Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Trading License Fee for Calendar Year 2016, Effective January 4, 2016, 2264-2266 [2016-00642]

Download as PDF 2264 Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Notices the risks involved in trading the Shares during the Opening and Late Trading Sessions when an updated Intraday Indicative Value (‘‘IIV’’) or Index value will not be calculated or publicly disseminated; (d) how information regarding the IIV and the Disclosed Portfolio will be disseminated; (e) the requirement that ETP Holders deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; and (f) trading information.25 (5) For initial and continued listing, the Fund will be in compliance with Rule 10A–3 26 under the Act, as provided by NYSE Arca Equities Rule 5.3. (6) A minimum of 100,000 Shares for the Fund will be outstanding at the commencement of trading on the Exchange.27 This approval order is based on all of the Exchange’s representations. For the foregoing reasons, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Act 28 and the rules and regulations thereunder applicable to a national securities exchange. IV. Solicitation of Comments on Amendment No. 1 Interested persons are invited to submit written data, views, and arguments concerning whether Amendment No. 1 is consistent with the Act. Comments may be submitted by any of the following methods: mstockstill on DSK4VPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an Email to rule-comments@ sec.gov. Please include File Number SR– NYSEArca–2015–114 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–NYSEArca–2015–114. 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 id. at 16. CFR 240.10A–3. 27 See Amendment No. 1, supra note 4, at 15. 28 15 U.S.C. 78f(b)(5). Internet Web site (http://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 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– NYSEArca–2015–114 and should be submitted on or before February 5, 2016. V. Accelerated Approval of Proposed Rule Change as Modified by Amendment No. 1 The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice in the Federal Register. Amendment No. 1 supplements the proposed rule change by, among other things, clarifying the scope of the Fund’s permitted investments and adding additional information about the availability of prices for the Shares and underlying assets. This clarifying information aided the Commission in evaluating the likelihood of effective arbitrage in the Shares. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Act,29 to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,30 that the proposed rule change (SR–NYSEArca– 2015–114), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis. 25 See 26 17 VerDate Sep<11>2014 20:01 Jan 14, 2016 Jkt 238001 U.S.C. 78s(b)(2). U.S.C. 78s(b)(2). 31 17 CFR 200.30–3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.31 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–00661 Filed 1–14–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76865; File No. SR–NYSE– 2016–06] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Trading License Fee for Calendar Year 2016, Effective January 4, 2016 January 11, 2016. 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 January 4, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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 adopt a trading license fee for calendar year 2016. The Exchange proposes to make the rule change operative on 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, 29 15 30 15 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 1 15 2 17 E:\FR\FM\15JAN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 15JAN1 Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Notices 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 adopt a trading license fee for calendar year 2016. The Exchange proposes to make the rule change operative on January 4, 2016. NYSE Rule 300(b) provides that, in each annual offering, up to 1366 trading licenses for the following calendar year will be sold annually at a price per trading license to be established each year by the Exchange pursuant to a rule filing submitted to the Securities and Exchange Commission (‘‘Commission’’) and that the price per trading license will be published each year in the Exchange’s price list. The Exchange proposes to leave the current trading license fees in place for 2016: $50,000 for the first license held by a member organization and $15,000 for each additional license held by a member organization. Such trading license fees have been in place since March 1, 2015.3 Fees will continue to be prorated for any portion of the year that a license may be outstanding. For a trading license that is in place for 10 calendar days or less in a calendar month, proration for that month will continue to be at a flat rate of $100 per day with no tier pricing involved. For a trading license that is in place for 11 calendar days or more in a calendar month, proration for that month will continue to be computed based on the number of days as applied to the applicable annual fee for the license. The proposed changes are not otherwise intended to address any other problem, and the Exchange is not aware of any significant problem that the affected market participants would have in complying with the proposed changes. 2. Statutory Basis mstockstill on DSK4VPTVN1PROD with NOTICES The Exchange believes that the proposed rule change is consistent with 3 See Securities Exchange Act Release No. 74407 [sic] (March 2, 2015), 80 FR 12228 (March 6, 2015) (SR–NYSE–2015–08). The trading license fee was initially set at $40,000 in January 2009. See Securities Exchange Act Release No. 59140, 73 FR 80488 (December 31, 2008) (SR–NYSE–2008–130). In June 2011, the fee was changed to $40,000 per license for the first two licenses and $25,000 per license for any additional trading licenses. See Securities Exchange Act Release Nos. 64582 (June 2, 2011), 76 FR 33390 (June 8, 2011) (SR–NYSE– 2011–23) and 66108 (January 5, 2012), 77 FR 1768 (January 11, 2012) (SR–NYSE–2011–71). VerDate Sep<11>2014 20:01 Jan 14, 2016 Jkt 238001 Section 6(b) of the Act,4 in general, and Section 6(b)(4) of the Act,5 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the trading license fee is reasonable because it maintains the existing fee schedule, which has been in place since March 1, 2015. The Exchange also believes that the proposal to maintain the current fee schedule is equitable and not unfairly discriminatory because all similarly situated member organizations would continue to be subject to the same trading license fee structure and because access to the Exchange’s market would continue to be offered on fair and non-discriminatory terms. The Exchange also believes that the proposal to maintain the current fee schedule is equitable and not unfairly discriminatory because all member organizations would continue to have the opportunity to enjoy the benefits of the fee relief with respect to additional trading licenses. 