[Federal Register: July 2, 2008 (Volume 73, Number 128)]
[Notices]
[Page 37977-37978]
[DOCID:fr02jy08-95]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[USCG-2008-0202]

Collection of Information under Review by Office of Management
and Budget: OMB Control Numbers: 1625-0044, 1625-0045, and 1625-0060

AGENCY: Coast Guard, DHS.

ACTION: Thirty-day notice requesting comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995, this
request for comments announces that the U.S. Coast Guard is forwarding
three Information Collection Requests (ICRs), abstracted below, to the
Office of Information and Regulatory Affairs (OIRA) of the Office of
Management and Budget (OMB) requesting an extension of their approval
for the following collections of information: (1) 1625-0044, Outer
Continental Shelf Activities--Title 33 CFR Subchapter N; (2) 1625-0045,
Adequacy Certification for Reception Facilities and Advance Notices--33
CFR part 158; and (3) 1625-0060, Vapor Control Systems for Facilities
and Tank Vessels. Our ICRs describe the information we seek to collect
from the public. Review and comments by OIRA ensure we only impose
paperwork burdens commensurate with our performance of duties.

DATES: Please submit comments on or before August 1, 2008.

ADDRESSES: You may submit comments identified by Coast Guard docket
number [USCG-2008-0202] to the Docket Management Facility (DMF) at the
U.S. Department of Transportation (DOT) or to OIRA. To avoid
duplication, please submit your comments by only one of the following
means:
    (1) Electronic submission. (a) To Coast Guard docket at http://
www.regulation.gov. (b) To OIRA by e-mail to: oira_
<EMAIL_ADDRESS>    (2) Mail or Hand delivery. (a) DMF (M-30), DOT, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590-0001. Hand deliver between the hours of 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays. The telephone number is 202-
366-9329. (b) To OIRA, 725 17th Street NW., Washington, DC 20503, to
the attention of the Desk Officer for the Coast Guard.
    (3) Fax. (a) To DMF,<PHONE_NUMBER>. (b) To OIRA at<PHONE_NUMBER>. To
ensure your comments are received in time, mark the fax to the
attention of the Desk Officer for the Coast Guard.
    The DMF maintains the public docket for this notice. Comments and
material received from the public, as well as documents mentioned in
this notice as being available in the docket, will become part of this
docket and will be available for inspection or copying at room W12-140
on the West Building Ground Floor, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. You may also find this docket on the Internet
at  http://www.regulations.gov.
    Copies of the complete ICRs are available through this docket on
the Internet at http://www.regulations.gov. Additionally, copies are
available from Commandant (CG-611), U.S. Coast Guard Headquarters,
(Attn: Mr. Arthur Requina), 2100 2nd Street SW, Washington, DC 20593-
0001. The telephone number is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Mr. Arthur Requina, Office of
Information Management, telephone<PHONE_NUMBER> or fax<PHONE_NUMBER>, for
questions on these documents. Contact Ms. Renee V. Wright, Program
Manager, Docket Operations,<PHONE_NUMBER>, for questions on the docket.

SUPPLEMENTARY INFORMATION:
    The Coast Guard invites comments on whether this information
collection request should be granted based on it being necessary for
the proper performance of Departmental functions. In particular, the
Coast Guard would appreciate comments addressing: (1) The practical
utility of the collections; (2) the accuracy of the estimated burden of
the collections; (3) ways to enhance the quality, utility, and clarity
of information subject to the collections; and (4) ways to minimize the
burden of collections on respondents, including the use of automated
collection techniques or other forms of information technology.
    Comments to Coast Guard or OIRA must contain the OMB Control Number
of the ICR. Comments to Coast Guard must contain the docket number of
this request, [USCG 2008-0202]. For your comments to OIRA to be
considered, it is best if they are received on or before the August 1,
2008.
    Public participation and request for comments: We encourage you to
respond to this request by submitting comments and related materials.
We will post all comments received, without change, to http://
www.regulations.gov. They will include any personal information you
provide. We have an agreement with DOT to use their DMF. Please see the
paragraph on DOT's ``Privacy Act Policy'' below.

    Submitting comments: If you submit a comment, please include the
docket number [USCG-2008-0202], indicate the specific section of the
document to which each comment applies, providing a reason for each
comment. We recommend you include your name, mailing address, an e-mail
address, or other contact information in the body of your document so
that we can contact you if we have questions regarding your submission.
You may submit comments and material by electronic means, mail, fax, or
delivery to the DMF at the address under ADDRESSES; but please submit
them by only one means. If you submit them by mail or delivery, submit
them in an unbound format, no larger than 8\1/2\ by 11 inches, suitable
for copying and electronic filing. If you submit them by mail and would
like to know that they reached the Facility, please enclose a stamped,
self-addressed postcard or envelope. We will consider all comments and
material received during the comment period. We may change the
documents supporting this collection of information or even the
underlying requirements in view of them. The Coast Guard and OIRA will
consider all comments and material received during the comment period.
    Viewing comments and documents: Go to http://www.regulations.gov to
view documents mentioned in this notice as being available in the
docket. Enter the docket number [USCG-2008-0202] in the Search box, and
click, ``Go>>.'' You may also visit the DMF in room W12-140 in the West
Building, Ground Floor, 1200 New Jersey Avenue, SE., Washington, DC,
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays.
    Privacy Act: Anyone can search the electronic form of all comments
received in dockets by the name of the individual submitting the
comment (or signing the comment, if submitted on behalf of an
association, business, labor union, etc.). You may review the Privacy
Act Statement of DOT in the Federal Register published on April 11,
2000 (65 FR 19477), or by visiting http://DocketsInfo.dot.gov.

