Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Rebates, 16903-16906 [2019-08102]
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Federal Register / Vol. 84, No. 78 / Tuesday, April 23, 2019 / Notices
Paper Comments
Send paper comments in triplicate to
Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–ICC–2019–004. 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, 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 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 such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Credit and on ICE
Clear Credit’s website at https://
www.theice.com/clear-credit/regulation.
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–ICC–2019–004 and
should be submitted on or before May
14, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Jill M. Peterson,
Assistant Secretary .
[FR Doc. 2019–08107 Filed 4–22–19; 8:45 am]
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85674; File No. SR–
NYSENAT–2019–09]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Schedule of
Fees and Rebates
April 17, 2019.
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 9,
2019, NYSE National, Inc. (‘‘NYSE
National’’ or the ‘‘Exchange’’) 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 its
Schedule of Fees and Rebates to (1)
charge a fee for removing liquidity; (2)
offer the current adding tier fees
(Adding Tier 1, Adding Tier 2, Adding
Tier 3, Adding Tier 4, and Step Up
Adding Tier) for adding displayed
liquidity in Tape B and Tape C
securities and introduce separate fees
for adding liquidity in Tape A
securities; and (3) replace the current
Taking Tier with three Taking Tiers
(Tiers 1, 2 and 3). The Exchange
proposes to implement the rule change
on April 9, 2019. 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,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
16 17
CFR 200.30–3(a)(12).
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16903
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 Exchange proposes to amend its
Schedule of Fees and Rebates to (1)
charge a fee for removing liquidity; (2)
offer the current adding tier fees
(Adding Tier 1, Adding Tier 2, Adding
Tier 3, Adding Tier 4, and Step Up
Adding Tier) for adding displayed
liquidity in Tape B and Tape C
securities and introduce separate fees
for adding displayed liquidity in Tape A
securities; and (3) replace the current
Taking Tier with three Taking Tiers
(Tiers 1, 2 and 3).
The Exchange proposes to implement
the rule change on April 9, 2019.4
Proposed Rule Change
Liquidity Removing Fees
The Exchange currently does not
charge a fee for executions on the
Exchange of orders that remove
liquidity from the Exchange in
securities priced at or above $1.00. The
Exchange proposes to charge a fee of
$0.0005 per share for executions on the
Exchange of orders that remove
liquidity from the Exchange in
securities priced at or above $1.00,
unless a better tiered credit or fee set
forth in the Schedule of Fees and
Rebates applies. Hence, for example, an
ETP Holder that would meet the
requirements for the proposed Taking
Tier 1 credit discussed below would not
be charged the proposed fee of $0.0005
per share for removing liquidity.
Proposed Changes to Adding Tiers
Adding Tier 1
Under current Adding Tier 1, the
Exchange offers the following fees for
transactions in stocks with a per share
price of $1.00 or more when adding
liquidity to the Exchange if the ETP
Holder has at least 0.015% of Adding
average daily volume (‘‘ADV’’) as a
percent of US consolidated ADV
(‘‘CADV’’): 5
• $0.0020 per share for displayed
orders;
4 The Exchange originally filed to amend the
Schedule of Fees and Rebates on March 29, 2019
(SR–NYSENAT–2019–06). SR–NYSE–2019–06 [sic]
was subsequently withdrawn and replaced by this
filing.
5 The Adding Tier 1 volumes are currently
waived. See footnote * in the current Schedule of
Fees and Rebates.
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• $0.0018 per share for orders that set
a new Exchange BBO;
• $0.0022 per share for non-displayed
orders; and
• $0.0005 per share for MPL orders.
The Exchange proposes to retain the
current fee structure for Tape B and
Tape C securities and introduce new
fees for Tape A securities.
For transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder has at least 0.015% of
Adding ADV as a percent of CADV, the
proposed fees would be as follows:
• $0.0020 per share for displayed
orders in Tapes B and C securities and
$0.0022 per share for displayed orders
in Tape A securities;
• $0.0018 per share for orders that set
a new Exchange BBO in Tapes B and C
securities and $0.0020 per share in Tape
A securities;
• $0.0022 per share for non-displayed
orders in Tapes B and C securities and
$0.0024 per share for non-displayed
orders in Tape A securities; and
• $0.0005 per share for MPL orders,
which would remain unchanged.
