Notice2021-13098
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend ISE's Pricing Schedule at Options 7, Section 3, “Regular Order Fees and Rebates” and Section 4, “Complex Order Fees and Rebates”
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Published
June 23, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 118 (Wednesday, June 23, 2021)</title>
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[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32997-33001]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13098]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92190; File No. SR-ISE-2021-13]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend ISE's
Pricing Schedule at Options 7, Section 3, ``Regular Order Fees and
Rebates'' and Section 4, ``Complex Order Fees and Rebates''
June 16, 2021.
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 June 8, 2021, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule 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 ISE's Pricing Schedule at Options 7,
Section 3, ``Regular Order Fees and Rebates'' and Section 4, ``Complex
Order Fees and Rebates.''
The Exchange originally filed the proposed pricing change on June
1, 2021 (SR-ISE-2021-12). On June 8, 2021, the Exchange withdrew that
filing and submitted this filing.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules">https://listingcenter.nasdaq.com/rulebook/ise/rules</a>, 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 Exchange proposes to amend ISE's Pricing Schedule at Options 7,
Section 3, ``Regular Order Fees and Rebates'' and Section 4, ``Complex
Order Fees and Rebates.'' Each change is described below.
Options 7, Section 3 Regular Order Fees and Rebates
Today, the Exchange assesses a Maker Fee of $0.18 per contract in
Select Symbols \3\ for Market Maker,\4\ Non-Nasdaq ISE Market Maker
(FarMM),\5\ Firm Proprietary \6\/Broker-Dealer,\7\ and Professional
Customer \8\ orders. Priority Customer \9\ orders are not assessed a
Select Symbol Maker Fee.
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\3\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Interval Program. See
Options 7, Section 1.
\4\ This fee applies to Market Maker orders sent to the Exchange
by Electronic Access Members. Market Makers that qualify for Market
Maker Plus will not pay this fee if they meet the applicable tier
thresholds set forth in Options 7, Section 3. Market Makers will
instead be assessed fees or rebates based on the applicable tier for
which they qualify. See notes 5 and 8 within Options 7, Section 3.
Market Maker Plus for Select Symbols is not being amended. The term
``Market Makers'' refers to ``Competitive Market Makers'' and
``Primary Market Makers'' collectively. See Options 1, Section
1(a)(21).
\5\ A ``Non-Nasdaq ISE Market Maker'' is a market maker as
defined in Section 3(a)(38) of the Securities Exchange Act of 1934,
as amended, registered in the same options class on another options
exchange. See Options 7, Section 1.
\6\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account. See Options 7, Section 1.
\7\ A ``Broker-Dealer'' order is an order submitted by a member
for a broker-dealer account that is not its own proprietary account.
See Options 7, Section 1.
\8\ A ``Professional Customer'' is a person or entity that is
not a broker/dealer and is not a Priority Customer. See Options 7,
Section 1.
\9\ A ``Priority Customer'' is a person or entity that is not a
broker/dealer in securities, and does not place more than 390 orders
in listed options per day on average during a calendar month for its
own beneficial account(s), as defined in ISE Options 1, Section
1(a)(37). Unless otherwise noted, when used in the Pricing Schedule
the term ``Priority Customer'' includes ``Retail.'' A ``Retail''
order is a Priority Customer order that originates from a natural
person, provided that no change is made to the terms of the order
with respect to price or side of market and the order does not
originate from a trading algorithm or any other computerized
methodology. See Options 7, Section 1.
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Further, today, pursuant to Options 7, Section 3, note 10, a Market
Maker is not charged a fee or paid a rebate when trading against non-
Priority Customer Complex Orders \10\ that leg into the regular \11\
order book. Also, today, pursuant to Options 7, Section 3, note 11, a
Market Maker, FarMM, Firm Proprietary/Broker Dealer, and Professional
Customer are assessed a $0.25 per contract fee, instead of the
applicable fee or rebate, when trading against Priority Customer
Complex Orders that leg into the regular order book. Today, Market
Makers that qualify for Market Maker Plus in Select Symbols pay a $0.15
per contract fee in the symbols for which they qualify for Market Maker
Plus when trading against Priority Customer Complex Orders of less than
50 contracts in Select Symbols that leg into the regular order book.
