[Federal Register Volume 85, Number 34 (Thursday, February 20, 2020)]
[Notices]
[Pages 9900-9904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03415]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88217; File No. SR-ISE-2020-02]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Its
Pricing Schedule in Options 7 at Section 3
February 14, 2020.
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 February 3, 2020, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I and II 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 to amend its Pricing Schedule in Options 7 at
Section 3, titled ``Regular Order Fees and Rebates'' and Section 4,
titled ``Complex Order Fees and Rebates.''
The text of the proposed rule change is available on the Exchange's
website at http://ise.cchwallstreet.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 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 its Pricing Schedule at Options 7,
Section 3, titled, ``Regular Order Fees and Rebates,'' to amend note
11. Specifically, the Exchange proposes to increase the current
applicable Select Symbol Maker Fee when trading against Priority
Customer Complex Orders that leg into the regular order book. In
addition the Exchange proposes to add an incentive for Market Makers
that qualify for Market Maker Plus in Select Symbols. The Exchange also
proposes to amend Options 7, Section 4, titled ``Complex Order Fees and
Rebates'' to amend note 1. Specifically, the Exchange proposes to limit
a rebate applicable to Non-Select Symbols. Each change will be
described below.
Options 7, Section 3 Regular Order Fees and Rebates
Today, the Exchange assesses a Maker Fee of $0.11 per contract in
Select Symbols \3\ for Market Maker,\4\ Non-Nasdaq ISE Market Maker
(FarMM),\5\ Firm Proprietary \6\/Broker-Dealer \7\ and Professional
Customer \8\ orders. Priority Customer \9\ orders are not assessed a
Select Symbol Maker Fee. Further, pursuant to Options 7, Section 3 at
note 11, a $0.15 per contract fee applies, instead of the applicable
fee or rebate, when trading against Priority Customer Complex Orders
\10\ that leg into the regular \11\ order book for Market Maker and
Non-Nasdaq ISE Market Maker (FarMM) orders.\12\ Today, no Select Symbol
Maker Fee is charged or rebate provided for Market Maker orders when
trading against non-Priority Customer Complex Orders that leg into the
regular order book.\13\
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\3\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Pilot Program. See Options
7, Section 1.
\4\ This fee applies to Market Maker orders sent to the Exchange
by Electronic Access Members. Market Makers that qualify for Market
Maker Plus will not pay this fee if they meet the applicable tier
thresholds set forth in Options 7, Section. Market Makers will
instead receive the rebates in Options 7, Section 3 based on the
applicable tier for which they qualify. See notes 5 and 8 within
Options 7, Section 3. Market Maker Plus for Select Symbols is not
being amended. The term ``Market Makers'' refers to ``Competitive
Market Makers'' and ``Primary Market Makers'' collectively. See
Options 1, Section 1(a)(21).
\5\ A ``Non-Nasdaq ISE Market Maker'' is a market maker as
defined in Section 3(a)(38) of the Securities Exchange Act of 1934,
as amended, registered in the same options class on another options
exchange. See Options 7, Section 1.
\6\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account. See Options 7, Section 1.
\7\ A ``Broker-Dealer'' order is an order submitted by a member
for a broker-dealer account that is not its own proprietary account.
See Options 7, Section 1.
\8\ A ``Professional Customer'' is a person or entity that is
not a broker/dealer and is not a Priority Customer. See Options 7,
Section 1.
\9\ [thinsp]A ``Priority Customer'' is a person or entity that
is not a broker/dealer in securities, and does not place more than
390 orders in listed options per day on average during a calendar
month for its own beneficial account(s), as defined in Nasdaq ISE
Options 1, Section 1(a)(37). Unless otherwise noted, when used in
the Pricing Schedule the term ``Priority Customer'' includes
``Retail.'' A ``Retail'' order is a Priority Customer order that
originates from a natural person, provided that no change is made to
the terms of the order with respect to price or side of market and
the order does not originate from a trading algorithm or any other
computerized methodology. See Options 7, Section 1.
\10\ A ``Complex Order'' is any order involving the simultaneous
purchase and/or sale of two or more different options series in the
same underlying security, as provided in Nasdaq ISE Options 3,
Section 14, as well as Stock-Option Orders. See Options 7, Section
1.
