Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule, 32929-32930 [2018-15082]
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Federal Register / Vol. 83, No. 136 / Monday, July 16, 2018 / Notices
from section 9(a) of the Act requested
pursuant to the Application or the
revocation or removal of any temporary
exemptions granted under the Act in
connection with the application.
2. Each Applicant and Covered Person
will adopt and implement policies and
procedures reasonably designed to
ensure that it will comply with the
terms and conditions of the Orders
within 60 days of the date of the
Permanent Order.
3. CS&Co. will comply with the terms
and conditions of the Consent.
4. The Applicants will provide
written notification to the Chief Counsel
of the Commission’s Division of
Investment Management with a copy to
the Chief Counsel of the Commission’s
Division of Enforcement of a material
violation of the terms and conditions of
the Orders and Consent within 30 days
of discovery of the material violation.
Temporary Order
The Commission has considered the
matter and finds that Applicants have
made the necessary showing to justify
granting a temporary exemption.
Accordingly,
It is hereby ordered, pursuant to
section 9(c) of the Act, that the
Applicants and any other Covered
Persons are granted a temporary
exemption from the provisions of
section 9(a), effective as of the date of
the Injunction, solely with respect to the
Injunction, subject to the
representations and conditions in the
application, until the Commission takes
final action on their application for a
permanent order.
32929
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
[FR Doc. 2018–15078 Filed 7–13–18; 8:45 am]
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83616; File No. SR–
NYSEARCA–2018–51]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the NYSE Arca
Options Fee Schedule
July 10, 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 July 2,
2018, 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, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’). The Exchange proposes to
implement the fee change effective July
2, 2018. The proposed rule change is
available on the Exchange’s website at
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 July 2, 2018,
to provide an incentive for Floor
Brokers to bring business to the Trading
Floor in the newly listed options on the
NYSE FANG+ Index (‘‘NYSE FANG+’’),
which trades under the symbol FAANG.
The Exchange proposes to introduce
rebates for Floor Broker organizations
that execute a certain number of
FAANG contract sides on the Exchange
in a calendar month, based on the
highest Tier achieved (the ‘‘Rebate’’).
The volume Tiers, and the associated
proposed Rebate, are set forth as
follows:
FAANG REBATE
Tier
sradovich on DSK3GMQ082PROD with NOTICES
1
2
3
4
Floor broker FAANG executions
........................
........................
........................
........................
From 200 to 999 contract sides ...........................................................................................................................
From 1,000 to 1,999 contract sides .....................................................................................................................
2,000 to 19,999 contract sides .............................................................................................................................
20,000 or more contract sides ..............................................................................................................................
The Exchange believes the proposed
Rebate would further the Exchange’s
goal of introducing new products to the
marketplace by encouraging trading in
this index, in particular by encouraging
Floor Brokers to bring business to the
Trading Floor, which would in turn,
benefit all market participants through
increased liquidity and more
opportunities to trade.
1 15
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act, in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act, 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
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
Rebate
17:31 Jul 13, 2018
2 15
Jkt 244001
PO 00000
U.S.C. 78a.
Frm 00098
Fmt 4703
discriminate between customers,
issuers, brokers or dealers.
The Exchange believes the proposal to
introduce a Floor Broker Rebate for
executing a certain number of options
contract sides on NYSE FANG+ is
reasonable, equitable and not unfairly
discriminatory for the following
reasons. The Exchange believes the
proposed rebates, which apply equally
to all Floor Broker transactions in NYSE
FANG+, regardless of account type, to
3 17
Sfmt 4703
($1,000)
(2,500)
(5,000)
(10,000)
E:\FR\FM\16JYN1.SGM
CFR 240.19b–4.
16JYN1
32930
Federal Register / Vol. 83, No. 136 / Monday, July 16, 2018 / Notices
be reasonable and equitable because
business brought to the Trading Floor
may be on behalf of any market
participant. In addition, such orders
benefit all market participants by
providing more trading opportunities,
which attracts Market Makers,
Customers and other participants. An
increase in activity, in turn, facilitates
tighter spreads, which may result in a
corresponding increase in order flow
from all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act, 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
rebates for Floor Broker organizations
that achieve the proposed Rebate would
not place an unfair burden on
competition as it would apply to all
similarly situated Floor Brokers, and is
applicable to business from all account
types. The Exchange also believes the
proposed Rebate is procompetitive as it
would further the Exchange’s goal of
introducing new products to the
marketplace and encouraging Floor
Brokers to bring business to the Trading
Floor, which would in turn, benefit all
market participants. Market participants
that do not wish to trade in NYSE
FANG+ are not obliged to do so.