Further, Market Makers that qualify for Market Maker Plus in Select
Symbols do not pay any fee nor receive any rebate in the symbols for
which they qualify for Market Maker Plus when trading against Priority
Customer Complex Orders of 50 contracts or more in Select Symbols that
leg into the regular order book.
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\10\ A ``Complex Order'' is any order involving the simultaneous
purchase and/or sale of two or more different options series in the
same underlying security, as provided in Nasdaq ISE Options 3,
Section 14, as well as Stock-Option Orders. See Options 7, Section
1.
\11\ A ``Regular Order'' is an order that consists of only a
single option series and is not submitted with a stock leg. See
Options 7, Section 1.
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The Exchange proposes to remove rule text from Options 7, Section
3, note 11, which provides that Market Makers that qualify for Market
Maker Plus in Select Symbols will pay a $0.15 per contract fee in
symbols for which they
[[Page 32998]]
qualify for Market Maker Plus when trading against Priority Customer
Complex Orders of less than 50 contracts in Select Symbols that leg
into the regular order book. Additionally, the Exchange proposes to
modify the remainder of note 11 to provide, ``Market Makers that
qualify for Market Maker Plus in Select Symbols will not pay this fee
nor receive any rebate in symbols for which they qualify for Market
Maker Plus when trading against Priority Customer Complex Orders leg
into the regular order book.''
With the proposed amendments to note 11 of Options 7, Section 3, a
Market Maker that qualifies for Market Maker Plus when trading against
Priority Customer Complex Orders leg into the regular order book would
no longer pay a $0.15 per contract fee, rather, the Market Maker would
pay no fee, nor receive any rebate similar to the manner in which
Market Makers are priced today for orders of 50 contracts or more in
Select Symbols, when those Market Makers qualify for Market Maker Plus
and trade against Priority Customer Complex Orders leg into the regular
order book. This proposal would align pricing for Market Makers that
qualify for Market Maker Plus when trading against Priority Customer
Complex Orders leg into the regular order book, irrespective of the
size of the order. Market Makers that do not qualify for Market Maker
Plus would continue to pay a $0.25 per contract fee when trading
against Priority Customer Complex Orders that leg into the regular
order book similar to other market participants.
The Exchange believes this pricing will continue to incentivize
Market Makers to qualify for Market Maker Plus in order to earn the
associated rebates for Market Maker Plus and also pay no fees when
trading against Priority Customer Complex Orders leg into the regular
order book in Select Symbols.
The Exchange also proposes to make a non-substantive amendment to
capitalize the term ``Complex Order'' in current note 10 of Options 7,
Section 3.
Options 7, Section 4, Complex Order Fees and Rebates
Currently, Options 7, Section 4 provides a fee structure for
Complex Orders that provides rebates to Priority Customer Complex
Orders in order to encourage Members to bring that order flow to the
Exchange. Specifically, Priority Customer Complex Orders are provided
rebates in Select Symbols and Non-Select Symbols \12\ (other than NDX,
NQX, and MNX as noted within note 4 of Options 7, Section 4) based on
Priority Customer average daily volume (``ADV'').\13\
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\12\ ``Non-Select Symbols'' are options overlying all symbols
excluding Select Symbols. See Options 7, Section 1.
\13\ See tiered rebates within Options 7, Section 4.
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Today, Options 7, Section 4, note 1 provides, ``Rebate provided per
contract per leg if the order trades with non-Priority Customer orders
in the Complex Order Book. Rebate provided per contract leg in Select
Symbols where the largest leg of the Complex Order is under fifty (50)
contracts and trades with quotes and orders on the regular order book.
