[Federal Register Volume 78, Number 94 (Wednesday, May 15, 2013)]
[Notices]
[Pages 28688-28692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-11519]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69547; File No. SR-Phlx-2013-48]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Fees and Rebates Applicable to Qualified Contingent Cross Orders
May 9, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on May 1, 2013, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule
[[Page 28689]]
change as described in Items I, II, and III, below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend fees and rebates applicable to
Qualified Contingent Cross (``QCC'') orders.
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend fees and rebates applicable
to both electronic QCC Orders (``eQCC'') \3\ and Floor QCC Orders \4\
(collectively ``QCC Orders''). The Exchange believes that the proposed
amendments to its pricing for QCC Orders will enable the Exchange to
attract additional QCC Orders by increasing the amount of rebates paid
for certain increased thresholds and eliminating service fees on QCC
Orders.
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\3\ A QCC Order is comprised of an order to buy or sell at least
1000 contracts that is identified as being part of a qualified
contingent trade, as that term is defined in Rule 1080(o)(3),
coupled with a contra-side order to buy or sell an equal number of
contracts. The QCC Order must be executed at a price at or between
the National Best Bid and Offer and be rejected if a Customer order
is resting on the Exchange book at the same price. A QCC Order shall
only be submitted electronically from off the floor to the PHLX XL
II System. See Rule 1080(o). See also Securities Exchange Act
Release No. 64249 (April 7, 2011), 76 FR 20773 (April 13, 2011) (SR-
Phlx-2011-47) (a rule change to establish a QCC Order to facilitate
the execution of stock/option Qualified Contingent Trades (``QCTs'')
that satisfy the requirements of the trade through exemption in
connection with Rule 611(d) of the Regulation NMS).
\4\ A Floor QCC Order must: (i) be for at least 1,000 contracts,
(ii) meet the six requirements of Rule 1080(o)(3) which are modeled
on the QCT Exemption, (iii) be executed at a price at or between the
National Best Bid and Offer (``NBBO''); and (iv) be rejected if a
Customer order is resting on the Exchange book at the same price. In
order to satisfy the 1,000-contract requirement, a Floor QCC Order
must be for 1,000 contracts and could not be, for example, two 500-
contract orders or two 500-contract legs. See Rule 1064(e). See also
Securities Exchange Act Release No. 64688 (June 16, 2011), 76 FR
36606 (June 22, 2011) (SR-Phlx-2011-56).
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Today, the Exchange pays rebates on QCC Orders based on the
following five tier rebate schedule:
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Rebate per
Threshold contract
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0 to 199,999 contracts in a month.......................... $0.00
200,000 to 499,999 contracts in a month.................... 0.01
500,000 to 699,999 contracts in a month.................... 0.05
700,000 to 999,999 contracts in a month.................... 0.07
Over 1,000,000 contracts in a month........................ 0.11
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Today, the Exchange pays a rebate on all qualifying executed QCC
Orders, as defined in Exchange Rule 1080(o) and Floor QCC Orders, as
defined in 1064(e), except where the transaction is either: (i)
Customer-to-Customer; or (ii) a dividend,\5\ merger,\6\ short stock
interest \7\ or reversal or conversion strategy \8\ execution. Today,
the maximum rebate the Exchange will pay in a given month for QCC
Orders is $275,000. Today, QCC Transaction Fees for a Specialist,\9\
Market Maker,\10\ Professional,\11\ Firm\12\ and Broker-Dealer \13\ are
$0.20 per contract.
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\5\ A dividend strategy is defined as transactions done to
achieve a dividend arbitrage involving the purchase, sale and
exercise of in-the-money options of the same class, executed the
first business day prior to the date on which the underlying stock
goes ex-dividend. See Section II of the Pricing Schedule.
\6\ A merger strategy is defined as transactions done to achieve
a merger arbitrage involving the purchase, sale and exercise of
options of the same class and expiration date, executed the first
business day prior to the date on which shareholders of record are
required to elect their respective form of consideration, i.e., cash
or stock. See Section II of the Pricing Schedule.
