[Federal Register Volume 76, Number 158 (Tuesday, August 16, 2011)]
[Notices]
[Pages 50805-50807]
[FR Doc No: 2011-20705]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65084; File No. SR-ISE-2011-49]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fees and Rebates for Certain Complex Orders

August 10, 2011.
    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 July 29, 2011, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE'') 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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The ISE is proposing to amend transaction fees and rebates for
certain complex orders executed on the Exchange. The text of the
proposed rule change is available on the Exchange's Web site (http://www.ise.com), on the Commission's Web site at http://www.sec.gov, 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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 currently assesses a per contract transaction charge
to market participants that add or remove liquidity from the Exchange
(``maker/taker fees'') in 100 options classes (the ``Select
Symbols'').\3\ For complex orders in the Select Symbols, the Exchange
currently charges a take fee of: (i) $0.30 per contract for Market
Maker, Market Maker Plus,\4\ Firm Proprietary and Customer
(Professional) \5\ orders; and (ii) $0.35 per contract for Non-ISE
Market Maker \6\ orders. Priority Customer \7\ orders, regardless of
size, are not assessed a fee for adding or removing liquidity from the
Complex Order book. The Exchange now proposes to change the take fees
for complex orders in a select number of options classes (``Designated
Symbols''), as follows: (i) For Market Maker, Market Maker Plus, Firm
Proprietary and Customer (Professional) complex orders, from $0.30 per
contract to $0.31 per contract, and (ii) for Non-ISE Market Maker
complex orders, from $0.35 per contract to $0.36 per contract. The
Exchange is not proposing any change to fees for Priority Customer
complex orders in the Designated Symbols. The Designated Symbols are
AAPL, BAC, C, F, GLD, INTC, IWM, JPM, QQQ, SLV, SPY and XLF.
---------------------------------------------------------------------------

    \3\ Options classes subject to maker/taker fees are identified
by their ticker symbol on the Exchange's Schedule of Fees. See
Securities Exchange Act Release Nos. 61869 (April 7, 2010), 75 FR
19449 (April 14, 2010) (SR-ISE-2010-25), 62048 (May 6, 2010), 75 FR
26830 (May 12, 2010) (SR-ISE-2010-43), 62282 (June 11, 2010), 75 FR
34499 (June 17, 2010) (SR-ISE-2010-54), 62319 (June 17, 2010), 75 FR
36134 (June 24, 2010) (SR-ISE-2010-57), 62508 (July 15, 2010), 75 FR
42809 (July 22, 2010) (SR-ISE-2010-65), 62507 (July 15, 2010), 75 FR
42802 (July 22, 2010) (SR-ISE-2010-68), 62665 (August 9, 2010), 75
FR 50015 (August 16, 2010) (SR-ISE-2010-82), 62805 (August 31,
2010), 75 FR 54682 (September 8, 2010) (SR-ISE-2010-90), 63283
(November 9, 2010), 75 FR 70059 (November 16, 2010) (SR-ISE-2010-
106), 63534 (December 13, 2010), 75 FR 79433 (December 20, 2010)
(SR-ISE-2010-114); 63664 (January 6, 2011), 76 FR 2170 (January 12,
2011) (SR-ISE-2010-120); and 64303 (April 15, 2011), 76 FR 22425
(April 21, 2011) (SR-ISE-2011-18).
    \4\ A Market Maker Plus is a market maker who is on the National
Best Bid or National Best Offer 80% of the time for series trading
between $0.03 and $5.00 (for options whose underlying stock's
previous trading day's last sale price was less than or equal to
$100) and between $0.10 and $5.00 (for options whose underlying
stock's previous trading day's last sale price was greater than
$100) in premium in each of the front two expiration months and 80%
of the time for series trading between $0.03 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
less than or equal to $100) and between $0.10 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
greater than $100) in premium across all expiration months in order
to receive the rebate. The Exchange determines whether a market
maker qualifies as a Market Maker Plus at the end of each month by
looking back at each market maker's quoting statistics during that
month. If at the end of the month, a market maker meets the
Exchange's stated criteria, the Exchange rebates $0.10 per contract
for transactions executed by that market maker during that month.
The Exchange provides market makers a report on a daily basis with
quoting statistics so that market makers can determine whether or
not they are meeting the Exchange's stated criteria.
    \5\ A Customer (Professional) is a person who is not a broker/
dealer and is not a Priority Customer.
    \6\ A Non-ISE Market Maker, or Far Away Market Maker
(``FARMM''), is a market maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934, as amended (``Exchange Act''),
registered in the same options class on another options exchange.
    \7\ A Priority Customer is defined in ISE Rule 100(a)(37A) as 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).
---------------------------------------------------------------------------

