Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 12651 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Transaction fees on Strategy Executions are 

further capped at $25,000 per month per initiating 

firm. The Exchange is not proposing to modify this 

$25,000 monthly cap. Mini options are excluded 

from the Strategy Cap. See Fee Schedule, available 

at, https://www.nyse.com/publicdocs/nyse/markets/ 

arca-options/NYSE_Arca_Options_Fee_

Schedule.pdf. 

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

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

licensees choosing to pursue that option 

as a strategy that makes it unlikely that 

a licensee would need to vent from the 

drywell. 

On December 10, 2014, NEI submitted 

NEI 13–02, ‘‘Industry Guidance for 

Compliance with Order EA–13–109,’’ 

Rev. 0E2 (ADAMS Accession No. 

ML1434A374) to assist nuclear power 

licensees with the identification of 

measures needed to comply with the 

requirements of Order EA–13–109 

regarding reliable hardened 

containment vents capable of operation 

under severe accident conditions. The 

NEI document includes guidance for 

implementing order requirements for 

both Phase 1 and Phase 2, including the 

industry’s proposed approach to use the 

SAWA and SAWM strategies to control 

the water levels in the suppression pool 

and maintain capabilities to address 

over-pressure conditions without a 

severe accident drywell vent. As 

described in the draft ISG, some issues 

remain the subject of ongoing 

discussions as part of finalizing the 

guidance. These include: (1) 

Availability of power and functional 

requirements for the SAWA-related 

installed and portable equipment, (2) 

duration of time for preservation of the 

wetwell vent for the SAWM strategy, 

and (3) alternate control of containment 

conditions during recovery from the 

severe accident. The NRC intends to 

continue discussions with stakeholders 

prior to finalizing the ISG for Phase 2 of 

the order and endorsing, with 

clarifications and exceptions if 

necessary, the methodologies described 

in the industry guidance document NEI 

13–02, Rev. 0E2. 

Dated at Rockville, Maryland, this 2nd day 

of March 2015. 

For the Nuclear Regulatory Commission. 

Jack R. Davis, 

Director, Japan Lessons-Learned Division, 

Office of Nuclear Reactor Regulation. 

[FR Doc. 2015–05436 Filed 3–9–15; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74436; File No. SR– 

NYSEARCA–2015–09] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the NYSE Arca 

Options Fee Schedule Relating to 

Strategy Executions 

March 4, 2015. 

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 February 

24, 2015, 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 Options Fee Schedule (‘‘Fee 

Schedule’’) relating to Strategy 

Executions. The Exchange proposes to 

implement the change on March 1, 

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 

1. Purpose 

The purpose of this filing is to modify 

the Exchange’s Limit on Fees on 

Options Strategy Executions (‘‘Strategy 

Cap’’). Currently, the Exchange imposes 

a Strategy Cap of $750 on transaction 

fees for certain Strategy Executions 

executed in standard option contracts 

on the same trading day in the same 

option class. The Exchange is proposing 

to lower the $750 Strategy Cap to $700.4

The Exchange proposes to implement 

the $700 Strategy Cap on March 1, 2015. 

Strategy Executions that are eligible 

for the Strategy Cap would continue to 

be (a) reversals and conversions, (b) box 

spreads, (c) short stock interest spreads, 

(d) merger spreads, and (e) jelly rolls. As 

is the case today, Royalty fees associated 

with Strategy Executions on Index and 

Exchange Traded Funds would not be 

included in the calculation of the 

Strategy Cap, but would be passed 

through to trading participants on the 

Strategy Executions on a pro-rata basis. 

Similarly, manual Broker Dealer and 

Firm Proprietary Strategy trades that do 

not reach the $700 Strategy Cap would 

continue to be billed at $0.25 per 

contract. 

The use of these Strategy Executions 

benefits all market participants by 

increasing liquidity in general and 

allowing significant and complex 

trading interest to be brought together to 

enhance liquidity. By encouraging this 

type of business on the Exchange, the 

increased liquidity benefits all market 

participants. The Exchange believes the 

proposed change would continue to 

incentivize market participants to trade 

on the Exchange by capping option 

transaction charges related to various 

Strategy Executions. 

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 (5) of the Act,6 in particular, 

because it would provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

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12652 Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 

7See, e.g., NASDAQ OMX PHLX LLC fee 

schedule, available at, http://

www.nasdaqtrader.com/Micro.aspx?id=phlxpricing 

(capping at $700 transaction fees for all reversals, 

conversions, box spreads, and jelly roll strategies 

executed on the same trading day in the same 

option class); Chicago Board Options Exchange, Inc. 

fee schedule, available at, http://www.cboe.com/

publish/feeschedule/CBOEFeeSchedule.pdf 

(capping at $700 transaction fees for all reversals, 

conversions, and jelly roll strategies executed on 

the same trading day in the same option class). 

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 11 15 U.S.C. 78s(b)(2)(B). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes that the 

proposed change is reasonable, 

equitable and not unfairly 

discriminatory because the reduced fee 

cap is designed to attract more volume 

and liquidity to the Exchange, which 

would benefit all Exchange participants 

through increased opportunities to trade 

as well as enhancing price discovery. 

Further, because the proposed change 

applies equally to all non-Customers 

who may participate in Strategy 

Executions, the Exchange believes the 

reduced Strategy Cap is reasonable, 

equitable and not unfairly 

discriminatory. The Exchange notes that 

Customers are not charged transaction 

fees when participating in Strategy 

Executions and therefore are not subject 

to the Strategy Cap. 

Finally, the Exchange notes that the 

proposed $700 Strategy Cap is 

equivalent to the cap placed on various 

executions strategies by other 

exchanges.7

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,8 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 

because the proposed changes apply 

uniformly to all Exchange members that 

incur transaction charges. To the 

contrary, the proposed change would 

continue to encourage members to 

transact strategies on the Exchange 

because the proposed fee caps are 

competitive with fee caps at other 

options exchanges. 

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) 9 of the Act and 

subparagraph (f)(2) of Rule 19b–4 10

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) 11 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– 

NYSEARCA–2015–09 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–NYSEARCA–2015–09. 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 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– 

NYSEARCA–2015–09, and should be 

submitted on or before March 31, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05483 Filed 3–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74432; File No. SR–OCC– 

2015–03] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Proposed Rule Change 

Concerning the Execution of an 

Agreement for Clearing and Settlement 

Services Between OCC and NASDAQ 

Futures, Inc. 

March 4, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder 2

notice is hereby given that on February 

20, 2015, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

mstockstill on DSK4VPTVN1PROD with NOTICES