Previous Request for Comments

    This request provides a 30-day comment period required by OIRA. The
Coast Guard has published the 60-day notice (73 FR 19080, April 8,
2008) required by 44 U.S.C. 3506(c)(2). That notice elicited no
comments.

Information Collection Request

    1. Title: Outer Continental Shelf Activities--Title 33 CFR
subchapter N.
    OMB Control Number: 1625-0044.
    Type of Request: Revision of a currently approved collection.
    Affected Public: Operators of facilities and vessels engaged in
activities on the Outer Continental Shelf (OCS).
    Abstract: The Outer Continental Shelf Lands Act, as amended,
authorizes the Coast Guard to promulgate and enforce regulations
promoting the safety of life and property on OCS facilities. These
regulations are located in 33 CFR chapter I subchapter N.
    Burden Estimate: The estimated burden has increased from 5,867
hours to 6,233 hours a year.

    2. Title: Adequacy Certification for Reception Facilities and
Advance Notices--33 CFR part 158.
    OMB Control Number: 1625-0045.
    Type of Request: Revision of a currently approved collection.
    Affected Public: Owners and operators of reception facilities, and
owners/operators of vessels.
    Abstract: Section 1905 of 33 U.S.C. gives the Coast Guard the
authority to certify the adequacy of reception facilities in ports.
Reception facilities are needed to receive waste from ships which may
not be discharged at sea. Under regulations in 33 CFR part 158 there
are discharge limitations for oil/oily waste, noxious liquid
substances, plastics, and other garbage. This information collection is
needed to evaluate the adequacy of reception facilities prior to
issuance of a Certificate of Adequacy. Information for the advance
notice ensures effective management of reception facilities and reduces
the burden to facilities and ships.
    Burden Estimate: The estimated burden has increased from 1,058
hours to 1,529 hours a year.

    3. Title: Vapor Control Systems for Facilities and Tank Vessels.
    OMB Control Number: 1625-0060.
    Type of Request: Revision of a currently approved collection.
    Affected Public: Respondents are owners/operators of facilities,
tank vessels, and certifying entities.
    Abstract: Section 1225 of 33 U.S.C. and 46 U.S.C. 3703 authorize
the Coast Guard to establish regulations to promote the safety of life
and property of facilities and vessels. Subpart E of 33 CFR part 154
contains Coast Guard regulations for vapor control systems (VCS) and
certifying entities. The information is needed to ensure compliance
with U.S. regulations for the design of facility and tank vessel VCS.
The information is also needed to determine the qualifications of a
certifying entity.
    Burden Estimate: The estimated burden has increased from 1,145
hours to 2,724 hours a year.

    Authority: The Paperwork Reduction Act of 1995; 44 U.S.C.
chapter 35, as amended.

    Dated: June 26, 2008.
D.T. Glenn,
Rear Admiral, U.S. Coast Guard, Assistant Commandant for Command,
Control, Communications, Computers and Information Technology.
 [FR Doc. E8-15035 Filed 7-1-08; 8:45 am]

BILLING CODE 4910-15-P


[Federal Register Volume 85, Number 15 (Thursday, January 23, 2020)]
[Notices]
[Pages 3955-3960]
[FR Doc No: 2020-01038]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87994; File No. SR-NYSEArca-2020-05]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Equities Fees and Charges To Introduce Two New Pricing Tiers,
Retail Order Step-Up Tier 3 and Retail Order Step-Up Tier 4

January 16, 2020.
    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 January 9, 2020, 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.
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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 the
Substance of the Proposed Rule Change

    The Exchange proposes to amend the NYSE Arca Equities Fees and
Charges (``Fee Schedule'') to introduce two new pricing tiers, Retail
Order Step-Up Tier 3 and Retail Order Step-Up Tier 4. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Fee Schedule to introduce two
new pricing tiers, Retail Order Step-Up Tier 3 and Retail Order Step-Up
Tier 4. The proposed changes respond to the current competitive
environment where order flow providers have a choice of where to direct
liquidity-providing orders by offering further incentives for ETP
Holders \4\ to send additional displayed liquidity to the Exchange.
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    \4\ All references to ETP Holders in connection with this
proposed fee change include Market Makers.
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    The Exchange proposes to implement the fee changes effective
January 9, 2020.\5\
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    \5\ The Exchange originally filed to amend the Fee Schedule on
January 2, 2020 (SR-NYSArca-2020-02). SR-NYSEArca-2020-02 was
subsequently withdrawn and replaced by this filing.
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Background
    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.'' \6\
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    \6\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\7\ Indeed, equity trading is currently dispersed across 13
exchanges,\8\ 31 alternative trading systems,\9\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information for November 2019, no single
exchange has more than 18% market share (whether including or excluding
auction