    Additionally, ISE Market Makers who remove liquidity in the Select
Symbols from the Complex Order book by trading with orders that are
preferenced to them are currently charged $0.28 per contract. The
Exchange now proposes to change the take fee to $0.29 per contract for
ISE Market Makers who remove liquidity in the Designated Symbols from
the Complex Order book by trading with orders that are preferenced to
them. The Exchange notes that NASDAQ OMX PHLX, Inc. (``PHLX'')
currently assesses a fee for complex orders for certain symbols that
are preferenced to market makers at that exchange at a rate of $0.27
per contract. For regular complex orders that remove liquidity in those
symbols, PHLX charges its market makers a take fee of $0.29 per
contract. With this proposed fee change, ISE will maintain the two cent
differential that is currently in place at PHLX.\8\
---------------------------------------------------------------------------

    \8\ See PHLX Fee Schedule at http://www.nasdaqtrader.com/content/marketregulation/membership/phlx/feesched.pdf.
---------------------------------------------------------------------------

    Finally, as an incentive for members to direct customer order flow
to the Exchange, Priority Customer complex orders in the Select
Symbols, regardless of size, currently receive a rebate of $0.25 per
contract on all legs when these orders trade with non-customer orders
in the Exchange's Complex Order book. The Exchange proposes to increase
this rebate to $0.26 per contract. The Exchange believes it is
necessary to pay a rebate for Customer complex orders in the Designated
Symbols in order to continue to attract Customer complex order flow to
the Exchange.
    The Exchange has designated this proposal to be operative on August
1, 2011.

2. Statutory Basis
    The Exchange believes that its proposal to amend its Schedule of
Fees is consistent with Section 6(b) of the Act \9\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \10\ in
particular, in that it is an equitable allocation of reasonable dues,
fees and other charges among Exchange members and other persons using
its facilities. The impact of the proposal upon the net fees paid by a
particular market participant will depend on a number of variables,
most important of which will be its propensity to add or remove
liquidity in options overlying the Designated Symbols.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposed fees for options overlying
the Designated Symbols remain competitive with fees charged by other
exchanges and are therefore reasonable and equitably allocated to those
members that opt to direct orders to the Exchange rather than to a
competing exchange. The Exchange believes that its proposal to assess a
$0.31 per contract take fee for Market Maker, Market Maker Plus, Firm
Proprietary and Customer (Professional) complex orders in the
Designated Symbols, and $0.36 per contract take fee for Non-ISE Market
Maker complex orders, is reasonable because the fee is within the range
of fees assessed by other exchanges employing similar pricing schemes.
For example, the proposed take fees for complex orders are comparable
to rates assessed by PHLX. PHLX currently assesses a take fee of $0.29
per contract to its market makers, $0.30 per contract for Firm and
Professional orders and $0.35 per contract for Broker-Dealer orders in
a number of symbols in its complex order book.\11\
---------------------------------------------------------------------------

    \11\ See PHLX Fee Schedule at http://www.nasdaqtrader.com/content/marketregulation/membership/phlx/feesched.pdf.
---------------------------------------------------------------------------

    The Exchange also believes that its proposal to assess a take fee
for preferenced orders in the Designated Symbols of $0.29 per contract
is reasonable because it will allow the Exchange to remain competitive
with other exchanges that employ a similar pricing scheme while
maintaining the two cent differential that currently exists at options
exchanges between fees charged for regular complex orders that take
liquidity and complex orders that are preferenced to market makers. For
example, PHLX currently charges $0.27 per contract to Directed
Participants for removing liquidity in all their Select Symbols while
charging $0.29 per contract to its market makers.\12\ Additionally, the
Exchange believes the proposed fees are reasonable and equitable in
that they will apply equally to all market participants that were
previously subject to these fees.
---------------------------------------------------------------------------

