Document ID: SEC-2014-0295-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE MKT, LLC
Posted Date: 2014-02-19T05:00Z

[Federal Register Volume 79, Number 33 (Wednesday, February 19, 2014)]
[Notices]
[Pages 9563-9566]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03563]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71532; File No. SR-NYSEMKT-2014-12]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Amending the NYSE Amex 
Options Fee Schedule By Adopting a Market Access and Connectivity 
Subsidy

February 12, 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 February 3, 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 self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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'') by adopting a Market Access and Connectivity 
Subsidy. The proposed change will be operative on February 3, 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 to adopt a Market 
Access and Connectivity Subsidy (``MAC Subsidy'') to be paid to ATP 
Holders that provide access and connectivity to the Exchange to other 
ATP Holders and/or utilize such access themselves. The proposed change 
will be operative on February 3, 2014.
    The Exchange proposes to enter into a subsidy arrangement with 
those ATP Holders that provide access and connectivity to the Exchange 
for the purposes of electronic order routing either to other ATP 
Holders and/or utilize such access themselves.\4\ The MAC Subsidy would 
be paid to qualifying ATP Holders for certain executed electronic 
volumes--as described in more detail below--that are delivered to the 
Exchange by the qualifying ATP Holders' connection(s) to the Exchange. 
In order to qualify for the MAC Subsidy, ATP Holders would need to be 
able to interface with the Exchange System.\5\ Further, in order to 
qualify, ATP Holders would be required to provide the Exchange with a 
list of each of the unique connections over which the ATP Holder would 
be sending orders to enable the Exchange to identify the qualifying 
order flow. The ATP Holder would be required to furnish this list of 
unique connections to the Exchange via email no later than the last 
business day of the month in which the ATP Holder would like to receive 
the MAC Subsidy.\6\
---------------------------------------------------------------------------

    \4\ The Exchange notes that under this arrangement it will be 
possible for one ATP Holder to be eligible for the MAC Subsidy while 
another ATP Holder might potentially be liable for transaction 
charges associated with the execution of the order. Consider the 
following example, both A and B are ATP Holders but A does not 
utilize its own connections to route orders to the Exchange, and 
instead utilizes B's connections. Under this program, B will be 
eligible for the MAC Subsidy while A is liable for any transaction 
charges resulting from the execution of orders that originate from 
A, arrive at the Exchange via B's connectivity, and subsequently 
execute and clear at OCC, where A is the valid executing clearing 
member or give up on the transaction. Similarly, where B utilizes 
its own connections to execute transactions, B will be eligible for 
the MAC Subsidy, but would also be liable for any transaction 
resulting from the execution of orders that originate from B, arrive 
at the Exchange via B's connectivity, and subsequently execute and 
clear at OCC, where B is the valid executing clearing member or give 
up on the transaction.
    \5\ See Rule 900.2NY (38) (defining ``Exchange System'' as ``the 
Exchange's electronic order delivery, execution and reporting system 
for designated option issues through which orders and quotes of 
Users are consolidated for execution and/or display'').
    \6\ The ATP Holder would email the Exchange at 
optionsbilling@nyx.com. Thus, for example, an ATP Holder that wishes 
to qualify for the MAC Subsidy for executed volume routed over its 
connections in February must email the Exchange no later than the 
last business day in February and the email must identify the ATP 
Holder seeking the MAC Subsidy and must list of the unique 
connections utilized by the ATP Holder to provide Exchange System 
access to other ATP Holders and/or itself. Any subsidy payments 
would be made with a one month lag (i.e., a subsidy earned for 
activity in February would be paid to the qualifying ATP Holder in 
conjunction with the reconciliation of March invoices).
---------------------------------------------------------------------------

    The MAC Subsidy would be paid on volume from electronically 
executed orders for Non-NYSE Amex Options Market Makers, Firms 
Proprietary, Professional Customers and Broker Dealers. The amount of 
the per contract MAC Subsidy paid to qualifying ATP Holders would vary 
based on the average daily volume (``ADV'') of electronically executed 
Non-NYSE Amex Options Market Maker, Firm Proprietary, Professional 
Customer and Broker Dealer contract volumes relative to the Total 
Industry Customer equity and Exchange-Traded Funds (``ETF'') ADV \7\ 
according to the proposed schedule below:
---------------------------------------------------------------------------

