[Federal Register Volume 81, Number 202 (Wednesday, October 19, 2016)]
[Notices]
[Pages 72133-72135]
[FR Doc No: 2016-25238]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79089; File No. SR-NYSEMKT-2016-91]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Change To Modify the NYSE Amex
Options Fee Schedule

October 13, 2016.
    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 October 3, 2016, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 modify the NYSE Amex Options Fee Schedule.
The proposed 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 purpose of this filing is to amend Section I.F. of the Fee
Schedule to treat Professional Customer Qualified Contingent Cross
(``QCC'') transactions the same as Customer QCC transactions.\4\ The
Exchange proposes to implement these changes effective on October 3,
2016.
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    \4\ See Fee Schedule, Section I.F. (Qualified Contingent Cross
(``QCC'') Fees & Credits for Standard Options & Mini Options),
available here, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf.
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    Section I.F. of the Fee Schedule describes QCC Fees and Credits.
Currently, the Exchange imposes the following fees for QCC transactions
in Standard Options:

------------------------------------------------------------------------
                                                               Standard
                                                             options per
                        Participant                            contract
                                                                fee or
                                                                credit
------------------------------------------------------------------------
Customer...................................................        $0.00
Non-Customer excluding Specialists and e-Specialists.......         0.20
Specialists and e-Specialists..............................         0.13
------------------------------------------------------------------------

    Currently, Professional Customer QCC trades are charged as ``Non-
Customer excluding Specialists and e-Specialists.'' \5\ The Exchange
also offers a Floor Broker rebate which varies based on the volume of
executed QCC orders, provided there are not Customers on both sides of
the transaction (``Floor Broker Rebate'').\6\
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    \5\ See id., note 1 (providing a per contract rebate of either
$0.07 or $0.10 to Floor Brokers executing qualifying QCC volume,
depending on whether the Floor Broker executes 300,000 or fewer
contracts ($0.07 per contract) or more than 300,000 contracts ($0.10
per contract)).
    \6\ See, e.g., Securities Exchange Act Release No. 68139
(November 2, 2012), 77 FR 66902, 66902, n. 5 (November 7, 2012) (SR-
NYSEMKT-2012-56) (noting that Professional Customers are treated as
Non-Customers in filing to modify QCC fees for Specialists and e-
Specialists).
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    The Exchange proposes to treat Professional Customers the same as
Customers for purposes of fees for QCC transactions. In other words,
Professional Customers would be charged $0.00 for QCC trades. Thus, the
Exchange proposes to modify Section I.F. to add reference to
Professional Customers (along with the existing reference to Customers)
to reflect this proposed change.
    Currently, the Floor Broker Rebate is not available for QCC trades
where neither side of the QCC is billable (i.e., Customer-to-Customer
QCC transactions). Thus, by extension, the Exchange proposes that the
Floor Broker Rebate would likewise be unavailable for QCC trades where
there is a Professional Customer or Customer, or both, on both sides of
the QCC transaction, as such transactions are all non-billable. For
example, a Floor Broker executing as a QCC trade an order from a
Customer buying 1,000 ABC Dec 40 Calls and an order from a Professional
Customer selling 1,000 ABC Dec 40 Calls at $2.00 would not be eligible
for the Floor Broker credits. This example would also apply to QCC
trades with a Professional Customer (or Customer) on both sides of the
QCC transaction.
    The proposal is designed to attract more QCC volume to the
Exchange, because there would be no fee for Professional Customer
orders, and to enhance the Exchange's competitiveness with other
options exchanges that likewise do not charge QCC fees on Professional
Customer orders.\7\
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    \7\ See, e.g., NYSE Arca Options Fee Schedule, available here,
https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf; NASDAQ OMX PHLX LLC (``PHLX'')
pricing schedule (Section II), available here, http://www.nasdaqtrader.com/Micro.aspx?id=PHLXPricing.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\9\ 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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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes the proposal is reasonable, equitable and not
unfairly discriminatory as it is consistent with other options markets
that treat Professional Customers similar to Customers for purposes of
QCC transaction fees.\10\
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    \10\ See supra note 7.
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    The Exchange also believes that the proposed changes are
reasonable, equitable and not unfairly discriminatory because
permitting Professional Customer orders to be treated similar to
Customer orders (i.e., not be subject to a fee) should attract more QCC
transactions to the Exchange, which would continue to make the Exchange
a more competitive venue for, among other things, order execution.
    For these 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
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. Instead, the Exchange believes that the
proposed change would continue to encourage competition, including by
attracting additional QCC Transactions to the Exchange, which would
continue to make the Exchange a more competitive venue for, among other
things, order execution. The Exchange's proposal does not place on
undue burden on inter-market competition because other exchanges
likewise do not