\11\ A ``Regular Order'' is an order that consists of only a
single option series and is not submitted with a stock leg. See
Options 7, Section 1.
\12\ See note 11 of Options 7, Section 3.
\13\ See note 10 within Options 7, Section 3.
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The Exchange proposes to increase the Select Symbol Maker Fee for
trading against Priority Customer Complex Orders that leg into the
regular order book. Specifically, the Exchange proposes to increase
this fee from $0.15 to $0.25 per contract for Market Maker Orders and
Non-Nasdaq ISE Market Maker (FarMM) orders and from $0.11 to $0.25 per
contract for Firm Proprietary/Broker-Dealer and Professional Customer
orders. With this proposal, all Non-Priority Customers will be assessed
the same $0.25 per contract fee instead of the applicable fee trading
against Priority Customer Complex Orders that leg into the regular
[[Page 9901]]
order book, except for Market Makers that qualify for Market Maker
Plus, which is explained below. Priority Customer orders will continue
to not be assessed a Select Symbol Maker Fee.
The Exchange also proposes to add new rule text which provides that
Market Makers that qualify for Market Maker Plus in Select Symbols will
pay a $0.15 per contract fee in symbols for which they qualify for
Market Maker Plus when trading against Priority Customer Complex Orders
of less than 50 contracts in Select Symbols that leg into the regular
order book. Further, Market Makers that qualify for Market Maker Plus
in Select Symbols will not pay this fee nor receive any rebate in
symbols for which they qualify for Market Maker Plus when trading
against Priority Customer Complex Orders of 50 contracts or more in
Select Symbols that leg into the regular order book. The Market Maker
Plus program is designed to incentivize Market Makers to submit
quotations into ISE at the National Nest Bid or National Best Offer
(``NBBO''). The Exchange believes that these quotations at the NBBO
will encourage Members to submit Priority Customer orders, including
Priority Customer Complex Orders, into ISE in order to earn rebates.
Further, all market participants may interact with the Priority
Customer volume that is submitted to the Exchange.
The Exchange also proposes to make a non-substantive amendment to
capitalize the term ``Complex Order'' in current note 11.
Options 7, Section 4, Complex Order Fees and Rebates
Currently, Options 7, Section 4 provides a fee structure for
Complex Orders that provides rebates to Priority Customer Complex
Orders in order to encourage Members to bring that order flow to the
Exchange. Specifically, Priority Customer Complex Orders are provided
rebates in Select Symbols and Non-Select Symbols \14\ (other than NDX
and MNX) based on Priority Customer average daily volume (``ADV'').\15\
Options 7, Section 4 at note 1 currently states, ``Rebate provided per
contract per leg if the order trades with non-Priority Customer orders
in the Complex Order Book. Rebate provided per contract leg where the
largest leg of the complex order is under fifty (50) contracts and
trades with quotes and orders on the regular order book. No Priority
Customer complex order rebates will be provided if any leg of the order
that trades with interest on the regular order book is fifty (50)
contracts or more.''
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\14\ ``Non-Select Symbols'' are options overlying all symbols
excluding Select Symbols. See Options 7, Section 1.
\15\ See tiered rebates within Options 7, Section 4.
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The Exchange proposes to amend the second and third sentences in
note 1 of Options 7, Section 4 to state, ``Rebate provided per contract
leg in Select Symbols where the largest leg of the complex order is
under fifty (50) contracts and trades with quotes and orders on the
regular order book. No Priority Customer complex order rebates will be
provided in Select Symbols if any leg of the order that trades with
interest on the regular order book is fifty (50) contracts or more.''
With this proposal, Select Symbols rebates are not being amended. The
proposed amendments to the second and third sentences of note 1 of
Options 7, Section 4, limit those statements to Select Symbols and
thereby make them inapplicable to Non-Select Symbols.
