[Federal Register Volume 75, Number 241 (Thursday, December 16, 2010)]
[Notices]
[Pages 78792-78794]
[FR Doc No: 2010-31634]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63525; File No. SR-CBOE-2010-104]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Professional and Voluntary Professional Fees

December 10, 2010.
    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 December 2, 2010, the Chicago Board Options Exchange,
Incorporated (``CBOE'' or the ``Exchange'') filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II and III below, which Items have been prepared
by CBOE. The Exchange has designated this proposal as one establishing
or changing a due, fee, or other charge imposed by CBOE under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is proposing to amend its Fees Schedule as it relates
to fees for certain orders. The text of the proposed rule change is
available on the Exchange's Web site http://www.cboe.org/legal, at the
Exchange's Office of the Secretary and at the Commission.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, CBOE 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. CBOE 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 purpose of this rule change is to adopt fees for Professional
and Voluntary Professional transactions in S&P 500 Index option series
(``SPX'') that trade on the Hybrid Trading System. The fees, which are
described in more detail below, will be effective December 2, 2010.
    By way of background, the Exchange currently operates the Hybrid
Trading System and the Hybrid 3.0 Platform.\5\ For the Hybrid Trading
System, the Exchange has Professional and Voluntary Professional
designations for non-broker-dealer customer orders.\6\ However, these
two designations are not available for non-broker-dealer customer
orders in option classes trading on the Hybrid 3.0 Platform (which
currently is only SPX).\7\ Also by way of background, the particular
trading platform on which index options trade is designated by the
Exchange on a class-by-class basis pursuant to Rule 8.14, Index Hybrid
Trading System Classes: Market-Maker Participants. However, CBOE
recently amended Rule 8.14 to provide that, for each Hybrid 3.0 class,
the Exchange may determine to authorize a group of series of the class
for trading on the Hybrid Trading System.\8\
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    \5\ The ``Hybrid Trading System'' refers to the Exchange's
trading platform that allows Market-Makers to submit electronic
quotes in their appointed classes. The ``Hybrid 3.0 Platform'' is an
electronic trading platform on the Hybrid Trading System that allows
one or more quoters to submit electronic quotes, which represent the
aggregate Market-Maker quoting interest in the series for the
trading crowd. See Rule 1.1(aaa).
    \6\ The term ``Professional'' means any person or entity that
(i) is not a broker or dealer in securities, and (ii) places more
than 390 orders in listed options per day on average during a
calendar month for its own beneficial account. A Professional will
be treated in the same manner as a broker or dealer in securities
for purposes of various CBOE Rules. The term ``Voluntary
Professional'' means any person or entity that is not a broker or
dealer in securities that elects, in writing, to be treated in the
same manner as a broker or dealer in securities for purposes of
various CBOE Rules. The Professional and Voluntary Professional
designations are not available in Hybrid 3.0 classes. See CBOE Rules
1.1(fff) and (ggg).
    \7\ Id.
    \8\ See Securities Exchange Act Release No. 63186 (October 27,
2010), 75 FR 67417 (November 2, 2010) (SR-CBOE-2010-095).
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    Currently, all series of the SPX option class trade on the Hybrid
3.0 Platform. Therefore, at this time there are no Professional or
Voluntary Professional designations for SPX. Pursuant to Rule 8.14, as
amended, however, the Exchange may determine to designate a group of
series in the SPX index option class for trading on the Hybrid Trading
System. As a result, the Professional and Voluntary Professional
designations would be applicable to any such SPX series trading on the
Hybrid Trading System.
    In anticipation of the Exchange designating a group of SPX series
for trading on the Hybrid Trading System, the Exchange is proposing to
adopt fees for Professional and Voluntary Professional transactions in
SPX that trade on the Hybrid Trading System. The Exchange proposes to
charge such Professional and Voluntary Professional orders in the same
manner that it charges broker-dealer orders. Specifically, the Exchange
is proposing to amend the text of its Fees Schedule to assess a fee of
$0.40 per contract for Professional and Voluntary Professional
transactions in SPX option series that trade on the Hybrid Trading
System. The Exchange notes that, in accordance with footnote 14 of its
Fees Schedule, the index option surcharge fee would also apply to
Professional and Voluntary Professional transactions in such SPX
series. The Exchange also notes that the Options Regulatory Fee
(``ORF'') contained in section 12 of the Fees Schedule will apply to
Professional and Voluntary Professional transactions in such SPX
series. In addition, the Exchange notes that Professional and Voluntary
Professional orders in such SPX series will not be subject to the order
handling system order cancellation fee contained in section 14 of the
Fees Schedule. No changes to the text are needed to reflect the
applicability of these surcharge, ORF and cancellation fee provisions.
2. Statutory Basis
    The proposed rule change 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 designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
CBOE Trading Permit Holders. The proposed fee changes would provide
clarity on how the Exchange intends to implement the Professional and
Voluntary Professional designation for SPX series trading the Hybrid
Trading System.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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 proposed rule change is designated by the Exchange as
establishing or changing a due, fee, or other charge, thereby
qualifying for effectiveness on filing pursuant to Section
19(b)(3)(A)(ii) of the Act \11\ and subparagraph (f)(2) of Rule 19b-4
\12\ thereunder.
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    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ 17 CFR 240.19b-4(f)(2).
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    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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

