Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc., 42563-42566 [2015-17490]
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Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
the Commission’s Public Reference
Room.
[Release No. 34–75435; File No. SR–EDGX–
2015–32]
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 parts of such
statements.
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of EDGX Exchange, Inc.
July 13, 2015.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 2,
2015, EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange filed a proposal to
amend its fees and rebates applicable to
Members 5 and non-Members of the
Exchange pursuant to EDGX Rule
15.1(a) and (c) (‘‘Fee Schedule’’) to: (i)
Delete fee codes AA, AM, MT and
current footnotes 12 and 13; (ii) amend
fee code MM by: (a) Updating its
description, (b) deleting current footnote
11, and (c) replacing the fee of $0.00120
per share for orders yielding fee code
MM with a rebate of $0.00150 per share
for securities priced at or above $1.00;
(iii) add new fee code HI and revised
footnote 11; and (iv) add new fee code
VI.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.batstrading.com, at the
principal office of the Exchange, and at
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1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 The term ‘‘Member’’ is defined as ‘‘any
registered broker or dealer, or any person associated
with a registered broker or dealer, that has been
admitted to membership in the Exchange. A
Member will have the status of a ‘‘member’’ of the
Exchange as that term is defined in section 3(a)(3)
of the Act.’’ See Exchange Rule 1.5(n).
2 17
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(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange submitted a proposed
rule change with the Commission, for
July 6, 2015 effectiveness, to better align
certain Exchange rules and system
functionality with that currently offered
by its affiliate, BATS Exchange, Inc.
(‘‘BZX’’).6 In sum, these changes
amended: (i) Rule 11.6(l)(1)(B) by
replacing the Hide Not Slide RePricing 7 instruction with a DisplayPrice Sliding 8 instruction; (ii) Rule
11.6(l)(3) to provide that orders with a
Non-Displayed 9 instruction and orders
of Odd Lot 10 size priced better than the
National Best Bid or Offer (‘‘NBBO’’)
will no longer be ranked at the midpoint of the NBBO; and (iii) Rule 11.8(d)
to replace MidPoint Match Orders 11
with MidPoint Peg Orders,12 the
6 See SR–EDGX–2015–30 [sic] available at
www.batstrading.com/regulation/rule_filings/edgx.
A description of the changes proposed in this filing
may be found in BATS EDGX Exchange
Modifications, Effective July 6, 2015, available at
https://cdn.batstrading.com/resources/
release_notes/2015/BATS-EDGX-ExchangeModifications-Effective-July-6-2015.pdf. [sic]
(‘‘EDGX BZX Harmonization Filing’’).
7 See current Rule 11.6(l)(i)(B) for a description of
the Hide Not Slide instruction. See also the EDGX
BZX Harmonization filing, supra note 6.
8 See id for a description of the Display-Price
Sliding instruction.
9 See Exchange Rule 11.6(e)(2).
10 See Exchange Rule 11.8(s)(2).
11 A MidPoint Match Order is a non-displayed
Market Order or Limit Order with an instruction to
execute only at the midpoint of the NBBO. See
current Exchange Rule 11.8(d).
12 MidPoint Peg Orders are identical to MidPoint
Match Orders but for the following differences: (i)
Midpoint Peg Order will be able to execute at prices
equal to or better than the midpoint of the NBBO,
and not just at the midpoint of the NBBO as is
currently the case with MidPoint Match Orders; and
(ii) unlike MidPoint Match Orders, MidPoint Peg
Orders may be coupled with a Post Only
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42563
operation of which is identical to the
operation of Midpoint Peg Orders on
BZX 13 and EDGA.14 These proposed
changes resulted in a change to system
functionality concerning the interaction
of orders at the midpoint of the NBBO.
As a result the above filing, the
Exchange proposes the following
amendments to its Fee Schedule
concerning fees and rebates for orders
executed at the midpoint of the NBBO:
(i) Delete fee codes AA, AM, MT and
current footnotes 12 and 13; (ii) amend
fee code MM by: (a) Updating its
description, (b) deleting current footnote
11, and (c) replacing the fee of $0.00120
per share for orders yielding fee code
MM with a rebate of $0.00150 per share
for securities priced at or above $1.00;
(iii) add new fee code HI and revised
footnote 11; and (iv) add new fee code
VI. These amendments are also designed
to simplify the fee and rebate structure
for orders that execute between the
NBBO.
Deletion of Fee Codes AA, AM, MT and
Footnotes 12 and 13
The Exchange proposes to delete fee
codes AA, AM, MT and related
footnotes 12 and 13.
Fee Code AA. The Exchange appends
fee code AA to buy and sell MidPoint
Match Orders that inadvertently match
against each other and share the same
MPID (i.e., internalized trade). MidPoint
Match Orders yielding fee code AA are
charged a fee of $0.00120 per share in
securities priced at or above $1.00 and
0.15% of the dollar value in securities
priced below $1.00.