\7\ A short stock interest strategy is defined as transactions
done to achieve a short stock interest arbitrage involving the
purchase, sale and exercise of in-the-money options of the same
class. See Section II of the Pricing Schedule.
\8\ Reversal and conversion strategies are types of transactions
that employ calls and puts of the same strike price and the
underlying stock. Reversals are established by combining a short
stock position with a short put and a long call position that shares
the same strike and expiration. Conversions employ long positions in
the underlying stock that accompany long puts and short calls
sharing the same strike and expiration. See Section II of the
Pricing Schedule.
\9\ A ``Specialist'' is an Exchange member who is registered as
an options specialist pursuant to Rule 1020(a).
\10\ A ``Market Maker'' includes Registered Options Traders
(Rule 1014(b)(i) and (ii)), which includes Streaming Quote Traders
(see Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (see
Rule 1014(b)(ii)(B)). Directed Participants are also market makers.
\11\ The term ``Professional'' means any person or entity that
(i) is not a broker or dealer in securities, and (ii) places more
than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Rule
1000(b)(14).
\12\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at OCC.
\13\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category.
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The Exchange will continue to pay rebates on QCC Orders for all
qualifying executed QCC Orders, as defined in Exchange Rule 1080(o) and
Floor QCC Orders, as defined in 1064(e), except where the transaction
is either: (i) Customer-to-Customer; or (ii) a dividend, merger, short
stock interest or reversal or conversion strategy executions.
The Exchange proposes to amend the QCC Rebate Schedule by
increasing the Tier 1 threshold of 0 to 199,999 to 0 to 299,999. The
Exchange will continue to not pay a rebate for a QCC Order for Tier 1.
The Exchange proposes to amend the Tier 2 threshold from 200,000 to
499,999 to 300,000 to 499,999 and also increase the Tier 2 rebate from
$0.01 to $0.07 per contract. The Exchange proposes to amend the Tier 3
threshold of 500,000 to 699,999 by increasing the Tier 3 rebate from
$0.05 to $0.08 per contract. The Exchange proposes to amend Tier 4,
which has a threshold of 700,000 to 999,999, by increasing the current
rebate from $0.07 to $0.09 per contract. The Exchange does not propose
to amend the Tier 5 threshold of over 1,000,000 contracts in a month or
rebate of $0.11 per contract.
Additionally, the Exchange proposes to amend the maximum QCC Rebate
that the Exchange pays in a given month. Today, the maximum QCC Rebate
that the Exchange pays in a given month is $275,000. The Exchange
proposes to increase the maximum QCC Rebate to $375,000.
As mentioned herein, QCC Transaction Fees for a Specialist, Market
Maker, Professional, Firm and Broker-Dealer are $0.20 per contract. The
Exchange does not propose to amend this fee.
The Exchange proposes to eliminate certain Service Fees associated
with QCC Orders. Today, for QCC Orders as defined in Exchange Rule
1080(o), and
[[Page 28690]]
Floor QCC Orders, as defined in 1064(e), a Service Fee of $0.07 per
side is assessed to a Specialist or Market Maker that has reached the
Monthly Market Maker Cap.\14\ The $0.07 Service Fee applies to every
contract side of a QCC Order and Floor QCC Order after a Specialist or
Market Maker has reached the Monthly Market Maker Cap, except for
reversal and conversion strategies executed via QCC. The Service Fee is
not assessed to a Specialist or Market Maker that does not reach the
Monthly Market Maker Cap in a particular calendar month. The Exchange
proposes to eliminate the Service Fee of $0.07 per side.
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\14\ Specialists and Market Makers are subject to a ``Monthly
Market Maker Cap'' of $550,000 for: (i) Electronic and floor Option
Transaction Charges; (ii) QCC Transaction Fees (as defined in
Exchange Rule 1080(o) and Floor QCC Orders, as defined in 1064(e));
and (iii) fees related to an order or quote that is contra to a PIXL
Order or specifically responding to a PIXL auction. The trading
activity of separate Specialist and Market Maker member
organizations is aggregated in calculating the Monthly Market Maker
Cap if there is Common Ownership between the member organizations.