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 Number SR-CBOE-2010-104 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-CBOE-2010-104. 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,\13\ 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 the filing also will be available for inspection and
copying at the principal office of CBOE. 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-CBOE-2010-104 and should be submitted on
or before January 6, 2011.
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    \13\ The text of the proposed rule change is available on CBOE's
Web site at http://www.cboe.org/Legal, on the Commission's Web site
at http://www.sec.gov, at CBOE, and at the Commission's Public
Reference Room.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31634 Filed 12-15-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 108 (Monday, June 6, 2011)]
[Notices]
[Page 32391]
[FR Doc No: 2011-13924]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket No. FRA-2011-0027; Notice No. 1]

Northeast Corridor Safety Committee; Notice of Meeting

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Announcement of the Northeast Corridor Safety Committee
Meeting.

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SUMMARY: FRA announces the first meeting of the Northeast Corridor
Safety Committee, a Federal advisory committee that is mandated by
Section 212 of the Passenger Rail Investment and Improvement Act of
2008 (PRIIA). The Committee is made up of stakeholders operating on the
Northeast Corridor, and the purpose of the Committee is to provide
annual recommendations to the Secretary of Transportation.

DATES: The meeting of the Northeast Corridor Safety Committee is
scheduled to commence on Tuesday, June 14, 2011, at 9 a.m. and will
adjourn by 3 p.m.

ADDRESSES: The Northeast Corridor Safety Committee meeting will be held
at the Crowne Plaza Washington National Airport, located at 1480
Crystal Drive in Arlington, VA. The meeting is open to the public on a
first-come, first-served basis, and is accessible to individuals with
disabilities. Sign and oral interpretation can be made available if
requested 10 calendar days before the meeting.

FOR FURTHER INFORMATION CONTACT: Larry Woolverton, Northeast Corridor
Committee Administrative Officer/Coordinator, FRA, 1200 New Jersey
Avenue, SE., Mailstop 25, Washington, DC 20590,<PHONE_NUMBER>; or Mark
McKeon, Special Assistant to the Associate Administrator for Railroad
Safety/Chief Safety Officer, FRA, 1200 New Jersey Avenue, SE., Mailstop
25, Washington, DC 20590,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Northeast Corridor Safety Committee is
mandated by a statutory provision in Section 212 of the PRIIA (codified
at 49 U.S.C. 24905(f)). This Committee is chartered by the Secretary
and is an official Federal Advisory Committee established in accordance
with the provisions of the Federal Advisory Committee Act, as amended,
5 U.S.C. Title 5-Appendix.

    Issued in Washington, DC, on June 1, 2011.
Jo Strang,
Associate Administrator for Railroad Safety/Chief Safety Officer.
[FR Doc. 2011-13924 Filed 6-1-11; 4:15 pm]
BILLING CODE 4910-06-P


[Federal Register Volume 87, Number 95 (Tuesday, May 17, 2022)]
[Notices]
[Pages 29911-29913]
[FR Doc No: 2022-10515]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94895; No. SR-NYSEArca-2022-26]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule

May 11, 2022.
    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 April 29, 2022, NYSE Arca, Inc. (``NYSE Arca'' 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 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.
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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 Arca Options Fee Schedule
(``Fee Schedule'') regarding the Customer Penny Posting Tiers. The
Exchange proposes to implement the fee change effective May 2, 2022.
The proposed rule 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.