The Exchange now proposes to delete
fee code AA. As discussed above, EDGX
has filed a proposed rule change with
the Commission to replace MidPoint
Match Orders with MidPoint Peg Orders
as of July 6, 2015. Therefore, fee code
AA will no longer be necessary as of
that date. The Exchange notes that buy
and sell MidPoint Peg Orders that
inadvertently match against each other
and share the same MPID would now
yield either fee codes EA or ER, which
are currently applied to internalized
trades.15
instruction. See the EDGX BZX Harmonization
Filing, supra note 6.
13 See BZX Rule 11.9(c)(9).
14 See EDGA Rule 11.8(d).
15 Under fee code EA, the side of an internalized
trade that adds liquidity is charged a fee a fee of
$0.00045 per share in securities priced at or above
$1.00 and, like current fee code AA, 0.15% of the
dollar value of the execution in securities priced
below $1.00. Under fee code ER, the side of an
internalized trade that removed liquidity is subject
to the same rates as fee code EA. Under both fee
codes EA and ER, if a Member adds an ADV of at
least 10,000,000 shares, then the Member’s rate for
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Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices
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Fee Code AM and Footnote 12. The
Exchange appends fee code AM to
orders that add liquidity at the midpoint
of the NBBO using: (i) An order with a
Non-Displayed instruction; or (ii) an
order with a Discretionary Range 16
instruction. Under footnote 12, an order
that adds liquidity at the midpoint of
the NBBO using an order with a NonDisplayed instruction will receive fee
code AM where it receives no price
improvement relative to its limit price
and executes against the following
orders that receive fee code MT: A
MidPoint Match order or an order with
a Non-Displayed and Post Only 17
instruction. Footnote 12 further states
that an order that adds liquidity at the
midpoint of the NBBO using an order
with a Discretionary Range instruction
will receive fee code AM where it
executes against a MidPoint Match
order. Orders that yield fee code AM
pay no fee nor do they receive a rebate
in securities priced above or below
$1.00.
The Exchange proposes to delete fee
code AM and current footnote 12 as
they would be no longer necessary due
to the EDGX BZX Harmonization Filing.
Going forward, an order with a NonDisplayed instruction that adds
liquidity at the midpoint of the NBBO
and receives price improvement would
be eligible to yield proposed fee code
HI, which is discussed in detail below
and also charges no fee nor provides a
rebate in securities priced above or
below $1.00. An order with a NonDisplayed instruction that adds
liquidity at the midpoint of the NBBO
and does not receive price improvement
would be eligible to yield existing fee
code HA, which is yielded on orders
with a Non-Displayed instruction that
add liquidity.18 Under the EDGX BZX
Harmonization Filing, an order with a
Discretionary Range instruction that is
posted to the EDGX Book and executes
against an incoming order with a Post
Only instruction at the midpoint of the
NBBO would pay the applicable fee for
removing liquidity and the incoming
order would receive the applicable
rebate.19
Fee Code MT and Footnote 13. The
Exchange appends fee code MT to
orders that remove liquidity at the
internalization (fee codes 5, EA or ER) decreases to
$0.0001 per share per side. See EDGX Fee Schedule
available at https://batstrading.com/support/
fee_schedule/edgx/.
16 See Exchange Rule 11.6(d).
17 See Exchange Rule 11.6(n)(4).
18 Orders that yield fee code HA receive a rebate
of $0.00150 per share in securities priced at or
above $1.00 and $0.00003 per share in securities
priced below $1.00.
19 See Exchange Rule 11.6(d), as amended by the
EDGX BZX Harmonization Filing, supra note 6.
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midpoint of the NBBO using: (1) A
MidPoint Match order; (2) an order with
a Hide Not Slide instruction; or (3) an
order with a Non-Displayed and Post
Only 20 instruction that receives price
improvement relative to its limit price.
Under footnote 13, an order with a Hide
Not Slide instruction that removes
liquidity at the midpoint of the NBBO
will receive fee code MT if such order
also contains a Post Only instruction
and the difference between the NBB and
NBO is $0.01. Footnote 13 further states
that the Exchange will charge the
standard fee to remove liquidity to any
order with a Hide Not Slide instruction
that does not contain a Post Only
instruction and to any order with a Hide
Not Slide and Post Only instruction that
removes liquidity at the midpoint of the
NBBO when the difference between the
NBB and NBO is larger than $0.01.
Orders yielding fee code MT are charged
a fee of $0.00120 per share in securities
priced at or above $1.00 and 0.30% of
the dollar value in securities priced
below $1.00.
In the EDGX BZX Harmonization
Filing, the Exchange decommissioned
the MidPoint Match Order and replaced
it with the MidPoint Peg Order. The
Exchange also replaced the Hide Not
Slide instruction with Display-Price
Sliding. As a result of these changes, fee
code MT and footnote 13 are no longer
necessary as the MidPoint Match Order
and Hide Not Slide instruction would
no longer be available. As a result of
deleting fee code MT, orders that
remove liquidity at the midpoint of the
NBBO will now be charged EDGX’s
standard removal rate of $0.00290 per
share regardless of the difference
between the NBB and NBO.
