03/12/2020 at 8:45 am. 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). If you are an institution, click below to learn more about our offerings for RIAs, Hedge Funds, Compliance Officers and more. Stated otherwise, changes to exchange transaction fees can have a direct effect on the ability of an exchange to compete for order flow. 86917 (September 10, 2019), 84 FR 48672 (September 16, 2019) (SR-NYSEAMER-2019-36); NYSE American Options fee schedule, Section I.J., Strategy Execution Fee Cap (excluding QCC transactions from the cap). Maker-taker fees, also known as payment for order flow, provides liquidity providers with rebates for participating in markets. 3. II. NYSE Chicago. See Securities Exchange Act Release No. Instead, as discussed above, the Exchange believes that the proposed changes would encourage the submission of additional liquidity to a public exchange, thereby promoting market depth, price discovery and transparency and enhancing order execution opportunities for all market participants. PHLX Depth of Market; PHLX Orders; Top of PHLX Options (TOPO) TOPO Plus Orders; PHLX Options Trade Outline (PHOTO) Historical PHLX Orders; BX Options. 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. In connection with this change, the Exchange proposes to eliminate the $25,000 monthly Strategy Cap. Standard Executions 5 Electronic Executions in Penny Pilot Issues [and Foreign Currency Options] Order Type Thus, OTP Holders have a choice of where they direct their order flow—including their Strategy Executions. to the courts under 44 U.S.C. developer tools pages. The documents posted on this site are XML renditions of published Federal NYSE Arca Options Resources Trading Information » Additional information including Exchange Rules and Trading Fees. 5. These can be useful No written comments were solicited or received with respect to the proposed rule change. 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. VLEX-566226274. [3] Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule… the Federal Register. legal research should verify their results against an official edition of Self-Regulatory Organization's Statement on Burden on Competition, C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others, III. See Reg NMS Adopting Release, supra note 6, at 37499. 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. NASDAQ ITCH-to-Trade Options (ITTO) Historical ITTO; Best of NASDAQ Options (BONO) NOTO; PHLX. The Exchange's fees are constrained by intermarket competition, as OTP Holders may direct their order flow to any of the 16 options exchanges, including those with similar Strategy Fee Caps. Until the ACFR grants it official status, the XML 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. A "Subscriber" is an entity or a person that has the right to use information disseminated by OPRA "internally," i.e., within the Subscriber's organization (if the Subscriber is an entity) or himself or herself (if the Subscriber is … 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. documents in the last year, 72 If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) [23] on The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) [21] Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Regulation Resources. 1503 & 1507. October 24, 2012. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule Effective November 3, 2016, 81182-81184 [2016-27602] 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. Intermarket Competition. 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. 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]. The text of those statements may be examined at the places specified in Item IV below. on II. No Reproduction Without Prior Authorizations. Greater liquidity benefits all market participants on the Exchange and increased Strategy Executions would increase opportunities for execution of other trading interest. 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. Cheapest Option Trading. 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). The Exchange proposes to implement the fee change effective December 9, 2019. include documents scheduled for later issues, at the request ... NYSE Arca Options. documents in the last year, 785 Individual, Joint or IRA Friends and Family Advisors. The Exchange proposes to modify the NYSE Arca Options Fee Schedule (“Fee Schedule”). Welcome to NASDAQtrader.com for Options and Futures. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule… Federal Register, April 20, 2015. NYSE National. The Exchange cannot predict with certainty whether any OTP Holders would avail themselves of this proposed fee change. headings within the legal text of Federal Register documents. ... fees, rules, calendars, forms and order types for our markets. About the Federal Register Submit Comments on SR-NYSEArca-2021-06. The proposed change is substantially identical to a change made by NYSE American Options in September 2019 wherein that exchange increased its Strategy Execution Cap from $750 (not $700, as here) to $1,000 and applied cap to all Strategy Executions by a given ATP Holder on the same trading day and to eliminate the $25,000 monthly Strategy Cap. 01/22/2021, 40 should verify the contents of the documents against a final, official See also BOX Options Market LLC (“BOX”) fee schedule, Section II.D (Strategy QOO Order Fee Cap and Rebate). New Documents [FR Doc. NYSE AMERICAN OPTIONS FEE SCHEDULE* *NYSE American Options is the options trading facility of NYSE American LLC Effective as of January 13, 2021 Table of