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 the Fee Schedule to modify
the Customer Penny Posting Credit Tiers.
    Currently, the Fee Schedule provides that OTP Holders and OTP Firms
(collectively, ``OTP Holders'') can qualify for tiered credits applied
to electronic executions of Customer posted interest in Penny issues by
meeting specified increasing volume levels in Customer Penny Posting
Credit Tiers 1 through 6.\4\ Currently, an OTP Holder that achieves
0.10% of TCADV from Customer posted interest in all issues will qualify
for Customer Penny Posting Credit Tier 1 (``Tier 1'') and earn a credit
of $0.27 per contract applied to electronic executions of Customer
posted interest in Penny issues.
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    \4\ See Fee Schedule, NYSE Arca Options: Trade-Related Charges
for Standard Options, Customer Penny Posting Credit Tiers.
---------------------------------------------------------------------------

    The Exchange now proposes to modify the qualification basis for
Tier 1 and increase the credit offered to OTP Holders that achieve Tier
1. Specifically, the Exchange proposes that an OTP Holder would qualify
for Tier 1 by executing at least 0.20% of TCADV from Customer posted
interest, plus executed ADV of 0.30% of U.S. equity market share posted
and executed on the NYSE Arca Equity Market,\5\ and such qualifying OTP
Holder would earn a $0.36 per contract credit applied to electronic
executions of Customer posted interest in Penny issues.
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    \5\ For purposes of this filing, activity in the NYSE Arca
Equity Market is referred to as ``cross asset activity.''
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    The Exchange notes that the credit currently offered in Tier 1 has
not sufficiently encouraged OTP Holders to increase their Customer
posting interest. Thus, although the proposed modifications to the
qualifying criteria for Tier 1 would increase the volume requirement
and add a cross asset activity component, the Exchange believes that
the proposed change would encourage OTP Holders to execute Customer
posted interest on the Exchange and also incent OTP Holders to use the
Exchange as a primary destination for both options and equity order
flow in order to earn the significantly increased credit that would be
available in Tier 1.
    The Exchange proposes to implement the rule change on May 2, 2022.
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 Proposed Rule Change Is Reasonable
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, 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.'' \8\
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    \8\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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    There are currently 16 registered options exchanges competing for
order

flow. Based on publicly-available information, and excluding index-
based options, no single exchange has more than 16% of the market share
of executed volume of multiply-listed equity and ETF options trades.\9\
Therefore, currently no exchange possesses significant pricing power in
the execution of multiply-listed equity & ETF options order flow. More
specifically, in March 2022, the Exchange had less than 14% market
share of executed volume of multiply-listed equity & ETF options
trades.\10\
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    \9\ The OCC publishes options and futures volume in a variety of
formats, including daily and monthly volume by exchange, available
here: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.
    \10\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of ETF-based options, see
id., the Exchange's market share in equity-based options increased
from 10.16% for the month of March 2021 to 13.57% for the month of
March 2022.
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.
    While the Exchange cannot predict with certainty whether any OTP
Holders would seek to qualify for Tier 1, as modified, the Exchange
believes that the new qualifying criteria for Tier 1 are attainable and
that the increased credit that OTP Holders would earn in Tier 1 would
encourage OTP Holders to increase both Customer posted volume on the
Exchange and their activity on the NYSE Arca Equity Market. The
Exchange further believes that modifying the qualification basis for
Tier 1 to include both a Customer posted interest volume requirement
and a cross asset activity component would incent OTP Holders to direct
more Customer options order flow and equity order flow to the Exchange,
which would bring increased liquidity and order flow for the benefit of
all market participants.
    Finally, to the extent the proposed change continues to attract
greater volume and liquidity to the Exchange, and, in particular,
encourages OTP Holders to increase Customer volume and cross asset
activity to qualify for the increased credit available in Tier 1, the
Exchange believes the proposed change would improve the Exchange's
overall competitiveness and strengthen its market quality for all
market participants. In the backdrop of the competitive environment in
which the Exchange operates, the proposed rule change is a reasonable
attempt by the Exchange to increase the depth of its market and improve
its market share relative to its competitors.
    The Exchange's fees are constrained by intermarket competition, as
OTP Holders may direct their order flow to any of the 16 options
exchanges, including an exchange with a similarly structured customer
posting credit program.\11\ Thus, OTP Holders have a choice of where
they direct their order flow, including their Customer posting interest
and equity posted interest. The proposed rule change is designed to
incent OTP Holders to direct liquidity to the Exchange and, in
particular, to increase their Customer posting interest and cross asset
activity, thereby promoting market depth, price discovery and
improvement, and enhanced order execution opportunities for market
participants.
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    \11\ See Cboe BZX Options Exchange Fee Schedule, available at:
https://www.cboe.com/us/options/membership/fee_schedule/bzx/
(offering similarly structured credits on customer volume in Penny
issues, based on qualifying volume).
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The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
    The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposal is based on the amount
and type of business transacted on the Exchange, and OTP Holders can
opt to try to qualify for the credit or not. The proposal is designed
to incent OTP Holders to aggregate Customer posting interest at the
Exchange as a primary execution venue and to attract more posting
interest on the NYSE Arca Equity Market. To the extent that these
purposes are achieved, this increased order flow would continue to make
the Exchange a more competitive venue for, among other things, order
execution on both options and equities. Thus, the Exchange believes the
proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
    The Exchange believes the proposed rule change is not unfairly
discriminatory because the credit offered in Tier 1, as modified, would
be available to all similarly-situated market participants on an equal
and non-discriminatory basis.
    The proposal is based on the amount and type of business transacted
on the Exchange, and OTP Holders are not obligated to try to achieve
the enhanced qualifications for Tier 1, nor are they obligated to
execute Customer posted interest or cross asset activity. Rather, the
proposal is designed to encourage OTP Holders to utilize the Exchange
as a primary trading venue for Customer posted interest (if they have
not done so previously) and to increase cross asset activity, and all
OTP Holders that meet the qualifications for Tier 1 would be eligible
for the corresponding credit on electronic executions of Customer
posted interest in Penny issues. To the extent that the proposed change
attracts more Customer interest, including posted interest, to the
Exchange, this increased order flow would continue to make the Exchange
a more competitive venue for, among other things, order execution.
Thus, the Exchange believes the proposed rule change would improve
market quality for all market participants on the Exchange and, as a
consequence, attract more order flow to the Exchange thereby improving
market-wide quality and price discovery. The resulting increased volume
and liquidity would provide more trading opportunities and tighter
spreads to all market participants and thus would promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, protect investors and the public interest.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing 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, 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. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for all market participants. As a result, the Exchange believes that
the proposed change