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Adding Tier 2
Under current Adding Tier 2, the
Exchange offers the following fees for
transactions in stocks with a per share
price of $1.00 or more when adding
liquidity to the Exchange if the ETP
Holder quotes: (i) At least 5% of the
NBBO 6 in 1,000 or more symbols on an
average daily basis, calculated monthly,
and 0.20% or more Adding ADV as a
percentage of US CADV, or (ii) at least
5% of the NBBO in 2,500 or more
symbols on an average daily basis,
calculated monthly, and 0.10% or more
Adding ADV as a % of US CADV:
• $0.0005 per share for adding
displayed orders;
• $0.0005 per share for orders that set
a new Exchange BBO;
• $0.0007 per share for adding nondisplayed orders; and
• $0.0005 per share for MPL orders.
The Exchange proposes to retain the
current fee structure for Tape B and
Tape C securities and introduce new
fees for Tape A securities.
For transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder quotes: (i) At least 5% of the
NBBO in 1,000 or more symbols on an
average daily basis, calculated monthly,
and 0.20% or more Adding ADV as a
percentage of US CADV, or (ii) at least
5% of the NBBO in 2,500 or more
symbols on an average daily basis,
6 See footnote ** in the current Schedule of Fees
and Rebates.
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calculated monthly, and 0.10% or more
Adding ADV as a % of US CADV, the
proposed fees would be as follows:
• $0.0005 per share for adding
displayed orders in Tape B and C
securities and $0.0008 per share in Tape
A securities;
• $0.0005 per share for orders that set
a new Exchange BBO in Tape B and C
securities and $0.0008 per share in Tape
A securities;
• $0.0007 per share for adding nondisplayed orders in Tape B and C
securities and $0.0010 per share in Tape
A securities; and
• $0.0005 per share for MPL orders,
which would remain unchanged.
Adding Tier 3
Under current Adding Tier 3, the
Exchange offers the following fees for
transactions in stocks with a per share
price of $1.00 or more when adding
liquidity to the Exchange if the ETP
Holder quotes at least 5% of the NBBO
in 2000 or more symbols on an average
daily basis, calculated monthly, and
executes 0.10% or more Adding ADV as
a percentage of US CADV:
• $0.0009 per share for adding
displayed orders;
• $0.0009 per share for orders that set
a new Exchange BBO;
• $0.0011 per share for adding nondisplayed orders; and
• $0.0005 per share for MPL orders.
The Exchange proposes to retain the
current fee structure for Tape B and
Tape C securities and introduce new
fees for Tape A securities.
For transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder quotes at least 5% of the
NBBO in 2000 or more symbols on an
average daily basis, calculated monthly,
and executes 0.10% or more Adding
ADV as a percentage of US CADV, the
proposed fees would be as follows:
• $0.0009 per share for adding
displayed orders in Tape B and C
securities and $0.0012 per share in Tape
A securities;
• $0.0009 per share for orders that set
a new Exchange BBO in Tape B and C
securities and $0.0012 per share in Tape
A securities;
• $0.0011 per share for adding nondisplayed orders in Tape B and C
securities and $0.0014 per share in Tape
A securities; and
• $0.0005 per share for MPL orders,
which would remain unchanged.
Adding Tier 4
Under current Adding Tier 4, the
Exchange offers the following fees for
transactions in stocks with a per share
price of $1.00 or more when adding
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Sfmt 4703
liquidity to the Exchange if the ETP
Holder quotes at least 5% of the NBBO
in 600 or more symbols on an average
daily basis, calculated monthly:
• $0.0012 per share for adding
displayed orders;
• $0.0012 per share for orders that set
a new Exchange BBO;
• $0.0014 per share for adding nondisplayed orders; and
• $0.0005 per share for MPL orders.
The Exchange proposes to retain the
current fee structure for Tape B and
Tape C securities and introduce new
fees for Tape A securities.
For transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder quotes at least 5% of the
NBBO in 600 or more symbols on an
average daily basis, calculated monthly,
the proposed fees would be as follows:
• $0.0012 per share for adding
displayed orders in Tape B and C
securities and $0.0014 per share in Tape
A securities;
• $0.0012 per share for orders that set
a new Exchange BBO in Tape B and C
securities and $0.0014 per share in Tape
A securities;
• $0.0014 per share for adding nondisplayed orders in Tape B and C
securities and $0.0016 per share in Tape
A securities; and
• $0.0005 per share for MPL orders,
which would remain unchanged.
Step Up Adding Tier
Under the current Step [sic] Adding
Tier, the Exchange offers the following
fees for transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder has 0.04% or more of
Adding ADV as a percent of US CADV
over the ETP Holder’s Adding ADV as
a % of US CADV in November 2018:
• $0.0015 per share for adding
displayed orders;
• $0.0015 per share for orders that set
a new Exchange BBO3 [sic];
• $0.0017 per share for adding nondisplayed orders; and
• $0.0005 per share for MPL orders.
