Federal Register / Vol. 80, No. 42 / Wednesday, March 4, 2015 / Notices 11713 

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

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

provide the Commission with written notice of its 

intent to file the proposed rule change, along with 

a brief description and text of 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. The 

Exchange has met this requirement. 

11For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

12 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. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (1) Significantly affect 

the protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) by its 

terms does not become operative for 30 

days after the date of this filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest, the proposed rule change has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 9 and Rule 19b– 

4(f)(6) thereunder.10

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest as it will allow the 

Exchange to avoid potential investor 

confusion during the operative delay 

period by immediately eliminating 

exchange rules that account for a 

routing option that the Exchange can no 

longer provide due to LavaFlow ECN’s 

cessation of operations.11 Accordingly, 

the Commission hereby grants the 

Exchange’s request and designates the 

proposal operative upon filing. 

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 rule-comments@

sec.gov. Please include File Number SR– 

EDGA–2015–12 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–EDGA–2015–12. 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 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–EDGA– 

2015–12, and should be submitted on or 

before March 25, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–04420 Filed 3–3–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74382; File No. SR– 

NYSEARCA–2015–10] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the NYSE Arca 

Options Fee Schedule 

February 26, 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 

18, 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’’) by adding to the Fee 

Schedule information regarding the 

number of option issues a Market Maker 

may have in their assignment in relation 

to the number of OTPs a Market Maker 

has. 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 

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11714 Federal Register / Vol. 80, No. 42 / Wednesday, March 4, 2015 / Notices 

4See e.g., NYSE Amex Options Fee Schedule, 

available here [sic], (Section III.A., Monday [sic] 

ATP Fees). See also Securities and Exchange Act 

Release No. 67505 (July 26, 2012), 77 FR 45292 [sic] 

(July 31, 2012) (SR–NYSEMKT–2012–24) (filing for 

immediate effectiveness to add information 

regarding ATP Fees previously found in NYSE Arca 

Rule 923NY(d)(1)-(4) [sic] to Fee Schedule). 

5The Commission notes that the Exhibit 5 

submitted with this proposed rule change says 

‘‘Number of Options Issues Permitted in Market 

Makers Assignment.’’ 

6Following effectiveness of this proposal, the 

Exchange plans to file an amendment to Rule 6.35 

(Market Maker Appointments), which would 

include replacing the text of Rule 6.35(d)(1)–(4) 

with a reference to the Fee Schedule. The proposed 

change to the Fee Schedule is not contingent upon 

effectiveness of the changes to Rule 6.35. Until any 

changes are made to Rule 6.35, the information 

about the number of option issues permitted in a 

Market Maker’s assignment in relation to the 

number of OTPs it holds will appear in both the Fee 

Schedule and Rule 6.35. 

7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). 

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 the 

Fee Schedule by adding to the Fee 

Schedule information from Rule 

6.35(d)(1)–(4) regarding the number of 

options issues a Market Maker may have 

in its assignment in relation to the 

number of OTPs a Market Maker has. 

The Fee Schedule sets forth the fees 

and charges that participants on the 

Exchange can be expected to pay. 

However, NYSE Arca Market Makers 

need to refer to Rule 6.35 (d)(1) to (4) 

to ascertain the number of OTPs they 

are required to have depending on the 

number of option issues in their 

assignment. The Exchange is proposing 

to include this information in the Fee 

Schedule so that Market Makers have a 

single reference point to ascertain fees 

associated with their activities on the 

Exchange.4 In particular, because the 

Exchange charges a fee for each OTP 

assigned to an OTP Holder or OTP Firm 

(‘‘OTPs’’), the rule text identifies the fee 

structure by setting forth the number of 

trading permits that are required of 

OTPs acting as Market Makers according 

to the number of options issues 

included in their appointment. 

Rule 6.35 (d)(1) to (4) sets forth the 

trading appointments of participants 

acting as Market Makers on the 

Exchange as follows: 

(1) Market Makers with 1 OTP may 

have up to 100 option issues included 

in their appointment. 

(2) Market Makers with 2 OTPs may 

have up to 250 option issues included 

in their appointment. 

(3) Market Makers with 3 OTPs may 

have up to 750 option issues included 

in their appointment. 

(4) Market Makers with 4 OTPs may 

have all option issues traded on the 

Exchange included in their 

appointment. 

