No Reproduction Without Prior Authorizations. NYSE Arca Options will reduce the liquidity “take” rate for all market participants in penny pilot issues and will provide a higher rebate for active liquidity providers. A Notice by the Securities and Exchange Commission on 03/13/2020. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule Regarding the Applicable Lead Market Maker Rights Fee for Low-Volume Issues. 01/22/2021, 196 provide legal notice to the public or judicial notice to the courts. The Exchange proposes to amend the NYSE Arca Options Fee Schedule (“Fee Schedule”). The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. developer tools pages. 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.” [18]. Currently, the Fee Schedule provides that transaction fees for OTP Holders and OTP Firms (collectively, “OTP Holders”) are limited or capped at $700 for certain options strategy executions “on the same trading day in the same option class” and such fees are further capped at $25,000 per month per initiating firm. ... fees, rules, calendars, forms and order types for our markets. 7. 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. Fee Code Fee/(Rebate) Description D1 $1.25 Directed ISO to NOM, ARCA, ISE Gemini, Non-Penny D2 $0.95 Directed ISO to BX Options (Non -Customer), Non-Penny D3 $0.95 Directed ISO to C2, PHLX (Non-Customer) D4 $0.85 Directed ISO (unless otherwise specified) XB FREE AIM Customer-to-Customer Immediate Cross, XSP XC FREE Customer, XSP 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. 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. A Jelly Roll in ABC for $800 in fees, capped at $700; A Reversal Conversion in DEF for $500 in fees; and, Use the Commission's internet comment form (. October 24, 2012. TRANSACTION FEE - PER CONTRACT . The standard options contract fee is $0.65 per contract (or $0.50 per contract for customers who execute at least 30 stock, ETF, and options trades per quarter). and services, go to Effective Date: April NYSE Arca GENERAL OPTIONS and TRADING PERMIT (OTP) FEES [January] 1, 2011 * * * * * NYSE Arca OPTIONS: TRADE-RELATED CHARGES . The Exchange also proposes to clarify that, consistent with other options exchanges that offer similar caps, a qualifying Strategy Execution executed as a QCC order will not be eligible for this fee cap. « JOX deploys Trayport’s exchange trading system. Intramarket Competition. Late Fees: These tools are designed to help you understand the official document Not only do we offer incredibly low fees, but we also have some of the lowest option commissions on the market. 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, to protect investors and the public interest. NYSE National. corresponding official PDF file on govinfo.gov. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule to Change the Monthly Fees for Option Trading Permits and Raise the Fee Cap that Applies to Certain Firm and Broker Dealer Open Outcry Executions, 34681-34683 [2013-13638] Rather, the proposal is designed encourage OTP Holders to utilize the Exchange as a primary trading venue for Strategy Executions (if they have not done so previously) or increase volume sent to the Exchange. Thus, OTP Holders have a choice of where they direct their order flow—including their Strategy Executions. Taking too long? Stated otherwise, changes to exchange transaction fees can have a direct effect on the ability of an exchange to compete for order flow. The Exchange proposes to implement the fee change effective August 1, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),[1] JOX deploys Trayport’s exchange trading system, Citi launches futures algo trading platform, Janus Henderson adopts BNY Mellon data management platform, Brazil’s B3 overtakes CME Group in rankings for largest derivatives exchange, Rethinking equities at Cantor Fitzgerald Europe, LSEG to complete $27 billion Refinitiv acquisition on 29 January, State Street launches FX sales and trading desk in Brazil under emerging markets expansion, Leaders in Trading: The Digital Experience (LiTDX). For example, per the current Fee Schedule, an OTP Holder that executes the following Strategy Executions on the same trading day would be charged as follows: The total fees for these Strategy Executions under the current Fee Schedule would be $1,800. The text of those statements may be examined at the places specified in Item IV below. Copyright ©2021 Tungsten Publishing. The Exchange believes that the proposed Strategy Cap would encourage OTP Holders to execute more Strategy Executions, particularly those that would not individually qualify for inclusion in the Cap because of the current per-symbol limitation, as such strategies would become more economically feasible (and thus more attractive), when combined under the proposed Cap with all of an OTP Holder's Strategy Executions on the same trading day. Therefore, no exchange possesses significant pricing power in the execution of multiply-listed equity & ETF options 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. of Proposed Rule Change to Modify the NYSE Arca Options Fee Schedule Regarding the Limits on Fees for Options Strategy Executions Pursuant