    \7\ Total Industry Customer equity and ETF option ADV will be 
that which is reported for the month by The Options Clearing 
Corporation (``OCC'') in the month in which the MAC Subsidy might 
apply. For example, February 2014 Total Industry Customer equity and 
ETF option ADV will be used in determining what, if any, MAC Subsidy 
a qualifying ATP Holder may be eligible for on its electronic Non-
NYSE Amex Options Market Maker, Firm Proprietary, Professional 
Customer and Broker Dealer transactions based on the amount of 
electronic Non-NYSE Amex Options Market Maker, Firm Proprietary, 
Professional Customer and Broker Dealer volume it executes in 
February 2014 relative to Total Industry Customer equity and ETF 
option ADV. Total Industry Customer equity and ETF option ADV 
comprises those equity and ETF contracts that clear in the customer 
account type at OCC and does not include contracts that clear in 
either the firm or market maker account type at OCC or contracts 
overlying a security other than an equity or ETF security. For 
reference, the 3-month average as of December 31, 2013 of Total 
Industry Customer equity and ETF ADV was 11,867,765 contracts.

[[Page 9564]]

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Non-NYSE Amex Options Market Maker,      Per Contract MAC Subsidy--
 Firm Proprietary, Professional           Retroactive To All Qualifying
 Customer and Broker Dealer Electronic    Contract Volumes Upon
 Contract ADV Tiers (excludes mini        Achieving A Higher ADV Tier
 options and volumes associated with      (excludes mini options and
 QCC trades).                             volume associated with QCC
                                          trades).
At least .45% of Total Industry          $0.04.
 Customer equity and ETF option ADV.
At least .85% of Total Industry          $0.06.
 Customer equity and ETF option ADV.
At least 1.25% of Total Industry         $0.08.
 Customer equity and ETF ADV.
------------------------------------------------------------------------

    The MAC Subsidy would be retroactive to all qualifying contract 
volumes upon achievement of a higher ADV tier. For example, if, in 
February, Total Industry Customer equity and ETF ADV is 11,867,765 
contracts, the first tier of .45% of Total Industry Customer equity and 
ETF ADV would correspond to volume of 53,405. Thus, if in February, a 
qualifying ATP Holder has electronically executed ADV for any 
combination of Non-NYSE Amex Options Market Maker, Firm Proprietary, 
Professional Customer or Broker Dealer transactions of 63,000 
contracts, the ATP Holder would be paid $0.04 for all qualifying 
contract volumes, not just those in excess of the tier--which in this 
example is 53,405. Continuing with this example, if this same 
qualifying ATP Holder had, in February, electronically executed ADV for 
any combination of Non-NYSE Amex Options Market Maker, Firm 
Proprietary, Professional Customer or Broker Dealer transactions of 
43,000 contracts, the ATP would be paid nothing ($0.00) because the ATP 
Holder would have failed to achieve the minimum volume necessary to 
qualify for the MAC Subsidy.
    In calculating the ADV of electronic Non-NYSE Amex Options Market 
Maker, Firm Proprietary, Professional Customer or Broker Dealer 
transactions, the Exchange would exclude volume from mini options and 
volume associated with QCC trades as both mini options and QCC trades 
are subject to their own pricing and/or rebates on the Fee Schedule. 
Similarly, volumes from mini options and volumes associated with QCC 
trades would not be eligible for the MAC Subsidy, as they too are 
subject to separate pricing and/or rebates on the Fee Schedule.
    The Exchange proposes to add the MAC Subsidy to the Fee Schedule 
within a new section, at the end of the Fee Schedule, entitled ``NYSE 
AMEX OPTIONS: TRADE-RELATED REBATES OR SUBSIDIES FOR STANDARD 
OPTIONS''. The Exchange believes that creating this new section 
specific to any rebates or subsidies offered by the Exchange is 
warranted as it will enable participants to more readily locate all 
such rebates or subsidies within the Fee Schedule as opposed to 
including them elsewhere, for example, under ``NYSE AMEX OPTIONS: 
TRADE-RELATED CHARGES FOR STANDARD OPTIONS,'' which the Exchange 
believes could be misleading or confusing for participants.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) \8\ of the Act, in general, and 
Section 6(b)(4) and (5) \9\ of the Act, in particular, in that it is 
designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges among its members and other persons using its 
facilities and does not unfairly discriminate between customers, 
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that the MAC Subsidy is reasonable because it 
is designed to attract higher volumes of electronic equity and ETF 
volume to the Exchange from Non-NYSE Amex Options Market Makers, Firms 
Proprietary, Professional Customers and Broker Dealers, which will 
benefit all participants by offering greater price discovery, increased 
transparency, and an increased opportunity to trade on the Exchange. 
Encouraging Non-NYSE Amex Options Market Makers, Firms Proprietary, 
Professional Customers and Broker Dealers to send higher volumes of 
orders to the Exchange will contribute to the Exchange's depth of book 
as well as to the top of book liquidity. Moreover, the Exchange 
believes that the proposed volume-based MAC Subsidy is both equitable 
and not unfairly discriminatory because any qualifying ATP Holder that 
offers market access and connectivity to the Exchange and/or utilize 
such functionality themselves will each be able to earn the MAC Subsidy 
based on the amount of electronic Non-NYSE Amex Options Market Maker, 
Firm Proprietary, Professional Customer and/or Broker Dealer business 
that an ATP Holder executes on the Exchange, at each tier, on an equal 
and non-discriminatory basis. The sole basis for differentiation among 
the tiers will be participant volume on the Exchange.
    The Exchange believes that it is reasonable, equitable and not 
unfairly discriminatory to pay the proposed MAC Subsidy to the ATP 
Holder that is providing Market Access and Connectivity, even when a 
different ATP Holder may be liable for transaction charges resulting 
from the execution of the orders upon which the subsidy might be paid. 
The Exchange notes that this sort of arrangement already exists within 
the Industry and even on the Exchange. First, the Exchange would point 
out that the existing Floor Broker Rebate for Executed QCC Orders 
results in a situation where the Floor Broker is earning a rebate and 
one or more different ATP Holders are potentially liable for the 
Exchange transaction charges applicable to QCC trades. In establishing 
the Floor Broker Rebate, the Exchange stated,