The Exchange proposes to retain the
current fee structure for Tape B and
Tape C securities and introduce new
fees for Tape A securities.
For transactions in stocks with a per
share price of $1.00 or more when
adding liquidity to the Exchange if the
ETP Holder has 0.04% or more of
Adding ADV as a percent of US CADV
over the ETP Holder’s Adding ADV as
a % of US CADV in November 2018 the
proposed fees would be as follows:
• $0.0015 per share for adding
displayed orders in Tape B and C
securities and $0.0018 per share in Tape
A securities;
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• $0.0015 per share for orders that set
a new Exchange BBO in Tape B and C
securities and $0.0018 per share in Tape
A securities;
• $0.0017 per share for adding nondisplayed orders in Tape B and C
securities and $0.0020 per share in Tape
A securities; and
• $0.0005 per share for MPL orders,
which would remain unchanged.
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Proposed Changes to Taking Tiers
Under the current Taking Tier, the
Exchange offers the following credits for
transactions in stocks with a per share
price of $1.00 or more when removing
liquidity from the Exchange if the ETP
Holder has at least 50,000 shares of
Adding ADV:
• ($0.0020) per share for orders; and
• ($0.0002) per share for MPL orders.
The Exchange proposes to replace the
current Taking Tier with three Taking
Tiers, as follows.
Proposed Taking Tier 1 would offer
the same credits as the current Taking
Tier—($0.0020) per share for orders and
($0.0002) per share for MPL orders—for
transactions in stocks with a per share
price of $1.00 or more when removing
liquidity from the Exchange if the ETP
Holder has at least:
• 0.025% Adding ADV as a
percentage of US CADV; or
• 0.0125% Adding ADV as a
percentage of US CADV and 0.032%
removing ADV as a percentage of US
CADV; or
• 0.00125% Adding ADV as a
percentage of US CADV and 0.25%
removing ADV as a percentage of US
CADV.
Under proposed Taking Tier 2, the
Exchange would offer the following
credits for transactions in stocks with a
per share price of $1.00 or more when
removing liquidity from the Exchange if
the ETP Holder has at least 0.0125%
Adding ADV as a percentage of US
CADV:
• ($0.0018) per share for orders; and
• ($0.0002) per share for MPL orders,
which would remain unchanged.
Finally, under proposed Taking Tier
3, the Exchange would offer the
following credits for transactions in
stocks with a per share price of $1.00 or
more when removing liquidity from the
Exchange if the ETP Holder has at least
50,000 shares of Adding ADV:
• ($0.0010) per share for orders; and
• ($0.0002) per share for MPL orders,
which would remain unchanged.
As previously noted, an ETP Holder
that meets the requirements of either
proposed Taking Tiers 1, 2 or 3 would
be eligible for the relevant rate and
would not be charged the proposed fee
of $0.0005 per share for removing
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liquidity. For example, an ETP Holder
with at least 0.0125% Adding ADV as
a % of US CADV in a given month
would receive a credit of ($0.0018) per
share for removing liquidity from the
Exchange under proposed Taking Tier 2
and would not pay the proposed fee of
$0.0005 per share for removing liquidity
discussed above.
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
change.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,8 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.
Liquidity Removing Fees
The Exchange believes that charging
$0.0005 per share for removing liquidity
from the Exchange will incentivize
submission of additional liquidity to a
public exchange, thereby promoting
price discovery and transparency and
enhancing order execution
opportunities for ETP Holders.
Specifically, the Exchange believes that
introducing a charge for removing
liquidity would incentivize ETP Holders
to send additional liquidity to the
Exchange in order to receive a higher
credit and avoid the proposed fee by
meeting the higher liquidity
requirements for a Taking Tier credit.
The Exchange also believes that the
proposed fee is equitable because it
would apply to all similarly situated
ETP Holders. The proposed fee also is
equitable and not unfairly
discriminatory because it would be
consistent with the applicable rate on
other marketplaces. For example,
Investors Exchange charges a Standard
Match Fee of $0.0009 and a Reduced
Match Fee of $0.0003.9
Proposed Changes to Adding Tiers
The Exchange believes that the
proposed changes to the tiered adding
requirements for displayed and nondisplayed orders in Tape A, Tape B and
U.S.C. 78f(b).
U.S.C. 78f(b)(4) & (5).
9 See Investors Exchange Fee Schedule, available
at https://iextrading.com/trading/fees/.
16905
Tape C securities priced at or above
$1.00 are reasonable, equitable and not
unfairly discriminatory, as follows.