volume).\10\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, in November
2019, the Exchange had 7.6% market share of executed volume of equity
trades (excluding auction volume).\11\
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    \7\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Final Rule).
    \8\ See Cboe U.S Equities Market Volume Summary, available at
https://markets.cboe.com/us/equities/market_share. See generally
https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \9\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \10\ See Cboe Global Markets U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/.
    \11\ See id.
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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
move order flow, or discontinue or reduce use of certain categories of
products. While it is not possible to know a firm's reason for shifting
order flow, the Exchange believes that one such reason is because of
fee changes at any of the registered exchanges or non-exchange venues
to which a firm routes order flow. The competition for Retail Orders
\12\ is even more stark, particularly as it relates to exchange versus
off-exchange venues. For example, the Exchange examined Rule 606
disclosures from three prominent retail brokerages: E-Trade, TD
Ameritrade and Charles Schwab. For securities listed on the New York
Stock Exchange LLC in the third quarter of 2019, TD Ameritrade routed
92% of its limit orders to off-exchange venues.\13\ Similarly, E-Trade
Financial and Charles Schwab routed more than 73% and more than
97%,\14\ respectively, of its limit orders to off-exchange venues. With
respect to non-marketable order flow that would provide displayed
liquidity on an Exchange against which market makers can quote, ETP
Holders can choose from any one of the 13 currently operating
registered exchanges to route such order flow. Accordingly, competitive
forces constrain exchange transaction fees and credits that relate to
orders that would provide displayed liquidity on an exchange.
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    \12\ A Retail Order is an agency order that originates from a
natural person and is submitted to the Exchange by an ETP Holder,
provided that no change is made to the terms of the order to price
or side of market and the order does not originate from a trading
algorithm or any other computerized methodology. See Securities
Exchange Act Release No. 67540 (July 30, 2012), 77 FR 46539 (August
3, 2012) (SR-NYSEArca-2012-77).
    \13\ See https://www.tdameritrade.com/retail-en_us/resources/pdf/AMTD2054.pdf.
    \14\ See https://content.etrade.com/etrade/powerpage/pdf/OrderRouting11AC6.pdf. See also https://www.schwab.com/public/schwab/nn/legal_compliance/important_notices/order_routing.html.
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Proposed Rule Change
    The proposed rule change is designed to be available to all ETP
Holders on the Exchange and is intended to provide ETP Holders an
opportunity to receive enhanced rebates by quoting and trading more on
the Exchange.
    The Exchange currently provides credits to ETP Holders who submit
orders that provide displayed liquidity on the Exchange. The Exchange
currently has multiple levels of credits for orders that provide
displayed liquidity that are based on the amount of volume of such
orders that ETP Holders send to the Exchange.
    As described in greater detail below, the Exchange proposes the
following changes:
     Introduce Retail Order Step-Up Tier 3, which provides a
credit of $0.0035 per share to ETP Holders that execute an ADV of
Retail Orders with a time-in-force of Day that add or remove liquidity
during the month that is an increase of 0.10% or more of the US CADV
\15\ above their April 2018 ADV taken as a percentage of US CADV; and
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    \15\ US CADV means the United States Consolidated Average Daily
Volume for transactions reported to the Consolidated Tape, excluding
odd lots through January 31, 2014 (except for purposes of Lead
Market Maker pricing), and excludes volume on days when the market
closes early and on the date of the annual reconstitution of the
Russell Investments Indexes. Transactions that are not reported to
the Consolidated Tape are not included in US CADV. See Fee Schedule,
footnote 3.
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     Introduce Retail Order Step-Up Tier 4, which provides a
credit of $0.0036 per share to ETP Holders that execute an ADV of
Retail Orders with a time-in-force of Day that add or remove liquidity
during the month that is an increase of 0.20% or more of the US CADV
above their April 2018 ADV taken as a percentage of US CADV.
    In this competitive environment, the Exchange has already
established Retail Order Step-Up Tiers 1 and 2, which are designed to
encourage ETP Holders that provide displayed liquidity in Retail Orders
on the Exchange to increase that order flow, which would benefit all
ETP Holders by providing greater execution opportunities on the
Exchange. In order to provide an incentive for ETP Holders to direct
providing displayed Retail Order flow to the Exchange, the credits
increase in the various tiers based on increased levels of volume
directed to the Exchange.
    Currently, the following credits are available to ETP Holders that
provide increased levels of displayed liquidity in Retail Orders on the
Exchange:

------------------------------------------------------------------------
                                       Credit for providing displayed
               Tier                      liquidity in retail orders
------------------------------------------------------------------------
Retail Order Step-Up Tier 1.......  $0.0033 (Tape A, Tape B and Tape C).
Retail Order Step-Up Tier 2.......  $0.0035 (Tape A, Tape B and Tape C).
------------------------------------------------------------------------

    Under the Retail Order Step-Up Tier 1, if an ETP Holder increases
its providing liquidity on the Exchange by a specified percentage over
the level that such ETP Holder provided liquidity in April 2018, it is
eligible to earn higher credits. Specifically, to qualify for the
credit under Retail Order Step-Up Tier 1, an ETP Holder must execute an
average daily volume (ADV) per month of Retail Orders with a time-in-
force of Day that add or remove liquidity that is an increase of 0.12%
or more of the US CADV above their April 2018 ADV taken as a percentage
of US CADV.
    Currently, if an ETP Holder meets the Retail Order Step-Up Tier 1
requirement, such ETP Holder is eligible to earn a credit of $0.0033
per share for Retail Orders that provide displayed liquidity to the
Book in Tape A, Tape B and Tape C securities, and is not charged a fee
for Retail Orders with a time-in-force of Day that remove
liquidity.\16\
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    \16\ See Securities Exchange Act Release No. 83268 (May 17,
2018), 83 FR 23983 (May 23, 2018) (SR-NYSEArca-2018-34).
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    Under Retail Order Step-Up Tier 2, if an ETP Holder increases its
providing liquidity by a specified percentage over the US CADV, and the
ETP Holder increases its providing liquidity on the Exchange by a
specified percentage over the level that such ETP Holder provided
liquidity in April 2018, it is eligible to earn higher credits.
Specifically, ETP Holders that provide liquidity an ADV per month of
1.10% or more of the US CADV, and execute an ADV of Retail Orders with
a time-in-force of Day that add or remove liquidity during the month
that is an increase of 0.35% or more of the US CADV above their April
2018 ADV taken as a percentage of US CADV are eligible for the per
share credit under the Retail Order Step-Up Tier 2 pricing tier.
    Currently, if an ETP Holder meets the Retail Order Step-Up Tier 2