Fee Code MM and Footnote 11
Currently, fee code MM is applied to
orders that add liquidity at the midpoint
of the NBBO using: (i) A MidPoint
Match Order; (ii) an order with a Hide
Not Slide instruction; or (iii) an order
with a Non-Displayed instruction.
Under footnote 11, an order with a NonDisplayed instruction will receive fee
code MM where it receives price
improvement relative to its limit price
and it executes against the following
orders that receive fee code MT: A
MidPoint Match Order, an order with a
Hide Not Slide instruction and Post
Only instruction when the difference
between the NBB and NBO is $0.01, or
an order with a Non-Displayed and Post
Only instruction. Orders yielding fee
code MM are charged a fee of $0.0012
per share in securities priced at $1.00 or
above and receive a rebate of $0.00003
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20 See
Exchange Rule 11.6(n)(4).
Frm 00098
Fmt 4703
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per share in securities priced below
$1.00.
As discussed above, in the EDGX BZX
Harmonization Filing the Exchange
decommissioned the MidPoint Match
Order and replaced it with the MidPoint
Peg Order as well as replaced the Hide
Not Slide instruction with Display-Price
Sliding. As a result of these changes, fee
code MM is to be amended to remove
references to MidPoint Match Orders
and the Hide Not Slide instruction. The
Exchange also proposes to amend the
description of the of fee code MM to
state that fee code MM will be applied
to Non-Displayed orders that add
liquidity using a MidPoint Peg Order.
Footnote 11 is proposed to be deleted as
those conditions would no longer be
necessary to receive fee code MM.
Lastly, the Exchange proposes to replace
the fee of $0.00120 per share for orders
yielding fee code MM in securities
priced at or above $1.00 with a rebate
of $0.00150 per share. Orders yielding
fee code MM in securities priced below
$1.00 would continue to receive a rebate
of $0.00003 per share.
In the EDGX BZX Harmonization
Filing discussed above, the Exchange
decommissioned the MidPoint Match
Order and replaced it with the MidPoint
Peg Order as well as replaced the Hide
Not Slide instruction with Display-Price
Sliding. As a result of these changes, fee
code MM is being amended to reflect
that the MidPoint Match Order and the
Hide Not Slide instruction would no
longer be available. Going forward,
orders with a Non-Displayed instruction
that add liquidity and receive price
improvement will be eligible to yield
proposed fee code HI discussed below.
In addition, an order with a DisplayPrice Sliding instruction that receives
price improvement, which may include
an execution at the midpoint of the
NBBO, would be eligible to yield
proposed fee code VI discussed below.
Fee Codes HI, VI and Footnote 11
The Exchange proposes to add new
fee code HI and revised footnote 11.
Proposed fee code HI will be yielded to
orders with a Non-Displayed instruction
that add liquidity and receive price
improvement, as described below. Such
orders that yield fee code HI will pay no
fee nor receive a rebate for executions in
securities price at or above $1.00 as well
as in securities priced below $1.00.
Footnote 11 would be appended to fee
code HI and would state that fee code
HI will not be available to the Reserve
Quantity of an order or to orders with
a Discretionary Range instruction.
Orders with a Non-Displayed
instruction that add liquidity that
previously received fee code MM will
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Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices
now receive fee code HI where they
receive price improvement relative to its
limit price.
The Exchange also proposes to adopt
new fee code VI, which would be
yielded on Displayed orders that are
subject to price sliding that add
liquidity and receive price
improvement, as described below. Such
orders that yield fee code VI will pay no
fee nor receive a rebate for executions in
securities price at or above $1.00 as well
as in securities priced below $1.00.
As part of the EDGX BZX
Harmonization Filing, under Rule
11.10(a)(4)(D) the Exchange will execute
the incoming order to sell (buy) against
a resting order with a Non-Displayed
instruction or an order subject to
Display-Price Sliding at one-half
minimum price variation less (more)
than the price of an order displayed on
the EDGX Book. In such case, an order
with a Non-Displayed instruction or an
order subject to a Display-Price Sliding
instruction resting on the EDGX Book
would receive price improvement
relative to its limit price. Because such
resting orders will receive price
improvement, the Exchange proposes to
execute the orders yielding fee codes HI
or VI without providing a rebate or
charging a fee. The Exchange believes
that price improvement received for
executions of orders with a NonDisplayed instruction or subject to
Display-Price Sliding (rather than price
improvement and a liquidity rebate) is
appropriate because the price
improvement received will offset the
change in the fee structure for such
orders. The Exchange notes that BZX
also offers fee codes HI and VI on the
same terms and for the same rates.21
Implementation Date
The Exchange proposes to implement
these amendments to its Fee Schedule
on July 6, 2015.
srobinson on DSK5SPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of section 6 of the Act,22
in general, and furthers the objectives of
section 6(b)(4),23 in particular, as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
other persons using its facilities. The
Exchange also notes that it operates in
a highly-competitive market in which
market participants can readily direct
order flow to competing venues if they
21 See BZX Fee Schedule available at https://
batstrading.com/support/fee_schedule/bzx/.
