Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 67395 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C.78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed to adopt the fee 

waiver and waive the BTL fee in 2015. See 

Securities Exchange Act Release No. 74031 (January 

12, 2015), 80 FR 2462 (January 16, 2015) (SR– 

NYSE–2014–78). The Exchange subsequently filed 

to extend the fee waiver and waive the BTL fee in 

2017 and 2018. See Securities Exchange Act Release 

Nos. 79710 (December 29, 2016), 82 FR 1395 

(January 5, 2017) (SR–NYSE–2016–89); and 82418 

(December 28, 2017), 83 FR 568 (January 4, 2018) 

(SR–NYSE–2017–70). 

5 15 U.S.C. 78f(b). 

6 15 U.S.C. 78f(b)(4), (5). 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act 5 and for the reasons 

stated above, the Commission 

designates February 18, 2019, as the 

date by which the Commission shall 

either approve or disapprove, or 

institute proceedings to determine 

whether to disapprove, the proposed 

rule change (File No. SR–MIAX–2018– 

35). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28197 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84899; File No. SR–NYSE– 

2018–65] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List Regarding Certain Bond 

Trading License Fee Waivers 

December 20, 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 December 

19, 2018, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 amend its 

Price List to (i) extend a fee waiver for 

new firm application fees for applicants 

seeking only to obtain a bond trading 

license (‘‘BTL’’) for 2019; and (ii) waive 

the BTL fee for 2019. The Exchange 

proposes to implement the fee changes 

effective January 2, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Price List to (i) extend a fee waiver for 

new firm application fees for applicants 

seeking only to obtain a BTL for 2019; 4

and (iii) waive the BTL fee for 2019. The 

Exchange proposes to implement the fee 

changes effective January 2, 2019. 

The Exchange currently charges a 

New Firm Fee ranging from $2,500 to 

$20,000, depending on the type of firm, 

which is charged per application for any 

broker-dealer that applies to be 

approved as an Exchange member 

organization. The Exchange proposes to 

waive the New Firm Fee for 2019 for 

new member organization applicants 

that are seeking only to obtain a BTL 

and not trade equities at the Exchange. 

The proposed waiver of the New Firm 

Fee would be available only to 

applicants seeking approval as a new 

member organization, including 

carrying firms, introducing firms, or 

non-public organizations, which would 

be seeking to obtain a BTL at the 

Exchange and not trade equities. 

Further, if a new firm that is approved 

as a member organization and has had 

the New Firm Fee waived converts a 

BTL to a full trading license within one 

year of approval, the New Firm Fee 

would be charged in full retroactively. 

The Exchange believes that charging the 

New Firm Fee retroactively within a 

year of approval is appropriate because 

it would discourage applicants to claim 

that they are applying for a BTL solely 

to avoid New Firm Fees. 

Additionally, the Exchange currently 

charges a BTL fee of $1,000 per year. 

The Exchange proposes to amend the 

Price List to waive the BTL fee for 2019 

for all member organizations. 

The Exchange believes that the 

proposed fee changes would provide 

increased incentives for bond trading 

firms that are not currently Exchange 

member organizations to apply for 

Exchange membership and a BTL. The 

Exchange believes that having more 

member organizations trading on the 

Exchange’s bond platform would benefit 

investors through the additional display 

of liquidity and increased execution 

opportunities in Exchange-traded bonds 

at the Exchange. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,5 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,6 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 it is 

reasonable to waive the New Firm Fee 

and the annual BTL fee for 2019 to 

provide an incentive for bond trading 

firms to apply for Exchange membership 

and a BTL. The Exchange believes that 

providing an incentive for bond trading 

firms that are not currently Exchange 

member organizations to apply for 

membership and a BTL would 

encourage market participants to 

become members of the Exchange and 

bring additional liquidity to a 

transparent bond market. To the extent 

the existing New Firm Fees or the BTL 

fee serves as a disincentive for bond 

trading firms to become Exchange 

member organizations, the Exchange 

believes that the proposed fee change 

could expand the number of firms 

eligible to trade bonds on the Exchange. 

The Exchange believes creating 

incentives for bond trading firms to 

trade bonds on the Exchange protects 

investors and the public interest by 

increasing the competition and liquidity 


amozie on DSK3GDR082PROD with NOTICES1
67396 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 

7 15 U.S.C. 78f(b)(8). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

10 15 U.S.C. 78s(b)(2)(B). 11 17 CFR 200.30–3(a)(12). 

on a transparent market for bond 

trading. The proposed waiver of the 

New Firm Fee and BTL fee is equitable 

and not unfairly discriminatory because 

it would be offered to all market 

participants that wish to trade at the 

Exchange the narrower class of debt 

securities only. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,7 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. Debt 

securities typically trade in a 

decentralized over-the-counter (‘‘OTC’’) 

dealer market that is less liquid and 

transparent than the equities markets. 

The Exchange believes that the 

proposed change would increase 

competition with these OTC venues by 

reducing the cost of being approved as 

and operating as an Exchange member 

organization that solely trades bonds at 

the Exchange, which the Exchange 

believes will enhance market quality 

through the additional display of 

liquidity and increased execution 

opportunities in Exchange-traded bonds 

at the Exchange. 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues that are not 

transparent. In such an environment, 

the Exchange must continually review, 

and consider adjusting its fees and 

rebates to remain competitive with other 

exchanges as well as with alternative 

trading systems and other venues that 

are not required to comply 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 change will 

impair the ability of member 

organizations 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) 8 of the Act and 

subparagraph (f)(2) of Rule 19b–4 9

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) 10 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2018–65 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–NYSE–2018–65. 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 (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 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 

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–NYSE–2018–65, and 

should be submitted on or before 

January 18, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28196 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84943; File No. 265–30] 

Fixed Income Market Structure 

Advisory Committee 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of meeting. 

SUMMARY: Notice is being provided that 

the Securities and Exchange 

Commission Fixed Income Market 

Structure Advisory Committee will hold 

a public meeting on Monday, January 

28, 2019 in Multi-Purpose Room LL–006 

at the Commission’s headquarters, 100 F 

Street NE, Washington, DC. The meeting 

will begin at 9:30 a.m. (ET) and will be 

open to the public. The meeting will be 

webcast on the Commission’s website at 

www.sec.gov. Persons needing special 

accommodations to take part because of 

a disability should notify the contact 

persons listed below. The public is 


amozie on DSK3GDR082PROD with NOTICES1