    In light of the fact that the Exchange does not offer a front-
end for order entry, unlike some of the competing exchanges, the 
Exchange believes it is necessary from a competitive standpoint to 
offer this rebate to the executing Floor Broker on a QCC order. The 
Exchange expects that the rebate offered to executing Floor Brokers 
will allow them to price their services at a level that will enable 
them to attract QCC order flow from participants who would otherwise 
utilize an existing front-end order entry mechanism offered by the 
Exchange's competitors instead of incurring the cost in time and 
money to develop their own internal systems to be able to deliver 
QCC orders directly to the Exchange systems.\10\

    \10\ See Securities and Exchange Act Release No. 34-65472 
(October 3, 2011), 76 FR 62887 (October 11, 2011) (SR-NYSEAmex-2011-
72).
---------------------------------------------------------------------------

    The Exchange's rationale for offering the MAC Subsidy in the manner 
proposed is very much the same. The Exchange, lacking a front-end for 
order entry, is seeking to subsidize those ATP Holders that develop and 
maintain one for their own use and/or make it available to other ATP 
Holders. This sort of arrangement has been effective in the past--
paying one ATP Holder a rebate or subsidy based on another ATP Holder's 
activity--and has not been found to be unreasonable, inequitable nor 
unfairly discriminatory by virtue of the Floor Broker Rebate not being 
subject to suspension. Second, the Exchange notes that the Chicago 
Board of Options (``CBOE'') offers an Order Routing Subsidy (``ORS'') 
which, like the current proposal, allows CBOE to enter into subsidy 
arrangements with CBOE Trading Permit Holders (``TPHs'')

[[Page 9565]]

that provide certain order routing functionalities to other CBOE TPHs 
and/or use such functionalities themselves.\11\ However, the CBOE also 
offers an ORS in which both CBOE members and CBOE non-members are 
eligible for a rebate. Specifically, under CBOE's program, CBOE members 
are eligible to receive exchange transaction fees on transactions that 
earn a non-CBOE member a subsidy payment.\12\ The Exchange notes that 
this subsidy arrangement where both members and non-members may be 
eligible to earn a subsidy based on a different members activity, has 
not been deemed unreasonable, inequitable nor unfairly discriminatory.
---------------------------------------------------------------------------

