Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Change, as Modified by Amendment Nos. 1 and 2, Establishing Fees Relating to End Users and Amending the Definition of “Affiliate,” as Well as Amending the NYSE Price List To Reflect the Changes, 68083-68084 [2016-23754]

Download as PDF Federal Register / Vol. 81, No. 191 / Monday, October 3, 2016 / Notices sradovich on DSK3GMQ082PROD with NOTICES with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder.16 A proposed rule change filed under Rule 19b–4(f)(6) 17 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),18 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay to make ARC risk management protections immediately available to all Members. While IEX has proposed certain clarifying changes to Rule 11.380 that do not materially alter the scope of the rule, the primary material change extends the rule beyond clearing brokers and makes the ARC optionally available to any Member. IEX has represented above that, if an IEX Member elects to use the ARC, IEX will inform that Member if its clearing firm also set ARC limits for the Member, in which case IEX would apply the lower limit. The Commission believes that extending the ARC functionality to all Members will provide them with an additional tool that can be used as part of a Member’s approach to risk management, which may promote the maintenance of fair and orderly markets. For this reason, the Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.19 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings 16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 17 17 CFR 240.19b–4(f)(6). 18 17 CFR 240.19b–4(f)(6)(iii). 19 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Sep<11>2014 17:56 Sep 30, 2016 Jkt 241001 under Section 19(b)(2)(B) 20 of the Act to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments 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– IEX–2016–15 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–IEX–2016–15. 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 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–IEX– 2016–15 and should be submitted on or before October 24, 2016. PO 00000 U.S.C. 78s(b)(2)(B). Frm 00128 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–23748 Filed 9–30–16; 8:45 am] 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: 20 15 68083 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78953; File No. SR–NYSE– 2016–11] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Change, as Modified by Amendment Nos. 1 and 2, Establishing Fees Relating to End Users and Amending the Definition of ‘‘Affiliate,’’ as Well as Amending the NYSE Price List To Reflect the Changes September 27, 2016. On April 4, 2016, New York Stock Exchange LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a proposed rule change to amend the colocation section of the NYSE Price List to establish fees relating to end users of certain co-location Users in the Exchange’s data center and to amend the definition of ‘‘Affiliate.’’ The Commission published the proposed rule change for comment in the Federal Register on April 22, 2016.3 On April 29, 2016, the Exchange filed Amendment No. 1 to the proposed rule change.4 The Commission received two comment letters on the proposed rule change.5 On June 8, 2016, the Commission extended the time period within which to approve the proposed rule change, disapprove the proposed 21 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 34– 77642 (April 18, 2016), 81 FR 23786 (‘‘Notice’’). 4 Amendment No. 1 made technical changes relating to the General Notes numbering and references in the Co-location section of the Price List. Amendment No. 1 is available on the Commission’s Web site at https://www.sec.gov/ comments/sr-nyse-2016-11/nyse201611-1.pdf. 5 See Letter from Michael Friedman, General Counsel and Chief Compliance Officer, Trillium, to Brent J. Fields, Secretary, Securities and Exchange Commission, dated May 13, 2016 (‘‘Friedman Letter’’), and Letter from Eero Pikat to Brent J. Fields, Secretary, Securities and Exchange Commission, dated, May 13, 2016 (‘‘Pikat Letter’’) (together, the ‘‘Comment Letters,’’). In response to the Comment Letters, the NYSE submitted a response (‘‘Response Letter’’) and filed Amendment No. 2. 1 15 E:\FR\FM\03OCN1.SGM 03OCN1 68084 Federal Register / Vol. 81, No. 191 / Monday, October 3, 2016 / Notices rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change to July 21, 2016.6 On June 24, 2016, the Exchange submitted a Response Letter and filed Amendment No. 2 to the proposed rule change. 7 On July 27, 2016, the Commission instituted proceedings pursuant to Exchange Act Section 19(b)(2)(B) to determine whether to approve or disapprove the proposed rule change, as modified by Amendment Nos. 1 and 2.8 The Commission received no additional comments on the proposed rule change. On September 22, 2016, the Exchange withdrew the proposed rule change, as modified by Amendment Nos. 1 and 2. (SR–NYSE–2016–11). comments on the proposed rule change from interested persons. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Robert W. Errett, Deputy Secretary. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2016–23754 Filed 9–30–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78950; File No. SR–MIAX– 2016–33] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule September 27, 2016. sradovich on DSK3GMQ082PROD with NOTICES Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 15, 2016, Miami International Securities Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a 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 6 See Securities Exchange Act Release No. 34– 77976 (June 2, 2016), 81 FR 36981. 7 In Amendment No. 2 the Exchange proposed that Rebroadcasting Users and Transmittal Users would not be charged for their first two Multicast End Users and Unicast End Users, respectively, and offers additional support for the proposal. Amendment No. 2 was noticed in the Commission’s Order Instituting Proceedings and is also available on the Commission’s Web site at https:// www.sec.gov/comments/sr-nyse-2016-11/ nyse201611-4.pdf. 8 See Securities Exchange Act Release No. 34– 78387 (July 21, 2016); 81 FR 49300. 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 17:56 Sep 30, 2016 Jkt 241001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’). While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on October 1, 2016. The text of the proposed rule change is available on the Exchange’s Web site at https://www.miaxoptions.com/filter/ wotitle/rule_filing, at MIAX’s principal office, and at the Commission’s Public Reference Room. 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 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 aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’) to offer two (2) additional Limited Service MIAX Express Interface (‘‘MEI’’) Ports to Market Makers. Currently, MIAX assesses monthly MEI Port Fees on Market Makers based upon the number of MIAX matching engines 3 used by the Market Maker. Market Makers are allocated two (2) Full Service MEI Ports 4 and two (2) Limited 3 A ‘‘matching engine’’ is a part of the MIAX electronic system that processes options quotes and trades on a symbol-by-symbol basis. Some matching engines will process option classes with multiple root symbols, and other matching engines will be dedicated to one single option root symbol (for example, options on SPY will be processed by one single matching engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated matching engine. A particular root symbol may not be assigned to multiple matching engines. 4 Full Service MEI Ports provide Market Makers with the ability to send Market Maker quotes, eQuotes, and quote purge messages to the MIAX System. Full Service MEI Ports are also capable of receiving administrative information. Market PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 Service MEI Ports 5 per matching engine to which they connect. The Exchange currently assesses the following MEI Port fees: (i) $5,000 for Market Maker Assignments in up to 5 option classes or up to 10% of option classes by volume; (ii) $10,000 for Market Maker Assignments in up to 10 option classes or up to 20% of option classes by volume; (iii) $14,000 for Market Maker Assignments in up to 40 option classes or up to 35% of option classes by volume; (iv) $17,500 for Market Maker Assignments in up to 100 option classes or up to 50% of option classes by volume; and (v) $20,500.00 for Market Maker Assignments in over 100 option classes or over 50% of option classes by volume up to all option classes listed on MIAX.6 In each of the foregoing categories, the stated fee applies if the less of the two applicable measurements is met. For example, a Market Maker that wishes to make markets in just one symbol would require the two (2) MEI Ports in a single matching engine; a Market Maker wishing to make markets in all symbols traded on MIAX would require the two (2) MEI Ports in each of the Exchange’s matching engines. The Exchange also currently charges $50 per month for each additional Limited Service MEI Port per matching engine for Market Makers over and above the two (2) Limited Service MEI Ports per matching engine that are allocated with the Full Service MEI Ports. The Full Service MEI Ports, Limited Service MEI Ports, and the additional Limited Service MEI Ports all include access to MIAX’s primary and secondary data centers and its disaster recovery center. The Exchange originally added the Limited Service MEI Ports to enhance the MEI Port connectivity made available to Market Makers, and subsequently made additional Limited Service MEI Ports available to Market Makers.7 Limited Service MEI Ports have been well received by Market Makers since their addition. The Exchange now proposes to offer to Market Makers the ability to purchase an additional two (2) Limited Service MEI Ports per matching engine over and Makers are limited to two Full Service MEI Ports per matching engine. 5 Limited Service MEI Ports provide Market Makers with the ability to send eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI Ports per matching engine. 6 See MIAX Fee Schedule, Section 5)d)ii). 7 See Securities Exchange Act Release No. 70137 (August 8, 2013), 78 FR 49586 (August 14, 2013) (SR–MIAX–2013–39); see also Exchange Act Release No. 70903 (November 20, 2013), 78 FR 228 (November 26, 2013) (SR–MIAX–2013–52). E:\FR\FM\03OCN1.SGM 03OCN1

