Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE American Options Fee Schedule, 10542-10543 [2018-04787]
Download as PDF
<![CDATA[
10542
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2018–04791 Filed 3–8–18; 8:45 am]
BILLING CODE P
• 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–
Phlx–2018–19 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–Phlx–2018–19. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–Phlx–2018–19, and should
be submitted on or before March 30,
2018.
[Release No. 34–82809; File No. SR–
NYSEAMER–2018–06]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Modify the NYSE American
Options Fee Schedule
March 6, 2018.
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 February
23, 2018, NYSE American LLC (the
‘‘Exchange’’ or ‘‘NYSE American’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’). The Exchange
proposes to implement the fee change
effective March 1, 2018. The proposed
change is available on the Exchange’s
website 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,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
16:47 Mar 08, 2018
Jkt 244001
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
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
amozie on DSK30RV082PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
PO 00000
Frm 00120
Fmt 4703
Sfmt 4703
The purpose of this filing is to modify
the Fee Schedule, effective March 1,
2018. Specifically, the Exchange
proposes to modify the Messages to
Contracts Traded Ratio Fees by
modifying the number of messages
permitted by an ATP holder before
excessive messages are charged.
The Exchange proposes to modify the
calculation basis for the Messages to
Contracts Traded Ratio Fees (‘‘Messages
Fee’’), which are assessed as part of the
Monthly Excessive Bandwidth
Utilization Fees.4 Currently, the
Exchange charges $0.005 per 1,000
messages (including orders or quotes) in
excess of 1.5 billion messages in a
calendar month if the ATP Holder does
not execute at least 1 contract for every
1,500–5,000 messages entered, as
determined by the Exchange.5 The
Exchange proposes to modify the
threshold and to charge for messages in
excess of 3 billion messages per
calendar month.
During the period of recent volatility
and activity, the Exchange noted a
significantly higher number of messages
generated without a proportional
amount of executed volume, especially
in less active-option issues.
Concurrently, the Exchange saw no
degradation in system performance
because of prudent upgrades and
expansion of the trading system in the
past year. Thus, the Exchange believes
that the proposal to increase the
threshold to incur the monthly
Messages Fee would continue to
encourage market participants to be
rational and efficient in the use of the
Exchange’s system capacity. The
Exchange believes that the increased
threshold should also reduce the
possibility of charging ATP Holders a
Messages Fee for messages designed to
help maintain accurate and liquid
markets with more narrow spreads.
4 See Fee Schedule, Section II (Monthly Excessive
Bandwidth Utilization Fees) (‘‘EBUF) (describing
both the Order to Trade Ratio Fee (Section II.A) and
the Messages to Contracts Traded Ratio Fee (Section
II.B), which comprises the EBUF, and noting that
if an ATP Holder is liable for either or both fees in
a given month, that firm would only be charged the
greater of the two fees). The Exchange is not
proposing to modify the Order to Trade Ratio Fees.
5 Currently, the Exchange has set the ratio at 1
contract for every 5,000 messages.
E:\FR\FM\09MRN1.SGM
09MRN1
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
amozie on DSK30RV082PROD with NOTICES
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 modification to the Messages
Fees is reasonable, equitable, and not
unfairly discriminatory because it
should still encourage market
participants to be rational and efficient
in the use of the Exchange’s system
capacity, which benefits all market
participants. The proposed calculation
basis is reasonable because it would
apply to all market participants that are
subject to the Messages Fee.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,8 the Exchange does not believe
that the proposed rule change would
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes the proposed
changes to the Messages Fees would not
place an unfair burden on competition
as it would continue to encourage
efficient use of Exchange bandwidth
and would apply to all market
participants that are subject to the
Messages Fee.
To the extent that these purposes are
achieved, the Exchange believes that the
proposed changes would enhance the
quality of the Exchange’s markets and
increase the volume of orders directed
to the Exchange. In turn, all the
Exchange’s market participants would
benefit from the improved market
liquidity. If the proposed changes make
the Exchange a more attractive
marketplace for market participants at
other exchanges, such market
participants are welcome to become
ATP Holders.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues. In such an
environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
8 15 U.S.C. 78f(b)(8).
Exchange believes that the proposed
rule change reflects this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 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:
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–
NYSEAMER–2018–06 on the subject
line.
• 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–NYSEAMER–2018–06. This
file number should be included on the
subject line if email is used. To help the
9 15
7 15
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSEAMER–2018–06 and
should be submitted on or before March
30, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–04787 Filed 3–8–18; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice:10344]
30-Day Notice of Proposed Information
Collection: Generic Clearance for the
Collection of Qualitative Feedback on
Agency Service Delivery
Notice of request for public
comment and submission to OMB of
proposed collection of information.