22 15 U.S.C. 78f.
23 15 U.S.C. 78f(b)(4).
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deem fee levels at a particular venue to
be excessive. The proposed rule change
reflects a competitive pricing structure
designed to incent market participants
to direct their order flow to the
Exchange. The Exchange believes that
the proposed rates are equitable and
non-discriminatory in that they apply
uniformly to all Members. The
Exchange believes the fees and credits
remain competitive with those charged
by other venues and therefore continue
to be reasonable and equitably allocated
to Members.
The proposed fee changes are
necessary due to the EDGX BZX
Harmonization Filing, which is
designed to provide consistent
functionality between the Exchange and
BZX, thereby reducing complexity and
streamlining duplicative functionality,
resulting in simpler technology
implementation, changes and
maintenance by Users of the Exchange
that are also participants on BZX.
Likewise, the proposed fee changes will
streamline its pricing for executions that
occur at the midpoint of the NBBO and
provide a consistent pricing scheme
between the Exchange and BZX, also
reducing complexity for Members of the
Exchange that are also participants on
BZX. The proposed rule changes do not
propose to implement new or unique
pricing that is not currently available on
BZX. As such, the proposed rule change
would provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
other persons using its facilities.
Specifically, the Exchange believes it
is equitable and reasonable to delete fee
codes AA, AM, and MT as well as
current footnotes 11, 12, and 13, as the
functionality necessary to yield these
fee codes will be decommissioned or
modified as a result of the EDGX BZX
Harmonization Filing. As explained
above, functionality that is to be
retained by the Exchange will be
captured under existing fee codes or
proposed fee codes HI and VI. For the
same reasons, the Exchange also
believes it is equitable and reasonable to
amend the description of fee code MM
to reflect the functionality changes
included in the EDGX BZX
Harmonization Filing. Furthermore, the
Exchange believes it is equitable and
reasonable to replace its fee of $0.00120
per share for securities priced above
$1.00 with a rebate of $0.00150 per
share. The Exchange believes that
providing a rebate to MidPoint Peg
Orders that add liquidity is a reasonable
means by which to incentive Members
to provide liquidity at the midpoint of
the NBBO. In addition, the Exchange
believes that by encouraging the use of
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42565
MidPoint Peg Orders, Members seeking
price improvement would be more
motivated to direct their orders to EDGX
because they would have a heightened
expectation of the availability of
liquidity at the midpoint of the NBBO.
Because orders that yield fee codes HI
or VI will receive price improvement,
the Exchange proposes to execute the
orders without providing either a
liquidity rebate or charging a fee. The
Exchange believes that price
improvement received for executions of
orders with a Non-Displayed instruction
or subject to Display-Price Sliding
(rather than price improvement and a
liquidity rebate) is appropriate because
the price improvement received will
offset the change in the fee structure for
such orders. The Exchange also believes
that proposed fee code VI and HI as well
as proposed footnote 11, are equitable
and reasonable because they are
identical to like named fee codes HI and
VI offered by BZX which are offered on
the same terms and for the same rate.24
(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 notes that the proposal will
streamline its pricing for executions that
occur at the midpoint of the NBBO and
provide a consistent pricing scheme
between the Exchange and BZX, thereby
reducing complexity for Members of the
Exchange that are also participants on
BZX. The Exchange believes its
streamlined pricing for executions at the
midpoint of the NBBO will increase
competition amongst the Exchange and
its competitors for price improving
liquidity. The Exchange believes that
providing a rebate to MidPoint Peg
Orders that add liquidity under fee code
MM will increase competition for
liquidity at the midpoint of the NBBO.
Thus, the Exchange believes this
proposed rule change is necessary to
permit fair competition among national
securities exchanges.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
Members or other interested parties.
24 See
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supra note 21.
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Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices
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)
of the Act 25 and paragraph (f) of Rule
19b–4 thereunder.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.
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:
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–EDGX–
2015–32 and should be submitted on or
before August 7, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Brent J. Fields,
Secretary.
[FR Doc. 2015–17490 Filed 7–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
srobinson on DSK5SPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
EDGX–2015–32 on the subject line.
[Release No. 34–75436; File No. SR–Phlx–
2015–55]
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–EDGX–2015–32. 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 (https://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 the
filing will also be available for
July 13, 2015.
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Various References to Rule 1080.08
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 30,
2015, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
various options rules to reflect the
recent renumbering of Rule 1080.08 as
Rule 1080.07, as described further
below.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
27 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
25 15
U.S.C. 78s(b)(3)(A).
26 17 CFR 240.19b–4(f).