to Section 19(b)(1)1 2of the Securities Exchange Act of 1934 (the “Act”) and Rule 19b-4 thereunder,3 notice is hereby given that, on January 13, 2021, NYSE Arca, Inc. thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. ... NYSE Arca Options. The Exchange believes it is not unfairly discriminatory to modify the Strategy Cap because the proposed modification would be available to all similarly-situated market participants on an equal and non-discriminatory basis. Thus, although the amount of the Cap would be increased, the number of eligible Strategy Executions would also be increased, making it easier to meet the Strategy Cap. Each document posted on the site includes a link to the of the issuing agency. More specifically, in the fourth quarter of 2019, the Exchange had less than 10% market share of executed volume of multiply-listed equity & ETF options trades.[7]. on Information about this document as published in the Federal Register. These can be useful See Securities Exchange Act Release No. The Exchange notes that QCC transactions for Non-Customers are eligible for other Fee Cap programs, and eligible for credits for a Floor Broker executing a QCC.[10]. The Exchange also believes that the proposed change is designed to provide the public and investors with a Fee Schedule that is clear and consistent, thereby reducing burdens on the marketplace and facilitating investor protection. The Exchange cannot predict with certainty whether any OTP Holders would avail themselves of this proposed fee change. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule… for better understanding how a document is structured but documents in the last year, 785 See also BOX Options Market LLC (“BOX”) fee schedule, Section II.D (Strategy QOO Order Fee Cap and Rebate). Under the proposed Strategy Cap, the same trades would be billed as follows: The total fees for these Strategy Executions under the proposed Fee Schedule would be $1,000. While every effort has been made to ensure that The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room Thus, OTP Holders have a choice of where they direct their order flow. Cboe Options Exchange Fee Schedule Effective December 1, 2020 . documents in the last year, 963 Notice of Withdrawal of Proposed Rule Change to Amend the NYSE Arca Options Fee Schedule to Revise the Options Regulatory Fee: Third Quarter: SR-NYSEArca-2019-67: 34-87153: Sep. 30, 2019: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Period for the Exchange Retail Liquidity Program until October 31, 2019 To subscribe to our mailing list to receive MIAX alerts and notices, please complete the form below. 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. and Rule 19b-4 thereunder,[2] The Exchange believes that the proposed Strategy Cap would incent market participants to direct their Strategy Execution volume to the Exchange. If you are an institution, click below to learn more about our offerings for RIAs, Hedge Funds, Compliance Officers and more. Options Regulatory Fee: The per-contract Options Regulatory Fee ("ORF") is assessed by BZX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. of the Act and subparagraph (f)(2) of Rule 19b-4 [22] Active traders who meet a minimum threshold of options contracts will qualify for even lower rates. Accordingly, competitive forces constrain options exchange transaction fees. 20. More specifically, in the fourth quarter of 2019, the Exchange had less than 10% market share of executed volume of multiply-listed equity & ETF options trades.[16]. Thus, the Exchange cannot predict with any certainty the number of OTP Holders that may qualify for the modified Strategy Cap, but believes that OTP Holders would be encouraged to take advantage of the modified Cap. Based on OCC data, supra note 8, the Exchange's market share in equity-based options was 9.57% for the month of January 2019 and 9.59% for the month of January, 2020. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. Pricing remains unchanged on the New York Stock Exchange (NYSE) in NYSE-listed securities (Tape A) and for trading in all Tape B securities (including ETFs). November 6, 2013. documents in the last year, 355 01/22/2021, 325 Regulations; April 20, 2015; Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. NYSE Arca Options will reduce the liquidity “take” rate for all market participants in penny pilot issues and will provide a higher rebate for active liquidity providers. More specifically, in the fourth quarter of 2019, the Exchange had less than 10% market share of executed volume of multiply-listed equity & ETF options trades.[20]. Notice of Withdrawal of Proposed Rule Change to Amend the NYSE Arca Options Fee Schedule to Revise the Options Regulatory Fee: Third Quarter: SR-NYSEArca-2019-67: 34-87153: Sep. 30, 2019: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Period for the Exchange Retail Liquidity Program until October 31, 2019 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/​volume/​default.jsp. In this Issue, Documents The Exchange proposes to amend the NYSE Arca Options Fee Schedule (“Fee Schedule”) by revising the Options Regulatory Fee (“ORF”), effective August 1, 2019. The OFR/GPO partnership is committed to presenting accurate and reliable Overview Applicable Cboe Exchange: Cboe Options Effective Tuesday, December 1, 2020, Cboe will introduce the following pricing changes on Cboe Options, subject to regulatory review. regulatory information on FederalRegister.gov with the objective of The Exchange proposes to amend the NYSE Arca Options Fee Schedule (``Fee Schedule'') regarding transaction fees and credits. Transaction Fees and Credits). are not part of the published document itself. 