furthers the Commission's goal in adopting Regulation NMS of fostering
integrated competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \12\
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    \12\ See Reg NMS Adopting Release, supra note 8, at 37499.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to attract
additional order flow (particularly Customer posted interest and cross
asset activity) to the Exchange. The Exchange believes that the
proposed modification to Tier 1 would incent OTP Holders to direct
their Customer order flow and cross asset activity to the Exchange.
Greater liquidity benefits all market participants on the Exchange, and
increased Customer order flow and posted equity order flow would
increase opportunities for execution of other trading interest. The
proposed modification to Tier 1 would be available to all similarly-
situated market participants that execute Customer posted interest,
and, as such, the Exchange does not believe that the proposed change
would not impose a disparate burden on competition among market
participants on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange has more than 16% of the market share of executed volume of
multiply-listed equity and ETF options trades.\13\ Therefore, currently
no exchange possesses significant pricing power in the execution of
multiply-listed equity & ETF options order flow. More specifically, in
March 2022, the Exchange had less than 14% market share of executed
volume of multiply-listed equity & ETF options trades.\14\
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    \13\ See note 9, supra.
    \14\ Based on OCC data for monthly volume of equity-based
options and monthly volume of ETF-based options, see id., the
Exchange's market share in equity-based options increased from
10.16% for the month of March 2021 to 13.57% for the month of March
2022.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to continue to incent OTP Holders to direct trading
interest (particularly Customer posted interest and cross asset
activity) to the Exchange, which would provide liquidity and attract
order flow to the Exchange. To the extent that this purpose is
achieved, all the Exchange's market participants should benefit from
the improved market quality and increased opportunities for price
improvement.
    The Exchange also believes that the proposed change could promote
competition between the Exchange and other execution venues, including
an exchange that currently offers similarly structured customer posting
credits,\15\ by encouraging additional orders to be sent to the
Exchange for execution.
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    \15\ See note 11, supra.
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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) \16\ of the Act and subparagraph (f)(2) of Rule
19b-4 \17\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 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) \18\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 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 [email protected]. Please include
File Number SR-NYSEArca-2022-26 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-NYSEArca-2022-26. 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 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-NYSEArca-2022-26, and should be
submitted on or before June 7, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10515 Filed 5-16-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 2, 2009 (Volume 74, Number 104)]
[Notices]
[Page 26394-26395]
[DOCID:fr02jn09-55]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER09-1141-000]