No Priority Customer Complex Order rebates will be provided in Select
Symbols if any leg of the order that trades with interest on the
regular order book is fifty (50) contracts or more. No Priority
Customer Complex Order rebates will be provided in Non-Select Symbols
if any leg of the order trades with interest on the regular order book,
irrespective of order size.''
The Exchange proposes to amend the second sentence in note 1 of
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15
per contract in Select Symbols where the largest leg of the complex
order is under fifty (50) contracts and trades with quotes and orders
on the regular order book.'' The proposed amendment to the second
sentence of note 1 of Options 7, Section 4, would reduce the current
rebate paid in Select Symbols, per contract, when the largest leg of
the Complex Order is under fifty contracts and trades with quotes and
orders on the regular order book. Today, the Exchange pays no Priority
Customer Complex Order rebates in Select Symbols if any leg of the
order that trades with interest on the regular order book is fifty
contracts or more, nor does the Exchange pay a Priority Customer
Complex Order rebate in Non-Select Symbols if any leg of the order
trades with interest on the regular order book, irrespective of order
size. The Exchange has observed in the past that several market
participants have entered larger sized Priority Customer Complex Orders
with a leg of fifty or more contracts to earn a rebate. When these
Complex Orders do not find a counterparty in the Complex Order Book,
the orders may leg into the regular order book where they are typically
executed by Market Makers on the individual legs who pay a fee to trade
with this order flow.\14\ As a result, the Market Maker's ability to
provide liquidity on the Exchange is adversely affected as they are
charged to trade against these larger complex orders when they leg into
the regular market and execute against their quotes. For this reason,
the Exchange continues to not pay Priority Customer Complex Order
rebates in Select Symbols if any leg of the order that trades with
interest on the regular order book is fifty contracts or more,
including for Select Symbols which do not pay a Priority Customer
Complex Order rebate if any leg of the order trades with interest on
the regular order book, irrespective of order size.
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\14\ For example, a Market Maker providing liquidity on the
individual leg would typically pay a maker fee of only $0.18 per
contract for trading with orders originating from the regular order
book, or in the case of Market Makers that achieve Market Maker Plus
status, would earn certain maker rebates instead of paying the $0.18
per contract maker fee. See Options 7, Section 3, note 5.
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The Exchange's proposal to reduce the Select Symbol rebate when the
largest leg of the Complex Order is under fifty contracts and trades
with quotes and orders on the regular order book, by $0.15 per
contract, is intended to continue to incentivize Members to send order
flow to the Exchange despite the reduction. Also, the Exchange will
continue to pay Priority Customer rebates for Priority Customer Complex
Orders of any size which trades with non-Priority Customer orders in
the Complex Order Book, based on the Priority Customer Complex Tier
achieved, thereby continuing to incentivize Members to bring Complex
Order flow to the Exchange to earn the rebate on their Priority
Customer Complex Order volume.
Further, the proposal would close the pricing gap as between
Members who receive a Priority Customer rebate, which is being reduced
by this proposal, in Select Symbols where the largest leg of the
Complex Order is under fifty (50) contracts and trades with quotes and
orders on the regular order book as compared to both Members that do
not receive a Priority Customer rebate in non-Select Symbols if any leg
of the order trades with interest on the regular order book,
irrespective of order size, and Members that do not receive a Priority
Customer rebate in Select Symbols where the largest leg of the Complex
Order is fifty contracts or more and trades with quotes and orders on
the regular order book.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\15\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\16\ in particular, in that it
[[Page 32999]]
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to the Pricing Schedule are reasonable in
several respects. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options securities
transaction services that constrain its pricing determinations in that
market. The fact that this market is competitive has long been
recognized by the courts. In NetCoalition v. Securities and Exchange
Commission, the D.C. Circuit stated as follows: ``[n]o one disputes
that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \17\
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\17\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, 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.'' \18\
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\18\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options security transaction services. The Exchange is only one of
sixteen options exchanges to which market participants may direct their
order flow. Within this environment, market participants can freely and
often do shift their order flow among the Exchange and competing venues
in response to changes in their respective pricing schedules. As such,
the proposal represents a reasonable attempt by the Exchange to
increase its liquidity and market share relative to its competitors.
