Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services, 22360-22362 [2017-09715]

Download as PDF 22360 Federal Register / Vol. 82, No. 92 / Monday, May 15, 2017 / Notices the amendments are designed to avoid unfairly burdening affiliate groups that have elected to clear through more than one affiliated CDS Clearing Member, by setting the relevant Firm Trade notional limit at the CP affiliate group level. In ICE Clear Europe’s view, the revised approach appropriately incentivizes CDS Clearing Member participation in the end-of-day price submission process, while balancing the risks of the Firm Trade process fairly across different CDS Clearing Members. The amendments to the Disciplinary Framework will also apply to all CDS Clearing Members, and establish new procedures for determinations that a Clearing Member is subject to a cash assessment as a result of a Missed Submission. ICE Clear Europe does not believe that the adoption of the amendments will adversely affect competition among Clearing Members, or the ability of market participants to clear contracts generally. The Clearing House also does not believe that the amendments will reduce access to clearing CDS contracts or limit market participants’ choices for clearing CDS. The amended policies, like the current policies, may result in certain costs for Clearing Members that are required to enter into Firm Trades as a result of obvious errors in their submissions or otherwise, or are subject to cash assessments as a result of Missed Submissions. ICE Clear Europe believes that these costs are warranted to enhance the integrity of the price submission process, and are in any event generally within the control of the Clearing Member. As a result, ICE Clear Europe does not believe the proposed amendments impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. jstallworth on DSK7TPTVN1PROD with NOTICES (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change, Security-Based Swap Submission and Advance Notice and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which VerDate Sep<11>2014 13:51 May 12, 2017 Jkt 241001 the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. The proposal shall not take effect until all regulatory actions required with respect to the proposal are completed. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, security-based swap submission or advance notice is consistent with the Act. 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– ICEEU–2017–006 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–ICEEU–2017–006. 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, security-based swap submission or advance notice that are filed with the Commission, and all written communications relating to the proposed rule change, security-based swap submission or advance notice 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 such filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s Web site at https:// PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 www.theice.com/clear-europe/ regulation#rule-filings. 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–ICEEU–2017–006 and should be submitted on or before June 5, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–09714 Filed 5–12–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80632; File No. SR– NYSEArca–2017–50] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services May 9, 2017. 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 April 28, 2017, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services (‘‘Fee Schedule’’). 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. 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 E:\FR\FM\15MYN1.SGM 15MYN1 Federal Register / Vol. 82, No. 92 / Monday, May 15, 2017 / Notices 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 jstallworth on DSK7TPTVN1PROD with NOTICES 1. Purpose The purpose of this filing is to amend the Quoting and Depth Standard under the recently adopted Exchange Traded Fund Liquidity Provider Program (‘‘ELP Program’’).4 The Exchange proposes to implement the proposed fee change effective May 1, 2017. Pursuant to the ELP Program Filing, the Exchange currently provides an incremental credit of $0.0001 per share to ETP Holders and Market Makers (collectively, ‘‘ELPs’’) for providing displayed liquidity that result in an execution to ELPs that meet prescribed quoting standards in NYSE-Arca listed Tape B securities that have a consolidated average daily volume (‘‘CADV’’) in the previous month of less than 250,000 shares (‘‘ELP Securities’’). Pursuant to the ELP Program Filing, beginning March 2017 and through April 2017, an ELP that quotes at the National Best Bid or Offer (‘‘NBBO’’) for at least an average of 15% of the time for the billing month in at least 50 ELP Securities for each billing month (‘‘Quoting Standard’’) 5 is paid the stated incremental credit in their Tape B executions that add liquidity. In the ELP Program Filing, the Exchange proposed that beginning May 1, 2017, in order for an ELP to qualify 4 See Securities Exchange Act Release No. 80258 (March 16, 2017), 82 FR 14775 (March 22, 2017) (SR–NYSEArca–2017–28) (‘‘ELP Program Filing’’). 5 An ELP would meet the Quoting Standard if the average of the percentage of time during regular trading hours during which the ELP maintains a quote at each of the NBB and NBO equals at least 15%. As an example, where the ELP maintains a quote for any number of shares at the NBB for 20% of the time during regular trading hours in at least 50 ELP Securities and maintains a quote for any number of shares at the NBO for 10% of the time during regular trading hours in the same ELP Securities, the ELP would be deemed to be at the NBBO for the required time period of 15% ((20% + 10%)/2). VerDate Sep<11>2014 13:51 May 12, 2017 Jkt 241001 for the incremental credit, the ELP must, in at least 50 ELP Securities: • Quote at the NBBO for at least an average of 15% of the time for the billing month, and, • Display at least 2,500 shares that are priced no more than 2% away from the NBBO at least 90% of the time for the billing month (‘‘Quoting and Depth Standard’’). The Exchange proposes to require the Quoting and Depth Standard to begin June 1, 2017 instead of on May 1, 2017. As a result, the Quoting Standard that was implemented for March 2017 and April 2017 will be extended through May 2017. Thus, until June 1, 2017, ELPs will continue to qualify for the incremental credit by meeting