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 Exchange Act. B. Self-Regulatory Organization’s Statement on Burden on Competition 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 proposed rule change will keep trading license fees the same as they have been since March 1, 2015. As a result, the Exchange does not believe that the proposed rule change will place an unreasonable burden on current members because their trading license fees will remain the same. In addition, the Exchange does not believe that the proposed rule change will place an unreasonable burden on potential members because a potential member’s fees will be the same as for a current member and pro-rated for licenses held for less than a year. 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. 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) 6 of the Act and subparagraph (f)(2) of Rule 19b–4 7 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) 8 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. 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 8 15 U.S.C. 78s(b)(2)(B). 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(4). PO 00000 Frm 00106 Fmt 4703 7 17 Sfmt 4703 2265 E:\FR\FM\15JAN1.SGM 15JAN1 2266 Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Notices Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–76864; File No. SR–BATS– 2015–122] • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NYSE–2016–06 on the subject line. Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 27.1, Definitions, and 27.4, Temporary Rule Governing Phase-Out of P and P/A Orders Paper Comments January 11, 2016. • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 28, 2015, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6)(iii) thereunder,4 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. mstockstill on DSK4VPTVN1PROD with NOTICES All submissions should refer to File Number SR–NYSE–2016–06. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://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 also will be available for inspection and copying at the principal offices 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–NYSE– 2016–06, and should be submitted on or before February 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–00642 Filed 1–14–16; 8:45 am] BILLING CODE 8011–01–P 9 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:01 Jan 14, 2016 Jkt 238001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to authorize the BATS Options Market (‘‘BATS Options’’) to delete its rule entitled ‘‘Temporary Rule Governing Phase-Out of P and P/A Orders’’ and amend any references in the rules to the Plan for the Purpose of Creating and Operating an Intermarket Linkage (‘‘Linkage Plan’’). 5 The text of the proposed rule change is available at the Exchange’s Web site at www.batstrading.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 Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the 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)(6)(iii). 5 See Chapter XXVII, Intermarket Linkage Rules, Rule 27.4., Temporary Rule Governing Phase-Out of P and P/A Orders. 2 17 PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 proposed rule change. The text of these 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to eliminate existing references to the Linkage Plan and also replace any references to the Linkage Plan with references to the Options Order Protection and Locked/Crossed Market Plan (‘‘Plan’’) in order to clarify the current rules in effect. On February 4, 2010, the Exchange filed the Plan, joining all other approved options exchanges in adopting the Plan.6 The Plan required each options exchange to adopt rules implementing various requirements specified in the Plan. The Plan replaced the former Linkage Plan. The Linkage Plan required Participating Exchanges 7 to operate a standalone system or ‘‘Linkage’’ for sending order-flow between exchanges to limit trade-throughs.8 The Options Clearing Corporation (‘‘OCC’’) operated the Linkage system (the ‘‘System’’).9 The Exchange adopted various rules in connection with the Plan to avoid tradethroughs and locked markets, among other things.10 The Exchange currently offers private routing directly to away markets. The Exchange adopted a temporary rule entitled ‘‘Temporary Rule Governing Phase-Out of P and P/A Orders’’ (‘‘Temporary Rule’’),11 in order to facilitate the participation of certain Participating Exchanges who may require the use of Principal Acting as Agent Orders (‘‘P/A Orders’’) 12 and 6 See Securities Exchange Act Release Nos. 61546 (February 19, 2010), 75 FR 8762 (February 25, 2010) (Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Markets Plan to Add the BATS Exchange, Inc. as a Participant). 7 The term ‘‘Participating Exchanges’’ refers to all options exchanges that had been approved to participate in the Linkage Plan. 8 See footnote 6. 9 See footnote 6. 10 See footnote 6. 11 See Chapter XXVII, Intermarket Linkage Rules, Rule 27.4, ‘‘Temporary Rule Governing Phase-Out of P and P/A Orders’’. 12 A P/A Order is an order for the principal account of a Primary Market Maker (or equivalent entity on another Eligible Exchange that is authorized to represent Public Customer orders), reflecting the terms of a related unexecuted Public Customer order for which the Primary Market E:\FR\FM\15JAN1.SGM 15JAN1