requirement, such ETP Holder is eligible to earn a credit of $0.0035
per share for Retail Orders that provide displayed liquidity to the
Book in Tape A, Tape B and Tape C securities, and is not charged a fee
for Retail Orders with a time-in-force of Day that remove
liquidity.\17\ Additionally, under Retail Order Step-Up Tier 2, ETP
Holders are eligible to earn a credit of $0.0035 per share for orders
in Tape C securities that provide displayed liquidity, can receive an
incremental credit of $0.0002 per share for orders in Tape C securities
that provide non-displayed liquidity, and are charged a fee of $0.0027
per share for orders in Tape C securities that take liquidity.\18\
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    \17\ See Securities Exchange Act Release No. 83828 (August 10,
2018), 83 FR 40816 (August 16, 2018) (SR-NYSEArca-2018-58).
    \18\ Id.
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    With this proposed rule change, the Exchange proposes to introduce
two new pricing tiers, Retail Order Step-Up Tier 3 and Retail Order
Step-Up Tier 4. Under proposed Retail Order Step-Up Tier 3, ETP Holders
that execute an ADV of Retail Orders with a time-in-force of Day that
add or remove liquidity during the month that is an increase of 0.10%
or more of the US CADV above their April 2018 ADV taken as a percentage
of US CADV, would receive a credit of $0.0035 per share for Retail
Orders that provide displayed liquidity in Tape A, Tape B and Tape C
securities. Retail Orders with a time-in-force designation of Day that
remove liquidity from the Book will not be charged a fee. The Exchange
notes that proposed Retail Order Step-Up Tier 3 provides the same level
of credit for Retail Orders that provide displayed liquidity to the
Book in Tapes A, B and C securities payable under the current Retail
Order Step-Up Tier 2 but proposes a lower requirement to qualify for
the credit. Proposed Retail Order Step-Up Tier 3 also does not provide
the incremental $0.0002 per share credit in Tape C securities for
orders that provide non-displayed liquidity to the Book, the $0.0035
per share credits for non-Retail Orders that provide displayed
liquidity to the Book in Tape C Securities, or the $0.0027 per share
fee applicable for orders in Tape C securities that take liquidity, all
of which are currently payable under Retail Order Step-Up Tier 2.
    For example, assume an ETP holder has an ADV of 7 million shares in
Retail Orders with a time-in-force of Day that add or remove liquidity
in April 2018 when US CADV was 7 billion shares, or 0.10% of US CADV.
If that same ETP Holder has an ADV of at least 14 million shares in
Retail Orders with a time-in-force of Day that add or remove liquidity
in the billing month when US CADV was also 7 billion shares, or 0.20%
of US CADV, for a step up of 0.10% of US CADV, that ETP holder would
qualify for Retail Order Step-Up Tier 3 credit of $0.0035 per share.
    Under proposed Retail Order Step-Up Tier 4, ETP Holders that
execute an ADV of Retail Orders with a time-in-force of Day that add or
remove liquidity during the month that is an increase of 0.20% or more
of the US CADV above their April 2018 ADV taken as a percentage of US
CADV, would receive a credit of $0.0036 per share for Retail Orders
that provide displayed liquidity in Tape A, Tape B and Tape C
securities. Retail Orders with a time-in-force designation of Day that
remove liquidity from the Book will not be charged a fee.
    For example, assume the ETP holder in the previous example has an
ADV of at least 21 million shares in Retail Orders with a time-in-force
of Day that add or remove liquidity in the billing month when US CADV
was 7 billion shares, or 0.30% of US CADV, for a step up of 0.20% of US
CADV, then that ETP holder would qualify for Retail Order Step-Up Tier
4 credit of $0.0036 per share.
    With this proposed rule change, the following credits would be
available to ETP Holders that provide increased levels of displayed
liquidity in Retail Orders on the Exchange:

------------------------------------------------------------------------
                                       Credit for providing displayed
               Tier                      liquidity in retail orders
------------------------------------------------------------------------
Retail Order Step-Up Tier 1.......  $0.0033 (Tape A, Tape B and Tape C).
Retail Order Step-Up Tier 2.......  $0.0035 (Tape A, Tape B and Tape C).
Retail Order Step-Up Tier 3.......  $0.0035 (Tape A, Tape B and Tape C).
Retail Order Step-Up Tier 4.......  $0.0036 (Tape A, Tape B and Tape C).
------------------------------------------------------------------------

