Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGX Exchange, Inc. Fee Schedule, 47285-47286 [2011-19747]
Download as PDF
<![CDATA[
Federal Register / Vol. 76, No. 150 / Thursday, August 4, 2011 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Elizabeth M. Murphy,
Secretary.
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
[FR Doc. 2011–19740 Filed 8–3–11; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64990; File No. SR–EDGX–
2011–22]
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Amendments
to the EDGX Exchange, Inc. Fee
Schedule
July 29, 2011.
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 27,
2011, the EDGX Exchange, Inc. (the
‘‘Exchange’’ or the ‘‘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 selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
sroberts on DSK5SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
fees and rebates applicable to Members 3
of the Exchange pursuant to EDGX Rule
15.1(a) and (c). All of the changes
described herein are applicable to EDGX
Members. The text of the proposed rule
change is available on the Exchange’s
Internet Web site at https://
www.directedge.com.
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
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A Member is any registered broker or dealer, or
any person associated with a registered broker or
dealer, that has been admitted to membership in the
Exchange.
1 15
VerDate Mar<15>2010
17:29 Aug 03, 2011
Jkt 223001
1. Purpose
Currently, the BY flag is yielded when
an order is routed to BATS BYX
Exchange and removes liquidity using
order types ROUC and ROBY, as
defined in Exchange Rules 11.9(b)(3)(a)
and (g). The Exchange proposes to
decrease the rebate from $0.0004 to
$0.0002 when an order is routed to
BATS BYX Exchange and removes
liquidity.
The Exchange also proposes to
eliminate the text in footnote 7, which
describes the INET tier, and replace it
with the words ‘‘intentionally omitted.’’
This tier provides that ‘‘Members
routing an average daily volume
(‘‘ADV’’): (i) Less than 5,000,000 shares
will be charged $0.0030 per share, as
described in the schedule; (ii) equal to
or greater than 5,000,000 shares but less
than 20,000,000 shares will be charged
Nasdaq’s best removal tier rate per
share; (iii) equal to or greater than
20,000,000 shares but less than
30,000,001 shares will be charged
Nasdaq’s best removal tier rate—$0.0001
per share; and (iv) equal to or greater
than 30,000,001 shares will be charged
Nasdaq’s best removal tier rate—$0.0002
per share. The rates, in all cases, are
calculated for shares removed from
Nasdaq.’’ Conforming changes have
been made to eliminate the references to
footnotes 7 and a on Flags 2 and L, as
they are no longer applicable.
The Exchange proposes to implement
these amendments to its fee schedule on
August 1, 2011.
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with the objectives of Section 6 of the
Exchange Act,4 in general, and furthers
the objectives of Section 6(b)(4),5 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 believes that the
proposed decrease in rebate associated
with the BY flag (from $0.0004 per share
to $0.0002 per share) represents an
equitable allocation of reasonable dues,
4 15
5 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00146
Fmt 4703
fees, and other charges since it reflects
a pass through of the BATS fee for
removing liquidity. EDGA believes that
it is reasonable and equitable to pass on
these fees to its members. The Exchange
believes that the proposed decrease in
rebate is non-discriminatory in that it
applies uniformly to all Members.
The Exchange believes that the
proposed elimination of the INET tier in
footnote 7 represents an equitable
allocation of reasonable dues, fees, and
other charges as the INET tier is not
used by any Members and therefore, its
elimination will not impact any
Members. The proposed elimination of
the tier also provides more simplicity to
the fee schedule.
The Exchange 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 changes
reflect 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 nondiscriminatory 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
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.
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) of
the Act 6 and Rule 19b–4(f)(2) 7
thereunder. At any time within 60 days
of the filing of such proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
6 15
7 17
Sfmt 4703
47285
E:\FR\FM\04AUN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 19b–4(f)(2).