JP Morgan Commodities Canada Corporation; Supplemental Notice
That Initial Market-Based Rate Filing Includes Request for Blanket
Section 204 Authorization

May 22, 2009.
    This is a supplemental notice in the above-referenced proceeding of
JP Morgan Commodities Canada Corporation's application for market-based
rate authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR

Part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214). Anyone filing a motion to intervene or protest must serve a
copy of that document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the Applicant's request for blanket authorization, under 18
CFR Part 34, of future issuances of securities and assumptions of
liability, is June 11, 2009.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-12697 Filed 6-1-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 237 (Wednesday, December 9, 2020)]
[Notices]
[Pages 79189-79190]
[FR Doc No: 2020-27058]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2014-D-0622]

Best Practices in Developing Proprietary Names for Human
Prescription Drug Products; Guidance for Industry; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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

SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
the availability of a final guidance for industry entitled ``Best
Practices in Developing Proprietary Names for Human Prescription Drug
Products.'' This document provides guidance to sponsors on the
development and selection of proposed proprietary names. This guidance
describes best practices to help minimize medication errors and
otherwise avoid adoption of proprietary names that contribute to
violations of the Federal Food, Drug, and Cosmetic Act (FD&C Act) and
its implementing regulations and provides a voluntary framework for
evaluating proposed proprietary names before submitting them for FDA
review. This guidance finalizes the draft guidance issued in May 2014
entitled ``Best Practices in Developing Proprietary Names for the
Drugs.''

DATES: The announcement of the guidance is published in the Federal
Register on December 9, 2020

ADDRESSES: You may submit either electronic or written comments on
Agency guidances at any time as follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2014-D-0622 for ``Best Practices in Developing Proprietary Names
for Human Prescription Drug Products.'' Received comments will be
placed in the docket and, except for those submitted as ``Confidential
Submissions,'' publicly viewable at https://www.regulations.gov or at
the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through
Friday,<PHONE_NUMBER>.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts

and/or go to the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061,
Rockville, MD 20852,<PHONE_NUMBER>.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of this guidance to the
Division of Drug Information, Center for Drug Evaluation and Research,
Food and Drug Administration, 10001 New Hampshire Ave., Hillandale
Building, 4th Floor, Silver Spring, MD 20993-0002. Send one self-
addressed adhesive label to assist that office in processing your
requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the guidance document.

FOR FURTHER INFORMATION CONTACT: Lubna Merchant, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, Rm. 4418, Silver Spring, MD 20993-0002, 301-
796-5162, or Stephen Ripley, Center for Biologics Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
71, Rm. 7301, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a guidance for industry
entitled ``Best Practices in Developing Proprietary Names for Human
Prescription Drug Products.'' This guidance describes best practices to
help minimize proprietary name-related medication errors and otherwise
avoid adoption of proprietary names that contribute to violations of
the FD&C Act and its implementing regulations. This guidance also
describes the framework FDA uses in evaluating proprietary names that
sponsors could use before submitting names for FDA review if they wish.
    FDA has long recognized the importance of proprietary name
confusion as a potential cause of medication errors and has addressed
this issue repeatedly in recent decades. Our focus has been to develop
and communicate to sponsors a systematic, standardized, and transparent
approach to proprietary name evaluation within the product development,
review, and approval process.
    In the Federal Register of May 29, 2014 (79 FR 30852), FDA
announced the availability of a draft guidance entitled ``Best
Practices in Developing Proprietary Names for Drugs.'' The guidance
announced in this notice finalizes the draft guidance issued in May
2014. The Agency has carefully reviewed and considered the comments it
received in developing this final version of the guidance.
    FDA received several comments on the guidance and revised the
guidance in response to these comments. The revisions include (a)
adding a note in the section discussing the United States Adopted Name
(USAN) stating that FDA will no longer object to the use of two-letter
USAN stems in names for products that do not share any association with
the stem in question; (b) streamlining the name simulation study
section based on the feedback received; (c) providing clarifications to
the section that discusses medical abbreviations, modifiers, and
computational methods; (d) separating the content pertaining to
nonprescription proprietary names and issuing separate guidance to
address the name development process for nonprescription drugs; (e)
revising the misbranding discussion for greater clarity and included
information on one possible study methodology that sponsors may
consider to test proposed names for misbranding concerns; and (f)
adding certain definitions and specific criteria for prescreening
proprietary name candidates and updating definitions in the glossary
and clarified terminology where needed. FDA also revised the document
throughout to ensure consistency in terminology, clarified section
headings, and reordered information for clarity where applicable.
    Elsewhere in this issue of the Federal Register, FDA is announcing
the availability of a draft guidance entitled ``Best Practices in
Developing Proprietary Names for Human Nonprescription Drug Products.''
That draft guidance is issued in response to industry stakeholders'
requests to specifically address the approaches for naming of human
nonprescription drug products. The draft guidance is being issued to
provide greater clarity on the considerations applicable to
nonprescription drug products.
    The guidance announced in this notice is being issued consistent
with FDA's good guidance practices regulation (21 CFR 10.115). The
guidance represents the current thinking of FDA on ``Best Practices in
Developing Proprietary Names for Human Prescription Drug Products.'' It
does not establish any rights for any person and is not binding on FDA
or the public. You can use an alternative approach if it satisfies the
requirements of the applicable statutes and regulations.