    For all other fees and credits, tiered or basic rates apply based
on a firm's qualifying levels.
    The purpose of the proposed rule change is to encourage even
greater participation from ETP Holders and promote additional liquidity
in Retail Orders. As described above, ETP Holders with liquidity-
providing orders have a choice of where to send those orders. The
Exchange believes that if it adopts the proposed credits, more ETP
Holders will choose to route their liquidity-providing Retail Orders to
the Exchange to qualify for the credits.
    The Exchange does not know how much Retail Order flow ETP Holders
choose to route to other exchanges or to off-exchange venues. While the
proposed Retail Order Step-Up Tier 3 and Tier 4 pricing tiers would be
available to all ETP Holders, no ETP Holder currently qualifies given
the pricing tiers are new.\19\ Without having a view of ETP Holders'
activity on other markets and off-exchange venues, the Exchange has no
way of knowing whether this proposed rule change would result in any
ETP Holders sending more of their Retail Orders to the Exchange to
qualify for the proposed Retail Order Step-Up Tier 3 and Tier 4
credits. The Exchange cannot predict with certainty how many ETP
Holders would avail themselves of this opportunity but additional
liquidity-providing Retail Orders would benefit all market participants
because it would provide greater execution opportunities on the
Exchange.
---------------------------------------------------------------------------

    \19\ As of December 27, 2019, there are 12 ETP Holders on the
Exchange that provide liquidity that could qualify for the
Exchange's Retail Step-Up pricing tiers.
---------------------------------------------------------------------------

    The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any significant problems
that market participants would have in complying with the proposed
changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\20\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\21\ 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.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(4) and (5).

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

The Proposed Fee Change Is Reasonable
    As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
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.'' \22\
---------------------------------------------------------------------------

    \22\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
---------------------------------------------------------------------------

    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\23\ Indeed, equity trading is currently dispersed across 13
exchanges,\24\ 31 alternative trading systems,\25\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow. As
noted above, no exchange possesses significant pricing power in the
execution of equity order flow.
---------------------------------------------------------------------------

    \23\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Final Rule).
    \24\ See Cboe Global Markets, U.S Equities Market Volume
Summary, available at https://markets.cboe.com/us/equities/market_share/.
    \25\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
---------------------------------------------------------------------------

    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 to reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
orders which provide liquidity on an Exchange, ETP Holders can choose
from any one of the 13 currently operating registered exchanges to
route such order flow. Accordingly, competitive forces reasonably
constrain exchange transaction fees that relate to orders that would
provide displayed liquidity on an exchange. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.
    Given this competitive environment, the proposal represents a
reasonable attempt to attract additional order flow to the Exchange.
    As noted above, the competition for Retail Order flow is stark
given the amount of retail limit orders that are routed to non-exchange
venues. 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 to reduce use of certain
categories of products, in response to fee changes. This competition is
particularly acute for non-marketable, or limit, retail orders, i.e.,
retail orders that can provide liquidity on an exchange. That
competition is even more fierce for retail limit orders that provide
displayed liquidity on an exchange. Accordingly, competitive forces
constrain exchange transaction fees, particularly as they relate to
competing for retail orders.
    The Exchange believes the proposed change to adopt the Retail Order
Step-Up Tier 3 and Retail Order Step-Up Tier 4 pricing tiers is
reasonable because it would provide ETP Holders with additional
incentives to send a greater number of Retail Orders to the Exchange.
The proposed change to adopt Retail Order Step-Up Tier 3 would allow
ETP Holders an alternative way to qualify for the $0.0035 per share
credit that is currently available under Retail Order Step-Up Tier 2.
The Exchange believes the proposed change is reasonable because the
proposed credits would continue to encourage ETP Holders to send Retail
Orders to the Exchange to qualify for the proposed pricing tiers. As
noted above, the Exchange operates in a highly competitive environment,
particularly for attracting Retail Order flow that provides displayed
liquidity on an exchange. The Exchange believes it is reasonable to
continue to provide credits in general, and higher credits, with
respect to the Retail Order Step-Up Tier 4 pricing tier, for Retail
Orders that provide displayed liquidity if an ETP Holder meets the
qualifications for the proposed pricing tiers.
    Further, given the competitive market for attracting Retail Orders,
the Exchange notes that with this proposed rule change, the Exchange's
pricing for Retail Orders would be comparable to credits currently in
place on other exchanges that the Exchange competes with for order
flow. For example, the Nasdaq Stock Market LLC (``Nasdaq'') provides
its members with a credit of $0.0033 per share if such member has an
85% add to total volume (adding liquidity and removing liquidity) ratio
during a billing month.\26\ Cboe BZX Exchange, Inc. (``BZX'') provides
its members with a credit of $0.0032 per share for retail orders that
add liquidity to that market.\27\ In addition, Cboe EDGX Exchange, Inc.
(`EDGX'') provides its members with a credit of $0.0037 per share for
retail orders that add liquidity to that market if an EDGX member adds
liquidity in Retail Orders of 0.50% of CADV or more.\28\
---------------------------------------------------------------------------

    \26\ See Nasdaq Price List, Rebate to Add Displayed Designated
Retail Liquidity, at http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2.
    \27\ See BZX Fee Schedule, Fee Codes and Associated Fees, at
https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
    \28\ See EDGX Fee Schedule, Fee Codes and Associated Fees, at
https://markets.cboe.com/us/equities/membership/fee_schedule/edgx/.
---------------------------------------------------------------------------