charge Professional Customers for QCC transactions.\12\
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    \11\ 15 U.S.C. 78f(b)(8).
    \12\ See supra note 7.
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    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. Because competitors are free to modify their own fees in
response, and because market participants may readily adjust their
order routing practices, the degree to which fee changes in this market
may impose any burden on competition is extremely limited. For the
reasons described above, the Exchange believes that the proposed rule
change reflects this competitive environment.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A)\13\ of the Act and subparagraph (f)(2) of Rule 19b-
4\14\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 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)\15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \15\ 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_ADDRESS>Please include
File Number SR-NYSEMKT-2016-91 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.

All submissions should refer to File Number SR-NYSEMKT-2016-91. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEMKT-2016-91, and should
be submitted on or before November 9, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-25238 Filed 10-18-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: July 9, 2008 (Volume 73, Number 132)]
[Notices]
[Page 39324-39325]
[DOCID:fr09jy08-76]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1771-DR]

Illinois; Amendment No. 2 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster for the
State of Illinois (FEMA-1771-DR), dated June 24, 2008, and related
determinations.

EFFECTIVE DATE: June 30, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated June 30, 2008, the President amended the cost-sharing
arrangements concerning Federal funds provided under the authority of
the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42
U.S.C. 5121-5206 (Stafford Act), in a letter to R. David Paulison,
Administrator, Federal Emergency Management Agency, Department of
Homeland Security, as follows:

    I have determined that the damage in certain areas of the State
of Illinois resulting from severe storms and flooding beginning on
June 1, 2008, and continuing, is of sufficient severity and
magnitude that special cost sharing arrangements are warranted
regarding Federal funds provided under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act, 42 U.S.C. Sec. Sec.
5121-5206 (the Stafford Act).

    Therefore, I amend my declaration of June 24, 2008, to authorize
Federal funds for emergency protective measures, including direct
Federal assistance, at 90 percent Federal funding of total eligible
costs. This adjustment is effective until the respective date at
which the National Oceanic and Atmospheric Administration's National
Weather Service River Forecast Center reports that the rivers in the
State of Illinois which have experienced historical flooding, fall
below flood stage.
    This adjustment cost sharing applies only to Public Assistance
costs and direct Federal assistance eligible for such adjustments
under applicable law. The Robert T. Stafford Disaster Relief and
Emergency Assistance Act specifically prohibits a similar adjustment
for funds provided for Other Needs Assistance (Section 408), and the
Hazard Mitigation Grant Program (Section 404). These funds will
continue to be reimbursed at 75 percent of total eligible costs.
    This cost share is effective as of the date of the President's
major disaster declaration.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidential Declared Disaster Areas; 97.049, Presidential Declared
Disaster Assistance--Disaster Housing Operations for Individuals and
Households; 97.050, Presidential Declared Disaster Assistance to
Individuals and Households--Other Needs; 97.036, Disaster Grants--
Public Assistance (Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
 [FR Doc. E8-15531 Filed 7-8-08; 8:45 am]

BILLING CODE 9110-10-P