44016 Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 

17 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. 

4The Exchange originally filed to amend the 

Price List Schedule on August 29, 2017 (SR–NYSE– 

2017–45) and withdrew such filing on September 

7, 2017. 

5See Securities Exchange Act Release No. 77929 

(May 26, 2016), 81 FR 35406 (June 2, 2016). 6 15 U.S.C. 78f(b). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19965 Filed 9–19–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81612; File No. SR–NYSE– 

2017–47] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

September 14, 2017. 

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 

September 7, 2017, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) 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 amend its 

Price List for equity transactions in 

stocks with a per share stock price more 

than $1.00 to (1) revise the credit for 

Designated Market Makers (‘‘DMMs’’) 

for Mid-Point Passive Liquidity (‘‘MPL’’) 

Orders that provide liquidity to the 

Exchange, and (2) make certain nonsubstantive, clarifying changes. The 

Exchange proposes to implement the 

proposed changes on September 7, 

2017.4 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Price List to (1) revise the credit for 

DMMs for MPL Orders that provide 

liquidity to the Exchange, and (2) make 

certain non-substantive, clarifying 

changes. 

The proposed changes would only 

apply to transactions in securities 

priced $1.00 or more. 

The Exchange proposes to implement 

these changes to its Price List effective 

September 7, 2017. 

Proposed Rule Change 

The Exchange proposes the following 

changes to its Price List. 

Verbal Interest at the Close 

The current Price List provides that 

the Exchange charges $0.0010 for verbal 

interest on the close. The Price List also 

provides that non-electronic agency 

transactions of Floor brokers that 

execute at the close are not charged. 

The Exchange would delete the 

current entry providing that there is no 

charge for non-electronic agency 

transactions of Floor brokers that 

execute at the close. This entry was 

inadvertently not deleted when the 

Exchange adopted the current charge for 

verbal interest on the close.5 Deleting 

obsolete and duplicative material would 

add clarity to the Exchange’s Price List. 

At the Opening Orders 

The Exchange currently charges 

$0.0010 for at the opening or at the 

opening only orders that are ‘‘credited 

to both sides.’’ The Exchange proposes 

to replace ‘‘At the opening or at the 

opening only orders’’ with ‘‘Executions 

at the Open.’’ The Exchange would also 

delete ‘‘credited to.’’ The Exchange 

believes that the reference is redundant 

and unnecessary. 

Credits for MPL Orders 

An MPL Order is an undisplayed 

limit order that trades at the mid-point 

of the best protected bid (‘‘PBB’’) and 

best protected offer (‘‘PBO’’), as such 

terms are defined in Regulation NMS 

Rule 600(b)(57) (together, ‘‘PBBO’’). 

The Exchange proposes changes to the 

Price List to consolidate and streamline 

presentation of the credits for MPL 

orders that provide liquidity to the 

Exchange. Currently, credits for MPL 

orders that provide liquidity to the 

Exchange, excluding MPL Orders from 

DMMs and Supplemental Liquidity 

Providers (‘‘SLP’’), are set forth 

separately from the related credits for 

MPL orders that add liquidity to the 

Exchange applicable to SLPs. The credit 

amounts and qualifications for SLP and 

non-SLP MPL orders that add liquidity 

to the Exchange are the same. 

In order to consolidate these 

provisions, the Exchange proposes to 

delete (1) the phrase ‘‘and Supplemental 

Liquidity Providers (‘SLPs’)’’ from the 

provision governing credits for MPL 

orders that provide liquidity to the 

Exchange so as not to exclude SLP MPL 

orders, and (2) the SLP fees for MPL 

orders that add liquidity to the 

Exchange found under the heading 

‘‘Credit Applicable to Supplemental 

Liquidity Providers (‘SLPs’)’’ of the 

Price List in their entirety. No 

substantive change would be effected 

since, as noted, the amount of the 

credits and qualifications for SLP and 

non-SLP MPL orders that add liquidity 

to the Exchange are currently the same 

and would remain unchanged. 