All dividend, merger, short stock interest and reversal and
conversion strategy executions (as defined in this Section II) are
excluded from the Monthly Market Maker Cap.
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Further, today for QCC Orders as defined in Exchange Rule 1080(o),
and Floor QCC Orders, as defined in 1064(e), a Service Fee of $0.01 per
side applies once a Firm has reached the Monthly Firm Fee Cap,\15\
except for reversal and conversion strategies executed via QCC. This
$0.01 Service Fee applies to every contract side of a QCC Order and
Floor QCC Order after a Firm has reached the Monthly Firm Fee Cap. The
Service Fee is not assessed to a Firm that does not reach the Monthly
Firm Fee Cap in a particular calendar month. The Exchange proposes to
eliminate the Service Fee of $0.01 per side. Once a Specialist or
Market Maker reaches the Monthly Market Maker Cap or a Firm reaches the
Monthly Firm Fee Cap in a given month those market participants would
not be assessed transaction fees, including the $0.20 per contract QCC
Transaction Fee.
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\15\ Firms are subject to a maximum fee of $75,000 (``Monthly
Firm Fee Cap''). Firm Floor Option Transaction Charges and QCC
Transaction Fees, as defined in this section above, in the
aggregate, for one billing month may not exceed the Monthly Firm Fee
Cap per member organization when such members are trading in their
own proprietary account. All dividend, merger, and short stock
interest strategy executions (as defined in this Section II) are
excluded from the Monthly Firm Fee Cap. Reversal and conversion
strategy executions (as defined in this Section II) are included in
the Monthly Firm Fee Cap. QCC Transaction Fees are included in the
calculation of the Monthly Firm Fee Cap.
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The Exchange proposes to insert tier numbers into the QCC Rebate
Schedule for ease of reference to identify each rebate tier.
2. Statutory Basis
The Exchange believes that its proposal to amend its Pricing
Schedule is consistent with Section 6(b) of the Act \16\ in general,
and furthers the objectives of Section 6(b)(4) of the Act,\17\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that it is reasonable to amend the QCC Rebate
Schedule to increase the threshold in Tier 1 (from 0 to 199,999 to 0 to
299,999) and 2 (from 200,000 to 499,999 to 300,000 to 499,999) because
the Exchange is seeking to encourage market participants to transact a
greater number of QCC Orders. Today, a market participant does not
receive a rebate for transacting less than 200,000 contracts today.
With this proposal, the threshold is increased so that a market
participant does not receive a rebate for transacting less than 300,000
contracts. The Exchange is also proposing to increase all rebates in
Tiers 2, 3, and 4. The Tier 2 is being increased from $0.01 to $0.07
per contract, the Tier 3 rebate is being increased from $0.05 to $0.08
per contract and the Tier 3 rebate is being increased from $0.07 to
$0.09 per contract. The Exchange believes that increasing the rebates
offered for transacting QCC Orders will incentivize market participants
to transact a greater number of QCC Orders. The Exchange believes that
the amendments to the QCC Rebate Schedule are equitable and not
unfairly discriminatory because the Exchange is proposing to uniformly
increase the rebates for all qualifying market participants.
The Exchange's proposal to increase the maximum QCC Rebate that the
Exchange will pay in a given month from $275,000 to $375,000 is
reasonable because this proposal should encourage market participants
to transact a greater number of QCC Orders in order to obtain higher
rebates. The Exchange's proposal to increase the maximum QCC Rebate
that the Exchange will pay in a given month from $275,000 to $375,000
is equitable and not unfairly discriminatory because the Exchange is
increasing the maximum for any market participant that transacts QCC
Orders and qualifies for rebates. All market participants are eligible
to transact QCC Orders.
The Exchange believes that eliminating the Service Fees applicable
to QCC Orders when the Specialist or Market Maker has reached the
Monthly Market Maker Cap ($0.07 Service Fee) or when a Firm has reached
the Monthly Firm Fee Cap ($0.01 Service Fee) is reasonable because it
should also incentivize Specialists, Market Makers and Firms to
transact a greater number of QCC Orders because no Service Fee will be
assessed once the applicable monthly cap has been reached by these
market participants.