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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 the filing is to correct
various references to Rule 1080.08,
which was recently renumbered as Rule
1080.07.3
First, the Exchange proposes to
amend Rule 1000(b)(14), which defines
the term ‘‘professional’’ as 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). It further
provides that a professional will be
treated in the same manner as an offfloor broker-dealer for purposes of Rules
1014(g) (except with respect to all-ornone orders, which will be treated like
customer orders, except that orders
submitted pursuant to Rule 1080(n) for
the beneficial account(s) of
professionals with an all-or-none
designation will be treated in the same
manner as off-floor broker-dealer
orders), 1033(e), 1064.02 (except
professional orders will be considered
customer orders subject to facilitation),
1080(n) and 1080.08 as well as Options
Floor Procedure Advices B–6, B–11 4
and F–5. The reference to Rule 1080.08
is being changed to Rule 1080.07.
Second, the Exchange proposes to
amend Rule 1047(f)(ii), which currently
provides that after the opening, the
Exchange shall reject Market Orders, as
defined in Rule 1066(a) (including
Complex Orders, as defined in Rule
1080.08, and shall notify Participants of
the reason for such rejection. The
3 See Securities Exchange Act Release No. 73719
(December 2, 2014), 79 FR 72740 (December 8,
2014) (SR–Phlx–2014–76).
4 The Exchange is proposing to delete reference to
Options Floor Procedure Advice B–11, which has
been deleted. See Securities Exchange Act Release
No. 69471 (April 29, 2013), 78 FR 26096 (May 3,
2013) (SR–Phlx–2013–09).
E:\FR\FM\17JYN1.SGM
17JYN1
]]>Agencies
[Federal Register Volume 80, Number 137 (Friday, July 17, 2015)]
[Notices]
[Pages 42563-42566]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-17490]
[[Page 42563]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75435; File No. SR-EDGX-2015-32]
Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use of EDGX Exchange, Inc.
July 13, 2015.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 2, 2015, EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange filed a proposal to amend its fees and rebates
applicable to Members \5\ and non-Members of the Exchange pursuant to
EDGX Rule 15.1(a) and (c) (``Fee Schedule'') to: (i) Delete fee codes
AA, AM, MT and current footnotes 12 and 13; (ii) amend fee code MM by:
(a) Updating its description, (b) deleting current footnote 11, and (c)
replacing the fee of $0.00120 per share for orders yielding fee code MM
with a rebate of $0.00150 per share for securities priced at or above
$1.00; (iii) add new fee code HI and revised footnote 11; and (iv) add
new fee code VI.
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\5\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
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The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.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 parts 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 submitted a proposed rule change with the Commission,
for July 6, 2015 effectiveness, to better align certain Exchange rules
and system functionality with that currently offered by its affiliate,
BATS Exchange, Inc. (``BZX'').\6\ In sum, these changes amended: (i)
Rule 11.6(l)(1)(B) by replacing the Hide Not Slide Re-Pricing \7\
instruction with a Display-Price Sliding \8\ instruction; (ii) Rule
11.6(l)(3) to provide that orders with a Non-Displayed \9\ instruction
and orders of Odd Lot \10\ size priced better than the National Best
Bid or Offer (``NBBO'') will no longer be ranked at the mid-point of
the NBBO; and (iii) Rule 11.8(d) to replace MidPoint Match Orders \11\
with MidPoint Peg Orders,\12\ the operation of which is identical to
the operation of Midpoint Peg Orders on BZX \13\ and EDGA.\14\ These
proposed changes resulted in a change to system functionality
concerning the interaction of orders at the midpoint of the NBBO. As a
result the above filing, the Exchange proposes the following amendments
to its Fee Schedule concerning fees and rebates for orders executed at
the midpoint of the NBBO: (i) Delete fee codes AA, AM, MT and current
footnotes 12 and 13; (ii) amend fee code MM by: (a) Updating its
description, (b) deleting current footnote 11, and (c) replacing the
fee of $0.00120 per share for orders yielding fee code MM with a rebate
of $0.00150 per share for securities priced at or above $1.00; (iii)
add new fee code HI and revised footnote 11; and (iv) add new fee code
VI. These amendments are also designed to simplify the fee and rebate
structure for orders that execute between the NBBO.
---------------------------------------------------------------------------
\6\ See SR-EDGX-2015-30 [sic] available at www.batstrading.com/regulation/rule_filings/edgx. A description of the changes proposed
in this filing may be found in BATS EDGX Exchange Modifications,
Effective July 6, 2015, available at https://cdn.batstrading.com/resources/release_notes/2015/BATS-EDGX-Exchange-Modifications-Effective-July-6-2015.pdf. [sic] (``EDGX BZX Harmonization
Filing'').
\7\ See current Rule 11.6(l)(i)(B) for a description of the Hide
Not Slide instruction. See also the EDGX BZX Harmonization filing,
supra note 6.
\8\ See id for a description of the Display-Price Sliding
instruction.
\9\ See Exchange Rule 11.6(e)(2).
\10\ See Exchange Rule 11.8(s)(2).
\11\ A MidPoint Match Order is a non-displayed Market Order or
Limit Order with an instruction to execute only at the midpoint of
the NBBO. See current Exchange Rule 11.8(d).
