This PDF is the current document as it appeared on Public Inspection on 08/19/2015 at 08:45 am.
Pursuant to section 19(b)(1)  of the Securities Exchange Act of 1934 (the “Act”)  and Rule 19b-4 thereunder, notice is hereby given that, on August 6, 2015, NYSE MKT LLC (the “Exchange” or “NYSE MKT”) 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 Amex Options Fee Schedule (“Fee Schedule”). The Exchange proposes to implement the fee change effective August 6, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room.
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 Statutory Basis for, the Proposed Rule Change
The purpose of this filing is to amend the Firm Monthly Fee Cap to establish tiers, effective on August 6, 2015.
The Exchange is proposing to modify Section I.I. of the Fee Schedule to establish tiers for the Firm Monthly Fee Cap that are tied to tiers achieved in the Exchange's Amex Customer Engagement (“ACE”) Program. Currently, the Exchange places a limit, or cap, of $100,000 per month on fees incurred by Firms trading though a Floor Broker in open outcry or QCC (“Manual Transactions”). The Exchange is proposing to add tiered caps which correspond to tiers achieved in the ACE Program. Specifically, the higher the ACE Tier attained, the lower the cap on fees for applicable Manual Transactions.
The proposed Firm Monthly Fee Cap tiers are set forth in the table below:
|ACE Tier||Firm fee cap|
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent with Start Printed Page 50708section 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 that the proposed change to institute tiered caps to the Firm Monthly Fee Cap is reasonable, equitable and not unfairly discriminatory because the tiers are based on the amount of business transacted on the Exchange. In addition, the Exchange believes that the proposed amendment is reasonable, equitable and not unfairly discriminatory because it would enhance the incentives for ACE Program participants who use Manual Transactions to execute those transactions on the Exchange, which would benefit all ATP Holders. Additionally, the Exchange believes the proposed changes are consistent with the Act because the proposal could incentivize additional ATP Holders to participate in the ACE Program, and (for those that already do) to achieve higher ACE tiers which may attract greater volume and liquidity to the Exchange, which would benefit all market participants by providing tighter quoting and better prices, all of which perfects the mechanism for a free and open market and national market system.
For these 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, the Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the proposed amendments to the Firm Monthly Fee Cap are pro-competitive as the fees are to incentivize increases in volume and liquidity to the Exchange which would benefit all of [sic] Exchange participants through increased opportunities to trade as well as enhancing price discovery.
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)  of the Act and subparagraph (f)(2) of Rule 19b-4  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)  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:
- Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
- Send an email to email@example.com. Please include File Number SR-NYSEMKT-2015-63 on the subject line.
- 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-NYSEMKT-2015-63. This file number should be included on the subject line if email is used.
To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2015-63, and should be submitted on or before September 10, 2015.Start Signature
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
Robert W. Errett,
4. See Fee Schedule, section I.E. (describing ACE Program), available at, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf.Back to Citation
5. Fees or volumes associated with a Strategy Execution described in section I.J., (e.g., reversal and conversion, box spread, short stock interest spread, merger spread and jelly roll) are not counted toward the $100,000 cap. Royalty Fees are charged at the rates described in section I.K., and do not count toward the $100,000 fee cap. Firm Facilitation Manual trades are executed at the rate of $0.00 per contract regardless of whether a Firm has reached the $100,000 cap or not. See Fee Schedule, section I.I.Back to Citation
[FR Doc. 2015-20547 Filed 8-19-15; 8:45 am]
BILLING CODE 8011-01-P