Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Y-Exchange, Inc., 61125-61127 [2011-25378]

Download as PDF Federal Register / Vol. 76, No. 191 / Monday, October 3, 2011 / Notices FINRA rules provide for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system that FINRA operates or controls. All similarly situated members are subject to the same fee structure, and access to the FINRA/ NASDAQ TRF is offered on fair and non-discriminatory terms. The proposed rule change is reasonable because it establishes a standard for recognition of aggregation requests that is easy to administer and that reflects the need to review and approve aggregation requests while avoiding the complexities associated with proration of the bills of members that affiliate during the course of a month. The proposed rule change is equitable because all members seeking to aggregate their activity are subject to the same parameters, in accordance with a commonsense standard that recognizes an affiliation as of the month’s beginning closest in time to when the affiliation occurs, provided the members submit a timely request. B. Self-Regulatory Organization’s Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. srobinson on DSK4SPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and paragraph (f)(1) of Rule 19b–4 thereunder.10 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and 9 15 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: BILLING CODE 8011–01–P • 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–FINRA–2011–049 on the subject line. Jkt 223001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65406; File No. SR–BYX– 2011–023] Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Y-Exchange, Inc. September 27, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 All submissions should refer to File notice is hereby given that on Number SR–FINRA–2011–049. This file September 14, 2011, BATS Y-Exchange, number should be included on the Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed subject line if e-mail is used. To help the with the Securities and Exchange Commission process and review your Commission (‘‘Commission’’) the comments more efficiently, please use proposed rule change as described in only one method. The Commission will Items I and II below, which Items have post all comments on the Commission’s been prepared by the Exchange. The Internet Web site (https://www.sec.gov/ Exchange has designated the proposed rules/sro.shtml). Copies of the rule change as one establishing or changing a member due, fee, or other submission, all subsequent charge imposed by the Exchange under amendments, all written statements Section 19(b)(3)(A)(ii) of the Act 3 and with respect to the proposed rule Rule 19b–4(f)(2) thereunder,4 which change that are filed with the renders the proposed rule change Commission, and all written effective upon filing with the communications relating to the Commission. The Commission is proposed rule change between the Commission and any person, other than publishing this notice to solicit comments on the proposed rule change those that may be withheld from the from interested persons. public in accordance with the I. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of available for Web site viewing and the Proposed Rule Change printing in the Commission’s Public Reference Room, 100 F Street, NE., The Exchange proposes to amend the Washington, DC 20549, on official fee schedule applicable to Members5 of business days between the hours of 10 the Exchange pursuant to BYX Rules a.m. and 3 p.m. Copies of such filing 15.1(a) and (c). While changes to the fee also will be available for inspection and schedule pursuant to this proposal will be effective upon filing, the changes will copying at the principal office of become operative on September 16, FINRA. All comments received will be posted without change; the Commission 2011. The text of the proposed rule change does not edit personal identifying is available at the Exchange’s Web site information from submissions. You at https://www.batstrading.com, at the should submit only information that you wish to make publicly available. All principal office of the Exchange, and at the Commission’s Public Reference submissions should refer to File Room. Number SR–FINRA–2011–049 and should be submitted on or before 11 17 CFR 200.30–3(a)(12). October 24, 2011. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 3 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(1). 16:42 Sep 30, 2011 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25352 Filed 9–30–11; 8:45 am] Electronic Comments 10 17 VerDate Mar<15>2010 61125 PO 00000 Frm 00054 Fmt 4703 Sfmt 4703 E:\FR\FM\03OCN1.SGM 03OCN1 61126 Federal Register / Vol. 76, No. 191 / Monday, October 3, 2011 / Notices 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. srobinson on DSK4SPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to modify its fee schedule applicable to use of the Exchange effective September 16, 2011, in order to adopt a fee for any order subject to price sliding that adds liquidity to the Exchange and receives price improvement over its ranked price when executed. Pursuant to Exchange price sliding, an order that would lock or cross a protected quotation is ranked on the Exchange’s order book at the locked price and then displayed at one minimum price level less aggressive than the locking price. For bids, this means that a price slid order is displayed at one minimum price variation less than the current national best offer (‘‘NBO’’), and for offers, this means that a price slid order is displayed at one minimum price variation more than the current national best bid (‘‘NBB’’). The Exchange received approval in June of a rule change to allow a nondisplayed order or an order subject to the price sliding process that is not executable at its most aggressive price to be executed at one-half minimum price variation less aggressive than the price at which it is ranked.6 The Exchange immediately implemented the change for non-displayed orders, but delayed the implementation related to orders subject to price sliding in order to complete development of the necessary system functionality. On September 16, 2011, the Exchange plans to implement the systems change to allow an order subject to price sliding to execute at one-half minimum price variation less 6 See Securities Exchange Act Release No. 64753 (June 27, 2011), 76 FR 38714 (July 1, 2011) (SR– BYX–2011–009) (Order Approving a Proposed Rule Change to Amend BATS Rule 11.9, entitled ‘‘Orders and Modifiers’’ and BATS Rule 11.13, entitled ‘‘Order Execution’’). VerDate Mar<15>2010 16:42 Sep 30, 2011 Jkt 223001 aggressive than the price at which such order is ranked. Specifically, in the event an order submitted to the Exchange on the side opposite such a price slid order is a market order or a limit order priced more aggressively than the locking price, the Exchange will execute the resting order subject to price sliding at, in the case of a resting bid, one-half minimum price variation less than the locking price, and, in the case of a resting offer, at one-half minimum price variation more than the locking price. Based on the functionality, orders executed as described above will receive price improvement over the price at which such orders are ranked. Because price slid orders subject to the order handling process described above will receive price improvement, the Exchange proposes to execute the orders subject to a fee of $0.0030 per share, which is the same fee imposed for executions of nondisplayed orders that receive price improvement when executed. The Exchange believes that price improvement received for executions of orders subject to price sliding will offset the additional fee charged by the Exchange for such orders. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.7 Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,8 in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. 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 Exchange believes that the proposed fee applicable to any execution of a price slid order that receives price improvement over its ranked price is competitive, fair and reasonable, and non-discriminatory in that the fee will apply uniformly to all Members and because the proposed fee is the same fee imposed for non-displayed orders that are handled similarly. Finally, the Exchange believes that the additional fee for executions of orders subject to 7 15 8 15 PO 00000 U.S.C. 78f. U.S.C. 78f(b)(4). Frm 00055 Fmt 4703 price sliding that receive price improvement is appropriate because the price improvement received will offset the change in the fee structure for such orders. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change imposes any burden on competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A)(ii) of the Act9 and Rule 19b–4(f)(2) thereunder,10 the Exchange has designated this proposal as establishing or changing a due, fee, or other charge applicable to the Exchange’s Members and non-members, which renders the proposed rule change effective upon filing. 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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 rulecomments@sec.gov. Please include File Number SR–BYX–2011–023 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, 9 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 10 17 Sfmt 4703 E:\FR\FM\03OCN1.SGM 03OCN1 Federal Register / Vol. 76, No. 191 / Monday, October 3, 2011 / Notices Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BYX–2011–023. 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 on official business days between the hours of 10 a.m. and 3 p.m. Copies of such 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–BYX–2011–023 and should be submitted on or before October 24, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25378 Filed 9–30–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65407; File No. SR–BATS– 2011–037] srobinson on DSK4SPTVN1PROD with NOTICES Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. September 27, 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 September 19, 2011, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) 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 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 proposes amend the fee schedule applicable to Members 5 and non-members of the Exchange pursuant to BATS Rules 15.1(a) and (c). While changes to the fee schedule pursuant to this proposal will be effective upon filing, the changes will become operative on September 23, 2011. The text of the proposed rule change is available at the Exchange’s Web site at https://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 proposes to modify its fee schedule applicable to use of the Exchange effective September 23, 2011, 3 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 5 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 11 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Mar<15>2010 16:42 Sep 30, 2011 4 17 Jkt 223001 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 61127 in order to: (1) Discontinue payment of a liquidity rebate for any order subject to price sliding that adds liquidity to the Exchange and receives price improvement over its ranked price when executed; and (2) modify the ‘‘Options Pricing’’ section of its fee schedule to impose a fee for newly available logical ports with bulk-quoting capabilities, as further described below. Orders Subject to Price Sliding The Exchange proposes to discontinue payment of a liquidity rebate for any order subject to price sliding that adds liquidity to the Exchange and receives price improvement over its ranked price when executed. Pursuant to Exchange price sliding, an order that would lock or cross a protected quotation is ranked on the Exchange’s order book at the locked price and then displayed at one minimum price level less aggressive than the locking price. For bids, this means that a price slid order is displayed at one minimum price variation less than the current national best offer (‘‘NBO’’), and for offers, this means that a price slid order is displayed at one minimum price variation more than the current national best bid (‘‘NBB’’). The Exchange received approval in June of a rule change to allow a nondisplayed order or an order subject to the price sliding process that is not executable at its most aggressive price to be executed at one-half minimum price variation less aggressive than the price at which it is ranked.6 The Exchange immediately implemented the change for non-displayed orders, but delayed the implementation related to orders subject to price sliding in order to complete development of the necessary system functionality. On September 23, 2011, the Exchange plans to implement the systems change to allow an order subject to price sliding to execute at one-half minimum price variation less aggressive than the price at which such order is ranked. Specifically, in the event an order submitted to the Exchange on the side opposite such a price slid order is a market order or a limit order priced more aggressively than the locking price, the Exchange will execute the resting order subject to price sliding at, in the case of a resting bid, one-half minimum price variation less than the locking price, and, in the case of a resting offer, at one-half 6 See Securities Exchange Act Release No. 64754 (June 27, 2011), 76 FR 38712 (July 1, 2011) (SR– BATS–2011–01 [sic]) (Order Approving a Proposed Rule Change to Amend BATS Rule 11.9, entitled ‘‘Orders and Modifiers’’ and BATS Rule 11.13, entitled ‘‘Order Execution’’). E:\FR\FM\03OCN1.SGM 03OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 191 (Monday, October 3, 2011)]
[Notices]
[Pages 61125-61127]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25378]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65406; File No. SR-BYX-2011-023]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Related to
Fees for Use of BATS Y-Exchange, Inc.