\12\ MidPoint Peg Orders are identical to MidPoint Match Orders
but for the following differences: (i) Midpoint Peg Order will be
able to execute at prices equal to or better than the midpoint of
the NBBO, and not just at the midpoint of the NBBO as is currently
the case with MidPoint Match Orders; and (ii) unlike MidPoint Match
Orders, MidPoint Peg Orders may be coupled with a Post Only
instruction. See the EDGX BZX Harmonization Filing, supra note 6.
\13\ See BZX Rule 11.9(c)(9).
\14\ See EDGA Rule 11.8(d).
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Deletion of Fee Codes AA, AM, MT and Footnotes 12 and 13
The Exchange proposes to delete fee codes AA, AM, MT and related
footnotes 12 and 13.
Fee Code AA. The Exchange appends fee code AA to buy and sell
MidPoint Match Orders that inadvertently match against each other and
share the same MPID (i.e., internalized trade). MidPoint Match Orders
yielding fee code AA are charged a fee of $0.00120 per share in
securities priced at or above $1.00 and 0.15% of the dollar value in
securities priced below $1.00.
The Exchange now proposes to delete fee code AA. As discussed
above, EDGX has filed a proposed rule change with the Commission to
replace MidPoint Match Orders with MidPoint Peg Orders as of July 6,
2015. Therefore, fee code AA will no longer be necessary as of that
date. The Exchange notes that buy and sell MidPoint Peg Orders that
inadvertently match against each other and share the same MPID would
now yield either fee codes EA or ER, which are currently applied to
internalized trades.\15\
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\15\ Under fee code EA, the side of an internalized trade that
adds liquidity is charged a fee a fee of $0.00045 per share in
securities priced at or above $1.00 and, like current fee code AA,
0.15% of the dollar value of the execution in securities priced
below $1.00. Under fee code ER, the side of an internalized trade
that removed liquidity is subject to the same rates as fee code EA.
Under both fee codes EA and ER, if a Member adds an ADV of at least
10,000,000 shares, then the Member's rate for internalization (fee
codes 5, EA or ER) decreases to $0.0001 per share per side. See EDGX
Fee Schedule available at https://batstrading.com/support/fee_schedule/edgx/.
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[[Page 42564]]
Fee Code AM and Footnote 12. The Exchange appends fee code AM to
orders that add liquidity at the midpoint of the NBBO using: (i) An
order with a Non-Displayed instruction; or (ii) an order with a
Discretionary Range \16\ instruction. Under footnote 12, an order that
adds liquidity at the midpoint of the NBBO using an order with a Non-
Displayed instruction will receive fee code AM where it receives no
price improvement relative to its limit price and executes against the
following orders that receive fee code MT: A MidPoint Match order or an
order with a Non-Displayed and Post Only \17\ instruction. Footnote 12
further states that an order that adds liquidity at the midpoint of the
NBBO using an order with a Discretionary Range instruction will receive
fee code AM where it executes against a MidPoint Match order. Orders
that yield fee code AM pay no fee nor do they receive a rebate in
securities priced above or below $1.00.
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\16\ See Exchange Rule 11.6(d).
\17\ See Exchange Rule 11.6(n)(4).
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The Exchange proposes to delete fee code AM and current footnote 12
as they would be no longer necessary due to the EDGX BZX Harmonization
Filing. Going forward, an order with a Non-Displayed instruction that
adds liquidity at the midpoint of the NBBO and receives price
improvement would be eligible to yield proposed fee code HI, which is
discussed in detail below and also charges no fee nor provides a rebate
in securities priced above or below $1.00. An order with a Non-
Displayed instruction that adds liquidity at the midpoint of the NBBO
and does not receive price improvement would be eligible to yield
existing fee code HA, which is yielded on orders with a Non-Displayed
instruction that add liquidity.\18\ Under the EDGX BZX Harmonization
Filing, an order with a Discretionary Range instruction that is posted
to the EDGX Book and executes against an incoming order with a Post
Only instruction at the midpoint of the NBBO would pay the applicable
fee for removing liquidity and the incoming order would receive the
applicable rebate.\19\
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\18\ Orders that yield fee code HA receive a rebate of $0.00150
per share in securities priced at or above $1.00 and $0.00003 per
share in securities priced below $1.00.
\19\ See Exchange Rule 11.6(d), as amended by the EDGX BZX
Harmonization Filing, supra note 6.
---------------------------------------------------------------------------
Fee Code MT and Footnote 13. The Exchange appends fee code MT to
orders that remove liquidity at the midpoint of the NBBO using: (1) A
MidPoint Match order; (2) an order with a Hide Not Slide instruction;
or (3) an order with a Non-Displayed and Post Only \20\ instruction
that receives price improvement relative to its limit price. Under
footnote 13, an order with a Hide Not Slide instruction that removes
liquidity at the midpoint of the NBBO will receive fee code MT if such
order also contains a Post Only instruction and the difference between
the NBB and NBO is $0.01. Footnote 13 further states that the Exchange
will charge the standard fee to remove liquidity to any order with a
Hide Not Slide instruction that does not contain a Post Only
instruction and to any order with a Hide Not Slide and Post Only
instruction that removes liquidity at the midpoint of the NBBO when the
difference between the NBB and NBO is larger than $0.01. Orders
yielding fee code MT are charged a fee of $0.00120 per share in
securities priced at or above $1.00 and 0.30% of the dollar value in
securities priced below $1.00.