The Exchange proposes to add a new sentence to the end of note 1 of
Options 7, Section 4 with respect to Non-Select Symbols which states,
``No Priority Customer Complex Order rebates will be provided in Non-
Select Symbols if any leg of the order trades with interest on the
regular order book, irrespective of order size.'' With this proposal,
Non-Select Symbols will continue to receive a rebate if the order
trades with non-Priority Customer orders in the Complex Order book,
however, no rebate will be paid if the order legs into the regular
order book, regardless of size.
The Exchange also proposes to make a non-substantive amendment to
capitalize the terms ``Complex Order'' in current note 1.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\16\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\17\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to its Pricing Schedule are reasonable in
several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options transaction
services that constrain its pricing determinations in that market. The
fact that this market is competitive has long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
Circuit stated as follows: ``[n]o one disputes that competition for
order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S.
national market system, buyers and sellers of securities, and the
broker-dealers that act as their order-routing agents, have a wide
range of choices of where to route orders for execution'; [and] `no
exchange can afford to take its market share percentages for granted'
because `no exchange possesses a monopoly, regulatory or otherwise, in
the execution of order flow from broker dealers'. . ..'' \18\
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\18\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \19\
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\19\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options transaction services. The Exchange is only one of options
venues to which market participants may direct their order flow.
Competing options exchanges offer similar tiered pricing structures to
that of the Exchange, including schedules of rebates and fees that
apply based upon Members achieving certain volume thresholds.
Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules. As such, the
proposal represents a reasonable attempt by the Exchange to increase
its liquidity and market share relative to its competitors.
Options 7, Section 3 Regular Order Fees and Rebates
The Exchange's proposal to increase the Select Symbol Maker Fee for
trading against Priority Customer Complex Orders that leg into the
regular order
[[Page 9902]]
book from $0.15 to $0.25 per contract for Market Maker orders and Non-
Nasdaq ISE Market Maker (FarMM) orders and from $0.11 to $0.25 per
contract for Firm Proprietary/Broker-Dealer and Professional Customer
orders is reasonable. With this proposal, all Non-Priority Customers
will be assessed the same Select Symbol Maker Fee of $0.25 per
contract, instead of the applicable fee when trading against Priority
Customer Complex Orders that leg into the regular order book, except
for Market Makers that qualify for Market Maker Plus. The Exchange
believes that increasing this fee $0.15 to $0.25 per contract for
Market Maker orders and Non-Nasdaq ISE Market Maker (FarMM) orders is
reasonable because the Exchange pays high rebates to Priority Customer
Complex Orders, including when those Complex Orders are less than 50
contracts in Select Symbols that leg into the regular order book. The
Exchange believes that it is reasonable to increase the fees charged
for all Market Maker and Non-Nasdaq ISE Market Maker (FarMM) orders
that provide liquidity to Priority Customer Complex Orders that leg
into the regular market as this will help offset potentially
significant rebates paid on the other side of these trades for orders
in Select Symbols of less than 50 contracts that leg into the regular
order book. The Exchange also believes that it is reasonable to
increase the fee from $0.11 to $0.25 per contract for Firm Proprietary/
Broker-Dealer and Professional Customer orders and thereby create a
uniform fee for all Non-Priority Customer Select Symbol orders that
trade against Priority Customer Complex Orders that leg into the
regular order book. The Exchange notes that Priority Customers will
continue to pay no Select Symbol Maker Fee.
The Exchange's proposal to increase the Select Symbol Maker Fee for
trading against Priority Customer Complex Orders that leg into the
regular order book from $0.15 to $0.25 per contract for Market Maker
Orders and Non-Nasdaq ISE Market Maker (FarMM) orders and from $0.11 to
$0.25 per contract for Firm Proprietary/Broker-Dealer and Professional
Customer orders is equitable and not unfairly discriminatory. With this
proposal, all Non-Priority Customer will be assessed the same Select
Symbol Maker Fee of $0.25 per contract, instead of the applicable
Select Symbol Maker Fee when trading against Priority Customer Complex
Orders that leg into the regular order book, except for Market Makers
that qualify for Market Maker Plus. Today Priority Customers pay no
Select Symbol Maker Fee. Priority Customer Complex Order flow enhances
liquidity on the Exchange for the benefit of all market participants by
providing more trading opportunities, which attracts Market Makers.