The Exchange believes that the elimination of the Service Fees is
equitable and not unfairly discriminatory because the Exchange is
proposing to uniformly not assess a Service Fee on QCC Transactions to
any market participant. Today, only Specialists, Market Makers and
Firms are assessed Service Fees on QCC Orders and those Service Fees
are being eliminated. By eliminating the Services Fees applicable to
QCC Orders when the Specialist or Market Maker has reached the Monthly
Market Maker Cap ($0.07 Service Fee) or when a Firm has reached the
Monthly Firm Fee Cap ($0.01 Service Fee), the Exchange would not assess
transaction fees to Specialists, Market Makers and Firms once the
respective caps are reached by these market participants. Customers are
not assessed transaction fees in Sections I or II of the Pricing
Schedule because Customer order flow brings unique benefits to the
market which in turn benefits all market participants. For this reason,
there is no need to cap Customer transaction fees. Also, members
receive rebates for qualifying Customer transactions pursuant to the
Customer Rebate Program in Section B of the Pricing Schedule. A
Professional and Broker Dealer will be assessed transaction fees on all
transactions, because today these market participants' fees are not
capped. The Exchange believes that it is equitable and not unfairly
discriminatory to cap transaction fees for Specialists and Market
Makers and not have them pay the additional $0.07 per contract Service
Fee on QCC Orders above the Monthly Market Maker Cap, thereby
increasing the differential between these market participants and other
market participants not subject to a cap (Professionals and Broker-
Dealers) because Specialists and Market Makers have burdensome quoting
obligations \18\ to the market which do not apply to Customers,
Professionals, Firms and Broker-Dealers. In addition, Specialists and
Market Makers are subject to
[[Page 28691]]
Payment for Order Flow Fees \19\ whereas Customers, Professionals,
Firms and Broker-Dealers are not subject to such fees. With respect to
Firms, the Exchange today caps Firm transaction fees. This proposal
would no longer assess the $0.01 per contract Service Fee for QCC
Orders above the Monthly Firm Cap. While the elimination of the Service
Fees will increase the differential that exists today between Firms as
compared to Professionals and Broker-Dealers, as is also the case with
Specialists and Market Makers that will no longer pay Service Fees
above the Monthly Market Maker Cap, the Exchange notes that today
Firms, Specialists and Market Makers do not pay transaction fees once
they have reached the applicable cap for other types of non-QCC
transactions. Today, the Exchange only assesses Service Fees for QCC
Orders because these fees provided the Exchange the means to defray
costs incurred in providing the qualified contingent cross capability
and allowed the Exchange to offer rebates to incentivize trading. At
this time, the Exchange desires to assess no Service Fees for QCC
Orders similar to other transactions. With respect to Firms, the
Exchange today provides a similar incentive in terms of a reduction of
fees for Firm electronic Options Transaction Charges in Penny Pilot and
Non-Penny Pilot Options, provided the Firm has achieved certain volume
requirements.\20\ Finally, the differential created by the elimination
of the Service Fee above the Monthly Firm Cap as between Firms and
Professionals and Broker-Dealer is within the range of other
differentials today on the Exchange's Pricing Schedule \21\ and at
other options exchanges.\22\
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\18\ See Exchange Rule 1014 entitled ``Obligations and
Restrictions Applicable to Specialists and Registered Options
Traders.''
\19\ Payment for Order Flow Fees are assessed as follows: $.25
per contract for options that are trading in the Penny Pilot Program
and $.70 per contract for other equity options. See Section II of
the Pricing Schedule. Payment for Order Flow Fees are assessed on
transactions resulting from Customer orders and are available to be
disbursed by the Exchange according to the instructions of the
Specialist units/Specialists or Directed ROTs to order flow
providers who are members or member organizations, who submit, as
agent, customer orders to the Exchange or non-members or non-member
organizations who submit, as agent, Customer orders to the Exchange
through a member or member organization who is acting as agent for
those Customer orders. Specialists and Directed ROTs who participate
in the Exchange's payment for order flow program are assessed a
Payment for Order Flow Fee, in addition to ROTs. Therefore, the
Payment for Order Flow Fee is assessed, in effect, on equity option
transactions between a Customer and an ROT, a Customer and a
Directed ROT, or a Customer and a Specialist. A ROT or ``Registered
Options Trader'' is defined in Exchange Rule 1014(b) as a regular
member of the Exchange located on the trading floor who has received
permission from the Exchange to trade in options for his own
account. A ROT includes a Streaming Quote Trader (``SQT''), a Remote
Streaming Quote Trader (``RSQT'') and a Non-SQT, which by definition
is neither a SQT or a RSQT. See Exchange Rule 1014(b)(i) and (ii).