    The Exchange believes the proposed change is also reasonable
because it is designed to attract higher volumes of Retail Orders
transacted on the Exchange by ETP Holders which would benefit all
market participants by offering greater price discovery, increased
transparency, and an increased opportunity to trade on the Exchange.
    On the backdrop of the competitive environment in which the
Exchange currently operates, the proposed rule change is a reasonable
attempt to increase liquidity on the Exchange and improve the
Exchange's market share relative to its competitors.
The Proposed Fee Change Is an Equitable Allocation of Fees and Credits
    The Exchange believes that the proposed rule change to adopt Retail
Order Step-Up Tier 3 and Retail Order Step-Up Tier 4 equitably
allocates fees among its market participants because it is reasonably
related to the value of the Exchange's market quality associated with
higher volume in Retail Orders. The Exchange notes that currently 12
firms submit Retail Orders that add liquidity on the Exchange and of
those 12 firms, the Exchange anticipates that as many as five \29\ of
those firms could meet, or would reasonably be able to meet, the
proposed criteria and qualify for the credits and fees if those firms
directed more of their Retail Orders to the Exchange. The Exchange
believes that pricing is just one of the factors that ETP Holders
consider when determining where to direct their order flow. Among other
things, factors such as execution quality, fill rates, and volatility,
are important and deterministic to ETP Holders in deciding where to
send their order flow.
---------------------------------------------------------------------------

    \29\ These five firms have historically submitted the most
amount of Retail Orders to the Exchange. The Exchange believes each
of these firms would qualify for the proposed pricing tiers if each
were to submit all, or most of all, its Retail Orders to the
Exchange, rather than to a competitor.
---------------------------------------------------------------------------

    Further, the Exchange notes that, with this proposed rule change,
the

difference between the highest credit provided for Retail Orders,
$0.0036 per share, as proposed, and the credit for Retail Orders that
do not qualify for any Retail Order pricing tiers, $0.0030 per share,
is $0.0006, or 17%, which the Exchange believes is small given the
requirements that ETP Holders must meet to qualify for the higher
credit. Similarly, with this proposed rule change, the difference in
the highest credit for Retail Orders, $0.0036 per share, as proposed,
and the credit provided for Retail Orders to those ETP Holders
qualifying for the Retail Order Tier or Retail Order Step-Up Tier 1,
$0.0033 per share, would only be $0.0003 per share, or 9%. Therefore,
the Exchange believes the proposed Retail Order Step-Up Tier 3 and
Retail Order Step-Up Tier 4 pricing tiers are equitably allocated and
provide discounts that are reasonably related to the value to the
Exchange's market quality associated with higher volumes. In today's
competitive marketplace, order flow providers have a choice of where to
direct liquidity-providing order flow, and while only three ETP Holders
have qualified to date for the current Retail Order pricing tiers, the
Exchange believes there are additional ETP Holders that could qualify
if they chose to direct their order flow to the Exchange.
    Finally, the Exchange believes that the proposed Retail Order Step-
Up Tier 3 and Retail Order Step-Up Tier 4 pricing tiers are equitable
because the magnitude of the proposed credits is not unreasonably high
relative to credits paid by other exchanges for orders that provide
additional step up liquidity in Retail Orders.\30\ The Exchange
believes the proposed rule change would improve market quality for all
market participants on the Exchange and, as a consequence, attract more
Retail Orders to the Exchange, thereby improving market-wide quality
and price discovery.
---------------------------------------------------------------------------

    \30\ See notes 26-28, supra.
---------------------------------------------------------------------------

    The proposal neither targets nor will it have a disparate impact on
any particular category of market participant. ETP Holders that
currently qualify for credits associated with Retail Order Step-Up
pricing tiers on the Exchange will continue to receive credits when
they provide liquidity to the Exchange.
The Proposed Fee Change Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, ETP Holders
are free to disfavor the Exchange's pricing if they believe that
alternatives offer them better value.
    The Exchange believes it is not unfairly discriminatory to provide
a higher per share step-up credit for Retail Orders, as the proposed
credit would be provided on an equal basis to all ETP Holders that add
liquidity by meeting the requirements of the proposed Retail Order
Step-Up Tier 3 and Retail Order Step-Up Tier 4. Further, the Exchange
believes the proposed increased per share credits would incentivize ETP
Holders that meet the current tiered requirements to send more of their
Retail Orders to the Exchange to qualify for increased credits. The
Exchange also believes that the proposed change is not unfairly
discriminatory because it is reasonably related to the value to the
Exchange's market quality associated with higher volume.
    Finally, the submission of orders to the Exchange is optional for
ETP Holders in that they could choose whether to submit orders to the
Exchange and, if they do, the extent of its activity in this regard.
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,\31\ the Exchange
believes that the proposed rule change would not 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 ETP Holders. 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.'' \32\
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78f(b)(8).
    \32\ See Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
---------------------------------------------------------------------------

    Intramarket Competition. The Exchange believes the proposed rule
change does not impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
Particularly, the proposed change applies to all ETP Holders equally in
that all ETP Holders are eligible for the proposed tiers, have a
reasonable opportunity to meet each tier's criteria and will all
receive the proposed rebate if such criteria is met. Additionally, the
proposed change is designed to attract additional order flow to the
Exchange. The Exchange believes that the proposed new Retail Order
Step-Up pricing tiers would continue to incentivize market participants
to submit orders that qualify as Retail Orders to the Exchange. Greater
liquidity benefits all market participants on the Exchange by providing
more trading opportunities and encourages ETP Holders to send orders,
thereby contributing to robust levels of liquidity, which benefits all
market participants. The proposed credits would be available to all
similarly-situated market participants, and, as such, the proposed
change would not impose a disparate burden on competition among market
participants on the Exchange.
    Intermarket Competition. The Exchange believes the proposed rule
change does not impose any burden on intermarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The Exchange operates in a highly competitive market in which market
participants can readily choose to send their orders to other exchanges
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. As noted above, the Exchange's market share of
intraday trading (i.e., excluding auctions) was 7.6% in November 2019.
In such an environment, the Exchange must continually adjust its fees
and rebates to remain competitive with other exchanges and with off-
exchange venues. Because competitors are free to modify their own fees
and credits in response, and because market participants may readily
adjust their order routing practices, the Exchange does not believe
this proposed fee change would impose any burden on intermarket
competition.
    The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange for execution.

