Effective January 1, 2017, subject to SEC review, the Market Data Express, LLC (MDX) CSM Fee Schedule for CBOE Data Feeds will be amended eliminate the fee cap on user fees for the COB Data Feed (user fees are currently capped at $2,000 per month per Device or user ID)
There are no changes to the number of Tiers, the Tier Volume Thresholds or the base Fee Per Contract for the LP Sliding Scale for 2017 as compared to 2016; however, the Exchange is introducing Make/Take Penny/Non-Penny Adjustments to the base Fee Per Contract which will increase (or decrease) the LP’s rate per contract from the LP Sliding Scale Fee Per Contract to the Adjusted Fee Per Contract.
NYSE MKT notice of filing and immediate effectiveness of proposed rule change to the PIXL Price Improvement Auction in Phlx Rule 1080(n) and to Make Pilot Program Permanent
The purpose of this proposed rule change is to make permanent certain pilots within Rule 1080(n), relating to PIXL. In addition, Phlx proposes to modify the requirements for PIXL auctions involving less than 50 contracts (other than auctions involving Complex Orders) where the National Best Bid and Offer (“NBBO”) is only $0.01 wide.
FINRA reminds firms of their Annual Audit, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filing obligations. All such filings must be received by FINRA by their required due dates to avoid specified fees as set forth in Schedule A to FINRA’s By-Laws and to avoid suspension of FINRA membership. This Notice provides the due dates for filings that are due in 2017 or in the first quarter of 2018. All filings submitted to FINRA must be made electronically though FINRA’s Firm Gateway
MSRB Regulatory Notice 2016-29 Interpretive Notice on the Application of MSRB Rules to Transactions in Managed Accounts
Representatives of brokers, dealers and municipal securities dealers have increasingly inquired about the application of certain MSRB rules to managed accounts in which a registered investment adviser (“RIA”) is exercising discretion to buy and sell municipal securities on behalf of the account holder. Specifically, dealers have asked whether, with respect to these transactions, they are expected to: 1) Provide the time-of-trade disclosures required by MSRB Rule G-47 to the ultimate investor, and 2) Obtain a customer affirmation from such an investor for purposes of qualifying the person, separately, as a sophisticated municipal market professional (“SMMP”) under MSRB Rule D-15
FINRA Regulatory Notice 16-44 SEC Approves Amendments to the Customer Code of Arbitration Procedure Regarding Panel Selection in Cases with Three Arbitrators
The Securities and Exchange Commission (SEC) approved amendments to FINRA Rule 12403 (Cases with Three Arbitrators) of the Code of Arbitration Procedure for Customer Disputes (Customer Code) to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection process from 10 to 15. The amendments also increase the number of strikes to the public arbitrator list from four to six, so that the proportion of strikes is the same under the amended rule as it is under the current rule.
MSRB Regulatory Notice 2016-28 New Disclosure Requirements Under MSRB Rule G-15 and Prevailing Market Price Guidance Pursuant to Rule G-30
The MSRB received approval from the SEC for a proposed rule change to MSRB Rule G-15 on confirmation, clearance, settlement and other uniform practice requirements with respect to customer transactions, and Rule G-30, on prices and commissions, to require brokers, dealers and municipal securities dealers to disclose mark-ups and mark-downs to retail customers on certain principal transactions and to provide dealers guidance on prevailing market price for the purpose of determining mark-ups and other Rule G-30 determinations. The new rule will be effective on May 14, 2018.
SR-Phlx-2016-114 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Commentary .14 to Rule 3317 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot)
The Exchange proposes to amend Commentary .14 to Rule 3317 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot) to provide the SEC with notice of its efforts to re-program its systems to eliminate a re-pricing functionality for certain orders in Test Group Three securities in connection with the Regulation NMS Plan to Implement a Tick Size Pilot Program (“Plan” or “Pilot”).
CBOE Regulatory Circular RG16-182 Call/Put Price Checks for Quotes and Orders / Quote NBBO Inversion Check
Beginning November 28, 2016, Chicago Board Options Exchange, Incorporated (“CBOE”) will begin rolling out by business cluster the following enhancements to the Buy Call / Buy Put order and quote price checks and the quote NBBO tick inversion check pursuant to CBOE Rule 6.14.
SR-Phlx-2016-116 Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Allocation of Directed Complex Orders
The purpose of this rule change is to amend the allocation of Directed Orders at Rule 1014(g)(viii) to except Directed Complex Orders from receiving a participation guarantee. A Directed Order is any order (other than a stop or stop-limit order as defined in Rule 1066) to buy or sell which has been directed to a particular specialist, RSQT, or SQT by an Order Flow Provider (“OFP”).
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