who may act as market makers, either electronically or in
public outcry, the Exchange has more than sufficient liquidity in the
most active options on the Exchange. The proposed change simply updates
the list of Premium Products to include those names most actively
traded on the Exchange.
---------------------------------------------------------------------------
\9\ See supra n. 5.
---------------------------------------------------------------------------
For these 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,\10\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \11\ of the Act and subparagraph (f)(2) of Rule
19b-4 \12\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may 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
[[Page 48131]]
the purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings under Section 19(b)(2)(B) \13\
of the Act to determine whether the proposed rule change should be
approved or disapproved.
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\13\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEMKT-2015-62 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-NYSEMKT-2015-62. 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 Section, 100 F Street
NE., Washington, DC 20549-1090. 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-NYSEMKT-2015-62 and should be submitted
on or before September 1, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19647 Filed 8-10-15; 8:45 am]
BILLING CODE 8011-01-P