01/22/2021, 872 Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule Regarding the Applicable Lead Market Maker Rights Fee for Low-Volume Issues. Specifically, as proposed, the daily Strategy Cap on transaction fees for options Strategy Executions would be changed from $700 to $1,000 and would apply to all Strategy Executions by an OTP Holder on the same trading day (regardless of option class/symbol). The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. documents in the last year, 39 The Exchange proposes to modify the NYSE Arca Options Fee Schedule (the ``Fee Schedule'') to establish fees for mini-options contracts (``Minis''). For the most comprehensive view of Nasdaq BX connectivity options and fee schedule please review rules 7015, 7034, and 7051 of the Rule Book. See e.g., Fee Schedule, NYSE Arca OPTIONS: TRADE-RELATED CHARGES FOR STANDARD OPTIONS, FIRM AND BROKER DEALER MONTHLY FEE CAP (including in monthly cap any “QCC transactions executed by a Floor Broker from the Floor of the Exchange”) and QUALIFIED CONTINGENT CROSS (“QCC”) TRANSACTION FEES AND CREDITS (providing a per contract credit for QCCs executed by Floor Brokers). Lead Market Maker Rights2. NYSE Arca Options will reduce the liquidity take rate for all market participants in penny pilot issues and will provide a higher rebate for active liquidity providers. Effective January 4, 2021. Document page views are updated periodically throughout the day and are cumulative counts for this document. on This file number should be included on the subject line if email is used. BX Options Depth of Market; BX Options Top of Market; NASDAQ Futures. The proposed rule change is available on the Exchange's Web site at www.nyse.com , at the principal office of the Exchange, and at the Commission's Public Reference Room. Fee code D will be yielded if an SWPA routing strategy removes liquidity from NYSE. The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) [21] The Exchange proposes to modify the NYSE Arca Options Fee Schedule (“Fee Schedule”). Shares Executed At or Above $1.00 (Per Share Executed) 16. Free: G: Routed to NYSE Arca (Tapes A or C) 0.00300 0.30% of Dollar Value: HA: Non-displayed order, adds liquidity (0.00100) ... using the definition of Customer as provided under the Exchange’s fee schedule for EDGX Options. 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. In addition, the proposal caps fees on all similar transactions, regardless of size and similarly-situated OTP Holders can opt to try to achieve the modified Strategy Cap. This proposal is not intended to be responsive to the issues raised in the OIP, but to instead address the immediate issue of billing for August 30th. Fee code O will be yielded if an order is routed to NYSE Arca & BZX's closing processes. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. The Exchange proposes to implement the rule change on March 2, 2020. documents in the last year, 1477 November 6, 2013. 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. Be sure to leave feedback using the 'Feedback' button on the bottom right of each page! Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule… Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action, https://www.federalregister.gov/d/2020-05105, MODS: Government Publishing Office metadata, https://www.nyse.com/​publicdocs/​nyse/​markets/​arca-options/​NYSE_​Arca_​Options_​Fee_​Schedule.pdf, https://www.theocc.com/​market-data/​volume/​default.jsp. Active traders who want the cheapest option trading make Lightspeed Trader their online broker of choice. “We believe our new pricing will benefit customers, strengthen our position in the new competitive landscape, and further fuel our growth as the marketplace continues to evolve,” said Lawrence Leibowitz, group executive vice president, US execution and global technology at NYSE, in a statement. Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. 6. NYSE Arca (PSE) Options Fees. NYSE claims it continues to offer the most attractive take fee in NYSE-listed securities of $0.0008 per share for all customers. Based on OCC data, see supra note 8, in 2019, the Exchange's market share in equity-based options was 9.57% for the month of January 2019 and 9.59% for the month of January 2020. 