Federal Register - August 17, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 156 / Tuesday, August 17, 2021 / Notices
Take Volume Tiers. The three tiers currently offer the following:
Tier 1 currently offers a reduced fee of $0.45 per contract for qualifying orders i.e., that yield fee code PP
where a Member has 1 an ADAV in Customer orders greater than or equal to 0.80% of average OCV, 2 an ADAV in Market Maker orders greater than or equal to 0.35% of average OCV, 3 on BZX Equities an ADAV greater than or equal to 1.00% of average TCV, and 4
an ADAV in Customer Non-Penny orders greater than or equal to 0.10% of average OCV.
Tier 2 currently offers a reduced fee of $0.47 per contract for qualifying orders where a Member has an ADAV in Customer orders greater than or equal to 1.30% of average OCV.
Tier 3 currently offers a reduced fee of $0.45 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 2.00% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.40% of average OCV.
The proposed rule change updates the three tiers to offer the following:
As proposed, Tier 1 offers a new reduced fee of $0.49 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 1.00% of average OCV, and 2 Member has an ADRV 9 in Market Maker/Away Market Maker orders greater than or equal to 1.00% of average OCV. The proposed rule change eliminates the criteria in current prong 3 and 4.
As proposed, Tier 2 offers a new reduced fee of $0.48 per contract for qualifying orders where a Member achieves the existing criteria plus proposed additional criteria in new prong twoa Member also has an ADRV in Market Maker/Away Market Maker orders greater than or equal to 1.00% of average OCV.
As proposed, Tier 3 offers a new reduced fee of $0.47 per contract for qualifying orders where a Member achieves the existing criteria plus proposed additional criteria in new prong threea Member also has an ADRV in Market Maker/Away Market Maker orders greater than or equal to 2.00% of average OCV.
The Exchange believes that the proposed updates to the Market Maker, Away Market Maker, and Professional Penny Take Volume Tiers will provide different and additional opportunities for such Members to achieve the 9 ADRV means average daily removed volume calculated as the number of contracts removed.
ADRV is calculated on a monthly basis.
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corresponding reduced fees, encouraging these liquidity providing market participants to increase their overall order flow, both add ADAV
and remove ADRV volume, to the Exchange. This, in turn, may facilitate tighter spreads and more price improvement opportunities, signaling increased activity from other market participants, and thus may ultimately contribute to deeper and more liquid markets and a more robust and wellbalanced market ecosystem on the Exchange, to the benefit of all market participants.
Customer Non-Penny Add Volume Tiers The Exchange currently offers five Customer Non-Penny Add Volume Tiers 10 under footnote 12 of the Fee Schedule, which provide enhanced rebates between $0.92 and $1.06 per contract for qualifying Customer orders i.e., that yield fee code NY 11 where a Member meets certain liquidity thresholds. The Exchange proposes to update Tier 1, Tier 4 and Tier 5. These tiers currently offer the following:
Tier 1 currently offers an enhanced rebate of $0.92 per contract for qualifying orders i.e., that yield fee code NY where a Member has 1
ADAV in Customer orders greater than or equal to 0.50% of average OCV, and 2 an ADAV in Market Maker orders greater than or equal to 2.75% of average OCV.
Tier 4 currently offers an enhanced rebate of $1.05 per contract for qualifying orders where a Member has an ADAV in Customer orders greater than or equal to 2.10% of average OCV.
Tier 5 currently offers an enhanced rebate of $1.06 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 2.00% of average OCV, and 2 an ADAV in Customer NonPenny orders greater than or equal to 1.00% of average OCV.
The proposed rule change updates Tier 1, Tier 4 and Tier 5 as follows:
As proposed, Tier 1 offers a new enhanced rebate of $0.90 per contract for qualifying orders where a Member has an ADAV in Customer Non-Penny orders greater than or equal to 0.25% of average OCV. The proposed rule change eliminates the second prong of criteria.
As proposed, Tier 4 offers a new enhanced rebate of $1.01 per contract for qualifying orders where a Member has an ADAV in Customer orders greater 10 The proposed rule change also makes a nonsubstantive edit by making Customer NonPenny Add Volume Tier plural.
11 Orders yielding fee code NY are Customer orders that add liquidity in Non-Penny Program Securities and are offered a rebate of $0.85.
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than or equal to 0.85% of average OCV
plus proposed additional criteria in new prong twowhere a Member also has an ADAV in Customer Non-Penny orders greater than or equal to 0.25% of average OCV.
As proposed, Tier 5 offers a new enhanced rebate of $1.02 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 0.90% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.40% of average OCV.
The proposed rule change also adopts new Tier 2,12 new Tier 6, new Tier 7
and new Tier 8, which, as proposed, offer the following:
As proposed, Tier 2 offers an enhanced rebate of $0.95 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 0.50% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.25% of average OCV.
As proposed, Tier 6 offers an enhanced rebate of $1.03 per contract for qualifying orders where a Member has 1 has an ADAV in Customer orders greater than or equal to 1.00% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.45% of average OCV.
As proposed, Tier 7 offers an enhanced rebate of $1.04 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 1.30% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.50% of average OCV.
As proposed, Tier 8 offers an enhanced rebate of $1.05 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 1.30% of average OCV, and 2 an ADAV in Customer Non-Penny orders greater than or equal to 0.60% of average OCV.
Finally, the proposed rule change eliminates Tier 3, which currently offers an enhanced rebate of $1.02 per contract for qualifying orders where a Member has 1 an ADAV in Customer orders greater than or equal to 0.50% of average OCV, 2 an ADAV in Market Maker orders greater than or equal to 2.75% of average OCV, and 3 an ADAV in Firm Non-Penny orders greater than or equal to 0.05% of average OCV.
The proposed updates to and addition of tiers under the Customer Non-Penny Add Volume Tiers are designed to encourage increased Customer order 12 As a result of new Tier 2, the proposed rule change also amends current Tier 2 to be Tier 3.
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