September 27, 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 September 14, 2011, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') 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 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.
---------------------------------------------------------------------------

\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 proposes to amend the fee schedule applicable to
Members\5\ of the Exchange pursuant to BYX Rules 15.1(a) and (c). While
changes to the fee schedule pursuant to this proposal will be effective
upon filing, the changes will become operative on September 16, 2011.
---------------------------------------------------------------------------

\5\ A Member is any registered broker or dealer that has been
admitted to membership in the Exchange.
---------------------------------------------------------------------------

The text of the proposed rule change is available at the Exchange's
Web site at https://www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

[[Page 61126]]

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 proposes to modify its fee schedule applicable to use
of the Exchange effective September 16, 2011, in order to adopt a fee
for any order subject to price sliding that adds liquidity to the
Exchange and receives price improvement over its ranked price when
executed. Pursuant to Exchange price sliding, an order that would lock
or cross a protected quotation is ranked on the Exchange's order book
at the locked price and then displayed at one minimum price level less
aggressive than the locking price. For bids, this means that a price
slid order is displayed at one minimum price variation less than the
current national best offer (``NBO''), and for offers, this means that
a price slid order is displayed at one minimum price variation more
than the current national best bid (``NBB'').
The Exchange received approval in June of a rule change to allow a
non-displayed order or an order subject to the price sliding process
that is not executable at its most aggressive price to be executed at
one-half minimum price variation less aggressive than the price at
which it is ranked.\6\ The Exchange immediately implemented the change
for non-displayed orders, but delayed the implementation related to
orders subject to price sliding in order to complete development of the
necessary system functionality. On September 16, 2011, the Exchange
plans to implement the systems change to allow an order subject to
price sliding to execute at one-half minimum price variation less
aggressive than the price at which such order is ranked. Specifically,
in the event an order submitted to the Exchange on the side opposite
such a price slid order is a market order or a limit order priced more
aggressively than the locking price, the Exchange will execute the
resting order subject to price sliding at, in the case of a resting
bid, one-half minimum price variation less than the locking price, and,
in the case of a resting offer, at one-half minimum price variation
more than the locking price. Based on the functionality, orders
executed as described above will receive price improvement over the
price at which such orders are ranked. Because price slid orders
subject to the order handling process described above will receive
price improvement, the Exchange proposes to execute the orders subject
to a fee of $0.0030 per share, which is the same fee imposed for
executions of non-displayed orders that receive price improvement when
executed. The Exchange believes that price improvement received for
executions of orders subject to price sliding will offset the
additional fee charged by the Exchange for such orders.
---------------------------------------------------------------------------

\6\ See Securities Exchange Act Release No. 64753 (June 27,
2011), 76 FR 38714 (July 1, 2011) (SR-BYX-2011-009) (Order Approving
a Proposed Rule Change to Amend BATS Rule 11.9, entitled ``Orders
and Modifiers'' and BATS Rule 11.13, entitled ``Order Execution'').
---------------------------------------------------------------------------

2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6 of the Act.\7\
Specifically, the Exchange believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\8\ in that it provides for
the equitable allocation of reasonable dues, fees and other charges
among members and other persons using any facility or system which the
Exchange operates or controls. 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 Exchange believes that the
proposed fee applicable to any execution of a price slid order that
receives price improvement over its ranked price is competitive, fair
and reasonable, and non-discriminatory in that the fee will apply
uniformly to all Members and because the proposed fee is the same fee
imposed for non-displayed orders that are handled similarly. Finally,
the Exchange believes that the additional fee for executions of orders
subject to price sliding that receive price improvement is appropriate
because the price improvement received will offset the change in the
fee structure for such orders.
---------------------------------------------------------------------------

\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change imposes
any burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

No written comments were solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

Pursuant to Section 19(b)(3)(A)(ii) of the Act\9\ and Rule 19b-
4(f)(2) thereunder,\10\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge applicable to the
Exchange's Members and non-members, which renders the proposed rule
change effective upon filing.
---------------------------------------------------------------------------

\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

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-BYX-2011-023 on the subject line.

Paper Comments

Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,

[[Page 61127]]

Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.

All submissions should refer to File Number SR-BYX-2011-023. 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 on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such 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-BYX-
2011-023 and should be submitted on or before October 24, 2011.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25378 Filed 9-30-11; 8:45 am]
BILLING CODE 8011-01-P

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