Options 7, Section 3 Regular Order Fees and Rebates
The Exchange's proposal to remove certain rule text from Options 7,
Section 3, note 11, and amend the remaining rule text is reasonable as
a Market Maker that qualifies for Market Maker Plus when trading
against Priority Customer Complex Orders that leg into the regular
order book would no longer pay a $0.15 per contract fee, rather, the
Market Maker would pay no fee, nor receive any rebate. This proposal
would align the pricing to the manner in which Market Makers are priced
today for orders of 50 contracts or more in Select Symbols, when those
Market Makers qualify for Market Maker Plus and trade against Priority
Customer Complex Orders leg into the regular order book. Specifically,
Market Makers that qualify for Market Maker Plus when trading against
Priority Customer Complex Orders that leg into the regular order book,
would pay no fee, nor receive any rebate, irrespective of the size of
the order. The Exchange believes this pricing will continue to
incentivize Market Makers to qualify for Market Maker Plus in order to
earn the associated rebates for Market Maker Plus and also pay no fees
when trading against Priority Customer Complex Orders leg into the
regular order book in Select Symbols. Market Makers that do not qualify
for Market Maker Plus would continue to pay a $0.25 per contract fee
when trading against Priority Customer Complex Orders that leg into the
regular order book similar to other market participants.
The Exchange's proposal to remove certain rule text from Options 7,
Section 3, note 11, and amend the remaining rule text is equitable and
not unfairly discriminatory. Market Makers that qualifies for Market
Maker Plus when trading against Priority Customer Complex Orders leg
into the regular order book would uniformly pay no fee, nor receive any
rebate, irrespective of the size of the order. The Exchange will
continue to assess a $0.25 per contract fee to all other non-Priority
Customer market participants, including Market Makers that do not
qualify for Market Maker Plus, when trading against Priority Customer
Complex Orders that leg into the regular order book. The Exchange
believes that it is not unfairly discriminatory to not assess Market
Makers a fee if they qualify for Market Maker Plus because those Market
Makers are paid rebates within the Market Maker Plus Program for adding
value for quoting at the NBBO for a significant percentage of time.
Further, all Market Makers are subject to the same qualification
criteria for Market Maker Plus.
The Exchange's proposal to capitalize the term ``Complex Order'' in
current note 10 of Options 7, Section 3 is non-substantive.
Options 7, Section 4, Complex Order Fees and Rebates
The Exchange's proposal to amend the second sentence in note 1 of
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15
per contract in Select Symbols where the largest leg of the complex
order is under fifty (50) contracts and trades with quotes and orders
on the regular order book,'' is reasonable. The proposed amendment to
note 1 of Options 7, Section 4, would reduce the current rebate paid in
Select Symbols, per contract, when the largest leg of the Complex Order
is under fifty contracts and trades with quotes and orders on the
regular order book. Overall, the Exchange believes that the Priority
Customer Complex Order rebate program, as modified, is reasonable
because the program is optional and all Members can choose to
participate or not. The Exchange's proposal to reduce the Select Symbol
rebate when the largest leg of the Complex Order is under fifty
contracts and trades with quotes and orders on the regular order book,
by $0.15 per contract, is intended to continue to incentivize Members
to send order flow to the Exchange despite the reduction. Also, the
Exchange will continue to pay Priority Customer rebates for Priority
Customer Complex Orders of any size which trades with non-Priority
Customer orders in the Complex Order Book, based on the Priority
Customer Complex Tier achieved, thereby continuing to incentivize
Members to bring Complex Order flow to the Exchange to earn the rebate
on their Priority Customer Complex Order volume. Further, the proposal
would close the pricing gap as between Members who receive a Priority
Customer rebate, which is being reduced by this proposal, in Select
Symbols where the largest leg of the Complex Order is under fifty (50)
contracts and trades with quotes and orders on the regular order book
as compared to both Members that do not receive a Priority Customer
rebate in non-Select Symbols if any leg of the order trades with
interest on the regular order book, irrespective of order size, and
Members that do not receive a Priority Customer rebate in Select
Symbols where the largest leg of the
[[Page 33000]]
Complex Order is fifty contracts or more and trades with quotes and
orders on the regular order book. This fee remains competitive with
other options markets.\19\
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\19\ MIAX Emerald, LLC's (``Emerald'') Pricing Schedule provides
that Priority Customer Complex Orders contra to Priority Customer
Complex Orders are neither charged nor rebated for Penny and Non-
Penny Classes. Priority Customer Complex Orders that leg into the
Simple book are neither charged nor rebated. See Emerald's Pricing
Schedule.