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) \33\ of the Act and subparagraph (f)(2) of Rule
19b-4 \34\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78s(b)(3)(A).
    \34\ 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) \35\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \35\ 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_ADDRESS>Please include
File Number SR-NYSEArca-2020-05 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-2020-05. 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 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. 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-2020-05, and should be
submitted on or before February 13, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-01038 Filed 1-22-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 223 (Monday, November 21, 2022)]
[Notices]
[Pages 70835-70836]
[FR Doc No: 2022-25315]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2022-N-2826]

Allergan Sales, LLC, et al.; Withdrawal of Approval of 10
Abbreviated New Drug Applications

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA or Agency) is
withdrawing approval of 10 abbreviated new drug applications (ANDAs)
from multiple applicants. The applicants notified the Agency in writing
that the drug products were no longer marketed and requested that the
approval of the applications be withdrawn.

DATES: Approval is withdrawn as of December 21, 2022.

FOR FURTHER INFORMATION CONTACT: Martha Nguyen, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 75, Rm. 1676, Silver Spring, MD 20993-0002, 240-
402-6980, [email protected].

SUPPLEMENTARY INFORMATION: The applicants listed in the table have
informed FDA that these drug products are no longer marketed and have
requested that FDA withdraw approval of the applications under the
process described in Sec.  314.150(c) (21 CFR 314.150(c)). The
applicants have also, by their requests, waived their opportunity for a
hearing. Withdrawal of approval of an application or abbreviated
application under Sec.  314.150(c) is without prejudice to refiling.

----------------------------------------------------------------------------------------------------------------
       Application No.                          Drug                                    Applicant
----------------------------------------------------------------------------------------------------------------
ANDA 040099.................  Norco (hydrocodone bitartrate and         Allergan Sales, LLC, U.S. Agent for
                               acetaminophen) Tablets, 5 milligrams      Allergan Pharmaceuticals International
                               (mg)/325 mg.                              Limited, 5 Giralda Farms, Madison, NJ
                                                                         07940.
ANDA 040148.................  Norco (hydrocodone bitartrate and          Do.
                               acetaminophen) Tablets, 2.5 mg/325 mg,
                               5 mg/325 mg, 7.5 mg/325 mg, 10 mg/325
                               mg, and 10 mg/500 mg.
ANDA 076434.................  Chlorhexidine Gluconate Solution, 0.12%.  Sunstar Americas, Inc., 301 East Central
                                                                         Rd., Schaumburg, IL 60195.
ANDA 079076.................  Ranitidine Hydrochloride (HCl)            Mylan Pharmaceuticals Inc., a Viatris
                               Injection, Equivalent to (EQ) 25 mg       Company, U.S. Agent for Mylan
                               base/milliliters (mL).                    Laboratories Limited, 3711 Collins
                                                                         Ferry Rd., Morgantown, WV 26505.
ANDA 090054.................  Ranitidine HCl Syrup, EQ 15 mg base/mL..  Tolmar Inc., 701 Centre Ave., Fort
                                                                         Collins, CO 80526.
ANDA 201804.................  Letrozole Tablets, 2.5 mg...............  Indicus Pharma, LLC, 2530 Meridian
                                                                         Parkway, Durham, NC 27713.
ANDA 201832.................  Nimodipine Capsules, 30 mg..............  Sofgen Pharmaceuticals, LLC, 21500
                                                                         Biscayne Blvd., Suite 600, Aventura, FL
                                                                         33180.
ANDA 203419.................  Donepezil HCl Tablets, 23 mg............  Indicus Pharma, LLC.
ANDA 203519.................  Morphine Sulfate Solution, 20 mg/5 mL...  Tris Pharma, Inc., 2033 Route 130, Suite
                                                                         D, Monmouth Junction, NJ 08852.
ANDA 206151.................  Abacavir Sulfate and Lamivudine Tablets,  Aurobindo Pharma USA, Inc., U.S. Agent
                               EQ 600 mg base; 300 mg.                   for Aurobindo Pharma Limited, 279
                                                                         Princeton-Hightstown Rd., East Windsor,
                                                                         NJ 08520.
----------------------------------------------------------------------------------------------------------------

    Therefore, approval of the applications listed in the table, and
all amendments and supplements thereto, is hereby withdrawn as of
December 21, 2022. Approval of each entire application is withdrawn,
including any strengths and dosage forms inadvertently missing from the
table. Introduction or delivery for introduction into interstate
commerce of products without approved new drug applications violates
section 301(a) and (d) of the Federal Food, Drug, and Cosmetic Act (21
U.S.C. 331(a) and (d)). Drug products that are listed in the table that
are in inventory on December 21, 2022 may continue to be dispensed
until the inventories have been depleted or the drug products have
reached their expiration dates or otherwise become violative, whichever
occurs first.