The proposed Adding Tier 1, Adding
Tier 2, Adding Tier 3, Adding Tier 4
and Step Up Adding Tier fees for adding
liquidity in Tape B and C securities and
the proposed Adding Tier 1, Adding
Tier 2, Adding Tier 3, Adding Tier 4
and Step Up Adding Tier fees for Tape
A securities for ETP Holders meeting
the current requirements for each tier,
which the Exchange does not propose to
change, are reasonable because the
proposed rates would contribute to
incent ETP Holders to provide increased
liquidity on the Exchange. Specifically,
the proposed rates for Tapes B and C,
which the Exchange does not propose to
change, would continue to provide the
same incentives to ETP Holders to
provide liquidity to the Exchange on
those tapes while the higher rates for
Tape A would incentive ETP Holders to
provide additional liquidity on the
Exchange in Tape A securities, both of
which benefit all ETP Holders. The
proposed fees in Tape A securities are
also equitable and not unfairly
discriminatory because those fees would
be consistent with or lower than the
applicable rate on other marketplaces
that charge for adding liquidity. For
example, Cboe BYX charges a standard
fee of $0.0019 per share, and their
lowest fee for adding is $0.0012.10
In addition, the Exchange believes
that the proposed Adding Tier 1,
Adding Tier 2, Adding Tier 3, Adding
Tier 4 and Step Up Adding Tier fees for
adding liquidity in Tape B and C
securities and the proposed Adding Tier
1, Adding Tier 2, Adding Tier 3, Adding
Tier 4 and Step Up Adding Tier fees for
Tape A securities fees are equitable and
not unfairly discriminatory as all
similarly situated market participants
will be subject to the same fees on an
equal and non-discriminatory basis.
Proposed Changes to Taking Tiers
The Exchange believes that the
proposed replacement of the current
Taking Tier with three taking tiers for
orders that remove liquidity in
securities priced at or above $1.00 are
reasonable, equitable and not unfairly
discriminatory, as follows.
The proposed Taking Tier 1 credits of
($0.0020) per share for orders that
remove liquidity and ($0.0002) per
share for MPL for ETP Holders with at
least (1) 0.025% Adding ADV as a
percentage of US CADV, or (2) 0.0125%
Adding ADV as a percentage of US
7 15
8 15
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10 See Cboe BYX U.S. Equities Exchange Fee
Schedule, available at https://markets.cboe.com/us/
equities/membership/fee_schedule/byx/.
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CADV and 0.032% removing ADV as a
percentage of US CADV, or (3)
0.00125% Adding ADV as a percentage
of US CADV and 0.25% removing ADV
as a percentage of US CADV; the
proposed Taking Tier 2 credits of
($0.0018) per share and ($0.0002) per
share for MPL for ETP Holders with at
least 0.0125% Adding ADV as a % of
US CADV; and (3) the proposed Taking
Tier 3 credits of ($0.0010) per share and
($.0002) per share for ETP Holders with
at least 50,000 Adding ADV in securities
with a per share price of $1.00 or more
when removing liquidity from the
Exchange is reasonable, equitable and
not unfairly discriminatory because the
proposed fees are in line with the fees
for removing liquidity on other
exchanges.11 For example, Cboe BYX
offers tiered credits of ($0.0015),
($0.0016), and ($0.0017) per share.12
The Exchange notes that the ($0.0002)
per share credit for taking MPL is
unchanged from the current Taking
Tier.
Finally, the Exchange believes that it
is subject to significant competitive
forces, as described below in the
Exchange’s statement regarding the
burden on competition.
For the foregoing reasons, the
Exchange believes that the proposal is
consistent with the Act.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,13 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. Instead, the
Exchange believes that the proposed
changes would encourage the
submission of additional liquidity to a
public exchange, thereby promoting
price discovery and transparency and
enhancing order execution
opportunities for ETP Holders. The
Exchange believes that this could
promote competition between the
Exchange and other execution venues,
including those that currently offer
similar order types and comparable
transaction pricing, by encouraging
additional orders to be sent to the
Exchange for execution.
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues if they
11 See CBOE BYX Exchange Fee Schedule at
https://markets.cboe.com/us/equities/membership/
fee_schedule/byx/.
12 See Cboe BYX U.S. Equities Exchange Fee
Schedule, available at https://markets.cboe.com/us/
equities/membership/fee_schedule/byx/.
13 15 U.S.C. 78f(b)(8).