04AUN1
47286
Federal Register / Vol. 76, No. 150 / Thursday, August 4, 2011 / Notices
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
[FR Doc. 2011–19747 Filed 8–3–11; 8:45 am]
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 e-mail to rulecomments@sec.gov. Please include File
Number SR–EDGX–2011–22 on the
subject line.
sroberts on DSK5SPTVN1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Elizabeth M. Murphy,
Secretary.
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #12718 and #12719]
Minnesota Disaster #MN–00033
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Minnesota (FEMA–4009–
DR), dated 07/28/2011.
Paper Comments
Incident: Severe Storms, Flooding,
and Tornadoes.
• Send paper comments in triplicate
Incident Period: 07/01/2011 through
to Elizabeth M. Murphy, Secretary,
07/11/2011.
Securities and Exchange Commission,
Effective Date: 07/28/2011.
100 F Street, NE., Washington, DC
Physical Loan Application Deadline
20549–1090.
Date: 09/26/2011.
All submissions should refer to File
Economic Injury (EIDL) Loan
Number SR–EDGX–2011–22. This file
Application Deadline Date: 04/28/2012.
number should be included on the
ADDRESSES: Submit completed loan
subject line if e-mail is used. To help the applications to: U.S. Small Business
Commission process and review your
Administration, Processing and
comments more efficiently, please use
Disbursement Center, 14925 Kingsport
only one method. The Commission will Road, Fort Worth, TX 76155.
post all comments on the Commission’s FOR FURTHER INFORMATION CONTACT: A.
Internet Web site (https://www.sec.gov/
Escobar, Office of Disaster Assistance,
rules/sro.shtml). Copies of the
U.S. Small Business Administration,
submission, all subsequent
409 3rd Street, SW., Suite 6050,
amendments, all written statements
Washington, DC 20416.
with respect to the proposed rule
SUPPLEMENTARY INFORMATION: Notice is
change that are filed with the
hereby given that as a result of the
Commission, and all written
President’s major disaster declaration on
communications relating to the
07/28/2011, Private Non-Profit
proposed rule change between the
organizations that provide essential
Commission and any person, other than
services of governmental nature may file
those that may be withheld from the
disaster loan applications at the address
public in accordance with the
listed above or other locally announced
provisions of 5 U.S.C. 552, will be
locations.
available for Web site viewing and
The following areas have been
printing in the Commission’s Public
determined to be adversely affected by
Reference Room, 100 F Street, NE.,
the disaster:
Washington, DC 20549, on official
Primary Counties: Chisago, Isanti,
business days between the hours of 10
Kandiyohi, Lincoln, Lyon, Mcleod,
a.m. and 3 p.m. Copies of the filing also
Meeker, Mille Lacs, Pine, Pipestone,
will be available for inspection and
Redwood, Renville, Stearns, Yellow
copying at the principal office of the
Medicine, The Mille Lacs Band of
Exchange. All comments received will
Ojibwe.
be posted without change; the
The Interest Rates are:
Commission does not edit personal
identifying information from
Percent
submissions. You should submit only
information that you wish to make
For Physical Damage:
available publicly. All submissions
Non-Profit Organizations With
should refer to File Number SR–EDGX–
Credit Available Elsewhere: ..
3.250
2011–22 and should be submitted on or
before August 25, 2011.
8 17 CFR 200.30–3(a)(12).
VerDate Mar<15>2010
17:29 Aug 03, 2011
Jkt 223001
SUMMARY:
PO 00000
Frm 00147
Fmt 4703
Sfmt 4703
Percent
Non-Profit Organizations Without Credit Available Elsewhere: ....................................
For Economic Injury:
Non-Profit Organizations Without Credit Available Elsewhere: ....................................
3.000
3.000
The number assigned to this disaster
for physical damage is 12718B and for
economic injury is 12719B.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2011–19788 Filed 8–3–11; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Disaster Declaration #12699 and #12700
Puerto Rico Disaster Number PR–
00013
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Puerto Rico (FEMA–4004–
DR), dated 07/14/2011.
Incident: Severe Storms, Flooding,
Mudslides, and Landslides.
Incident Period: 05/20/2011 through
06/08/2011.