II. Paperwork Reduction Act of 1995

    While this guidance contains no collection of information, it does
refer to previously approved FDA collections of information. Therefore,
clearance by the Office of Management and Budget (OMB) under the
Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521) is not
required for this guidance. The previously approved collections of
information are subject to review by OMB under the PRA. The collections
of information in 21 CFR part 314 have been approved under OMB control
number 0910-0001, and the collections of information in 21 CFR part 601
have been approved under OMB control number 0910-0338.

III. Electronic Access

    Persons with access to the internet may obtain the document at
https://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm, https://www.fda.gov/vaccines-blood-biologics/guidance-compliance-regulatory-information-biologics/biologics-guidances, or https://www.regulations.gov.

    Dated: December 4, 2020.
Lauren K. Roth,
Acting Principal Associate Commissioner for Policy.
[FR Doc. 2020-27058 Filed 12-8-20; 8:45 am]
BILLING CODE 4164-01-P


UNITED STATES OF AMERICA

DEPARTMENT OF TRANSPORTATION

OFFICE OF THE SECRETARY

WASHINGTON, DC

Issued by the Department of Transportation on November 16, 2007

   		NOTICE OF ACTION TAKEN -- DOCKET OST-2005-21119

________________________________________________________________________
_____________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Application of SHUTTLE AMERICA CORPORATION (SHUTTLE AMERICA), filed
3/21/07 for:

XX Renewal of exemption for two years under 49 U.S.C. 40109 to provide
the following service:

Scheduled foreign air transportation of persons, property, and mail
between any point or points in the United States and any point or points
in Canada.  Shuttle America also requests authority to integrate the
authority granted in this instant docket with its existing certificate
and exemption authority. Shuttle America states that it uses this
authority to provide “Delta Connection” service on behalf of Delta
Air Lines, Inc. and “United Express” on behalf of United Air Lines,
Inc.

Applicant rep: Robert E. Cohn<PHONE_NUMBER>   DOT Analyst: Thuy H.
Cooper<PHONE_NUMBER>

D I S P O S I T I O N

XX  Granted (subject to conditions, see below)

The above action was effective when taken: November 16, 2007, through
November 16, 2009, or until 90 days after final action is taken on an
application of Shuttle America for U.S.-Canada certificate authority,
whichever occurs first.

Action taken by: Paul L. Gretch, Director

		    Office of International Aviation

XX  The authority granted is consistent with the aviation agreement
between the United States and Canada.

Except to the extent exempted or waived, this authority is subject to
the terms, conditions, and limitations indicated: XX Holder’s
certificates of public convenience and necessity

	    XX Standard exemption conditions (attached)

________________________________________________________________________
_____________

Conditions:  The authority awarded here is subject to the terms of the
April 6, 2005 correspondence, referenced in footnote 1, above.