    Dated: November 16, 2022.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2022-25315 Filed 11-18-22; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 79, Number 221 (Monday, November 17, 2014)]
[Notices]
[Pages 68494-68496]
[FR Doc No: 2014-27064]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73570; File No. SR-ICEEU-2014-21]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to the Clearance of New Energy Futures Contracts

November 10, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given
that, on October 28, 2014, ICE Clear Europe Limited (``ICE Clear
Europe'') 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 primarily by ICE Clear
Europe. ICE Clear Europe filed the proposal pursuant to Section
19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(ii) \4\ thereunder, so
that the proposal was effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

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

    The principal purpose of the change is to modify certain aspects of
the ICE Clear Europe Delivery Procedures in connection with the launch
by the ICE Endex market of the ICE Endex Belgian ZTP Natural Gas
Futures Contracts (the ``Belgian Natural Gas Contracts''), which will
be cleared by ICE Clear Europe.

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

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of these statements.

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

    The purpose of the rule amendments is to modify certain aspects of
the ICE Clear Europe Delivery Procedures in connection with the launch
by the ICE Endex market of the Belgian Natural Gas Contracts, which
will be cleared by ICE Clear Europe. ICE Clear Europe does not
otherwise propose to amend its clearing rules or procedures in
connection with the Belgian Natural Gas Contracts.
    The amendments adopt a new Part H of the Delivery Procedures, which
will be applicable to the Belgian Natural Gas Contracts in the case of
physical delivery. The amendments provide, among other matters,
specifications for delivery of natural gas under a Belgian Natural Gas
Contract through the relevant Belgian transmission system, including
relevant definitions and a detailed delivery timetable for the
contracts. The amendments also address invoicing and payment for
delivery and certain limitations on the liability of the Clearing House
for performance or non-performance by the operator of the transmission
system and provider of certain relating trading services. The
amendments provide for calculation by the clearing house of buyer's and
seller's security to cover delivery obligations and related
liabilities, costs or charges, as well as procedures to address failed
deliveries. The revised procedures also outline various documentation
requirements for the relevant parties.
    In addition, the Parts of the Delivery Procedures after new Part H
have been renumbered and cross-references have been updated or
corrected. Certain other typographical corrections have also been made
in Parts D, E, F and G of the Delivery Procedures.
    ICE Clear Europe believes that the changes described herein are
consistent with the requirements of Section 17A of the Act \5\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22,\6\ and are consistent with the prompt and accurate
clearance of and settlement of securities transactions and, to the
extent applicable, derivative agreements, contracts and transactions,
the safeguarding of securities and funds in the custody or control of
ICE Clear Europe or for which it is responsible and the protection of
investors and the public interest, within the meaning of Section
17A(b)(3)(F) of the Act.\7\ The Belgian Natural Gas Contracts have
similar characteristics to other ICE Endex and ICE Futures Europe
energy contracts currently cleared by ICE Clear Europe, and ICE Clear
Europe believes that its existing financial resources, risk management,
systems and operational arrangements are sufficient to support clearing
of such products (and address physical delivery under such contracts).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
    \6\ 17 CFR 240.17Ad-22.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Specifically, ICE Clear Europe believes that it will be able to
manage the risks associated with acceptance of the Belgian Natural Gas
Contracts for clearing and physical delivery in such contracts. The
Belgian Natural Gas Contracts present a similar risk profile to other
ICE Endex contracts currently cleared by ICE Clear Europe, and ICE
Clear Europe believes that its existing risk management and margin
framework is sufficient for purposes of risk management of the Belgian
Natural Gas Contracts and related deliveries.
    Similarly, ICE Clear Europe has established appropriate standards
for determining the eligibility of contracts submitted to the
clearinghouse for clearing, and ICE Clear Europe believes that its
existing systems are appropriately scalable to handle the Belgian
Natural Gas Contracts, which are generally similar from an operational
perspective to the other ICE Endex natural gas contracts currently
cleared by ICE Clear Europe.
    For the reasons noted above, ICE Clear Europe believes that the
proposed rule change is consistent with the requirements of Section 17A
of the Act \8\ and regulations thereunder applicable to it.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

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

    ICE Clear Europe does not believe the proposed changes to the rules
would have any impact, or impose any burden, on competition not
necessary or appropriate in furtherance of the Act. ICE Clear Europe is
adopting the amendments to the Delivery Procedures in connection with
the listing of new contracts for trading on the ICE Endex market. ICE
Clear Europe believes that such contracts will provide additional
opportunities for interested market participants to engage in trading
activity relating to the Belgian natural gas market. ICE Clear Europe
does not believe the adoption of related Delivery Procedures amendments
would adversely affect access to clearing for clearing members or their
customers, or otherwise adversely affect competition in clearing
services.

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

    Written comments relating to the proposed changes to the rules have
not been solicited or received. ICE Clear Europe will notify the
Commission of any written comments received by ICE Clear Europe.

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

    The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(4)(ii) \10\
thereunder because it effects a change in an existing service of a
registered clearing agency that primarily affects the clearing
operations of the clearing agency with respect to products that are not
securities, including futures that are not security futures, swaps that
are not security-based swaps or mixed swaps, and forwards that are not
security forwards, and does not significantly affect any securities
clearing operations of the clearing agency or any rights or obligations
of the clearing agency with respect to securities clearing or persons
using such securities-clearing service. 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(4)(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 email to<EMAIL_ADDRESS>Please include
File Number SR-ICEEU-2014-21 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-ICEEU-2014-21. 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 filings will also be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/clear-europe/regulation#rule-filings.
    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-ICEEU-2014-21
and should be submitted on or before December 8, 2014.
    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-27064 Filed 11-14-14; 8:45 am]
BILLING CODE 8011-01-P