---------------------------------------------------------------------------
\20\ See Exchange Rule 11.6(n)(4).
---------------------------------------------------------------------------
In the EDGX BZX Harmonization Filing, the Exchange decommissioned
the MidPoint Match Order and replaced it with the MidPoint Peg Order.
The Exchange also replaced the Hide Not Slide instruction with Display-
Price Sliding. As a result of these changes, fee code MT and footnote
13 are no longer necessary as the MidPoint Match Order and Hide Not
Slide instruction would no longer be available. As a result of deleting
fee code MT, orders that remove liquidity at the midpoint of the NBBO
will now be charged EDGX's standard removal rate of $0.00290 per share
regardless of the difference between the NBB and NBO.
Fee Code MM and Footnote 11
Currently, fee code MM is applied to orders that add liquidity at
the midpoint of the NBBO using: (i) A MidPoint Match Order; (ii) an
order with a Hide Not Slide instruction; or (iii) an order with a Non-
Displayed instruction. Under footnote 11, an order with a Non-Displayed
instruction will receive fee code MM where it receives price
improvement relative to its limit price and it executes against the
following orders that receive fee code MT: A MidPoint Match Order, an
order with a Hide Not Slide instruction and Post Only instruction when
the difference between the NBB and NBO is $0.01, or an order with a
Non-Displayed and Post Only instruction. Orders yielding fee code MM
are charged a fee of $0.0012 per share in securities priced at $1.00 or
above and receive a rebate of $0.00003 per share in securities priced
below $1.00.
As discussed above, in the EDGX BZX Harmonization Filing the
Exchange decommissioned the MidPoint Match Order and replaced it with
the MidPoint Peg Order as well as replaced the Hide Not Slide
instruction with Display-Price Sliding. As a result of these changes,
fee code MM is to be amended to remove references to MidPoint Match
Orders and the Hide Not Slide instruction. The Exchange also proposes
to amend the description of the of fee code MM to state that fee code
MM will be applied to Non-Displayed orders that add liquidity using a
MidPoint Peg Order. Footnote 11 is proposed to be deleted as those
conditions would no longer be necessary to receive fee code MM. Lastly,
the Exchange proposes to replace the fee of $0.00120 per share for
orders yielding fee code MM in securities priced at or above $1.00 with
a rebate of $0.00150 per share. Orders yielding fee code MM in
securities priced below $1.00 would continue to receive a rebate of
$0.00003 per share.
In the EDGX BZX Harmonization Filing discussed above, the Exchange
decommissioned the MidPoint Match Order and replaced it with the
MidPoint Peg Order as well as replaced the Hide Not Slide instruction
with Display-Price Sliding. As a result of these changes, fee code MM
is being amended to reflect that the MidPoint Match Order and the Hide
Not Slide instruction would no longer be available. Going forward,
orders with a Non-Displayed instruction that add liquidity and receive
price improvement will be eligible to yield proposed fee code HI
discussed below. In addition, an order with a Display-Price Sliding
instruction that receives price improvement, which may include an
execution at the midpoint of the NBBO, would be eligible to yield
proposed fee code VI discussed below.
Fee Codes HI, VI and Footnote 11
The Exchange proposes to add new fee code HI and revised footnote
11. Proposed fee code HI will be yielded to orders with a Non-Displayed
instruction that add liquidity and receive price improvement, as
described below. Such orders that yield fee code HI will pay no fee nor
receive a rebate for executions in securities price at or above $1.00
as well as in securities priced below $1.00. Footnote 11 would be
appended to fee code HI and would state that fee code HI will not be
available to the Reserve Quantity of an order or to orders with a
Discretionary Range instruction. Orders with a Non-Displayed
instruction that add liquidity that previously received fee code MM
will
[[Page 42565]]
now receive fee code HI where they receive price improvement relative
to its limit price.
The Exchange also proposes to adopt new fee code VI, which would be
yielded on Displayed orders that are subject to price sliding that add
liquidity and receive price improvement, as described below. Such
orders that yield fee code VI will pay no fee nor receive a rebate for
executions in securities price at or above $1.00 as well as in
securities priced below $1.00.
As part of the EDGX BZX Harmonization Filing, under Rule
11.10(a)(4)(D) the Exchange will execute the incoming order to sell
(buy) against a resting order with a Non-Displayed instruction or an
order subject to Display-Price Sliding at one-half minimum price
variation less (more) than the price of an order displayed on the EDGX
Book. In such case, an order with a Non-Displayed instruction or an
order subject to a Display-Price Sliding instruction resting on the
EDGX Book would receive price improvement relative to its limit price.