The Exchange's proposal to add new rule text, which provides that
Market Makers that qualify for Market Maker Plus in Select Symbols will
pay a $0.15 per contract fee in symbols for which they qualify for
Market Maker Plus, when trading against Priority Customer Complex
Orders of less than 50 contracts in Select Symbols that leg into the
regular order book, and further will not pay the $0.25 per contract fee
nor receive any rebate in symbols for which they qualify for Market
Maker Plus when trading against Priority Customer Complex Orders of 50
contracts or more in Select Symbols that leg into the regular order
book is reasonable. The proposed reduction in fees for Market Makers
that qualify for the Market Maker Plus program is designed to
incentivize Market Makers to submit quotations into ISE at the NBBO.
The Exchange believes that these quotations at the NBBO will encourage
Members to submit Priority Customer orders, including Priority Customer
Complex Orders, into ISE in order to earn rebates. All market
participants benefit in that they may interact with the Priority
Customer volume that is submitted to the Exchange.
The Exchange's proposal to add new rule text which provides that
Market Makers that qualify for Market Maker Plus in Select Symbols will
pay a $0.15 per contract fee in symbols for which they qualify for
Market Maker Plus, when trading against Priority Customer Complex
Orders of less than 50 contracts in Select Symbols that leg into the
regular order book, and further will not pay the $0.25 per contract fee
nor receive any rebate in symbols for which they qualify for Market
Maker Plus when trading against Priority Customer Complex Orders of 50
contracts or more in Select Symbols that leg into the regular order
book is equitable and not unfairly discriminatory. Unlike other market
participants, Market Makers have an obligation to maintain quotes \20\
and provide liquidity in the regular market. Further, Market Makers
that qualify for the Market Maker Plus program take on a heightened
requirement to submit quotations at the NBBO. The Exchange is providing
Market Makers the opportunity to reduce their Market Maker Select
Symbol Maker Fee to incentivize these market participants to continue
to provide liquidity on ISE.
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\20\ See ISE, Options 2, Section 5.
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Options 7, Section 4, Complex Order Fees and Rebates
The Exchange's proposal to amend the second and third sentences in
note 1 \21\ of Options 7, Section 4 to apply those sentences to Select
Symbols is reasonable in that it does not amend the current pricing for
Select Symbols with respect to the Priority Customer Rebates. The
Exchange will continue to pay a Select Symbol rebate where the largest
leg of the complex order is under fifty (50) contracts and trades with
quotes and orders on the regular order book. Also, the Exchange will
continue to not provide a Priority Customer Complex Order rebate if any
leg of the order that trades with interest on the regular order book is
fifty (50) contracts or more.
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\21\ The Exchange's proposal would amend the second and third
sentences of note 1 to provide, ``Rebate provided per contract leg
in Select Symbols where the largest leg of the complex order is
under fifty (50) contracts and trades with quotes and orders on the
regular order book. No Priority Customer complex order rebates will
be provided in Select Symbols if any leg of the order that trades
with interest on the regular order book is fifty (50) contracts or
more.''
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The Exchange's proposal to amend the second and third sentences in
note 1 of Options 7, Section 4 to apply those sentences to Select
Symbols is equitable and not unfairly discriminatory because the
Exchange will continue to pay Select Symbol Priority Customer rebates
to all market participants that qualify for those rebates, in a uniform
manner.
The Exchange's proposal to amend Non-Select Symbols to not pay a
Priority Customer Complex Order rebate if any leg of the order trades
with interest on the regular order book, irrespective of order size, is
reasonable. With this proposal, Non-Select Symbols will continue to
receive a rebate if the order trades with non-Priority Customer orders
in the Complex Order book, however no rebate will be paid if the order
legs into the regular order book, regardless of size. The Exchange
notes that while it is not proposing to pay a rebate for Non-Select
Symbols if the order legs into the regular order book, regardless of
size, it believes that ISE's pricing to leg orders into the regular
order book remains competitive.
