Federal Register / Vol. 80, No. 45 / Monday, March 9, 2015 / Notices 12535 

6 15 U.S.C. 78f(b)(8). 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 240.19b–4(f)(2). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

hardware enhancements, and resources 

dedicated to development, quality 

assurance, and support. The proposed 

fees are within the range of fees 

currently charged by other options 

exchanges. Furthermore, the Exchange 

believes that the proposed fees are not 

unfairly discriminatory as all market 

participants that use these services will 

pay the same fee based on the 

connectivity options that they choose, 

and there is no differentiation among 

market participants with regard to the 

fees charged. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,6 the Exchange does not believe 

that the proposed rule change will 

impose any burden on intermarket or 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change increases certain 

network and gateway fees to levels that 

are within the range of fees charged by 

other options exchanges. These fees will 

be charged to all firms that elect to use 

the connectivity options described in 

this filing. The Exchange operates in a 

highly competitive market in which 

market participants can readily direct 

their order flow to competing venues. In 

such an environment, the Exchange 

must continually review, and consider 

adjusting, its fees to remain competitive 

with other exchanges. For the reasons 

described above, the Exchange believes 

that the proposed fee changes reflect 

this competitive environment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 7 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder,8 because it establishes a 

due, fee, or other charge imposed by 

ISE. 

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 

to determine whether the proposed rule 

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 No. SR–ISE– 

2015–06 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 No. 

SR–ISE–2015–06. 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 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 No. SR–ISE–2015– 

06 and should be submitted by March 

30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05293 Filed 3–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74416; File No. SR–ISE 

Gemini–2015–04] 

Self-Regulatory Organizations; ISE 

Gemini, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Schedule 

of Fees 

March 3, 2015. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on February 

18, 2015, ISE Gemini, LLC (the 

‘‘Exchange’’ or ‘‘ISE Gemini’’) filed with 

the Securities and Exchange 

Commission (‘‘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 

ISE Gemini proposes to amend its 

Schedule of Fees to increase certain 

network and gateway fees. The text of 

the proposed rule change is available on 

the Exchange’s Internet Web site at 

http://www.ise.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 

Exchange 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 these 

statements may be examined at the 

places specified in Item IV below. The 

mstockstill on DSK4VPTVN1PROD with NOTICES

12536 Federal Register / Vol. 80, No. 45 / Monday, March 9, 2015 / Notices 

3Market participants pay the same fees regardless 

of whether they choose to connect to both 

exchanges or solely to ISE Gemini. 

4 15 U.S.C. 78f. 

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

6 15 U.S.C. 78f(b)(8). 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 240.19b–4(f)(2). 

self-regulatory organization has 

prepared summaries, set forth in 

Sections A, B and C below, of the most 

significant aspects 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 the proposed rule 

change is to amend the Schedule of Fees 

to increase certain network and gateway 

fees. The Exchange charges an Ethernet 

fee for its four different Ethernet 

connection options, which is $750 per 

month for a 1 Gigabit (‘‘Gb’’) 

connection, $4,000 per month for a 10 

Gb connection, $7,000 per month for a 

10 Gb low latency connection, and 

$12,500 per month for a 40 Gb low 

latency connection. These Ethernet 

connectivity options provide access to 

both ISE Gemini and ISE Gemini’s sister 

exchange, the International Securities 

Exchange, LLC (‘‘ISE’’).3 The Exchange 

proposes to increase these Ethernet fees 

to $1,000 per month for the 1 Gb 

connection, $4,500 per month for the 10 

Gb connection, $8,000 per month for the 

10 Gb low latency connection, and 

$15,000 per month for the 40 Gb low 

latency connection. In addition, the 

Exchange offers both shared and 

dedicated gateways to facilitate member 

access to ISE and ISE Gemini for a 

single fee. The Exchange charges 

members a monthly gateway fee of $500 

per gateway for a shared gateway or 

$2,000 per gateway pair for members 

that elect to use their own dedicated 

gateways as an alternative to using 

shared gateways. The Exchange 

proposes to increase the gateway fee to 

$750 per month for a shared gateway 

and $2,250 per month for a dedicated 

gateway pair. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,4

in general, and Section 6(b)(4) of the 

Act,5 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 it is reasonable and 

equitable to increase the network and 

gateway fees described in this filing as 

the new fees are more in line with the 

Exchange’s current connectivity costs, 

including costs for software and 

hardware enhancements, and resources 

dedicated to development, quality 

assurance, and support. The proposed 

fees are within the range of fees 

currently charged by other options 

exchanges. Furthermore, the Exchange 

believes that the proposed fees are not 

unfairly discriminatory as all market 

participants that use these services will 

pay the same fee based on the 

connectivity options that they choose, 

and there is no differentiation among 

market participants with regard to the 

fees charged. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,6 the Exchange does not believe 

that the proposed rule change will 

impose any burden on intermarket or 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change increases certain 

network and gateway fees to levels that 

are within the range of fees charged by 

other options exchanges. These fees will 

be charged to all firms that elect to use 

the connectivity options described in 

this filing. The Exchange operates in a 

highly competitive market in which 

market participants can readily direct 

their order flow to competing venues. In 

such an environment, the Exchange 

must continually review, and consider 

adjusting, its fees to remain competitive 

with other exchanges. For the reasons 

described above, the Exchange believes 

that the proposed fee changes reflect 

this competitive environment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,7 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder,8 because it establishes a 

due, fee, or other charge imposed by ISE 

Gemini. 

