Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Modify Certain Fees for Executions at the Close, 281-283 [2015-33116]
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Federal Register / Vol. 81, No. 2 / Tuesday, January 5, 2016 / Notices
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 28,
2015, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Express, Priority Mail, & First-Class
Package Service Contract 8 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2016–72, CP2016–87.
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2015–33112 Filed 1–4–16; 8:45 am]
DATES:
Effective date: January 5, 2016.
FOR FURTHER INFORMATION CONTACT:
Valerie J. Pelton, 202–268–3049.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 28,
2015, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 186 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2016–71,
CP2016–86.
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
BILLING CODE 7710–12–P
[FR Doc. 2015–33104 Filed 1–4–16; 8:45 am]
POSTAL SERVICE
BILLING CODE 7710–12–P
Product Change—Priority Mail
Negotiated Service Agreement
POSTAL SERVICE
Postal ServiceTM.
ACTION: Notice.
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: January 5, 2016.
FOR FURTHER INFORMATION CONTACT:
Maria W. Votsch, 202–268–6525.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 28,
2015, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 185 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2016–69,
CP2016–84.
SUMMARY:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2015–33107 Filed 1–4–16; 8:45 am]
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: January 5, 2016.
FOR FURTHER INFORMATION CONTACT:
Valerie J. Pelton, 202–268–3049.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 24,
2015, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 184 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2016–66,
CP2016–81.
SUMMARY:
Stanley F. Mires,
Attorney, Federal Compliance.
BILLING CODE 7710–12–P
[FR Doc. 2015–33109 Filed 1–4–16; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
asabaliauskas on DSK5VPTVN1PROD with NOTICES
ACTION:
Postal ServiceTM.
Notice.
Sunshine Act Meeting
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
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18:43 Jan 04, 2016
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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, January 7, 2016 at 2:00
p.m.
PO 00000
Frm 00063
Fmt 4703
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), (5), (7), 9(ii)
and (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;
Resolution of litigation claims; 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.
Dated: December 31, 2015.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–33314 Filed 12–31–15; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76789; File No. SR–NYSE–
2015–66]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending Its
Price List To Modify Certain Fees for
Executions at the Close
December 29, 2015.
SECURITIES AND EXCHANGE
COMMISSION
AGENCY:
281
Sfmt 4703
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 December
16, 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
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
E:\FR\FM\05JAN1.SGM
05JAN1
282
Federal Register / Vol. 81, No. 2 / Tuesday, January 5, 2016 / Notices
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 its
Price List to modify certain fees for
executions at the close, effective January
4, 2016. 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 Exchange proposes to amend its
Price List to change certain fees for
executions at the close, effective January
4, 2016. The proposed change would
only apply to transactions in securities
priced $1.00 or more.
Other than for market at-the-close
(‘‘MOC’’) and limit at-the-close (‘‘LOC’’)
orders, the Exchange does not charge for
orders executed at the close, including
Floor broker orders swept into the close.
However, member organizations that
execute during the billing month
average daily volume (‘‘ADV’’) of at
least 1,000,000 shares through orders
executed at the close (except MOC and
LOC orders) and Floor broker orders
swept into the close, are charged
$0.0003 per share for such orders. The
Exchange proposes to increase this fee
to $0.00035 per share, but to apply that
fee only to shares executed in excess of
750,000 ADV during the billing month.
For example, a member organization
that has an ADV of 3 million shares
during a billing month consisting of 20
trading days would pay the $0.00035
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per share fee on the 2.25 million shares
that exceed 750,000 on average each
day. For the 20 trading days, this would
be a total of 45 million shares for that
month, and a total fee of $15,750. By
comparison with the current fee, the
member organization that has an ADV of
3 million shares would pay the $0.0003
per share fee on an ADV of 3 million
shares over 20 trading days, or a total of
60 million shares for that month, for a
total fee of $18,000. Member
organizations with execution volumes
below an ADV of 750,000 shares during
the billing month would continue not to
be charged for these trades.
The proposed change is not otherwise
intended to address any other issues,
and the Exchange is not aware of any
problems that 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,4 in general, and
furthers the objectives of sections 6(b)(4)
and 6(b)(5) of the Act,5 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
proposed fee increases for certain
executions at the close are reasonable.