just the Quoting Standard. Beginning June 1, 2017, as noted above, ELPs will be required to meet the Quoting and Depth Standard to qualify for the incremental credit. The Exchange is not proposing any other change to the ELP Program. The ELP Program is intended to provide incentives for increased trading in ELP Securities for market participants. The Exchange believes the proposed rule change will strengthen market quality in ELP Securities. The ELP Program is also intended to reward liquidity providers who improve displayed liquidity and the size of such liquidity in the market. The Exchange believes that the ELP Program will encourage the additional utilization of, and interaction with, the Exchange and provide customers with the premier venue for price discovery, liquidity, competitive quotes and price improvement. The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that ETP Holders 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,6 in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,7 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 rule change would continue to encourage increased participation by ELPs in the trading of ETP Securities. In 6 15 7 15 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(4) and (5). Frm 00057 Fmt 4703 Sfmt 4703 22361 particular, the Exchange believes that extending the implementation date for the Quoting and Depth Standard from May 1, 2017 to June 1, 2017 would provide ELPs with additional time to implement the requirements associated with the ELP credit while encouraging ELPs to participate in the ELP Program. The Exchange also believes that extending the Quoting Standard through May 2017 would continue to encourage the submission of additional liquidity by ETP Holders to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for all market participants on the Exchange. The Exchange believes the ELP Program will continue to provide an incentive for ELPs to quote and trade a greater number of securities on the Exchange and will generally allow the Exchange and ELPs to better compete for order flow and thus enhance competition. Further, the ELP program is intended to provide ELPs with an incentive to increase displayed quoting on NYSE Arca and thereby provide liquidity and better quoting that supports the quality of price discovery and promotes market transparency. The Exchange also believes that the proposed incremental credit for ELPs that meet the requirements of the ELP Program is equitable and not unfairly discriminatory because it would apply uniformly to all ELPs. As proposed, the ELP Program is designed to enhance the Exchange’s competitiveness as a listing venue and to strengthen its market quality for NYSE Arca-listed securities. The Exchange believes that adopting the Quoting and Depth Standard beginning June 2017 instead of May 2017 is reasonable because the additional requirement has not yet been implemented by the Exchange so no ETP Holder is or would be adversely impacted. The Quoting and Depth Standard would ensure that liquidity displayed on the Exchange by ELPs is available for a greater period of time during the trading day to provide market participants an adequate opportunity to transact against such liquidity. The Exchange also believes that extending the Quoting Standard through May 2017 is reasonable in order for the Exchange to continue providing ELPs with the incremental credit associated with the ELP Program. The Exchange believes that adopting the Quoting and Depth Standard beginning June 2017 and extending the Quoting Standard through May 2017 is equitable and not unfairly discriminatory because the proposed changes would apply uniformly to all ELPs. E:\FR\FM\15MYN1.SGM 15MYN1 22362 Federal Register / Vol. 82, No. 92 / Monday, May 15, 2017 / Notices 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. The proposed rule change is intended to adopt the Quoting and Depth Standard in June 2017 rather than in May 2017, as was originally proposed in the ELP Program Filing, while extending the current Quoting Standard through May 2017. 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. 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. 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 jstallworth on DSK7TPTVN1PROD with NOTICES • 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–2017–50 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange U.S.C. 78f(b)(8). 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(2). 13:51 May 12, 2017 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–09715 Filed 5–12–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–520, OMB Control No. 3235–0577] 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 30b1–5 8 15 VerDate Sep<11>2014 Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2017–50. 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 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–2017–50 and should be submitted on or before June 5, 2017. 11 17 Jkt 241001 PO 00000 CFR 200.30–3(a)(12). Frm 00058 Fmt 4703 Sfmt 4703 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 30b1–5 (17 CFR 270.30b1–5) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (the ‘‘Investment Company Act’’) requires registered management investment companies, other than small business investment companies registered on Form N–5 (17 CFR 239.24 and 274.5) (‘‘funds’’), to file a quarterly report via the Commission’s EDGAR system on Form N–Q (17 CFR 249.332 and 274.130), not more than sixty calendar days after the close of each first and third fiscal quarter, containing their complete portfolio holdings. The purpose of the collection of information required by rule 30b1–5 is to meet the disclosure requirements of the Investment Company Act and to provide investors with information necessary to evaluate an interest in the fund by improving the transparency of information about the fund’s portfolio holdings. The Commission estimates that there are 2,380 management investment companies, with a total of approximately 11,757 portfolios, that are governed by the rule. For purposes of this analysis, the burden associated with the requirements of rule 30b1–5 has been included in the collection of information requirements of Form N–Q, rather than the rule. The collection of information under rule 30b1–5 is mandatory. The information provided under rule 30b1– 5 is not kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information E:\FR\FM\15MYN1.SGM 15MYN1