    \12\ Id.
---------------------------------------------------------------------------

    The Exchange also believes that it is reasonable and equitable to
provide a rebate for Priority Customer complex orders in the Designated
Symbols because paying a rebate would continue to attract additional
order flow to the Exchange and thereby create liquidity in the
Designated Symbols that ultimately will benefit all market participants
who trade on the Exchange. The Exchange further believes that paying a
rebate is equitable and reasonable because it is similar to rebates
paid by other Exchanges.\13\ The proposed increased rebate of $0.26 per
contract for Priority Customer complex orders in the Designated Symbols
is identical to a proposal recently submitted by PHLX.\14\
---------------------------------------------------------------------------

    \13\ Id.
    \14\ As of the date of this filing, PHLX has not posted on its
web site its proposed rule change to increase the rebate to $0.26
per contract for Customer Complex Orders in the Designated Symbols.
PHLX did, however, publish and distribute Options Trader Alert
2011-36 announcing new complex order pricing, effective
August 1, 2011, in options overlying the Designated Symbols. See
http://www.nasdaqtrader.com/TraderNews.aspx?id=OTA2011-36.
---------------------------------------------------------------------------

    Moreover, the Exchange believes that the proposed fees are fair,
equitable and not unfairly discriminatory because the proposed fees are
consistent with price differentiation that exists today at other option
exchanges. Additionally, the Exchange believes it remains an attractive
venue for market participants to trade complex orders despite its
proposed fee change as its fees remain competitive with those charged
by other exchanges for similar trading strategies. The Exchange
operates in a highly competitive market in which market participants
can readily direct order flow to another exchange if they deem fee
levels at a particular exchange to be excessive. For the reasons noted
above, the Exchange believes that the proposed fees are fair, equitable
and not unfairly discriminatory.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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.\15\ 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 to determine whether the
proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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 e-mail to<EMAIL_ADDRESS>Please include
File No. SR-ISE-2011-49 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2011-49. This file
number should be included on the subject line if e-mail 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 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the ISE. 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-ISE-2011-49 and should be submitted on
or before September 6, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20705 Filed 8-15-11; 8:45 am]
BILLING CODE 8011-01-P


WestJump Fact Sheet

Excerpt from Internet Webpage https://www.wrapair2.org/WestJumpAQMS.aspx# (August 31, 2018)

WRAP Regional Technical Center and WestJumpAQMS

Since the completion of WestJumpAQMS in 2013, the WRAP has been preparing a Strategic Plan and Action Plan to lay out work activities, membership involvement in working groups and committees, to transition the western regional air quality effort from WestJumpAQMS into a Regional Technical Center. Materials from the series of Followup Workshops below based on the WestJumpAQMS, as well as ongoing regional studies, are the basis of the Regional Technical Center.
WestJumpAQMS