The Exchange’s closing auction is a
recognized industry benchmark,6 and
member organizations receive a
substantial benefit from the Exchange in
obtaining high levels of executions at
the Exchange’s closing price on a daily
basis.
The Exchange believes that it is
equitable and not unfairly
discriminatory to modify fees for
executions at the close (other than MOC
and LOC orders) and Floor broker
executions swept into the close for
member organizations that execute an
ADV of at least 750,000 of such
executions on a combined basis, by
increasing the applicable fee but to
apply that fee only to shares executed
over 750,000 ADV during the billing
month, because member organizations
that reach 750,000 ADV threshold are
generally larger member organizations
that are deriving a substantial benefit
from this high volume of closing
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
6 For example, the pricing and valuation of
certain indices, funds, and derivative products
require primary market prints.
5 15
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Frm 00064
Fmt 4703
Sfmt 4703
executions. Nonetheless, the Exchange
must continue to encourage liquidity
from multiple sources. Allowing
member organizations with execution
volumes of an ADV below 750,000
shares during the billing month to
continue to obtain executions at the
close at no charge, and to charge the fee
only with respect to shares executed
over 750,000 ADV during the billing
month, continues to encourage member
organizations to send orders to the
Exchange for the closing auction. The
Exchange believes that its proposal
would equitably balance these interests
and continue to encourage order flow
from multiple sources, which helps to
maintain the quality of the Exchange’s
closing auctions for the benefit of all
market participants. The proposed fee is
also reasonable, in that it is lower than
applicable closing rates on the NASDAQ
Stock Market, LLC (‘‘NASDAQ’’).7 For
example, the default fee for executions
in NASDAQ’s ‘‘Closing Cross’’ is
$0.0008 per share.
Finally, 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 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,8 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 encourage the submission
of additional liquidity to a public
exchange, thereby promoting price
discovery and transparency and
enhancing order execution
opportunities for member organizations.
The Exchange believes that this could
promote competition between the
Exchange and other execution venues,
including those that currently offer
similar order types and comparable
transaction pricing, by encouraging
additional orders to be sent to the
Exchange for execution.
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
7 See
8 15
E:\FR\FM\05JAN1.SGM
NASDAQ Rule 7018(d).
U.S.C. 78f(b)(8).
05JAN1
Federal Register / Vol. 81, No. 2 / Tuesday, January 5, 2016 / Notices
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.
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.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
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) 9 of the Act and
subparagraph (f)(2) of Rule 19b–4 10
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) 11 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:
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
11 15 U.S.C. 78s(b)(2)(B).
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–2015–66 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–2015–66. 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–
2015–66 and should be submitted on or
before January 26, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–33116 Filed 1–4–16; 8:45 am]
BILLING CODE 8011–01–P
9 15
10 17
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18:43 Jan 04, 2016
12 17
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CFR 200.30–3(a)(12).
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Fmt 4703
Sfmt 4703
283
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76787; File No. SR–NSCC–
2015–009]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adjust Fees Related to
Automated Customer Account
Transfer Service, Obligation
Warehouse, Fund/SERV®, Insurance
and Retirement Processing Services,
and Alternative Investment Product
Services
December 29, 2015.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
16, 2015, National Securities Clearing
Corporation (‘‘NSCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by NSCC. NSCC filed the proposed rule
change pursuant to section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder.4 The proposed rule change
was effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change consists of
changes to Addendum A (Fee Structure)
of the Rules & Procedures (‘‘Rules’’) of
NSCC in order to adjust fees related to
NSCC’s Automated Customer Account
Transfer Service, Obligation Warehouse,
Fund/SERV®, Insurance and Retirement
Processing Services, and Alternative
Investment Product Services, as more
fully described below.5
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
NSCC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
5 Terms not otherwise defined herein have the
meaning set forth in the Rules, available at
https://dtcc.com/∼/media/Files/Downloads/legal/
rules/nscc_rules.pdf.
2 17
E:\FR\FM\05JAN1.SGM
05JAN1
]]>Agencies
[Federal Register Volume 81, Number 2 (Tuesday, January 5, 2016)]
[Notices]
[Pages 281-283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-33116]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76789; File No. SR-NYSE-2015-66]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Its Price List To Modify Certain Fees for Executions at the
Close
December 29, 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 December 16, 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
[[Page 282]]
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 modify certain
fees for executions at the close, effective January 4, 2016. 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 change certain
fees for executions at the close, effective January 4, 2016. The
proposed change would only apply to transactions in securities priced
$1.00 or more.