    \11\ See Securities Exchange Act Release No. 34-55629 (April 13, 
2007), 72 FR 19992 (April 20, 2007) (SR-CBOE-2007-34) (describing 
CBOE Order Router Subsidy (``ORS'') Program, which allows CBOE to 
enter into subsidy arrangements with CBOE TPHs that provide certain 
order routing functionalities to other CBOE TPHs and/or use such 
functionalities themselves); CBOE Fee Schedule, available at https://www.cboe.com/publish/feeschedule/CBOEFeeSchedule.pdf (which also 
describes CBOE's ORS Program).
    \12\ See Securities and Exchange Act No. 34-63631 (January 3, 
2011), 76 FR 1203 (January 11, 2011) [sic] (SR-CBOE-2010-117) 
(extending the Order Routing Subsidy program to establish such 
subsidy arrangements with broker-dealers that are not CBOE TPH 
(each, a ``Participating Non-CBOE TPH'' or ``Participant'') and to 
extend the program to permit a Participant to receive subsidy 
payments for providing an order routing functionality to broker-
dealers that are not CBOE TPHs.'')
---------------------------------------------------------------------------

    The Exchange also believes that the proposed MAC Subsidy is 
reasonable because it is designed to enhance the competitiveness of the 
Exchange, particularly with respect to those exchanges that offer their 
own front-end order entry system or one they subsidize in some 
manner.\13\
---------------------------------------------------------------------------

    \13\ See, e.g., supra note 10; Securities Exchange Act Release 
No. 34-54121 (July 10, 2006), 71 FR 40566 (July 17, 2006) (SR-ISE-
2006-31) (describing PrecISE, which is a front-end, order entry 
application for trading options utilized by International Securities 
Exchange (``ISE''). PrecISE is also described on ISE's Web site, 
available at http://www.ise.com/options/precise/.
---------------------------------------------------------------------------

    The Exchange believes that excluding the volumes attributable to 
QCC executions and mini options is reasonable, equitable, and not 
unfairly discriminatory. QCC volumes are already counted toward a 
separate rebate that the Exchange pays to Floor Brokers who transact 
QCC trades.\14\ If the Exchange were to count QCC volumes towards the 
volume tiers for the MAC Subsidy, the Exchange may have to raise fees 
for all other participants. The Exchange does not believe such a result 
would be reasonable or equitable. Mini options are subject to their own 
separate pricing on the fee schedule and feature a maximum rate per 
contract of $0.09 for electronic executions. The Exchange believes that 
this rate is attractive enough already and does not wish to pay an 
additional rebate or subsidy on top of the already discounted rate for 
mini options. Because all ATP Holders seeking to qualify for the MAC 
Subsidy would be treated equally with respect to QCC volume and mini 
options volume, the proposal to exclude these volumes from the tiers is 
not inequitable or unfairly discriminatory.
---------------------------------------------------------------------------

    \14\ See Securities Exchange Act Release No. 65472 (Oct. 3, 
2011), 76 FR 62887 (Oct. 11, 2011) (SR-NYSEAmex-2011-72).
---------------------------------------------------------------------------

    The Exchange further notes that while the MAC Subsidy is only being 
offered to qualifying ATP Holders for electronically executed Non-NYSE 
Amex Options Market Makers, Firms Proprietary, Professional Customers 
and Broker Dealers volumes and not, for example, on the electronic 
volumes of NYSE Amex Options Market Makers or Customers, this too is 
both reasonable, equitable and not unfairly discriminatory. The 
Exchange notes that both NYSE Amex Options Market Maker and Customer 
volumes already have the opportunity to be used to earn rebates,\15\ 
discounts or fee caps. Further the Exchange notes that currently, 
Customers are charged $0.00 per contract for both electronic and manual 
or outcry executions on the Exchange. As noted, Customer volumes are 
already eligible for various rebates on the Exchange, specifically the 
Customer Electronic Complex Order ADV Tiers which establishes a rebate 
paid to Order Flow Providers (``OFPs'') for electronically executed 
Customer Complex Orders; the Customer Electronic ADV Tiers, which 
establishes a rebate paid to OFPs for electronically executed simple or 
non-Complex Customer Orders; and lastly, the Floor Broker Rebate for 
Executed QCC Orders establishes a rebate paid to Floor Brokers for 
executed QCC Orders, including those where one side of the QCC Order is 
a Customer. The Exchange believes that the availability of these 
rebates for Customer volumes does not warrant paying an additional 
rebate or subsidy on Customer volumes at this time and the Exchange is 
therefore excluding Customer volumes from the proposed MAC Subsidy.\16\
---------------------------------------------------------------------------