DATES: Effective Date: 07/28/2011.
Physical Loan Application Deadline
Date: 09/12/2011.
Economic Injury (EIDL) Loan
Application Deadline Date: 04/16/2012.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for Private Non-Profit
organizations in the State of PUERTO
RICO, dated 07/14/2011, is hereby
amended to include the following areas
as adversely affected by the disaster.
Primary Counties: Yabucoa.
All other information in the original
declaration remains unchanged.
SUMMARY:
E:\FR\FM\04AUN1.SGM
04AUN1
]]>Agencies
[Federal Register Volume 76, Number 150 (Thursday, August 4, 2011)]
[Notices]
[Pages 47285-47286]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-19747]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64990; File No. SR-EDGX-2011-22]
Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGX Exchange, Inc. Fee Schedule
July 29, 2011.
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 27, 2011, the EDGX Exchange, Inc. (the ``Exchange'' or the
``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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c). All
of the changes described herein are applicable to EDGX Members. The
text of the proposed rule change is available on the Exchange's
Internet Web site at https://www.directedge.com.
---------------------------------------------------------------------------
\3\ A Member is any registered broker or dealer, or any person
associated with a registered broker or dealer, that has been
admitted to membership in the Exchange.
---------------------------------------------------------------------------
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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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
Currently, the BY flag is yielded when an order is routed to BATS
BYX Exchange and removes liquidity using order types ROUC and ROBY, as
defined in Exchange Rules 11.9(b)(3)(a) and (g). The Exchange proposes
to decrease the rebate from $0.0004 to $0.0002 when an order is routed
to BATS BYX Exchange and removes liquidity.
The Exchange also proposes to eliminate the text in footnote 7,
which describes the INET tier, and replace it with the words
``intentionally omitted.'' This tier provides that ``Members routing an
average daily volume (``ADV''): (i) Less than 5,000,000 shares will be
charged $0.0030 per share, as described in the schedule; (ii) equal to
or greater than 5,000,000 shares but less than 20,000,000 shares will
be charged Nasdaq's best removal tier rate per share; (iii) equal to or
greater than 20,000,000 shares but less than 30,000,001 shares will be
charged Nasdaq's best removal tier rate--$0.0001 per share; and (iv)
equal to or greater than 30,000,001 shares will be charged Nasdaq's
best removal tier rate--$0.0002 per share. The rates, in all cases, are
calculated for shares removed from Nasdaq.'' Conforming changes have
been made to eliminate the references to footnotes 7 and a on Flags 2
and L, as they are no longer applicable.
The Exchange proposes to implement these amendments to its fee
schedule on August 1, 2011.
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with the objectives of Section 6 of the Exchange Act,\4\ in general,
and furthers the objectives of Section 6(b)(4),\5\ 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed decrease in rebate
associated with the BY flag (from $0.0004 per share to $0.0002 per
share) represents an equitable allocation of reasonable dues, fees, and
other charges since it reflects a pass through of the BATS fee for
removing liquidity. EDGA believes that it is reasonable and equitable
to pass on these fees to its members. The Exchange believes that the
proposed decrease in rebate is non-discriminatory in that it applies
uniformly to all Members.
The Exchange believes that the proposed elimination of the INET
tier in footnote 7 represents an equitable allocation of reasonable
dues, fees, and other charges as the INET tier is not used by any
Members and therefore, its elimination will not impact any Members. The
proposed elimination of the tier also provides more simplicity to the
fee schedule.
The Exchange 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 changes reflect 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 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.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
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.
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) of the Act \6\ and Rule 19b-4(f)(2) \7\ thereunder. At any
time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such
[[Page 47286]]
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------
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 e-mail to rule-comments@sec.gov. Please include
File Number SR-EDGX-2011-22 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-EDGX-2011-22. This file
number should be included on the subject line if e-mail 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
a.m. and 3 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; 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-2011-22 and should be
submitted on or before August 25, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19747 Filed 8-3-11; 8:45 am]
BILLING CODE 8011-01-P