DMM MPL Orders 

The Exchange currently provides a 

credit of $0.0030 to DMMs for 

executions of MPL Orders in securities 

priced $1.00 or more that provide 

liquidity to the NYSE. The Exchange 

proposes to revise the credit to DMMs 

to $0.00275. 

* * * * * 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any problems that member 

organizations would have in complying 

with the proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

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

furthers the objectives of Sections 


sradovich on DSKBBY8HB2PROD with NOTICES
Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 44017 

7 15 U.S.C. 78f(b)(4) & (5). 

8 ‘‘Adding ADV’’ is when a member organization 

has ADV that adds liquidity to the Exchange during 

the billing month. Adding ADV excludes any 

liquidity added by a DMM. 

9NYSE CADV is defined in the Price List as the 

consolidated average daily volume of NYSE-listed 

securities. 

10See NASDAQ Price List, available at http://

www.nasdaqtrader.com/Trader.aspx?id=

PriceListTrading2. 

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). 

6(b)(4) and (5) of the Act,7 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 and is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, to 

remove impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

The Exchange believes that the 

proposed non-substantive changes to its 

Price List deleting obsolete entry 

relating to non-electronic agency 

transactions of Floor brokers at the 

close; clarifying that the charge for at 

the opening or at the opening only 

orders are ‘‘credited’’ to both sides; 

replacing ‘‘At the opening or at the 

opening only orders’’ with ‘‘Executions 

at the Open’’; and consolidating and 

streamlining the presentation of the 

credits for MPL orders that provide 

liquidity to the Exchange are designed 

to provide greater specificity and clarity 

to the Price List, thereby removing 

impediments to and perfecting the 

mechanism of a free and open market 

and a national market system, and, in 

general, protecting investors and the 

public interest. Eliminating obsolete and 

redundant material also reduces 

potential confusion and adds 

transparency and clarity to the 

Exchange’s rules, thereby ensuring that 

members, regulators, and the public can 

more easily navigate and understand the 

Exchange’s rulebook. 

Finally, the Exchange believes that 

the proposed change to the credit for 

DMMs for MPL Orders that provide 

liquidity to the Exchange to $0.00275 

per share is reasonable because the 

credit is in line with the best credit for 

member organizations of $0.00275 when 

the member organization has Adding 

ADV 8 in MPL orders that is at least 

0.140% of NYSE CADV.9 The proposed 

$0.00275 credit is also comparable to 

credits provided by other markets. For 

example, NASDAQ’s best credit to add 

non-displayed midpoint liquidity is 

$0.0025.10 Moreover, the requirement is 

equitable and not unfairly 

discriminatory because DMMs on the 

Exchange have heightened quoting and 

other obligations that other market 

participants do not have. As such, it is 

equitable and not unfairly 

discriminatory to offer DMMs a credit 

that is in line with the best credit for 

other member organizations that do not 

have such obligations. The requirement 

is also equitable and not unfairly 

discriminatory because it would apply 

equally to all DMM firms. 

The Exchange believes that it is 

subject to significant competitive forces, 

as described below in the Exchange’s 

statement regarding the burden on 

competition. 

For the foregoing 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 believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, the 

proposed rule change is designed to 

eliminate obsolete and redundant 

material from the Exchange’s Price List 

and provide the public and investors 

with a Price List that is clear and 

transparent. Further, the Exchange 

believes that the proposed change to the 

credit for DMMs for MPL Orders would 

not place a burden on competition 

because the lower credit is comparable 

to credits provided by other exchanges. 

Finally, the Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily favor competing venues if they 

deem fee levels at a particular venue to 

be excessive or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and with 

alternative trading systems that have 

been exempted from compliance with 

the statutory standards applicable to 

exchanges. Because competitors are free 

to modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. As a result of all of these 

considerations, the Exchange does not 

believe that the proposed changes will 

impair the ability of member 

organizations or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

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– 

NYSE–2017–47 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 20549–1090. 


sradovich on DSKBBY8HB2PROD with NOTICES
44018 Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 

15 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5A QCC Order is an originating order (Agency 

Order) to buy or sell at least 1,000 standard option 

contracts, or 10,000 mini-option contracts, that is 

identified as being part of a qualified contingent 

trade, coupled with a contra side order to buy or 

sell an equal number of contracts. 