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deem fee levels at a particular venue to
be excessive or rebate opportunities
available at other venues to be more
favorable. In such an environment, the
Exchange must continually adjust its
fees and rebates to remain competitive
with other exchanges and with
alternative trading systems that have
been exempted from compliance with
the statutory standards applicable to
exchanges. Because competitors are free
to modify their own fees and credits in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
believes that the degree to which fee
changes in this market may impose any
burden on competition is extremely
limited. As a result of all of these
considerations, the Exchange does not
believe that the proposed changes will
impair the ability of ETP Holders or
competing order execution venues to
maintain their competitive standing in
the financial markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 14 of the Act and
subparagraph (f)(2) of Rule 19b–4 15
thereunder. 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) 16 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–
NYSENAT–2019–09 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–NYSENAT–2019–09. 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–NYSENAT–2019–09 and
should be submitted on or before May
14, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–08102 Filed 4–22–19; 8:45 am]
BILLING CODE 8011–01–P
14 15
U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(2).
16 15 U.S.C. 78s(b)(2)(B).
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]]>Agencies
[Federal Register Volume 84, Number 78 (Tuesday, April 23, 2019)]
[Notices]
[Pages 16903-16906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08102]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85674; File No. SR-NYSENAT-2019-09]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its
Schedule of Fees and Rebates
April 17, 2019.
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 9, 2019, NYSE National, Inc. (``NYSE National'' or
the ``Exchange'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Schedule of Fees and Rebates to
(1) charge a fee for removing liquidity; (2) offer the current adding
tier fees (Adding Tier 1, Adding Tier 2, Adding Tier 3, Adding Tier 4,
and Step Up Adding Tier) for adding displayed liquidity in Tape B and
Tape C securities and introduce separate fees for adding liquidity in
Tape A securities; and (3) replace the current Taking Tier with three
Taking Tiers (Tiers 1, 2 and 3). The Exchange proposes to implement the
rule change on April 9, 2019. 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 Exchange proposes to amend its Schedule of Fees and Rebates to
(1) charge a fee for removing liquidity; (2) offer the current adding
tier fees (Adding Tier 1, Adding Tier 2, Adding Tier 3, Adding Tier 4,
and Step Up Adding Tier) for adding displayed liquidity in Tape B and
Tape C securities and introduce separate fees for adding displayed
liquidity in Tape A securities; and (3) replace the current Taking Tier
with three Taking Tiers (Tiers 1, 2 and 3).
The Exchange proposes to implement the rule change on April 9,
2019.\4\
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\4\ The Exchange originally filed to amend the Schedule of Fees
and Rebates on March 29, 2019 (SR-NYSENAT-2019-06). SR-NYSE-2019-06
[sic] was subsequently withdrawn and replaced by this filing.
---------------------------------------------------------------------------
Proposed Rule Change
Liquidity Removing Fees
The Exchange currently does not charge a fee for executions on the
Exchange of orders that remove liquidity from the Exchange in
securities priced at or above $1.00. The Exchange proposes to charge a
fee of $0.0005 per share for executions on the Exchange of orders that
remove liquidity from the Exchange in securities priced at or above
$1.00, unless a better tiered credit or fee set forth in the Schedule
of Fees and Rebates applies. Hence, for example, an ETP Holder that
would meet the requirements for the proposed Taking Tier 1 credit
discussed below would not be charged the proposed fee of $0.0005 per
share for removing liquidity.
Proposed Changes to Adding Tiers
Adding Tier 1
Under current Adding Tier 1, the Exchange offers the following fees
for transactions in stocks with a per share price of $1.00 or more when
adding liquidity to the Exchange if the ETP Holder has at least 0.015%
of Adding average daily volume (``ADV'') as a percent of US
consolidated ADV (``CADV''): \5\
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\5\ The Adding Tier 1 volumes are currently waived. See footnote
* in the current Schedule of Fees and Rebates.
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$0.0020 per share for displayed orders;
[[Page 16904]]
$0.0018 per share for orders that set a new Exchange BBO;
$0.0022 per share for non-displayed orders; and
$0.0005 per share for MPL orders.
The Exchange proposes to retain the current fee structure for Tape
B and Tape C securities and introduce new fees for Tape A securities.
For transactions in stocks with a per share price of $1.00 or more
when adding liquidity to the Exchange if the ETP Holder has at least
0.015% of Adding ADV as a percent of CADV, the proposed fees would be
as follows:
$0.0020 per share for displayed orders in Tapes B and C
securities and $0.0022 per share for displayed orders in Tape A
securities;
$0.0018 per share for orders that set a new Exchange BBO
in Tapes B and C securities and $0.0020 per share in Tape A securities;
$0.0022 per share for non-displayed orders in Tapes B and
C securities and $0.0024 per share for non-displayed orders in Tape A
securities; and
$0.0005 per share for MPL orders, which would remain
unchanged.
