74152 Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Notices 

11 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 BOX Fee Schedule, Section 1 (as of 

November 2014), available here, http://

boxexchange.com/assets/BOX_Fee_Schedule.pdf. 

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

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

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 

offices 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– 

NASDAQ–2014–120, and should be 

submitted on or before January 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29240 Filed 12–12–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73794; File No. SR– 

NYSEMKT–2014–98] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the NYSE 

Amex Options Fee Schedule To Amend 

the Application of Routing Surcharge 

Fees 

December 9, 2014. 

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 

November 26, 2014, 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 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend the 

NYSE Amex Options Fee Schedule 

(‘‘Fee Schedule’’) to amend the 

application of Routing Surcharge fees. 

The Exchange proposes to implement 

the change on December 1, 2014. 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 Exchange proposes to amend the 

Fee Schedule as it relates to the 

application of Routing Surcharge fees. 

The purpose of the proposed change is 

to account for recent changes 

introduced on other exchanges that 

impact the fees charged when routing 

orders. 

The Exchange currently charges ATP 

Holders a Routing Surcharge when it 

routes orders to other exchanges for 

execution. The Routing Surcharge is 

comprised of an $0.11 per contract fee, 

plus the applicable charges assessed by 

the away market for execution of the 

order (which the Exchange is able to 

discern from the away market fee 

schedule). If the executing exchange 

does not charge a transaction fee for the 

execution of a Customer order, the 

Routing Surcharge is waived. 

Recently, the BOX Options Exchange 

LLC (‘‘BOX’’) adopted per contract 

pricing that varies based upon the 

counter party to the trade. This pricing 

change makes it impossible to know in 

advance of the execution what the 

charges will be for an order routed to 

BOX. For example, a Professional 

Customer order routed to BOX in a nonPenny option would be charged $0.35 

per contract if it traded against another 

Professional Customer or Broker/Dealer, 

but would be charged $0.94 per contract 

if it traded against a Customer.4

In order to provide ATP Holders with 

certainty regarding the routing fees for 

which they may be liable, the Exchange 

is proposing to amend the Fee Schedule 

as it relates to the application of Routing 

Surcharge fees, specifically endnote 7. 

The proposed amendment would 

specify that if the actual transaction fees 

assessed by the away exchange(s) 

cannot be determined prior to the 

execution, the Exchange would charge 

the $0.11 per contract fee plus the 

highest per contract charge assessed by 

the away exchange(s) for the relevant 

option class and type of market 

participant (e.g., Customer, Firm, 

Broker/Dealer, Professional Customer or 

Market Maker). 

The Exchange proposes to make a 

non-substantive changes [sic] to the Fee 

Schedule to replace the term ‘‘all actual 

charges’’ with the term ‘‘any transaction 

fees’’ as the Exchange believes that the 

term transaction fees better represents 

the applicable charges on away 

exchanges, and is consistent with 

existing rule text on the NYSE Arca, Inc. 

Options (‘‘NYSE Arca’’) Fee Schedule. 

The Exchange notes that ATP Holders 

can avoid having their orders routed to 

away markets by utilizing specific, nonroutable order types if they so choose. 

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’’),5 in general, and 

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

of the Act,6 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 fee change is reasonable and 

equitable because charging market 

participants a set per contract rate in 

those instances when an order is routed 

to an away exchange provides market 

participants with certainty, which will 

enable them to make informed decisions 

regarding whether to continue to 

designate such orders as eligible for 

routing to away exchange. The 

Exchange further believes that the 

proposed fee change to charge the 


emcdonald on DSK67QTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Notices 74153 

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). 

highest rate charged by the away 

exchange if the Exchange cannot discern 

the per contract charge in the option 

class in question in advance of the 

execution is reasonable and equitable 

because the Exchange cannot know in 

advance what the charge would be on 

the away exchange. If the Exchange 

charged the lowest feasible charge, the 

Exchange could end up bearing the 

costs of routing an order to an away 

exchange. The Exchange notes that— 

just as they do today—to avoid 

incurring any Routing Surcharge in 

preference of an execution on the 

Exchange, ATP Holders are able to 

designate their orders as non-routable. 

The Exchange believes that the 

proposed non-substantive change to the 

Fee Schedule is reasonable and 

equitable because it conforms the terms 

used in the Fee Schedule to terms used 

by NYSE Arca and that better describe 

the applicable charges. 

The Exchange further believes that 

this proposed change is not unfairly 

discriminatory either as it applies 

equally to all ATP Holders that send 

orders to the Exchange. 

Finally, 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. 

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. The 

Exchange believes the proposed fee 

change is reasonably designed to be fair 

and equitable, and therefore, will not 

unduly burden any particular group of 

market participants trading on the 

Exchange vis-a`-vis another group (i.e., 

Market Markers versus non-Market 

Makers) as it applies equally to all ATP 

Holders that send routable orders to the 

Exchange. 

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) 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–2014–98 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–NYSEMKT–2014–98. 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–2014–98, and should be 

submitted on or before January 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29242 Filed 12–12–14; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Midwest Mezzanine Fund V SBIC, L.P. 

License No. 05/05–0318] 

Notice Seeking Exemption Under 

Section 312 of the Small Business 

Investment Act, Conflicts of Interest 

Notice is hereby given that Midwest 

Mezzanine Fund V SBIC, L.P., 55 West 

Monroe Street, Suite 3650 Chicago, IL 

60603, a Federal Licensee under the 

Small Business Investment Act of 1958, 

as amended (‘‘the Act’’), in connection 

with the financing of a small concern, 

has sought an exemption under Section 

312 of the Act and Section 107.730, 

Financings which constitute Conflicts of 

Interest of the Small Business 

Administration (‘‘SBA’’) Rules and 

Regulations (13 CFR 107). Midwest 

Mezzanine Fund V SBIC, L.P., proposes 

purchasing subordinated debt and 

equity financings provided to Currie 


emcdonald on DSK67QTVN1PROD with NOTICES