Agencies

[Federal Register Volume 81, Number 10 (Friday, January 15, 2016)]
[Notices]
[Pages 2264-2266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00642]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76865; File No. SR-NYSE-2016-06]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Adopt a Trading License Fee for Calendar Year 2016, Effective January 
4, 2016

January 11, 2016.
    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 January 4, 2016, New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to adopt a trading license fee for calendar 
year 2016. The Exchange proposes to make the rule change operative on 
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,

[[Page 2265]]

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 adopt a trading 
license fee for calendar year 2016. The Exchange proposes to make the 
rule change operative on January 4, 2016.
    NYSE Rule 300(b) provides that, in each annual offering, up to 1366 
trading licenses for the following calendar year will be sold annually 
at a price per trading license to be established each year by the 
Exchange pursuant to a rule filing submitted to the Securities and 
Exchange Commission (``Commission'') and that the price per trading 
license will be published each year in the Exchange's price list.
    The Exchange proposes to leave the current trading license fees in 
place for 2016: $50,000 for the first license held by a member 
organization and $15,000 for each additional license held by a member 
organization. Such trading license fees have been in place since March 
1, 2015.\3\ Fees will continue to be prorated for any portion of the 
year that a license may be outstanding. For a trading license that is 
in place for 10 calendar days or less in a calendar month, proration 
for that month will continue to be at a flat rate of $100 per day with 
no tier pricing involved. For a trading license that is in place for 11 
calendar days or more in a calendar month, proration for that month 
will continue to be computed based on the number of days as applied to 
the applicable annual fee for the license.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 74407 [sic] (March 
2, 2015), 80 FR 12228 (March 6, 2015) (SR-NYSE-2015-08). The trading 
license fee was initially set at $40,000 in January 2009. See 
Securities Exchange Act Release No. 59140, 73 FR 80488 (December 31, 
2008) (SR-NYSE-2008-130). In June 2011, the fee was changed to 
$40,000 per license for the first two licenses and $25,000 per 
license for any additional trading licenses. See Securities Exchange 
Act Release Nos. 64582 (June 2, 2011), 76 FR 33390 (June 8, 2011) 
(SR-NYSE-2011-23) and 66108 (January 5, 2012), 77 FR 1768 (January 
11, 2012) (SR-NYSE-2011-71).
---------------------------------------------------------------------------

    The proposed changes are not otherwise intended to address any 
other problem, and the Exchange is not aware of any significant problem 
that the affected market participants would have in complying with the 
proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\4\ in general, and Section 6(b)(4) of the 
Act,\5\ in particular, in that it is designed to provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members and other persons using its facilities. The Exchange 
believes that the trading license fee is reasonable because it 
maintains the existing fee schedule, which has been in place since 
March 1, 2015. The Exchange also believes that the proposal to maintain 
the current fee schedule is equitable and not unfairly discriminatory 
because all similarly situated member organizations would continue to 
be subject to the same trading license fee structure and because access 
to the Exchange's market would continue to be offered on fair and non-
discriminatory terms. The Exchange also believes that the proposal to 
maintain the current fee schedule is equitable and not unfairly 
discriminatory because all member organizations would continue to have 
the opportunity to enjoy the benefits of the fee relief with respect to 
additional trading licenses.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    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 Exchange Act.

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

    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 proposed rule change 
will keep trading license fees the same as they have been since March 
1, 2015. As a result, the Exchange does not believe that the proposed 
rule change will place an unreasonable burden on current members 
because their trading license fees will remain the same. In addition, 
the Exchange does not believe that the proposed rule change will place 
an unreasonable burden on potential members because a potential 
member's fees will be the same as for a current member and pro-rated 
for licenses held for less than a year.
    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.

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) \6\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge 
imposed by the Exchange.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 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) \8\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \8\ 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.

[[Page 2266]]

Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2016-06 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2016-06. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://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 also will be available 
for inspection and copying at the principal offices 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-NYSE-2016-06, 
and should be submitted on or before February 5, 2016.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00642 Filed 1-14-16; 8:45 am]
BILLING CODE 8011-01-P