Agencies

[Federal Register Volume 81, Number 191 (Monday, October 3, 2016)]
[Notices]
[Pages 68083-68084]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23754]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78953; File No. SR-NYSE-2016-11]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Withdrawal of a Proposed Change, as Modified by Amendment 
Nos. 1 and 2, Establishing Fees Relating to End Users and Amending the 
Definition of ``Affiliate,'' as Well as Amending the NYSE Price List To 
Reflect the Changes

September 27, 2016.
    On April 4, 2016, New York Stock Exchange LLC (the ``Exchange'' or 
``NYSE'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend the co-location section of the NYSE Price 
List to establish fees relating to end users of certain co-location 
Users in the Exchange's data center and to amend the definition of 
``Affiliate.'' The Commission published the proposed rule change for 
comment in the Federal Register on April 22, 2016.\3\ On April 29, 
2016, the Exchange filed Amendment No. 1 to the proposed rule 
change.\4\ The Commission received two comment letters on the proposed 
rule change.\5\ On June 8, 2016, the Commission extended the time 
period within which to approve the proposed rule change, disapprove the 
proposed

[[Page 68084]]

rule change, or institute proceedings to determine whether to approve 
or disapprove the proposed rule change to July 21, 2016.\6\ On June 24, 
2016, the Exchange submitted a Response Letter and filed Amendment No. 
2 to the proposed rule change. \7\ On July 27, 2016, the Commission 
instituted proceedings pursuant to Exchange Act Section 19(b)(2)(B) to 
determine whether to approve or disapprove the proposed rule change, as 
modified by Amendment Nos. 1 and 2.\8\ The Commission received no 
additional comments on the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 34-77642 (April 18, 
2016), 81 FR 23786 (``Notice'').
    \4\ Amendment No. 1 made technical changes relating to the 
General Notes numbering and references in the Co-location section of 
the Price List. Amendment No. 1 is available on the Commission's Web 
site at https://www.sec.gov/comments/sr-nyse-2016-11/nyse201611-1.pdf.
    \5\ See Letter from Michael Friedman, General Counsel and Chief 
Compliance Officer, Trillium, to Brent J. Fields, Secretary, 
Securities and Exchange Commission, dated May 13, 2016 (``Friedman 
Letter''), and Letter from Eero Pikat to Brent J. Fields, Secretary, 
Securities and Exchange Commission, dated, May 13, 2016 (``Pikat 
Letter'') (together, the ``Comment Letters,'').
     In response to the Comment Letters, the NYSE submitted a 
response (``Response Letter'') and filed Amendment No. 2.
    \6\ See Securities Exchange Act Release No. 34-77976 (June 2, 
2016), 81 FR 36981.
    \7\ In Amendment No. 2 the Exchange proposed that Rebroadcasting 
Users and Transmittal Users would not be charged for their first two 
Multicast End Users and Unicast End Users, respectively, and offers 
additional support for the proposal. Amendment No. 2 was noticed in 
the Commission's Order Instituting Proceedings and is also available 
on the Commission's Web site at https://www.sec.gov/comments/sr-nyse-2016-11/nyse201611-4.pdf.
    \8\ See Securities Exchange Act Release No. 34-78387 (July 21, 
2016); 81 FR 49300.
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    On September 22, 2016, the Exchange withdrew the proposed rule 
change, as modified by Amendment Nos. 1 and 2. (SR-NYSE-2016-11).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-23754 Filed 9-30-16; 8:45 am]
 BILLING CODE 8011-01-P
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