The Western Governors' Association (WGA), on behalf of the Western Regional Air Partnership (WRAP), is coordinating state, local, and federal agency involvement in a large regional 2008 baseline year air quality modeling study called the West-wide Jumpstart Air Quality Modeling Study (WestJumpAQMS). The study was supported by three expert technical contractors to WGA and western public air quality and land management agencies for the study. The prime contractor was ENVIRON International Corporation (ENVIRON), with Alpine Geophysics and the University of North Carolina - Chapel Hill as subcontractors. The objectives of the WestJumpAQMS were as follows:
[Click to hide..]
 Initiate the next generation of regional technical analysis and support for Ozone and Particulate Matter (PM) transport and attainment demonstrations across the West.
 Implement the concept developed by New Mexico Environment Department Air Quality Bureau, EPA Region 6, the Bureau of Land Management (BLM) New Mexico state office, British Petroleum (BP), and the Western Regional Air Partnership (WRAP) to begin the next round of base-year regional modeling to support western U.S. air quality planning.
 Advance the interests and support the technical data needs of the BLM national air program and BLM State Offices' air quality staff (MT-ND, WY, UT, CO, and NM) for consistent future NEPA air quality analyses.
 Continue work conducted by WRAP's Regional Modeling Center (RMC) from 2001-09 to provide regionally complete emissions and air quality modeling across the western U.S.
 RMC modeling products became the basis for many state air agency and federal land manager air analyses across the West, including numerous NEPA studies, the Denver Ozone study, and the Four Corners Air Quality Task Force (FCAQTF) work, among others. The regional collaboration enabled by the WRAP RMC was effective and efficient for state and regional air quality planning. The WestJumpAQMS will enable the application of WRAP-IPAMS regionally consistent and comprehensive work to compile Oil and Gas VOC and NOx emission inventories.
 Leverage recent modeling and monitoring analyses suggesting Spring season transport of both natural ozone and international emissions are occurring in elevated rural terrain in the spring and such events approach the level of the Ozone National Ambient Air Quality Standard (NAAQS).
 Provide a modeling platform that incorporates technical updates and improvements to photochemical grid models, to begin addressing the next generation of air quality issues related to Ozone, PM (PM2.5 and PM10), visibility, and nitrogen deposition.


[Federal Register: August 18, 2010 (Volume 75, Number 159)]
[Notices]
[Page 51032]
[DOCID:fr18au10-78]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 739-022-VA]

Appalachian Power Company; Notice of Availability of
Environmental Assessment

August 12, 2010.
    In accordance with the National Environmental Policy Act of 1969
and the Federal Energy Regulatory Commission (Commission) regulations,
18 CFR part 380 (Order No. 486, 52 FR 47879), the Office of Energy
Projects has reviewed the application for a new license for the Claytor
Hydroelectric Project, located on the New River in Pulaski County,
Virginia, and prepared a draft environmental assessment (DEA). In the
DEA, Commission staff analyze the potential environmental effects of
licensing the project and conclude that issuing a license for the
project, with appropriate environmental measures, would not constitute
a major federal action significantly affecting the quality of the human
environment.
    A copy of the EA is on file with the Commission and is available
for public inspection. The EA may also be viewed on the Commission's
Web site at http://www.ferc.gov using the ``eLibrary'' link. Enter the
docket number excluding the last three digits in the docket number
field to access the document. For assistance, contact FERC Online
Support at<EMAIL_ADDRESS>or toll-free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. You may also register online at http://
www.ferc.gov/docs-filing/esubscription.asp to be notified via e-mail of
new filings and issuances related to this or other pending projects.
For assistance, contact FERC Online Support.
    Any comments should be filed within 30 days from the issuance date
of this notice, and should be addressed to the Secretary, Federal
Energy Regulatory Commission, 888 First Street, NE., Room 1-A,
Washington, DC 20426. Please affix ``Claytor Project No. 739-022'' to
all comments. Comments may be filed electronically via Internet in lieu
of paper. The Commission strongly encourages electronic filings. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site under the ``eFiling'' link. For further information, contact John
Smith at<PHONE_NUMBER>.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-20460 Filed 8-17-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 126 (Thursday, June 30, 2016)]
[Notices]
[Page 42702]
[FR Doc No: 2016-15557]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL16-73-000]

Xcel Energy Southwest Transmission Company, LLC; Notice of
Institution of Proceeding and Refund Effective Date

    On June 23, 2016, the Commission issued an order in Docket No.
EL16-73-000, pursuant to section 206 of the Federal Power Act (FPA), 16
U.S.C. 824e (2012), instituting an investigation into whether the
formula rate protocols of Xcel Energy Southwest Transmission Company,
LLC may be unjust, unreasonable, unduly discriminatory or preferential.
Xcel Energy Southwest Transmission Company, LLC, 155 FERC ] 61,300
(2016).
    The refund effective date in Docket No. EL16-73-000, established
pursuant to section 206(b) of the FPA, will be the date of publication
of this notice in the Federal Register.

    Dated: June 24, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-15557 Filed 6-29-16; 8:45 am]
 BILLING CODE 6717-01-P