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The Exchange's proposal to amend the second sentence in note 1 of
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15
per contract in Select Symbols where the largest leg of the complex
order is under fifty (50) contracts and trades with quotes and orders
on the regular order book,'' is equitable and not unfairly
discriminatory. The Exchange will continue to uniformly pay rebates to
Priority Customer Complex Orders trading with non-Priority Customer
orders in the Complex Order Book, regardless of size, based on the
Priority Customer Complex Tier achieved. Further, the Exchange would
uniformly pay a reduced rebate (reduced by $0.15 per contract) in
Select Symbols where the largest leg of the complex order is under
fifty contracts and trades with quotes and orders on the regular order
book.
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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice of where to transact options. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges that have been exempted from compliance with the statutory
standards applicable to exchanges. Because competitors are free to
modify their own fees in response, and because market participants may
readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.
Options 7, Section 3 Regular Order Fees and Rebates
The Exchange's proposal to remove certain rule text from Options 7,
Section 3, note 11, and amend the remaining rule text does not impose
an undue burden on competition. Market Makers that qualifies for Market
Maker Plus when trading against Priority Customer Complex Orders leg
into the regular order book would uniformly pay no fee, nor receive any
rebate, irrespective of the size of the order. The Exchange will
continue to assess a $0.25 per contract fee to all other non-Priority
Customer market participants, including Market Makers that do not
qualify for Market Maker Plus, when trading against Priority Customer
Complex Orders that leg into the regular order book. Today, Market
Makers that qualify for Market Maker Plus are paid rebates based on
their tier qualification for adding value for quoting at the NBBO for a
significant percentage of time. All Market Makers are subject to the
same qualification criteria for Market Maker Plus.
The Exchange's proposal to capitalize the term ``Complex Order'' in
current note 10 of Options 7, Section 3 is non-substantive.
Options 7, Section 4, Complex Order Fees and Rebates
The Exchange's proposal to amend the second sentence in note 1 of
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15
per contract in Select Symbols where the largest leg of the complex
order is under fifty (50) contracts and trades with quotes and orders
on the regular order book,'' does not impose an undue burden on
competition. The Exchange uniformly pay rebates to Priority Customer
Complex Orders trading with non-Priority Customer orders in the Complex
Order Book, regardless of size, based on the Priority Customer Complex
Tier achieved and will continue to pay rebates. Further, the Exchange
would uniformly pay a reduced rebate (reduced by $0.15 per contract) in
Select Symbols where the largest leg of the complex order is under
fifty contracts and trades with quotes and orders on the regular order
book.
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.\20\ 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: (i) Necessary or appropriate in the public
interest; (ii) for the protection of investors; or (iii) 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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\20\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a7d5d2cbc28ac4c8cacac2c9d3d4e7d4c2c489c0c8d1"><span class="__cf_email__" data-cfemail="5c2e293039713f3331313932282f1c2f393f723b332a">[email protected]</span></a>. Please include
File Number SR-ISE-2021-13 on the subject line.
Paper Comments
<bullet> 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-ISE-2021-13. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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,
[[Page 33001]]
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2021-13 and should be
submitted on or before July 14, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
J. Matthew DeLesDernier,
Assistant Secretary.
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\21\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2021-13098 Filed 6-22-21; 8:45 am]
BILLING CODE 8011-01-P
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