[Federal Register Volume 84, Number 162 (Wednesday, August 21, 2019)]
[Notices]
[Pages 43631-43633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17990]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86689; File No. SR-NYSEAMER-2019-32]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
NYSE American Options Fee Schedule
August 15, 2019.
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 August 8, 2019, NYSE American LLC (``NYSE American'' 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 Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes a non-substantive amendment to the NYSE
American Options Fee Schedule (``Fee Schedule''). The Exchange proposes
to implement the rule change effective August 8, 2019. The proposed
change is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 43632]]
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 purpose of this filing is to modify the Fee Schedule to make a
non-substantive, technical change to the Fee Schedule to re-locate the
text regarding the Floor Broker Volume Rebate Program (``FB Volume
Rebate'') for Floor Broker organizations (each a ``Floor Broker''). The
Exchange proposes to implement the fee change effective August 8, 2019.
Earlier this year, the Exchange introduced the FB Rebate Program,
which offers Floor Brokers the opportunity to qualify for a $5,000
rebate each month that the Floor Broker increases its Average Daily
Volume (``ADV'') by a certain percentage over one of two benchmarks.\3\
Currently, the section describing the FB Rebate Program is positioned
in the middle of the section describing the Floor Broker Fixed Cost
Prepayment Incentive Program (the ``FB Prepay Program'').\4\ The
Exchange proposes to relocate the description of the FB Rebate Program
so that it appears after (and immediately below) the description of the
FB Prepay Program, which would add clarity and transparency to the Fee
Schedule making it easier to navigate.\5\ The Exchange does not propose
any substantive changes to the Fee Schedule.
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\3\ See Fee Schedule, Section III.E.2. (Floor Broker Programs,
Floor Broker Volume Incentive Rebate Program), available here:
https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf.
\4\ See id., Section III.E.1(Floor Broker Programs, Floor Broker
Volume Incentive Rebate Program, Floor Broker Fixed Cost Prepayment
Incentive Program).
\5\ See proposed Fee Schedule, Section III.E.2.
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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 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.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange believes that the proposal to re-locate the
positioning of the text describing the FB Rebate Program would remove
impediments to and perfect the mechanism of a free and open market and
a national market system because the proposed rule change is non-
substantive in nature and would simply move rule text relating to the
FB Rebate Program to be separate from the FB Prepay Program, without
any substantive differences to either program. Because the proposed
rule change is technical and non-substantive, the Exchange further
believes that it is reasonable, equitable and not unfairly
discriminatory because it would provide clarity, transparency and
internal consistency to the Fee Schedule Exchange [sic]--particularly
to Section III.E--and would protect investors and the investing public
by making the Exchange rules easier to navigate and comprehend.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed rule change is not designed to
address any competitive issues, but rather, is a non-substantive,
technical amendment to move existing rule text to a different part of
the Fee Schedule. The Exchange believes the proposal provides clarity,
transparency and internal consistency to the Fee Schedule Exchange
[sic]--particularly to Section III.E--and would to [sic] protect
investors and the investing public by making the Exchange rules easier
to navigate and comprehend.
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) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
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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) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 15 U.S.C. 78s(b)(2)(B).
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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 [email protected]. Please include
File No. SR-NYSEAMER-2019-32 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 No. SR-NYSEAMER-2019-32. 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 website (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
[[Page 43633]]
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 website 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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File No. SR-NYSEAMER-2019-32, and should be
submitted on or before September 11, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-17990 Filed 8-20-19; 8:45 am]
BILLING CODE 8011-01-P