Agencies

[Federal Register Volume 82, Number 92 (Monday, May 15, 2017)]
[Notices]
[Pages 22360-22362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-09715]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80632; File No. SR-NYSEArca-2017-50]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE 
Arca Equities Schedule of Fees and Charges for Exchange Services

May 9, 2017.
    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 April 28, 2017, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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 Arca Equities Schedule of 
Fees and Charges for Exchange Services (``Fee Schedule''). 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.

[[Page 22361]]

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 amend the Quoting and Depth 
Standard under the recently adopted Exchange Traded Fund Liquidity 
Provider Program (``ELP Program'').\4\ The Exchange proposes to 
implement the proposed fee change effective May 1, 2017.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 80258 (March 16, 
2017), 82 FR 14775 (March 22, 2017) (SR-NYSEArca-2017-28) (``ELP 
Program Filing'').
---------------------------------------------------------------------------

    Pursuant to the ELP Program Filing, the Exchange currently provides 
an incremental credit of $0.0001 per share to ETP Holders and Market 
Makers (collectively, ``ELPs'') for providing displayed liquidity that 
result in an execution to ELPs that meet prescribed quoting standards 
in NYSE-Arca listed Tape B securities that have a consolidated average 
daily volume (``CADV'') in the previous month of less than 250,000 
shares (``ELP Securities''). Pursuant to the ELP Program Filing, 
beginning March 2017 and through April 2017, an ELP that quotes at the 
National Best Bid or Offer (``NBBO'') for at least an average of 15% of 
the time for the billing month in at least 50 ELP Securities for each 
billing month (``Quoting Standard'') \5\ is paid the stated incremental 
credit in their Tape B executions that add liquidity.
---------------------------------------------------------------------------

    \5\ An ELP would meet the Quoting Standard if the average of the 
percentage of time during regular trading hours during which the ELP 
maintains a quote at each of the NBB and NBO equals at least 15%. As 
an example, where the ELP maintains a quote for any number of shares 
at the NBB for 20% of the time during regular trading hours in at 
least 50 ELP Securities and maintains a quote for any number of 
shares at the NBO for 10% of the time during regular trading hours 
in the same ELP Securities, the ELP would be deemed to be at the 
NBBO for the required time period of 15% ((20% + 10%)/2).
---------------------------------------------------------------------------