The Exchange does not believe that
the proposed change will impair the
ability of any market participants or
competing order execution venues to
maintain their competitive standing in
the financial markets. Further, the
proposed Rebate would be applied to all
similarly situated participants (i.e.,
Floor Brokers), and, as such, the
proposed change would not impose a
disparate burden on competition either
among or between classes of market
participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
sradovich on DSK3GMQ082PROD with NOTICES
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) 4 of the Act and
subparagraph (f)(2) of Rule 19b–4 5
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) 6 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–
NYSEARCA–2018–51 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–2018–51. 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
U.S.C. 78s(b)(3)(A).
VerDate Sep<11>2014
17:31 Jul 13, 2018
6 15
Jkt 244001
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–15082 Filed 7–13–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83617; File No. SR–
NYSEAMER–2018–36]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Modify the NYSE American
Options Fee Schedule
July 10, 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 July 2,
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 July 2, 2018. The proposed
change is available on the Exchange’s
7 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
5 17
4 15
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–NYSEARCA–2018–51 and
should be submitted on or before
August 6, 2018.
CFR 240.19b–4(f)(2).
U.S.C. 78s(b)(2)(B).
Frm 00099
Fmt 4703
Sfmt 4703
E:\FR\FM\16JYN1.SGM
16JYN1
]]>Agencies
[Federal Register Volume 83, Number 136 (Monday, July 16, 2018)]
[Notices]
[Pages 32929-32930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15082]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83616; File No. SR-NYSEARCA-2018-51]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule
July 10, 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 July 2, 2018, 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, 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 Arca Options Fee Schedule
(``Fee Schedule''). The Exchange proposes to implement the fee change
effective July 2, 2018. The proposed rule 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
July 2, 2018, to provide an incentive for Floor Brokers to bring
business to the Trading Floor in the newly listed options on the NYSE
FANG+ Index (``NYSE FANG+''), which trades under the symbol FAANG.
The Exchange proposes to introduce rebates for Floor Broker
organizations that execute a certain number of FAANG contract sides on
the Exchange in a calendar month, based on the highest Tier achieved
(the ``Rebate'').
The volume Tiers, and the associated proposed Rebate, are set forth
as follows:
FAANG Rebate
------------------------------------------------------------------------
Floor broker FAANG
Tier executions Rebate
------------------------------------------------------------------------
1.......................... From 200 to 999 contract ($1,000)
sides.
2.......................... From 1,000 to 1,999 (2,500)
contract sides.
3.......................... 2,000 to 19,999 contract (5,000)
sides.
4.......................... 20,000 or more contract (10,000)
sides.
------------------------------------------------------------------------
The Exchange believes the proposed Rebate would further the
Exchange's goal of introducing new products to the marketplace by
encouraging trading in this index, in particular by encouraging Floor
Brokers to bring business to the Trading Floor, which would in turn,
benefit all market participants through increased liquidity and more
opportunities to trade.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act, in general, and furthers the objectives
of Sections 6(b)(4) and (5) of the Act, 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 the proposal to introduce a Floor Broker
Rebate for executing a certain number of options contract sides on NYSE
FANG+ is reasonable, equitable and not unfairly discriminatory for the
following reasons. The Exchange believes the proposed rebates, which
apply equally to all Floor Broker transactions in NYSE FANG+,
regardless of account type, to
[[Page 32930]]
be reasonable and equitable because business brought to the Trading
Floor may be on behalf of any market participant. In addition, such
orders benefit all market participants by providing more trading
opportunities, which attracts Market Makers, Customers and other
participants. An increase in activity, in turn, facilitates tighter
spreads, which may result in a corresponding increase in order flow
from all market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, 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 rebates for
Floor Broker organizations that achieve the proposed Rebate would not
place an unfair burden on competition as it would apply to all
similarly situated Floor Brokers, and is applicable to business from
all account types. The Exchange also believes the proposed Rebate is
procompetitive as it would further the Exchange's goal of introducing
new products to the marketplace and encouraging Floor Brokers to bring
business to the Trading Floor, which would in turn, benefit all market
participants. Market participants that do not wish to trade in NYSE
FANG+ are not obliged to do so.
The Exchange does not believe that the proposed change will impair
the ability of any market participants or competing order execution
venues to maintain their competitive standing in the financial markets.
Further, the proposed Rebate would be applied to all similarly situated
participants (i.e., Floor Brokers), and, as such, the proposed change
would not impose a disparate burden on competition either among or
between classes of market participants.
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) \4\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \5\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 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) \6\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\6\ 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-NYSEARCA-2018-51 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-2018-51. 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-NYSEARCA-2018-51 and should be submitted
on or before August 6, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15082 Filed 7-13-18; 8:45 am]
BILLING CODE 8011-01-P