Contents Preface I. documents in the last year, 1505 Finally, to the extent the proposed change continues to attract greater volume and liquidity (to the Floor or otherwise), the Exchange believes the proposed change would improve the Exchange's overall competitiveness and strengthen its market quality for all market participants. To help the Commission process and review your comments more efficiently, please use only one method. "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. Market makers that achieve specific thresholds for posted, executed volume in penny pilot issues will receive additional credits. The Exchange believes that the proposed Strategy Cap would incent market participants to direct their Strategy Execution volume to the Exchange. In response to this competitive environment, the Exchange has established incentives, such as the Strategy Cap, to encourage OTP Holders to participate in certain large volume options strategies that capture potentially small profits by capping the fees paid for such transactions. More information and documentation can be found in our For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24. The Exchange proposes to implement the fee change effective March 2, 2020. NYSE Arca Options Fees and Charges Effective Date: January 4, 2021 NYSE Arca GENERAL OPTIONS and TRADING PERMIT (OTP) FEES. Combining the high performance of NYSE Pillar technology with a taker/maker fee schedule. The Exchange believes the proposed Strategy Cap, which applies to all qualifying strategies executed on the same trading day, regardless of symbol, would provide an incentive for OTP Holders to submit these types of strategy orders to the Exchange Trading Floor, which brings increased liquidity and order flow for the benefit of all market participants. II. Not only do we offer incredibly low fees, but we also have some of the lowest option commissions on the market. 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]. ARCA Menards SeriesARCA Menards Series EastARCA Menards Series WestSioux Chief Showdown ARCA Menards Series 2021 SCHEDULE & RESULTS Schedule – ARCA Menards Series Race Date Pole Winner Race Day Links Preseason Test Daytona International Speedway January 15 - 16 POLE -- WINNER -- ResultsPhotos Lucas Oil 200 Driven by General Tire Daytona International Speedway February 13 … 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. See id., at Endnote 10 (describing the Strategy Executions). 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. [17] This repetition of headings to form internal navigation links 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). 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. Based on OCC data, see id., 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. documents in the last year, 39 The Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. has no substantive legal effect. See Reg NMS Adopting Release, supra note 6, at 37499. The Exchange notes that all market participants stand to benefit from increased volume, which promotes market depth, facilitates tighter spreads and enhances price discovery, and may lead to a corresponding increase in order flow from other market participants. 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. 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]. NYSE American Options. The new NYSE Arca fee schedules, which have been filed with the U.S. Securities and Exchange Commission (SEC), will be effective April 1, 2008. are not part of the published document itself. publication in the future. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (“Reg NMS Adopting Release”). Effective Date: April NYSE Arca GENERAL OPTIONS and TRADING PERMIT (OTP) FEES [January] 1, 2011 * * * * * NYSE Arca OPTIONS: TRADE-RELATED CHARGES . Open for Comment, Economic Sanctions & Foreign Assets Control, Consolidated Decommissioning Guidance, Characterization, Survey, and Determination of Radiological Criteria, Archaeological and Ethnological Material From Morocco, National Institute of Biomedical Imaging and Bioengineering, Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, Ensuring a Lawful and Accurate Enumeration and Apportionment Pursuant to the Decennial Census, I. 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. Interactive Brokers' commission schedules for stocks, options, futures, futures options, SSFs, EFPs, spot currencies, metals, fixed income and Mutual Funds, as well as Trade Desk fees. of the Act and subparagraph (f)(2) of Rule 19b-4 [22] The Exchange proposes to modify the NYSE Arca Options Fee Schedule (“Fee Schedule”) regarding pricing incentives for certain posted volume. 11. 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. November 6, 2013. 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. Register (ACFR) issues a regulation granting it official legal status. The proposal is based on the amount and type of business transacted on the Exchange and OTP Holders are not obligated to try to achieve the Strategy Cap. OTP TRADING PARTICIPANT RIGHTS Office or Clearing Firms1$1,000 per month per OTP Floor Broker1$500 per month per OTP NYSE Arca Market Makers1. Maker-taker fees, also known as payment for order flow, provides liquidity providers with rebates for participating in markets. U.S. Markets; Nordic Market; Baltic Market; First North; Symbol Directory. NYSE Euronext has changed its transaction pricing for NYSE Arca Equities and NYSE Arca Options. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change, II. 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