Adding Tier 2
Under current Adding Tier 2, the Exchange offers the following fees
for transactions in stocks with a per share price of $1.00 or more when
adding liquidity to the Exchange if the ETP Holder quotes: (i) At least
5% of the NBBO \6\ in 1,000 or more symbols on an average daily basis,
calculated monthly, and 0.20% or more Adding ADV as a percentage of US
CADV, or (ii) at least 5% of the NBBO in 2,500 or more symbols on an
average daily basis, calculated monthly, and 0.10% or more Adding ADV
as a % of US CADV:
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\6\ See footnote ** in the current Schedule of Fees and Rebates.
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$0.0005 per share for adding displayed orders;
$0.0005 per share for orders that set a new Exchange BBO;
$0.0007 per share for adding non-displayed orders; and
$0.0005 per share for MPL orders.
The Exchange proposes to retain the current fee structure for Tape
B and Tape C securities and introduce new fees for Tape A securities.
For transactions in stocks with a per share price of $1.00 or more
when adding liquidity to the Exchange if the ETP Holder quotes: (i) At
least 5% of the NBBO in 1,000 or more symbols on an average daily
basis, calculated monthly, and 0.20% or more Adding ADV as a percentage
of US CADV, or (ii) at least 5% of the NBBO in 2,500 or more symbols on
an average daily basis, calculated monthly, and 0.10% or more Adding
ADV as a % of US CADV, the proposed fees would be as follows:
$0.0005 per share for adding displayed orders in Tape B
and C securities and $0.0008 per share in Tape A securities;
$0.0005 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0008 per share in Tape A securities;
$0.0007 per share for adding non-displayed orders in Tape
B and C securities and $0.0010 per share in Tape A securities; and
$0.0005 per share for MPL orders, which would remain
unchanged.
Adding Tier 3
Under current Adding Tier 3, the Exchange offers the following fees
for transactions in stocks with a per share price of $1.00 or more when
adding liquidity to the Exchange if the ETP Holder quotes at least 5%
of the NBBO in 2000 or more symbols on an average daily basis,
calculated monthly, and executes 0.10% or more Adding ADV as a
percentage of US CADV:
$0.0009 per share for adding displayed orders;
$0.0009 per share for orders that set a new Exchange BBO;
$0.0011 per share for adding non-displayed orders; and
$0.0005 per share for MPL orders.
The Exchange proposes to retain the current fee structure for Tape
B and Tape C securities and introduce new fees for Tape A securities.
For transactions in stocks with a per share price of $1.00 or more
when adding liquidity to the Exchange if the ETP Holder quotes at least
5% of the NBBO in 2000 or more symbols on an average daily basis,
calculated monthly, and executes 0.10% or more Adding ADV as a
percentage of US CADV, the proposed fees would be as follows:
$0.0009 per share for adding displayed orders in Tape B
and C securities and $0.0012 per share in Tape A securities;
$0.0009 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0012 per share in Tape A securities;
$0.0011 per share for adding non-displayed orders in Tape
B and C securities and $0.0014 per share in Tape A securities; and
$0.0005 per share for MPL orders, which would remain
unchanged.
Adding Tier 4
Under current Adding Tier 4, the Exchange offers the following fees
for transactions in stocks with a per share price of $1.00 or more when
adding liquidity to the Exchange if the ETP Holder quotes at least 5%
of the NBBO in 600 or more symbols on an average daily basis,
calculated monthly:
$0.0012 per share for adding displayed orders;
$0.0012 per share for orders that set a new Exchange BBO;
$0.0014 per share for adding non-displayed orders; and
$0.0005 per share for MPL orders.
The Exchange proposes to retain the current fee structure for Tape
B and Tape C securities and introduce new fees for Tape A securities.
For transactions in stocks with a per share price of $1.00 or more
when adding liquidity to the Exchange if the ETP Holder quotes at least
5% of the NBBO in 600 or more symbols on an average daily basis,
calculated monthly, the proposed fees would be as follows:
$0.0012 per share for adding displayed orders in Tape B
and C securities and $0.0014 per share in Tape A securities;
$0.0012 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0014 per share in Tape A securities;
$0.0014 per share for adding non-displayed orders in Tape
B and C securities and $0.0016 per share in Tape A securities; and
$0.0005 per share for MPL orders, which would remain
unchanged.
