Federal Register / Vol. 77, No. 8 / Thursday, January 12, 2012 / Notices 1969 

7The Exchange has satisfied this requirement. 

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

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 64593 

(June 3, 2011), 74 FR 33380 (June 8, 2011) (SR– 

NYSEArca–2011–34)[sic]. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, 

provided that the self-regulatory 

organization has given the Commission 

written notice of its intent to file the 

proposed rule change at least five 

business days prior to the date of filing 

of the proposed rule change or such 

shorter time as designated by the 

Commission,7 the proposed rule change 

has become effective pursuant to 

Section 19(b)(3)(A) of the Act 8 and Rule 

19b–4(f)(6) thereunder.9

At any time within 60 days of the 

filing of the 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. 

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 rulecomments@sec.gov. Please include File 

Number SR–BX–2012–001 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549. 

All submissions should refer to File 

Number SR–BX–2012–001. 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 

a.m. and 3 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; 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–BX– 

2012–001 and should be submitted on 

or before February 2, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Kevin M. O’Neill. 

Deputy Secretary. 

[FR Doc. 2012–481 Filed 1–11–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66115; File No. SR– 

NYSEArca–2011–101] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the NYSE Arca 

Equities Schedule of Fees and 

Charges for Exchange Services 

Replacing Numerical Thresholds With 

Percentage Thresholds for the Investor 

Tiers’ Volume Requirements 

January 6, 2012. 

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 

30, 2011, 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 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 the 

NYSE Arca Equities Schedule of Fees 

and Charges for Exchange Services (the 

‘‘Schedule’’) to replace numerical 

thresholds with percentage thresholds 

for the Investor Tiers’ volume 

requirements. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and www.nyse.com. 

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 

Effective January 1, 2012, NYSE Arca 

proposes to amend the Schedule, as 

described below. 

Investor Tier Volume Requirements: 

Replacing Numerical Thresholds With 

Percentage Thresholds 

Effective June 1, 2011, NYSE Arca 

introduced two pricing tier levels, 

Investor Tier 1 and Investor Tier 2.4

Currently, Investor Tier 1 allows 

customers to earn a credit of $0.0032 per 

share and Investor Tier 2 allows 

customers to earn a credit of $0.0030 per 

share for executed orders that provide 

liquidity to the Book for Tape A, Tape 

B and Tape C securities when they meet 

all of the following criteria on a monthly 

basis: 


tkelley on DSK3SPTVN1PROD with NOTICES
1970 Federal Register / Vol. 77, No. 8 / Thursday, January 12, 2012 / Notices 

5See Securities Exchange Act Release No. 64627 

(June 8, 2011), 74 FR 34788 (June 14, 2011) (SR– 

NYSEArca–2011–35)[sic]. See Securities Exchange 

Act Release No. 64453 (May 10, 2011), 76 FR 28252 

(May 16, 2011); and Securities Exchange Act 

Release No. 64452 (May 10, 2011), 76 FR 28252 

(May 16, 2011) [sic]. See Nasdaq Stock Market LLC 

Price List—Trading & Connectivity, ‘‘Add and 

Remove Rates’’ at http://www.nasdaqtrader.com/ 

Trader.aspx?id=PriceListTrading2#rebates, and 

EDGX Exchange Fee Schedule, n. 1 at http:// 

www.directedge.com/Membership/FeeSchedule/ 

EDGXFeeSchedule.aspx. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(4). 

8See n. 5. 

9See Securities Exchange Act Release No. 64627 

(June 8, 2011), 74 FR 34788 (June 14, 2011) (SR– 

NYSEArca–2011–35)[sic]. 

• Maintain a ratio of cancelled orders 

to total orders of less than 30%. In 

calculating this ratio, the Exchange will 

exclude Immediate-or-Cancel orders, 

which are liquidity removing in nature. 

• Maintain a ratio of executed 

liquidity adding volume to total volume 

of greater than 80%. 

• Firms must add at least 35 million 

shares of liquidity per day on NYSE 

Arca to qualify for Investor Tier 1 and 

add at least 10 million shares of 

liquidity per day on NYSE Arca to 

qualify for Investor Tier 2. Trade 

activity on days when the market closes 

early is excluded from both Investor 

Tiers. 

The Exchange proposes to change the 

Investor Tier 1 and Investor Tier 2 

adding volume requirements from 

numerical thresholds (e.g., 35 million 

shares) to percentage thresholds of 

average US consolidated daily volumes 

(e.g., 0.45% of the volumes). Volume 

requirements to reach the tiered pricing 

levels will adjust each calendar month 

based on US average daily consolidated 

share volume in Tape A, Tape B, and 

Tape C securities (‘‘US ADV’’) for that 

given month. US ADV is equal to the 

volume reported by all exchanges and 

trade reporting facilities to the 

Consolidated Tape Association Plan for 

Tapes A, B and C securities; however, 

US ADV does not include trades on 

days when the market closes early. 

Transactions that are not reported to 

the Consolidated Tape, such as odd-lots 

and Crossing Session 2 transactions, are 

not included in US ADV. The Exchange 

currently makes this data publicly 

available on a T + 1 basis from a link 

at http://www.nyxdata.com/US-andEuropean-Volumes. 

In order to adopt a requirement that 

is consistent from month to month, 

NYSE Arca is modifying both the 35 

million share volume per day 

requirement (for Investor Tier 1) and 10 

million share volume per day 

requirement (for Investor Tier 2) so that 

they are directly tied to a customer’s 

percentage of total US ADV. Effective 

January 1, the per day volume 

requirement for Investor Tier 1 will be 

changed from the current 35 million 

share adding volume per day 

requirement to adding liquidity that 

represents 0.45% or more of the total US 

ADV. Also effective January 1, the per 

day volume requirements for Investor 

Tier 2 will be changed from the current 

10 million share adding volume per day 

requirement to adding liquidity that 

represents 0.20% or more, but less than 

0.45% of the total US ADV. All other 

requirements for Investor Tier 1 and 

Investor Tier 2 remain unchanged. 

