Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20273 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange notes that there is currently no 

Lead Market Maker (‘‘LMM’’) in IWM and, thus, the 

proposed fee reduction does not apply to LMMs. In 

the event that the Exchange appoints an LMM in 

IWM, the Exchange would address how the 

proposed fee reduction would apply to the LMM in 

a subsequent filing. 

5 Id. 

6As defined in the Fee Schedule, a Firm 

Facilitation is any transaction involving a Firm 

proprietary trading account that has a customer of 

that same Firm on the contra side of the transaction, 

or a broker dealer facilitating a Customer order, 

where the broker dealer and the Customer both 

clear through the same clearing firm and the broker 

dealer clears in the customer range. See Fee 

Schedule, Endnote 7, available here, https://

www.nyse.com/publicdocs/nyse/markets/arcaoptions/NYSE_Arca_Options_Fee_Schedule.pdf 

7As set forth in the Fee Schedule, Strategy 

Executions are transactions involving (a) reversals 

and conversions, (b) box spreads, (c) short stock 

interest spreads, (d) merger spreads, and (e) jelly 

rolls. See id., ‘‘LIMIT OF FEES ON OPTIONS 

STRATEGY EXECUTIONS’’. 

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

9 15 U.S.C. 78f(b)(4) and (5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74643A; File No. SR– 

NYSEMKT–2014–95] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Withdrawal of a 

Proposed Rule Change, as Modified by 

Partial Amendment No. 1 and Partial 

Amendment No. 2, Amending Rule 

13—Equities and Related Rules 

Governing Order Types and Modifiers; 

Correction 

April 9, 2015. 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice; correction. 

SUMMARY: The Securities and Exchange 

Commission published a document in 

the Federal Register on April 9, 2015, 

concerning a Notice of Withdrawal of a 

Proposed Rule Change, as Modified by 

Partial Amendment No. 1 and Partial 

Amendment No. 2, Amending Rule 13— 

Equities and Related Rules Governing 

Order Types and Modifiers. The 

document contained a typographical 

error. 

FOR FURTHER INFORMATION CONTACT: 

Steve Kuan, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549, (202) 551–5624. 

Correction 

In the Federal Register of April 9, FR 

Doc. 2015–8108, on page 19102, in the 

13th line in the third column, correct 

the date ‘‘February 26, 2014’’ to 

‘‘February 26, 2015.’’ 

Dated: April 9, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08629 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74694; File No. SR– 

NYSEArca–2015–28] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Modifying the NYSE Arca 

Options Fee Schedule To Adopt Fees 

for Certain Manual Transactions in 

Options Overlying IWM 

April 9, 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 April 3, 

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 self-regulatory 

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 adopt fees 

for certain Manual transactions in 

options overlying IWM (the iShares 

Russell 2000 ETF). The Exchange 

proposes to implement the fee change 

effective April 3, 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 adopt 

fees for certain manual transactions in 

options overlying IWM (the iShares 

Russell 2000 ETF). The Exchange 

proposes to implement the fee change 

effective April 3, 2015. 

Currently, manual trades in IWM are 

subject to the same fees as any other 

listed option that is traded manually. 

However, the Exchange is proposing to 

offer special pricing to encourage 

increased manual trading in the product 

and to offset losses of manual 

transactions associated with options in 

the iShares Russell Index (RUT), which 

is exclusively trading on another venue. 

Accordingly, for Manual transactions 

in IWM executed by NYSE Arca Market 

Makers, Firms and Broker Dealers 

(collectively, the ‘‘IWM Participants’’), 

the Exchange proposes to charge $0.125 

per contract.4 The Exchange also 

proposes to offer IWM Participants 

certain incentives for increased monthly 

volumes of manual transactions in IWM. 

Specifically, the Exchange proposes to 

instead offer the enhanced rates of (a) 

$0.075 for each contract in excess of 

74,999 contracts; and (b) $0.025 for each 

contract in excess of 99,999 contracts, 

for Manual executions in IWM 

transacted during the month.5 As is the 

case today, Customers (including 

Professional Customers) will not be 

charged for manual transactions in 

IWM. 

The Exchange notes that Firm 

Facilitations,6 Strategy Executions 7 and 

Qualified Contingent Crosses are 

excluded from the proposed fee change 

and would not count towards 

calculations of the total monthly 

Manual transactions in IWM. Further, 

after calculating fees associated with 

Manual transactions in IWM, at the end 

of the month, the Exchange will round 

to the nearest penny when applicable. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,9 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 


tkelley on DSK3SPTVN1PROD with NOTICES
20274 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

10Similarly, as noted above, supra n. 4, the 

proposed fee is reasonable, equitable and not 

unfairly discriminatory because there is currently 

no LMM in IWM and, therefore, no LMM is 

impacted by this proposed fee change. 

11 15 U.S.C. 78f(b)(8). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(2). 

14 15 U.S.C. 78s(b)(2)(B). 

15 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. 

discriminate between customers, 

issuers, brokers or dealers. 

Overall, the Exchange believes that 

the proposed changes to IWM pricing 

for Manual transactions are reasonable, 

equitable and not unfairly 

discriminatory because the reduced 

rates are based on the executions in 

IWM transacted on the Exchange. In 

addition, the Exchange believes the 

proposed fees are reasonable, equitable 

and not unfairly discriminatory because 

the fees are designed to incentivize IWM 

Participants to conduct Manual trades 

in IWM and apply equally to all IWM 

Participants.10 The Exchange believes 

the proposed fee changes may result in 

an increase in volume and liquidity to 

the Exchange, which would provide 

more trading opportunities and tighter 

spreads, to the benefit of all market 

participants even non-IWM Participants, 

all of which perfects the mechanism for 

a free and open market and national 

market system. 

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,11 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. 

The Exchange believes the proposed 

fees associated with IWM are procompetitive as they may attract more 

volume and liquidity to the Exchange 

through the proposed reduced rates, 

which would benefit all Exchange 

participants through increased 

opportunities to trade as well as 

enhancing price discovery. 

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) 12 of the Act and 

subparagraph (f)(2) of Rule 19b–4 13

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) 14 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–2015–28 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. 

All submissions should refer to File 

Number SR–NYSEArca–2015–28. 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 Number SR– 

NYSEArca–2015–28 and should be 

submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08548 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74695; File No. SR– 

NYSEMKT–2015–28] 

Self-Regulatory Organizations; NYSE 

MKT, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Pilot 

Period Applicable to the Customer 

Best Execution Auction per Rule 971.1 

NY, Until July 17, 2015 

April 9, 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 April 7, 

2015, NYSE MKT LLC (the ‘‘Exchange’’ 

or ‘‘NYSE MKT’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 


tkelley on DSK3SPTVN1PROD with NOTICES