Step Up Adding Tier
Under the current Step [sic] Adding Tier, the Exchange offers the
following fees for transactions in stocks with a per share price of
$1.00 or more when adding liquidity to the Exchange if the ETP Holder
has 0.04% or more of Adding ADV as a percent of US CADV over the ETP
Holder's Adding ADV as a % of US CADV in November 2018:
$0.0015 per share for adding displayed orders;
$0.0015 per share for orders that set a new Exchange BBO3
[sic];
$0.0017 per share for adding non-displayed orders; and
$0.0005 per share for MPL orders.
The Exchange proposes to retain the current fee structure for Tape
B and Tape C securities and introduce new fees for Tape A securities.
For transactions in stocks with a per share price of $1.00 or more
when adding liquidity to the Exchange if the ETP Holder has 0.04% or
more of Adding ADV as a percent of US CADV over the ETP Holder's Adding
ADV as a % of US CADV in November 2018 the proposed fees would be as
follows:
$0.0015 per share for adding displayed orders in Tape B
and C securities and $0.0018 per share in Tape A securities;
[[Page 16905]]
$0.0015 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0018 per share in Tape A securities;
$0.0017 per share for adding non-displayed orders in Tape
B and C securities and $0.0020 per share in Tape A securities; and
$0.0005 per share for MPL orders, which would remain
unchanged.
Proposed Changes to Taking Tiers
Under the current Taking Tier, the Exchange offers the following
credits for transactions in stocks with a per share price of $1.00 or
more when removing liquidity from the Exchange if the ETP Holder has at
least 50,000 shares of Adding ADV:
($0.0020) per share for orders; and
($0.0002) per share for MPL orders.
The Exchange proposes to replace the current Taking Tier with three
Taking Tiers, as follows.
Proposed Taking Tier 1 would offer the same credits as the current
Taking Tier--($0.0020) per share for orders and ($0.0002) per share for
MPL orders--for transactions in stocks with a per share price of $1.00
or more when removing liquidity from the Exchange if the ETP Holder has
at least:
0.025% Adding ADV as a percentage of US CADV; or
0.0125% Adding ADV as a percentage of US CADV and 0.032%
removing ADV as a percentage of US CADV; or
0.00125% Adding ADV as a percentage of US CADV and 0.25%
removing ADV as a percentage of US CADV.
Under proposed Taking Tier 2, the Exchange would offer the
following credits for transactions in stocks with a per share price of
$1.00 or more when removing liquidity from the Exchange if the ETP
Holder has at least 0.0125% Adding ADV as a percentage of US CADV:
($0.0018) per share for orders; and
($0.0002) per share for MPL orders, which would remain
unchanged.
Finally, under proposed Taking Tier 3, the Exchange would offer the
following credits for transactions in stocks with a per share price of
$1.00 or more when removing liquidity from the Exchange if the ETP
Holder has at least 50,000 shares of Adding ADV:
($0.0010) per share for orders; and
($0.0002) per share for MPL orders, which would remain
unchanged.
As previously noted, an ETP Holder that meets the requirements of
either proposed Taking Tiers 1, 2 or 3 would be eligible for the
relevant rate and would not be charged the proposed fee of $0.0005 per
share for removing liquidity. For example, an ETP Holder with at least
0.0125% Adding ADV as a % of US CADV in a given month would receive a
credit of ($0.0018) per share for removing liquidity from the Exchange
under proposed Taking Tier 2 and would not pay the proposed fee of
$0.0005 per share for removing liquidity discussed above.
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 change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ 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.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4) & (5).
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Liquidity Removing Fees
The Exchange believes that charging $0.0005 per share for removing
liquidity from the Exchange will incentivize submission of additional
liquidity to a public exchange, thereby promoting price discovery and
transparency and enhancing order execution opportunities for ETP
Holders. Specifically, the Exchange believes that introducing a charge
for removing liquidity would incentivize ETP Holders to send additional
liquidity to the Exchange in order to receive a higher credit and avoid
the proposed fee by meeting the higher liquidity requirements for a
Taking Tier credit.
The Exchange also believes that the proposed fee is equitable
because it would apply to all similarly situated ETP Holders. The
proposed fee also is equitable and not unfairly discriminatory because
it would be consistent with the applicable rate on other marketplaces.
For example, Investors Exchange charges a Standard Match Fee of $0.0009
and a Reduced Match Fee of $0.0003.\9\
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\9\ See Investors Exchange Fee Schedule, available at https://iextrading.com/trading/fees/.
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Proposed Changes to Adding Tiers
The Exchange believes that the proposed changes to the tiered
adding requirements for displayed and non-displayed orders in Tape A,
Tape B and Tape C securities priced at or above $1.00 are reasonable,
equitable and not unfairly discriminatory, as follows.