For example, if US ADV is 8.5 billion 

shares in a given month, the minimum 

adding ADV requirement for Investor 

Tier 1 would be 38.250 million adding 

shares a day, and the minimum adding 

ADV requirement for Investor Tier 2 

would be 17.0 million adding shares a 

day. 

NYSE Arca is moving to the 

percentage approach for several reasons. 

The Exchange believes that it is a more 

straightforward way to communicate 

floating volume tiers and, as noted in a 

previous filing, other exchanges have 

adopted a similar approach.5 The 

Exchange notes that the percentage 

approach allows tiers to move in sync 

with consolidated volume, whereas the 

current approach has distinct break 

points and is set at varying percentages 

of consolidated volume. The proposed 

change will ensure that a customer 

providing that level of liquidity will 

consistently receive the Investor Tier 1 

or Tier 2 credits, whereas a customer 

providing that level of liquidity under 

the current schedule might receive the 

Investor Tier 1 or Tier 2 credits in some 

months but not in others as overall 

market volumes fluctuated. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),6 in general, and Section 6(b)(4) 

of the Act,7 in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities. The 

Exchange believes that the proposal 

does not constitute an inequitable 

allocation of fees, as all similarly 

situated member organizations and 

other market participants will be 

charged the same amount and access to 

the Exchange’s market is offered on fair 

and non-discriminatory terms. 

With respect to the replacement of 

share thresholds with percentage 

thresholds for the adding liquidity 

requirements in the Investor Tiers, 

NYSE Arca believes that the change is 

reasonable, because it will result in 

more predictability from month to 

month with respect to the levels of 

liquidity provision required to receive 

the applicable pricing levels. Although 

the changes will make it easier to 

achieve the applicable Investor Tier in 

some months and more difficult in other 

months, depending on overall market 

volumes, NYSE Arca believes the levels 

of activity required to achieve the 

applicable Investor Tier are generally 

consistent with existing requirements 

for these tiers. Moreover, like existing 

pricing tiers tied to volume levels, as in 

effect at NYSE Arca and other markets, 

the proposed pricing tiers are equitable 

and non-discriminatory because they 

are open to all customers on an equal 

basis and provide discounts that are 

reasonably related to the value to an 

exchange’s market quality associated 

with higher volumes. NYSE Arca 

believes that the overall effect of the 

changes may make it easier for 

customers to receive higher rebates in 

months with lower trading volumes, 

thereby reducing prices for those 

customers that were previously unable 

to qualify for an enhanced credit, but 

that are able to do so under the revised 

pricing schedule. 

NYSE Arca also notes that a number 

of exchanges previously adopted tiers 

based on percentage thresholds, 

including Nasdaq, and Direct Edge 

EDGX.8 NYSE Arca also previously 

adopted tiers based on percentage 

thresholds for its Tier 1, Tier 2, and Tier 

3.9

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. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and with alternative trading 

systems that have been exempted from 

compliance with the statutory standards 

applicable to exchanges. The Exchange 

believes that the proposed rule change 

reflects this competitive environment 

because it will broaden the conditions 

under which customers may qualify for 

higher liquidity provider credits. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 8 / Thursday, January 12, 2012 / Notices 1971 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(2). 12 17 CFR 200.30–3(a)(12). 

necessary or appropriate in furtherance 

of the purposes of the Act. 

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) 10 of the Act and 

subparagraph (f)(2) of Rule 19b–4 11

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE Arca. 

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. 

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 rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2011–101 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2011–101. 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 

a.m. and 3 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; 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– 

NYSEArca–2011–101 and should be 

submitted on or before February 2, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–419 Filed 1–11–12; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #12981 and #12982] 

California Disaster #CA–00183 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of California dated 01/05/ 

2012. 

Incident: 1502 Golden Gate Fire. 

Incident Period: 12/22/2011. 

Effective Date: 01/05/2012. 

Physical Loan Application Deadline 

Date: 03/05/2012. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 10/05/2012. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

San Francisco. 

Contiguous Counties: 

California: San Mateo. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit 

Available Elsewhere .......... 4.125 

Homeowners Without Credit 

Available Elsewhere .......... 2.063 

Businesses With Credit Available Elsewhere .................. 6.000 

Businesses Without Credit 

Available Elsewhere .......... 4.000 

Non-Profit Organizations With 

Credit Available Elsewhere 3.125 

Non-Profit Organizations 

Without Credit Available 

Elsewhere .......................... 3.000 

For Economic Injury: 

Businesses & Small Agricultural Cooperatives Without 

Credit Available Elsewhere 4.000 

Non-Profit Organizations 

Without Credit Available 

Elsewhere .......................... 3.000 

The number assigned to this disaster 

for physical damage is 129815 and for 

economic injury is 129820. 

The State which received an EIDL 

Declaration # is California. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Dated: January 5, 2012. 

Karen G. Mills, 

Administrator. 

[FR Doc. 2012–471 Filed 1–11–12; 8:45 am] 

BILLING CODE 8025–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2011–0087] 

Supplemental Security Income and 

Homeless Individuals 

AGENCY: Social Security Administration. 

ACTION: Notice; Request for Comments. 

SUMMARY: We are requesting information 

from the public regarding the unique 

needs of homeless Supplemental 

Security Income (SSI) recipients, 

particularly those who live in public 

emergency shelters for the homeless, in 

an effort to better understand and 


tkelley on DSK3SPTVN1PROD with NOTICES