The Exchange's proposal to amend Non-Select Symbols to not pay a
Priority Customer Complex Order rebate if any leg of the order trades
with interest on the regular order book, irrespective of order size, is
equitable and not unfairly discriminatory. The Exchange will not pay a
Non-Select Symbol Priority Customer Complex Order rebate to any market
participant
[[Page 9903]]
if the order legs into the regular order book, regardless of size.
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 not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
The proposal does not impose an undue burden on intermarket
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice of where to transact options. 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 to remain competitive with other
exchanges that have been exempted from compliance with the statutory
standards applicable to exchanges. Because competitors are free to
modify their own fees 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.
Intramarket Competition
The proposed pricing amendments do not impose an intramarket burden
on competition.
Options 7, Section 3 Regular Order Fees and Rebates
The Exchange's proposal to increase the Select Symbol Maker Fee for
trading against Priority Customer Complex Orders that leg into the
regular order book from $0.15 to $0.25 per contract for Market Maker
Orders and Non-Nasdaq ISE Market Maker (FarMM) orders and from $0.11 to
$0.25 per contract for Firm Proprietary/Broker-Dealer and Professional
Customer orders does not impose an undue burden on competition. With
this proposal, all Non-Priority Customer will be assessed the same
$0.25 per contract fee, instead of the applicable Select Symbol Maker
Fee, when trading against Priority Customer Complex Orders that leg
into the regular order book, except for Market Makers that qualify for
Market Maker Plus. Today Priority Customers pay no Select Symbol Maker
Fee. Priority Customer Complex Order flow enhances liquidity on the
Exchange for the benefit of all market participants by providing more
trading opportunities, which attracts Market Makers.
The Exchange's proposal to add new rule text which provides that
Market Makers that qualify for Market Maker Plus in Select Symbols will
pay a $0.15 per contract fee in symbols for which they qualify for
Market Maker Plus, when trading against Priority Customer Complex
Orders of less than 50 contracts in Select Symbols that leg into the
regular order book, and further will not pay the $0.25 per contract fee
nor receive any rebate in symbols for which they qualify for Market
Maker Plus when trading against Priority Customer Complex Orders of 50
contracts or more in Select Symbols that leg into the regular order
book does not impose an undue burden on competition. Unlike other
market participants, Market Makers have an obligation to maintain
quotes \22\ and provide liquidity in the regular market. Further,
Market Makers that qualify for the Market Maker Plus program take on a
heightened requirement to submit quotations at the NBBO. The Exchange
is providing Market Makers the opportunity to reduce their Market Maker
Select Symbol Maker Fee to incentivize these market participants to
continue to provide liquidity on ISE.
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\22\ See ISE, Options 2, Section 5.
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Options 7, Section 4, Complex Order Fees and Rebates
The Exchange's proposal to amend the second and third sentences in
note 1 \23\ of Options 7, Section 4 to apply those sentences to Select
Symbols does not impose an undue burden on competition because the
Exchange will continue to pay Select Symbol Priority Customer rebates
to all market participants that qualify in a uniform manner.
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\23\ The Exchange's proposal would amend the second and third
sentences of note 1 to provide, ``Rebate provided per contract leg
in Select Symbols where the largest leg of the complex order is
under fifty (50) contracts and trades with quotes and orders on the
regular order book. No Priority Customer complex order rebates will
be provided in Select Symbols if any leg of the order that trades
with interest on the regular order book is fifty (50) contracts or
more.''
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The Exchange's proposal to amend Non-Select Symbols to not pay a
Priority Customer Complex Order rebate if any leg of the order trades
with interest on the regular order book, irrespective of order size,
does not impose an undue burden on competition. The Exchange will not
pay a Non-Select Symbol Priority Customer Complex Order rebate to any
market participant if any leg of the order trades with interest on the
regular order book.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\24\ and Rule 19b-4(f)(2)\25\ thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
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\24\ 15 U.S.C. 78s(b)(3)(A)(ii).
\25\ 17 CFR 240.19b-4(f)(2).
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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 Number SR-ISE-2020-02 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-ISE-2020-02. 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
[[Page 9904]]
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 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 Number SR-ISE-
2020-02 and should be submitted on or before March 12, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-03415 Filed 2-19-20; 8:45 am]
BILLING CODE 8011-01-P