Other than for market at-the-close (``MOC'') and limit at-the-close
(``LOC'') orders, the Exchange does not charge for orders executed at
the close, including Floor broker orders swept into the close. However,
member organizations that execute during the billing month average
daily volume (``ADV'') of at least 1,000,000 shares through orders
executed at the close (except MOC and LOC orders) and Floor broker
orders swept into the close, are charged $0.0003 per share for such
orders. The Exchange proposes to increase this fee to $0.00035 per
share, but to apply that fee only to shares executed in excess of
750,000 ADV during the billing month. For example, a member
organization that has an ADV of 3 million shares during a billing month
consisting of 20 trading days would pay the $0.00035 per share fee on
the 2.25 million shares that exceed 750,000 on average each day. For
the 20 trading days, this would be a total of 45 million shares for
that month, and a total fee of $15,750. By comparison with the current
fee, the member organization that has an ADV of 3 million shares would
pay the $0.0003 per share fee on an ADV of 3 million shares over 20
trading days, or a total of 60 million shares for that month, for a
total fee of $18,000. Member organizations with execution volumes below
an ADV of 750,000 shares during the billing month would continue not to
be charged for these trades.
The proposed change is not otherwise intended to address any other
issues, and the Exchange is not aware of any problems that 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,\4\ in general, and furthers the
objectives of sections 6(b)(4) and 6(b)(5) of the Act,\5\ 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that the proposed fee increases for certain
executions at the close are reasonable. The Exchange's closing auction
is a recognized industry benchmark,\6\ and member organizations receive
a substantial benefit from the Exchange in obtaining high levels of
executions at the Exchange's closing price on a daily basis.
---------------------------------------------------------------------------
\6\ For example, the pricing and valuation of certain indices,
funds, and derivative products require primary market prints.
---------------------------------------------------------------------------
The Exchange believes that it is equitable and not unfairly
discriminatory to modify fees for executions at the close (other than
MOC and LOC orders) and Floor broker executions swept into the close
for member organizations that execute an ADV of at least 750,000 of
such executions on a combined basis, by increasing the applicable fee
but to apply that fee only to shares executed over 750,000 ADV during
the billing month, because member organizations that reach 750,000 ADV
threshold are generally larger member organizations that are deriving a
substantial benefit from this high volume of closing executions.
Nonetheless, the Exchange must continue to encourage liquidity from
multiple sources. Allowing member organizations with execution volumes
of an ADV below 750,000 shares during the billing month to continue to
obtain executions at the close at no charge, and to charge the fee only
with respect to shares executed over 750,000 ADV during the billing
month, continues to encourage member organizations to send orders to
the Exchange for the closing auction. The Exchange believes that its
proposal would equitably balance these interests and continue to
encourage order flow from multiple sources, which helps to maintain the
quality of the Exchange's closing auctions for the benefit of all
market participants. The proposed fee is also reasonable, in that it is
lower than applicable closing rates on the NASDAQ Stock Market, LLC
(``NASDAQ'').\7\ For example, the default fee for executions in
NASDAQ's ``Closing Cross'' is $0.0008 per share.
---------------------------------------------------------------------------
\7\ See NASDAQ Rule 7018(d).
---------------------------------------------------------------------------
Finally, 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 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,\8\ 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 encourage the submission of additional liquidity to a
public exchange, thereby promoting price discovery and transparency and
enhancing order execution opportunities for member organizations. The
Exchange believes that this could promote competition between the
Exchange and other execution venues, including those that currently
offer similar order types and comparable transaction pricing, by
encouraging additional orders to be sent to the Exchange for execution.
---------------------------------------------------------------------------
\8\ 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
[[Page 283]]
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.
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) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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 the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
section 19(b)(2)(B) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\11\ 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-NYSE-2015-66 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-2015-66. 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-2015-66 and should be submitted on or before
January 26, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-33116 Filed 1-4-16; 8:45 am]
BILLING CODE 8011-01-P