The Exchange proposes to add the 

information from Rule 6.35(d)(1)–(4) to 

the Fee Schedule under ‘‘NYSE Arca 

GENERAL OPTIONS and TRADING 

PERMIT (OTP) FEES,’’ subsection 

‘‘NYSE Arca Market Makers.’’ Because 

the current fee schedule sets forth the 

monthly OTP Fees for NYSE Arca 

Market Makers, the Exchange proposes 

to delete this text and add the substance 

of the OTP fees back in a table format, 

together with the number of option 

issues permitted in a Market Maker’s 

assignment depending on the OTPs held 

by such Market Maker as set forth in 

Rule 6.35(d)(1)–(4). The proposed fee 

schedule would read as follows: 

Monthly fee per 

OTP 

Number of issues 

permitted 5 in Market 

Maker’s quoting 

assignmentmaker 

$6,000 for 1st OTP Up to 100 option 

issues. 

$5,000 for the 2nd 

OTP.

Up to 250 option 

issues. 

$4,000 for the 3rd 

OTP.

Up to 750 option 

issues. 

$3,000 for the 4th 

OTP.

All option issues traded 

on the Exchange. 

$1,000 for the 5th 

and additional 

OTPs.

All option issues traded 

on the Exchange. 

The Exchange is not proposing any 

change in the number of OTPs required 

by Market Makers. The Exchange 

believes its proposed change would 

make the Fee Schedule more 

comprehensive, thereby better 

informing members.6

For consistency, the Exchange also 

proposes to make a non-substantive 

formatting change to how it presents 

and formats the information related to 

OTP fees for Floor Brokers, Office, and 

Clearing Firms to align with the 

proposed changes to Market Maker OTP 

fees. The Exchange believes this 

proposed change would add clarify [sic] 

and consistency to the Fee Schedule. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Securities Exchange 

Act of 1934 (the ‘‘Act’’),7 in general, and 

furthers the objectives of Section 6(b)(4) 

of the Act,8 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 is reasonable, 

equitable and not unfairly 

discriminatory because including in the 

Fee Schedule the number of permits 

required of OTP Holders and OTP Firms 

acting as Market Makers on the 

Exchange from Rule 6.35 (d)(1) through 

(4) improves the clarity and 

transparency of the Fee Schedule, 

which is to the benefit of all market 

participants who would be better able to 

understand the basis for Exchange fees. 

The Exchange believes that the 

proposed non-substantive formatting 

changes, including to re-organize how it 

presents information regarding OTP fees 

(e.g., streamlined information from 

current rule text, together with 

information from Rule 6.35(d)(1)–(4)), 

would likewise add to the clarity, 

transparency and comprehensibility of 

the Fee Schedule to the benefit of all 

market participants. 

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 

necessary or appropriate in furtherance 

of the purposes of the Act. As noted 

above, the Exchange believes the 

proposed change will enhance to [sic] 

comprehensibility of the Fee Schedule 

to the benefit of all market participants, 

which is pro-competitive. 

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. 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 42 / Wednesday, March 4, 2015 / Notices 11715 

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. 

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

4 17 CFR 240.19b–4(f)(6)(iii). 

5Exchange Rule 1.5(cc) defines ‘‘System’’ as ‘‘the 

electronic communications and trading facility 

designated by the Board through which securities 

orders of Users are consolidated for ranking, 

execution and, when applicable, routing away.’’ 

6The term ‘‘User’’ is defined as ‘‘any Member or 

Sponsored Participant who is authorized to obtain 

access to the System pursuant to Rule 11.3.’’ See 

Exchange Rule 1.5(ee). 

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–410

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–2015–10 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–2015–10. 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–2015–10, and should be 

submitted on or before March 25, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–04422 Filed 3–3–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74381; File No. SR–EDGX– 

2015–11] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 11.11, 

Routing to Away Trading Centers, To 

Delete References to the ROLF 

Routing Option, Which Routed Orders 

to LavaFlow ECN 

February 26, 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 

23, 2015, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. 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 filed a proposal to 

amend Rule 11.11, Routing to Away 

Trading Centers, to delete references to 

the ROLF routing option, which routed 

orders to LavaFlow ECN. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.batstrading.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 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Rule 11.11, Routing to Away Trading 

Centers, to delete references under 

subparagraph (7) to the ROLF routing 

option, which routed to LavaFlow ECN. 

These changes are being proposed in 

response to LavaFlow ECN ceasing 

market operations on Friday, January 

30, 2015. Under Rule 11.11(g)(7), an 

order utilizing the ROLF routing option 

first checked the System 5 for available 

shares and was then routed to the 

LavaFlow ECN. If shares remained 

unexecuted after being routed, they 

were cancelled, unless otherwise 

instructed by the User.6 As of February 

mstockstill on DSK4VPTVN1PROD with NOTICES