\20\ Firm electronic Options Transaction Charges in Penny Pilot
and non-Penny Pilot Options are reduced to $0.17 per contract for a
given month provided that a Firm has volume greater than 500,000
electronically-delivered contracts in a month (``Electronic Firm Fee
Discount'').
\21\ Today, when a Firm reaches the Monthly Firm Cap, the
differential that exists for as between a Professional or Broker-
Dealer for a floor transaction and a Firm is $0.25 as Professionals
and Broker-Dealers are assessed a Floor Options Transaction Charge
of $0.25 per contract.
\22\ CBOE currently assesses a Clearing Trading Permit Holder
Proprietary an equity options fee of $.20 per contract and a Broker-
Dealer electronic order an equity options fee of $.45 per contract.
See CBOE's Fees Schedule.
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The Exchange believes that adding the tier references to the QCC
Rebate Schedule is reasonable, equitable and not unfairly
discriminatory because it would add clarity to the Pricing Schedule.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes that its proposal to increase the threshold
quantities in Tiers 2 and 3 and also increase the rebates paid for
Tiers 2, 3 and 4 does not impose a burden on competition. The
Exchange's proposal should continue to encourage market participants to
transact a greater number of QCC Orders in order to obtain a rebate and
because the Exchange is also increasing the maximum QCC Rebate number,
that rebate could be larger than it is today.
The Exchange's proposal to eliminate the Service Fees for QCC
Orders which is currently applied to Specialists, Market Makers and
Firms when they exceed the applicable monthly cap also does not impose
a burden on competition because the Exchange is eliminating a Service
Fee for QCC Orders which only applied to these market participants and
not Customers, Professionals and Broker-Dealers. With this proposal, no
market participant would be assessed a Service Fee for QCC Orders. With
respect to the increased differentials as between Firms, Specialists
and Market Makers as compared to other market participants, which are
created by eliminating Service Fees, the Exchange believes that the
differentials are in line with other differentials that exist today on
Phlx and at other options exchanges.\23\ The differentials compensate
Specialists and Market Makers for their role in the marketplace as well
as their burdens.\24\ Likewise, the differential as between Firms as
compared to Professionals and Broker-Dealers is in line with other
differentials that exist today between these market participants on the
Exchange's trading floor.\25\ By offering Firms lower fees or caps in
certain circumstances, the Exchange is encouraging Firms to send order
flow to the Exchange. The Exchange does not believe that the
elimination of the Service Fees creates an undue burden on competition
but rather treats QCC Orders similar to other transactions where caps
also apply and differentials exist between market participants.
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\23\ See notes 21 and 22.
\24\ See note 18.
\25\ See note 21.
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The Exchange operates in a highly competitive market, comprised of
eleven exchanges, in which market participants can easily and readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive or rebates to be inadequate.
Accordingly, the fees that are assessed and the rebates paid by the
Exchange, as described in the proposal, are influenced by these robust
market forces and therefore must remain competitive with fees charged
and rebates paid by other venues and therefore must continue to be
reasonable and equitably allocated to those members that opt to direct
orders to the Exchange rather than competing venues.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\26\ 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. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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\26\ 15 U.S.C. 78s(b)(3)(A)(ii).
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[[Page 28692]]
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-Phlx-2013-48 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-Phlx-2013-48. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2013-48 and should be
submitted on or before June 5, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-11519 Filed 5-14-13; 8:45 am]
BILLING CODE 8011-01-P