6The Exchange notes that no changes will be 

made to Public Customer QCC Order fees. 

All submissions should refer to File 

Number SR–NYSE–2017–47. 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–NYSE– 

2017–47 and should be submitted on or 

before October 11, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19964 Filed 9–19–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81615; File No. SR–BOX– 

2017–30] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend 

the Fee Schedule on the BOX Market 

LLC (‘‘BOX’’) Options Facility 

September 14, 2017. 

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 

September 1, 2017, BOX Options 

Exchange LLC (the ‘‘Exchange’’) 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 Exchange. 

The Exchange filed the proposed rule 

change pursuant to Section 

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

19b–4(f)(2) thereunder,4 which renders 

the proposal 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 the Substance 

of the Proposed Rule Change 

The Exchange is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend the Fee Schedule on the BOX 

Market LLC (‘‘BOX’’) options facility. 

The text of the proposed rule change is 

available from the principal office of the 

Exchange, at the Commission’s Public 

Reference Room and also on the 

Exchange’s Internet Web site at http://

boxexchange.com. 

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 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 Exchange proposes to amend the 

Fee Schedule for trading on BOX. 

Specifically, the Exchange proposes to 

(1) amend the BOX Volume Rebate 

(‘‘BVR’’) in Section I.B.2; (2) modify the 

fees and rebate for Qualified Contingent 

Cross 5 (‘‘QCC’’) Transactions in Section 

I.D.; and (3) make a clarifying change to 

in [sic] a footnote regarding the 

definition of ‘‘Broker Dealer facilitating 

a Public Customer’’ in Section II 

(Manual Transactions). 

BVR 

First, the Exchange proposes to adjust 

a rebate within the BVR. Under the 

BVR, the Exchange offers a tiered per 

contract rebate for all Public Customer 

PIP Orders and COPIP Orders of 100 

and under contracts that do not trade 

solely with their contra order. 

Percentage thresholds are calculated on 

a monthly basis by totaling the 

Participant’s PIP and COPIP volume 

submitted to BOX, relative to the total 

national Customer volume in multiplylisted options classes. The Exchange 

proposes to raise the rebate for COPIP 

Orders in Tier 4 from $0.06 to $0.08. 

The Exchange notes that is it not 

proposing any changes to the percentage 

thresholds within the BVR. The quantity 

submitted will continue to be calculated 

on a monthly basis by totaling the 

Participant’s PIP and COPIP volume 

submitted to BOX, relative to the total 

national Customer volume in multiplylisted options classes. 

The Exchange also proposes to amend 

the BVR to remove the flat $0.03 rebate 

for those Public Customer COPIP Orders 

of 100 and under contracts that trade 

solely with their contra order. Public 

Customer PIP Orders of 100 and under 

contracts that trade solely with their 

contra order will continue to receive a 

$0.03 rebate per contract, regardless of 

tier. 

QCC Transactions 

The Exchange then proposes to 

amend the QCC Transaction fees and 

rebate. Specifically, the Exchange 

proposes to decrease the fees for all nonPublic Customer (Professional 

Customers, Broker Dealers and Market 

Makers) QCC Orders from $0.20 to $0.17 

per contract side.6 In addition, the 

Exchange proposes to decrease the QCC 

Rebate from $0.15 to $0.14 per contract. 

Manual Transaction Fees 

Finally, the Exchange also proposes to 

amend the footnote that defines a 

‘‘Broker Dealer facilitating a Public 

Customer’’ in Section II (Manual 

Transactions) to clarify that the ‘‘Broker 

Dealer facilitating a Public Customer’’ 

account type and applicable fees will be 

applied, regardless of if the Broker 

Dealer clears in the customer range, or 

clears as a Broker Dealer. To do this, the 

Exchange proposes to amend the 


sradovich on DSKBBY8HB2PROD with NOTICES