Because such resting orders will receive price improvement, the
Exchange proposes to execute the orders yielding fee codes HI or VI
without providing a rebate or charging a fee. The Exchange believes
that price improvement received for executions of orders with a Non-
Displayed instruction or subject to Display-Price Sliding (rather than
price improvement and a liquidity rebate) is appropriate because the
price improvement received will offset the change in the fee structure
for such orders. The Exchange notes that BZX also offers fee codes HI
and VI on the same terms and for the same rates.\21\
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\21\ See BZX Fee Schedule available at https://batstrading.com/support/fee_schedule/bzx/.
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Implementation Date
The Exchange proposes to implement these amendments to its Fee
Schedule on July 6, 2015.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of section 6 of the Act,\22\ in general, and
furthers the objectives of section 6(b)(4),\23\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange also notes that it operates in a highly-
competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive. The proposed rule change reflects a competitive
pricing structure designed to incent market participants to direct
their order flow to the Exchange. The Exchange believes that the
proposed rates are equitable and non-discriminatory in that they apply
uniformly to all Members. The Exchange believes the fees and credits
remain competitive with those charged by other venues and therefore
continue to be reasonable and equitably allocated to Members.
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78f.
\23\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The proposed fee changes are necessary due to the EDGX BZX
Harmonization Filing, which is designed to provide consistent
functionality between the Exchange and BZX, thereby reducing complexity
and streamlining duplicative functionality, resulting in simpler
technology implementation, changes and maintenance by Users of the
Exchange that are also participants on BZX. Likewise, the proposed fee
changes will streamline its pricing for executions that occur at the
midpoint of the NBBO and provide a consistent pricing scheme between
the Exchange and BZX, also reducing complexity for Members of the
Exchange that are also participants on BZX. The proposed rule changes
do not propose to implement new or unique pricing that is not currently
available on BZX. As such, the proposed rule change would provide for
the equitable allocation of reasonable dues, fees and other charges
among its Members and other persons using its facilities.
Specifically, the Exchange believes it is equitable and reasonable
to delete fee codes AA, AM, and MT as well as current footnotes 11, 12,
and 13, as the functionality necessary to yield these fee codes will be
decommissioned or modified as a result of the EDGX BZX Harmonization
Filing. As explained above, functionality that is to be retained by the
Exchange will be captured under existing fee codes or proposed fee
codes HI and VI. For the same reasons, the Exchange also believes it is
equitable and reasonable to amend the description of fee code MM to
reflect the functionality changes included in the EDGX BZX
Harmonization Filing. Furthermore, the Exchange believes it is
equitable and reasonable to replace its fee of $0.00120 per share for
securities priced above $1.00 with a rebate of $0.00150 per share. The
Exchange believes that providing a rebate to MidPoint Peg Orders that
add liquidity is a reasonable means by which to incentive Members to
provide liquidity at the midpoint of the NBBO. In addition, the
Exchange believes that by encouraging the use of MidPoint Peg Orders,
Members seeking price improvement would be more motivated to direct
their orders to EDGX because they would have a heightened expectation
of the availability of liquidity at the midpoint of the NBBO.
Because orders that yield fee codes HI or VI will receive price
improvement, the Exchange proposes to execute the orders without
providing either a liquidity rebate or charging a fee. The Exchange
believes that price improvement received for executions of orders with
a Non-Displayed instruction or subject to Display-Price Sliding (rather
than price improvement and a liquidity rebate) is appropriate because
the price improvement received will offset the change in the fee
structure for such orders. The Exchange also believes that proposed fee
code VI and HI as well as proposed footnote 11, are equitable and
reasonable because they are identical to like named fee codes HI and VI
offered by BZX which are offered on the same terms and for the same
rate.\24\
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\24\ See supra note 21.
---------------------------------------------------------------------------
(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 notes that the
proposal will streamline its pricing for executions that occur at the
midpoint of the NBBO and provide a consistent pricing scheme between
the Exchange and BZX, thereby reducing complexity for Members of the
Exchange that are also participants on BZX. The Exchange believes its
streamlined pricing for executions at the midpoint of the NBBO will
increase competition amongst the Exchange and its competitors for price
improving liquidity. The Exchange believes that providing a rebate to
MidPoint Peg Orders that add liquidity under fee code MM will increase
competition for liquidity at the midpoint of the NBBO. Thus, the
Exchange believes this proposed rule change is necessary to permit fair
competition among national securities exchanges.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
[[Page 42566]]
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) of the Act \25\ and paragraph (f) of Rule 19b-4
thereunder.\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.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-EDGX-2015-32 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-EDGX-2015-32. 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 (https://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 the filing will also 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-EDGX-2015-32 and should be
submitted on or before August 7, 2015.
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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Brent J. Fields,
Secretary.
[FR Doc. 2015-17490 Filed 7-16-15; 8:45 am]
BILLING CODE 8011-01-P