    \15\ See NYSE Amex Options Fee Schedule, nn5 & 17 (describing 
the NYSE Amex Options Market Maker volume discounts and monthly fee 
cap; and the rebate program for Customer electronic equity and ETF 
volumes, respectively), available at https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/nyse_amex_options_fee_schedule_for_1-8-14.pdf.
    \16\ The Exchange notes that while the CBOE Order Routing 
Subsidy does not exclude Customer volumes from the subsidy, the CBOE 
does charge Customer transaction fees, which the Exchange does not 
(see supra note 12 (CBOE Fee Schedule, which details the transaction 
charges applicable to Customers for transactions in options on ETF's 
and ETN's)). The Exchange believes that the lack of transaction fees 
and myriad other rebates available to Customers on the Exchange 
justifies excluding them from the MAC Subsidy.
---------------------------------------------------------------------------

    With respect to NYSE Amex Options Market Makers, as noted above, 
the Exchange already offers them volume-based discounts and the ability 
to trade at a nominal rate of $0.01 per contract upon hitting a monthly 
fee cap of $350,000. The Exchange believes that the volume-based 
discounts, coupled with the monthly fee cap, already provide ample 
incentive for attracting NYSE Amex Options Market Maker volumes to the 
Exchange and that no further subsidy is warranted at this time. The 
proposed MAC Subsidy is designed to attract higher margin business to 
the Exchange, business which at present has no opportunity to transact 
at rates anywhere close to the rate charged to Customers ($0.00) or 
NYSE Amex Options Market Makers ($0.01 for capped Market Makers). To 
offer the proposed MAC Subsidy on NYSE Amex Options Market Maker and 
Customer electronic volumes would require funding from some other 
source, such as raising fees for other participants. As a result, the 
Exchange believes it is appropriate to offer the MAC Subsidy on just 
Non-NYSE Amex Options Market Makers, Firms Proprietary, Professional 
Customers and Broker Dealers that are charged higher per contract 
transaction fees than either NYSE Amex Options Market Makers or 
Customers.\17\ The Exchange notes that it is commonplace within the 
options industry for exchanges to charge different rates and/or offer 
different rebates depending upon the capacity in which a participant is 
trading. For these reasons, the Exchange believes that the proposed 
change to offer a MAC Subsidy to qualifying ATP Holders on certain 
electronic volumes is reasonable, equitable and not unfairly 
discriminatory.
---------------------------------------------------------------------------

    \17\ For example, the base rate charged to the Non-NYSE Amex 
Options Market Makers, Firms Proprietary, Professional Customers and 
Broker Dealers for electronic executions is $0.43, $0.32, $0.32 and 
$0.32, respectively; whereas the base rate charged to NYSE Amex 
Options Market Makers for electronic executions range from $0.13 for 
Specialist and e-Specialists; to $0.20 for NYSE Amex Options Market 
Makers who trade with Non-Directed order flow; to $0.00 for 
Customers. See id. (``NYSE Amex Options Trade-Related Charges for 
Standard Options Contracts'').
---------------------------------------------------------------------------

    Finally, the Exchange believes that adding a new subsection to the 
end of the Fee Schedule entitled, ``NYSE AMEX OPTIONS: TRADE-RELATED 
REBATES OR SUBSIDIES FOR STANDARD OPTIONS'' is reasonable as

[[Page 9566]]

it will make finding such rebates or subsidies easier for all 
participants. For this same reason the Exchange believes it is also 
equitable and not unfairly discriminatory.

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 that 
the proposed change will enhance the competiveness of the Exchange 
relative to other exchanges that offer their own front-end order entry 
system or one they subsidize in some fashion.\18\ 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. 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.
---------------------------------------------------------------------------

    \18\ See supra note 13.
---------------------------------------------------------------------------

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) \19\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \20\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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) \21\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-2014-12 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEMKT-2014-12. 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 at 100 F Street NE., 
Washington, DC 20549-1090 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-2014-12, and should be submitted on or before March 12, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-03563 Filed 2-18-14; 8:45 am]
BILLING CODE 8011-01-P