    In the ELP Program Filing, the Exchange proposed that beginning May 
1, 2017, in order for an ELP to qualify for the incremental credit, the 
ELP must, in at least 50 ELP Securities:
     Quote at the NBBO for at least an average of 15% of the 
time for the billing month, and,
     Display at least 2,500 shares that are priced no more than 
2% away from the NBBO at least 90% of the time for the billing month 
(``Quoting and Depth Standard'').
    The Exchange proposes to require the Quoting and Depth Standard to 
begin June 1, 2017 instead of on May 1, 2017. As a result, the Quoting 
Standard that was implemented for March 2017 and April 2017 will be 
extended through May 2017. Thus, until June 1, 2017, ELPs will continue 
to qualify for the incremental credit by meeting just the Quoting 
Standard. Beginning June 1, 2017, as noted above, ELPs will be required 
to meet the Quoting and Depth Standard to qualify for the incremental 
credit. The Exchange is not proposing any other change to the ELP 
Program.
    The ELP Program is intended to provide incentives for increased 
trading in ELP Securities for market participants. The Exchange 
believes the proposed rule change will strengthen market quality in ELP 
Securities. The ELP Program is also intended to reward liquidity 
providers who improve displayed liquidity and the size of such 
liquidity in the market. The Exchange believes that the ELP Program 
will encourage the additional utilization of, and interaction with, the 
Exchange and provide customers with the premier venue for price 
discovery, liquidity, competitive quotes and price improvement.
    The proposed changes are not otherwise intended to address any 
other issues, and the Exchange is not aware of any problems that ETP 
Holders 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,\6\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\7\ 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change would continue 
to encourage increased participation by ELPs in the trading of ETP 
Securities. In particular, the Exchange believes that extending the 
implementation date for the Quoting and Depth Standard from May 1, 2017 
to June 1, 2017 would provide ELPs with additional time to implement 
the requirements associated with the ELP credit while encouraging ELPs 
to participate in the ELP Program. The Exchange also believes that 
extending the Quoting Standard through May 2017 would continue to 
encourage the submission of additional liquidity by ETP Holders to a 
public exchange, thereby promoting price discovery and transparency and 
enhancing order execution opportunities for all market participants on 
the Exchange.
    The Exchange believes the ELP Program will continue to provide an 
incentive for ELPs to quote and trade a greater number of securities on 
the Exchange and will generally allow the Exchange and ELPs to better 
compete for order flow and thus enhance competition. Further, the ELP 
program is intended to provide ELPs with an incentive to increase 
displayed quoting on NYSE Arca and thereby provide liquidity and better 
quoting that supports the quality of price discovery and promotes 
market transparency. The Exchange also believes that the proposed 
incremental credit for ELPs that meet the requirements of the ELP 
Program is equitable and not unfairly discriminatory because it would 
apply uniformly to all ELPs.
    As proposed, the ELP Program is designed to enhance the Exchange's 
competitiveness as a listing venue and to strengthen its market quality 
for NYSE Arca-listed securities.
    The Exchange believes that adopting the Quoting and Depth Standard 
beginning June 2017 instead of May 2017 is reasonable because the 
additional requirement has not yet been implemented by the Exchange so 
no ETP Holder is or would be adversely impacted. The Quoting and Depth 
Standard would ensure that liquidity displayed on the Exchange by ELPs 
is available for a greater period of time during the trading day to 
provide market participants an adequate opportunity to transact against 
such liquidity. The Exchange also believes that extending the Quoting 
Standard through May 2017 is reasonable in order for the Exchange to 
continue providing ELPs with the incremental credit associated with the 
ELP Program. The Exchange believes that adopting the Quoting and Depth 
Standard beginning June 2017 and extending the Quoting Standard through 
May 2017 is equitable and not unfairly discriminatory because the 
proposed changes would apply uniformly to all ELPs.

[[Page 22362]]

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. The proposed rule change is intended to adopt the 
Quoting and Depth Standard in June 2017 rather than in May 2017, as was 
originally proposed in the ELP Program Filing, while extending the 
current Quoting Standard through May 2017.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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.

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2017-50 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-NYSEArca-2017-50. 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 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-2017-50 and should 
be submitted on or before June 5, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-09715 Filed 5-12-17; 8:45 am]
BILLING CODE 8011-01-P