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. The Exchange proposes to implement the fee change effective March 2, 2020. This repetition of headings to form internal navigation links The Exchange proposes to implement the fee change effective July 11, 2019. Until the ACFR grants it official status, the XML For Individuals. offers a preview of documents scheduled to appear in the next day's 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. headings within the legal text of Federal Register documents. The President of the United States manages the operations of the Executive branch of Government through Executive orders. Effective January 19, 2021. To the extent that the proposed change attracts more Strategy Executions to the Exchange, this increased order flow would continue to make the Exchange a more competitive venue for, among other things, order execution. 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. Feedback The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. documents in the last year, by the Civil Rights Commission About the Federal Register NYSE Arca Options will modify the post/take fee structure for electronic executions in all penny pilot issues, which NYSE says effectively lowers the take fee for all customers as well as providing a higher market maker rebate on incremental volume above certain liquidity provision levels. This PDF is Comments may be submitted by any of the following methods: All submissions should refer to File Number SR-NYSEArca-2020-18. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule… The Exchange proposes to modify the NYSE Arca Options Fee Schedule (“Fee Schedule”). See Fee Schedule, NYSE Arca OPTIONS: TRADE-RELATED CHARGES FOR STANDARD OPTIONS, LIMIT OF FEES ON OPTIONS STRATEGY EXECUTIONS, available here: 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. These markup elements allow the user to see how the document follows the You also have the option to … documents in the last year, 9 5. The Exchange proposes to implement the fee change effective March 2, 2020. Intermarket Competition. "Options Customer Remove OCV" for purposes of equities pricing means ADV resulting from Customer orders that remove liquidity as a percentage of OCV, using the definitions of ADV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options. 11. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. NYSE American Options. At present, whether or when an OTP Holder qualifies for the current daily Strategy Cap (of $700) varies day-to-day in a given month. NYSE Securities with Remote DMM. electronic version on GPO’s govinfo.gov. Active traders who want the cheapest option trading make Lightspeed Trader their online broker of choice. The Exchange proposes to amend the NYSE Arca Options Fees and Charges (the “Options Fee Schedule”) and the NYSE Arca Equities Fees and Charges (the “Equities Fee Schedule” and, together with the Options Fee Schedule, the “Fee Schedules”) related to co-location services to amend the Partial Cabinet Solution bundles. the current document as it appeared on Public Inspection on Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule Relating to Lead Market Maker Rights Fees… 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.” [14], There are currently 16 registered options exchanges competing for order flow. Not only do we offer incredibly low fees, but we also have some of the lowest option commissions on the market. The proposed Strategy Cap would be available to all similarly-situated market participants that incur transaction fees on Strategy Executions, and, as such, the proposed change would not impose a disparate burden on competition among market participants on the Exchange. The documents posted on this site are XML renditions of published Federal Therefore, no exchange possesses significant pricing power in the execution of multiply-listed equity & ETF options order flow. Options Regulatory Fee: The per-contract Options Regulatory Fee ("ORF") is assessed by BZX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. Moreover, the proposal is designed to encourage OTP Holders to aggregate all Strategy Executions at the Exchange as a primary execution venue. See supra note 12 (regarding the substantially identical change to the NYSE American Fee Schedule, which also excludes QCC transactions from the cap, and the $1,000 cap on strategy executions in place on and BOX). This document has been published in the Federal Register. NYSE Euronext has changed its transaction pricing for NYSE Arca Equities and NYSE Arca Options. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/​rules/​sro.shtml). [9] The Exchange proposes to amend the NYSE Arca Options Fees and Charges (the “Options Fee Schedule”) and the NYSE Arca Equities Fees and Charges (the “Equities Fee Schedule” and, together with the Options Fee Schedule, the “Fee Schedules”) related to co-location services to amend the Partial Cabinet Solution bundles. Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the NYSE Arca Options Fee Schedule Regarding the Limits on Fees for Options Strategy Executions Comments due: 21 days after publication in the Federal Register Additional Materials: Exhibit 5. If you are using public inspection listings for legal research, you documents in the last year. 03/12/2020 at 8:45 am. Trade Our Options & Bonds Markets. The Exchange proposes to amend the NYSE Arca Options Fee Schedule (``Fee Schedule'') regarding transaction fees and credits. To help the Commission process and review your comments more efficiently, please use only one method. 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