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 

to determine whether the proposed rule 

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 No. SR–ISE 

Gemini–2015–04 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 No. 

SR–ISE Gemini-2015–04. 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 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 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 45 / Monday, March 9, 2015 / Notices 12537 

9 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 Mary Jo White, Chair, Securities and 

Exchange Commission, Speech at the Sandler, 

O’Neill & Partners, L.P. Global Exchange and 

Brokerage Conference (June 5, 2014) (available at 

www.sec.gov/News/Speech/Detail/Speech/

1370542004312#.U5HI-fmwJiw). 

5See Letter from James Burns, Deputy Director, 

Division of Trading and Markets, Securities and 

Exchange Commission, to Jeffrey C. Sprecher, Chief 

Executive Officer, Intercontinental Exchange, Inc., 

dated June 20, 2014. 

6See Securities Exchange Act Release No. 71331 

(Jan. 16, 2014), 79 FR 3907 (Jan. 23, 2014) (SR– 

NYSEArca–2013–92) (Approval order) (‘‘2013 

Review Filing’’). 

7See Securities Exchange Act Release No. 72942 

(Aug. 28, 2014), 79 FR 52784 (Sept. 4, 2014) (SR– 

NYSEArca–2014–75) (Approval order) (‘‘2013 

Deletion Filing’’). 

8The Exchange notes that its affiliated exchanges, 

New York Stock Exchange LLC (‘‘NYSE’’) and 

NYSE MKT LLC are proposing similar restructuring 

of their respective order type rules to group order 

types and modifiers. See SR–NYSE–2014–59 and 

SR–NYSEMKT–2014–95. 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File No. SR–ISE Gemini2015–04 and should be submitted by 

March 30, 2015.9

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05292 Filed 3–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74415; File No. SR– 

NYSEArca–2015–08] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To Eliminate Additional 

Order Type Combinations and Delete 

Related Rule Text and To Restructure 

the Remaining Rule Text in NYSE Arca 

Equities Rule 7.31 

March 3, 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 

19, 2015, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or 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 

comment 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 eliminate 

additional order type combinations and 

delete related rule text and to 

restructure the remaining rule text in 

NYSE Arca Equities Rule 7.31. 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 

On June 5, 2014, in a speech entitled 

‘‘Enhancing Our Market Equity 

Structure,’’ Mary Jo White, Chair of the 

Securities and Exchange Commission 

(‘‘SEC’’ or the ‘‘Commission’’) requested 

the equity exchanges to conduct a 

comprehensive review of their order 

types and how they operate in practice, 

and as part of this review, consider 

appropriate rule changes to help clarify 

the nature of their order types.4

Subsequent to the Chair’s speech, the 

SEC’s Division of Trading and Markets 

requested that the equity exchanges 

complete their reviews and submit any 

proposed rule changes by November 1, 

2014.5

The Exchange notes that it 

continually assesses its rules governing 

order types and undertook on its own 

initiative a review of its rules related to 

order functionality to assure that its 

various order types, which have been 

adopted and amended over the years, 

accurately describe the functionality 

associated with those order types, and 

more specifically, how different order 

types may interact. As a result of that 

review, in 2013, the Exchange submitted 

a proposed rule change, which the 

Commission approved, to update its 

rules relating to order types and 

modifiers.6 The 2013 Review Filing did 

not add any new functionality but 

instead enhanced and clarified 

descriptions of the order type and 

modifier functionality on the Exchange. 

More recently, as part of its ongoing 

review to streamline its rules and 

reduce complexity among its order type 

offerings, the Exchange filed a proposed 

rule change, which the Commission 

approved, to eliminate specified order 

types, modifiers, and related 

references.7

The Exchange is filing this proposed 

rule change to continue its efforts to 

review and clarify its rules governing 

order types. First, the Exchange has 

identified additional order types and 

functionality to eliminate and proposes 

to delete related rule text in NYSE Arca 

Equities Rule 7.31 (‘‘Rule 7.31’’), as 

described in more detail below. 

Second, the Exchange is proposing 

certain non-substantive and clarifying 

changes to its rules. As Rule 7.31 has 

been amended through the years, 

additional order types and modifiers 

have been added as new subsections to 

what was the end of the rule text at any 

given time. Accordingly, the rule text 

describes the Exchange’s order types 

and modifiers in the order in which 

those order types and modifiers were 

added. In addition, when rule text has 

been deleted and replaced with 

references to ‘‘Reserved,’’ the 

subsections have not been renumbered. 

The Exchange proposes to provide 

additional clarity to Rule 7.31 by regrouping and re-numbering current rule 

text, removing references to ‘‘reserved’’ 

subsections, and making other nonsubstantive, clarifying changes. In this 

regard, the proposed rule changes are 

not intended to reflect changes to 

functionality but rather to clarify Rule 

7.31 to make it easier to navigate.8

Proposed Elimination of Additional 

Orders and Modifiers 

As part of its review, the Exchange 

has identified the following additional 

order types and functionality to 

eliminate: 

• All-or-None (‘‘AON’’) Orders: An 

AON Order is a limit order that is to be 

executed in its entirety or not at all. A 

limit order marked AON does not trade 

through a Protected Quotation. AONs 

are defined as a type of Working Order, 

currently set forth in Rule 7.31(h)(1). To 

mstockstill on DSK4VPTVN1PROD with NOTICES