ACTION:
Paper Comments
6 15
16:47 Mar 08, 2018
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
11 15 U.S.C. 78s(b)(2)(B).
The Department of State has
submitted the information collection
described below to the Office of
Management and Budget (OMB) for
approval. In accordance with the
Paperwork Reduction Act of 1995 we
are requesting comments on this
collection from all interested
SUMMARY:
10 17
VerDate Sep<11>2014
Jkt 244001
PO 00000
Frm 00121
Fmt 4703
10543
Sfmt 4703
12 17
E:\FR\FM\09MRN1.SGM
CFR 200.30–3(a)(12).
09MRN1
]]>Agencies
[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)]
[Notices]
[Pages 10542-10543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-04787]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82809; File No. SR-NYSEAMER-2018-06]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Modify the
NYSE American Options Fee Schedule
March 6, 2018.
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 February 23, 2018, NYSE American LLC (the ``Exchange''
or ``NYSE American'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify the NYSE American Options Fee
Schedule (``Fee Schedule''). The Exchange proposes to implement the fee
change effective March 1, 2018. The proposed change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to modify the Fee Schedule, effective
March 1, 2018. Specifically, the Exchange proposes to modify the
Messages to Contracts Traded Ratio Fees by modifying the number of
messages permitted by an ATP holder before excessive messages are
charged.
The Exchange proposes to modify the calculation basis for the
Messages to Contracts Traded Ratio Fees (``Messages Fee''), which are
assessed as part of the Monthly Excessive Bandwidth Utilization
Fees.\4\ Currently, the Exchange charges $0.005 per 1,000 messages
(including orders or quotes) in excess of 1.5 billion messages in a
calendar month if the ATP Holder does not execute at least 1 contract
for every 1,500-5,000 messages entered, as determined by the
Exchange.\5\ The Exchange proposes to modify the threshold and to
charge for messages in excess of 3 billion messages per calendar month.
---------------------------------------------------------------------------
\4\ See Fee Schedule, Section II (Monthly Excessive Bandwidth
Utilization Fees) (``EBUF) (describing both the Order to Trade Ratio
Fee (Section II.A) and the Messages to Contracts Traded Ratio Fee
(Section II.B), which comprises the EBUF, and noting that if an ATP
Holder is liable for either or both fees in a given month, that firm
would only be charged the greater of the two fees). The Exchange is
not proposing to modify the Order to Trade Ratio Fees.
\5\ Currently, the Exchange has set the ratio at 1 contract for
every 5,000 messages.
---------------------------------------------------------------------------
During the period of recent volatility and activity, the Exchange
noted a significantly higher number of messages generated without a
proportional amount of executed volume, especially in less active-
option issues. Concurrently, the Exchange saw no degradation in system
performance because of prudent upgrades and expansion of the trading
system in the past year. Thus, the Exchange believes that the proposal
to increase the threshold to incur the monthly Messages Fee would
continue to encourage market participants to be rational and efficient
in the use of the Exchange's system capacity. The Exchange believes
that the increased threshold should also reduce the possibility of
charging ATP Holders a Messages Fee for messages designed to help
maintain accurate and liquid markets with more narrow spreads.
[[Page 10543]]
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 modification to the
Messages Fees is reasonable, equitable, and not unfairly discriminatory
because it should still encourage market participants to be rational
and efficient in the use of the Exchange's system capacity, which
benefits all market participants. The proposed calculation basis is
reasonable because it would apply to all market participants that are
subject to the Messages Fee.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\8\ the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange believes the proposed changes to the
Messages Fees would not place an unfair burden on competition as it
would continue to encourage efficient use of Exchange bandwidth and
would apply to all market participants that are subject to the Messages
Fee.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
To the extent that these purposes are achieved, the Exchange
believes that the proposed changes would enhance the quality of the
Exchange's markets and increase the volume of orders directed to the
Exchange. In turn, all the Exchange's market participants would benefit
from the improved market liquidity. If the proposed changes make the
Exchange a more attractive marketplace for market participants at other
exchanges, such market participants are welcome to become ATP Holders.
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \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. 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.
---------------------------------------------------------------------------
\11\ 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. 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 [email protected]. Please include
File Number SR-NYSEAMER-2018-06 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-NYSEAMER-2018-06. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEAMER-2018-06 and should be submitted
on or before March 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Eduardo A. Aleman,
Assistant Secretary.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. 2018-04787 Filed 3-8-18; 8:45 am]
BILLING CODE 8011-01-P