The proposed Adding Tier 1, Adding Tier 2, Adding Tier 3, Adding
Tier 4 and Step Up Adding Tier fees for adding liquidity in Tape B and
C securities and the proposed Adding Tier 1, Adding Tier 2, Adding Tier
3, Adding Tier 4 and Step Up Adding Tier fees for Tape A securities for
ETP Holders meeting the current requirements for each tier, which the
Exchange does not propose to change, are reasonable because the
proposed rates would contribute to incent ETP Holders to provide
increased liquidity on the Exchange. Specifically, the proposed rates
for Tapes B and C, which the Exchange does not propose to change, would
continue to provide the same incentives to ETP Holders to provide
liquidity to the Exchange on those tapes while the higher rates for
Tape A would incentive ETP Holders to provide additional liquidity on
the Exchange in Tape A securities, both of which benefit all ETP
Holders. The proposed fees in Tape A securities are also equitable and
not unfairly discriminatory because those fees would be consistent with
or lower than the applicable rate on other marketplaces that charge for
adding liquidity. For example, Cboe BYX charges a standard fee of
$0.0019 per share, and their lowest fee for adding is $0.0012.\10\
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\10\ See Cboe BYX U.S. Equities Exchange Fee Schedule, available
at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/
.
---------------------------------------------------------------------------
In addition, the Exchange believes that the proposed Adding Tier 1,
Adding Tier 2, Adding Tier 3, Adding Tier 4 and Step Up Adding Tier
fees for adding liquidity in Tape B and C securities and the proposed
Adding Tier 1, Adding Tier 2, Adding Tier 3, Adding Tier 4 and Step Up
Adding Tier fees for Tape A securities fees are equitable and not
unfairly discriminatory as all similarly situated market participants
will be subject to the same fees on an equal and non-discriminatory
basis.
Proposed Changes to Taking Tiers
The Exchange believes that the proposed replacement of the current
Taking Tier with three taking tiers for orders that remove liquidity in
securities priced at or above $1.00 are reasonable, equitable and not
unfairly discriminatory, as follows.
The proposed Taking Tier 1 credits of ($0.0020) per share for
orders that remove liquidity and ($0.0002) per share for MPL for ETP
Holders with at least (1) 0.025% Adding ADV as a percentage of US CADV,
or (2) 0.0125% Adding ADV as a percentage of US
[[Page 16906]]
CADV and 0.032% removing ADV as a percentage of US CADV, or (3)
0.00125% Adding ADV as a percentage of US CADV and 0.25% removing ADV
as a percentage of US CADV; the proposed Taking Tier 2 credits of
($0.0018) per share and ($0.0002) per share for MPL for ETP Holders
with at least 0.0125% Adding ADV as a % of US CADV; and (3) the
proposed Taking Tier 3 credits of ($0.0010) per share and ($.0002) per
share for ETP Holders with at least 50,000 Adding ADV in securities
with a per share price of $1.00 or more when removing liquidity from
the Exchange is reasonable, equitable and not unfairly discriminatory
because the proposed fees are in line with the fees for removing
liquidity on other exchanges.\11\ For example, Cboe BYX offers tiered
credits of ($0.0015), ($0.0016), and ($0.0017) per share.\12\ The
Exchange notes that the ($0.0002) per share credit for taking MPL is
unchanged from the current Taking Tier.
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\11\ See CBOE BYX Exchange Fee Schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/.
\12\ See Cboe BYX U.S. Equities Exchange Fee Schedule, available
at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/
.
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Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\13\ 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. Instead, the Exchange believes that the proposed
changes would encourage the submission of additional liquidity to a
public exchange, thereby promoting price discovery and transparency and
enhancing order execution opportunities for ETP Holders. The Exchange
believes that this could promote competition between the Exchange and
other execution venues, including those that currently offer similar
order types and comparable transaction pricing, by encouraging
additional orders to be sent to the Exchange for execution.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and rebates to remain competitive with other exchanges and
with alternative trading systems that have been exempted from
compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. As a result of all of these considerations, the
Exchange does not believe that the proposed changes will impair the
ability of ETP Holders or competing order execution venues to maintain
their competitive standing in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \14\ of the Act and subparagraph (f)(2) of Rule
19b-4 \15\ thereunder. 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) \16\ of the Act to determine
whether the proposed rule change should be approved or disapproved.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(2).
\16\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSENAT-2019-09 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-NYSENAT-2019-09. 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-NYSENAT-2019-09 and should be submitted
on or before May 14, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-08102 Filed 4-22-19; 8:45 am]
BILLING CODE 8011-01-P