The route integration authority granted is subject to the condition that
any service provided under this exemption shall be consistent with all
applicable agreements between the United States and the foreign
countries involved.  Furthermore, (a) nothing in the award of the route
integration authority requested should be construed as conferring upon
Shuttle America rights (including fifth-freedom intermediate and/or
beyond rights) to serve markets where U.S. carrier entry is limited
unless Shuttle America notifies the Department of its intent to serve
such a market and unless and until the Department has completed any
necessary carrier selection procedures to determine which carrier(s)
should be authorized to exercise such rights; and (b) should there be a
request by any carrier to use the limited-entry route rights that are
included in Shuttle America’s authority by virtue of the route
integration exemption granted here, but that are not then being used by
Shuttle America, the holding of such authority by route integration will
not be considered as providing any preference for Shuttle America in a
competitive carrier selection proceeding to determine which carrier(s)
should be entitled to use the authority at issue.

The code-share operations conducted under this authorization are subject
to the following conditions:

The code-share operations conducted under this authority must comply
with 14 CFR 257 and with any amendment to the Department’s regulations
concerning code-share arrangements that may be adopted.  Notwithstanding
any provisions in the contract between the carriers, our approval here
is expressly conditioned upon the requirements that the subject foreign
air transportation be sold in the name of the carrier holding out such
service in computer reservation systems and elsewhere; that the carrier
selling such transportation (i.e., the carrier shown on the ticket)
accept responsibility for the entirety of the code-share journey for all
obligations established in its contract of carriage with the passenger;
and that the passenger liability of the operating carrier be unaffected.

The authority granted here is specifically conditioned so that neither
Shuttle America nor its code-share partner(s) shall give any force and
effect to any contractual provisions between themselves that are
contrary to these conditions.

Remarks: The authority for which Shuttle America requested renewal
expired May 27, 2007, but has been kept in force pursuant to the
provisions of the Administrative Procedure Act, 5 U.S.C. 558(c), as
implemented by 14 CFR Part 377, pending action on its timely-filed
renewal application.

________________________________________________________________________
_____________

On the basis of data officially noticeable under Rule 24(g) of the
Department’s regulations, we found the applicant qualified to provide
the services authorized.

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) our action was consistent with Department
policy; (2) grant of the exemption authority was consistent with the
public interest; and (3) grant of the authority would not constitute a
major regulatory action under the Energy Policy and Conservation Act of
1975.  To the extent not granted, we denied all requests in the
referenced Docket.  We may amend, modify, or revoke the authority
granted in this Notice at any time without hearing at our discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR
§385.30, may file their petitions within seven (7) days after the date
of issuance of this Notice.  This action was effective when taken, and
the filing of a petition for review will not alter its effectiveness.

An electronic version of this document is available on the World Wide
Web at:

  HYPERLINK "http://www.regulations.gov"  http://www.regulations.gov

APPENDIX

U.S. Carrier Exemption Conditions

In the conduct of the operations authorized, the U.S. carrier
applicant(s) shall:

(1)  Hold at all times effective operating authority from the government
of each country served;

(2)  Comply with applicable requirements concerning oversales contained
in 14 CFR 250 (for scheduled operations, if authorized);

(3)  Comply with the requirements for reporting data contained in 14 CFR
241;

(4)  Comply with requirements for minimum insurance coverage, and for
certifying that coverage to the Department, contained in 14 CFR 205;

(5)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR 203, concerning
waiver of Warsaw Convention liability limits and defenses;

(6)  Comply with all applicable requirements of the Federal Aviation
Administration, the Transportation Security Administration, and with all
applicable U.S. Government requirements concerning security, including,
but not limited to, 49 CFR Part 1544.  To assure compliance with all
applicable U.S. Government requirements concerning security, the holder
shall, before commencing any new service (including charter flights) to
or from a foreign airport, contact its International Principal Security
Inspector (IPSI) to advise the IPSI of its plans and to find out whether
the Transportation Security Administration has determined that security
is adequate to allow such airport(s) to be served;

(7)  Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department of Transportation, with all applicable orders and regulations
of other U.S. agencies and courts, and with all applicable laws of the
United States.

The authority granted shall be effective only during the period when the
holder is in compliance with the conditions imposed above.

			11/2006

 Shuttle America is a commuter carrier certificated to provide scheduled
interstate air transportation using aircraft with fewer than 60 seats
(Order 98-11-15).  By letter dated April 6, 2005, to Mr. Robert Cohn
(Counsel for Shuttle America) from Mr. William Bertram (Chief, Air
Carrier Fitness Division, Office of Aviation Analysis), the Department
authorized Shuttle America to engage in interstate scheduled
transportation using large aircraft, subject to the restriction that
Shuttle America’s operations are performed under a fee-for-service
agreement with a major U.S carrier.

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