Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20277 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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

5 15 U.S.C. 78f(b)(4) and (5). 6 15 U.S.C. 78f(b)(8). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74693; File No. SR– 

NYSEMKT–2015–26] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Modifying the NYSE 

Amex 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 1, 

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, 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 modify the 

NYSE Amex Options Fee Schedule 

(‘‘Fee Schedule’’) 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 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 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 1, 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 Broker-Dealers, 

Firms, NYSE Amex Options Market 

Makers, non-NYSE Amex Options 

Market Makers and Professional 

Customers (collectively, the ‘‘IWM 

Participants’’), the Exchange proposes to 

charge $0.125 per contract. 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. As is the case today, 

Customers will not be charged for 

Manual transactions in IWM. 

The Exchange notes that Strategy 

Executions, Firm Facilitation 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,4 in general, and 

furthers the objectives of Sections 

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

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. 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,6 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. 


tkelley on DSK3SPTVN1PROD with NOTICES
20278 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

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

8 17 CFR 240.19b–4(f)(2). 

9 15 U.S.C. 78s(b)(2)(B). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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) 7 of the Act and 

subparagraph (f)(2) of Rule 19b–4 8

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) 9 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– 

NYSEMKT–2015–26 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–NYSEMKT–2015–26. 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– 

NYSEMKT–2015–26 and should be 

submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08547 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74687; File No. SR–ICC– 

2015–007] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change To Provide for 

the Clearance of Additional Western 

European Sovereign Single Names 

April 9, 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 April 7, 

2015, ICE Clear Credit LLC (‘‘ICC’’) 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 primarily by ICC. 

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 purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear 

additional credit default swap contracts. 

Specifically, ICC is proposing to amend 

Subchapter 26I of its rules to provide for 

the clearance of additional Standard 

Western European Sovereign CDS 

contracts (collectively, ‘‘SWES 

Contracts’’). ICC currently clears six 

SWES Contracts: the Republic of 

Ireland, the Italian Republic, the 

Portuguese Republic, the Kingdom of 

Spain, the Kingdom of Belgium, and the 

Republic of Austria. The proposed 

changes to the ICC Rules would provide 

for the clearance of additional SWES 

Contracts, specifically the Kingdom of 

the Netherlands, the Republic of 

Finland, the Kingdom of Sweden, and 

the Kingdom of Denmark. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, ICC 

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. ICC has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of these statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear 

additional credit default swap contracts. 

ICC currently clears six SWES 

Contracts: the Republic of Ireland, the 

Italian Republic, the Portuguese 

Republic, the Kingdom of Spain, the 

Kingdom of Belgium, and the Republic 

of Austria. ICC proposes amending 

Subchapter 26I of its Rules to provide 

for the clearance of additional SWES 

Contracts, specifically the Kingdom of 

the Netherlands, the Republic of 

Finland, the Kingdom of Sweden, and 

the Kingdom of Denmark. ICC plans to 

offer these additional SWES Contracts 

on the 2003 and 2014 ISDA Credit 

Derivatives Definitions. The addition of 

these SWES Contracts will benefit the 

market for credit default swaps by 

providing market participants the 

benefits of clearing, including reduction 

in counterparty risk and safeguarding of 

margin assets pursuant to clearing house 

rules. 

These additional SWES Contracts 

have terms consistent with the other 

SWES Contracts approved for clearing at 

ICC and governed by Subchapter 26I of 

the ICC Rules, namely the Republic of 


tkelley on DSK3SPTVN1PROD with NOTICES