Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period of the Inbound Router, as Described in Rule 2.12, 63977-63979 [2011-26529]
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Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Notices
2. Statutory Basis
The proposed rule change to extend
the Waiver is consistent with Section
6(b) of the Securities Exchange Act of
1934 (the ‘‘Act’’),6 in general, and
furthers the objectives of Section 6(b)(4)
of the Act,7 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among Trading Permit
Holders in that it is intended to attract
more customer volume on the Exchange
in SPY options. The SPY option class is
one of the most active and liquid classes
and trades with a significant electronic
trading volume. Because of its current
trading profile, CBOE believes it might
be better able to attract electronic
liquidity by not assessing the marketing
fee on electronic SPY transactions and
therefore proposes to extend the current
waiver. However, CBOE believes that
continuing to collect the marketing fee
on open outcry transactions, as well as
electronic orders submitted to AIM for
price improvement, from market makers
that trade with customer orders from
payment accepting firms would
continue to attract liquidity in SPY to
the floor and AIM mechanism,
respectively. Accordingly, CBOE
believes continuing the waiver is
equitable because it reflects the trading
profile of SPY and is designed and
intended to attract additional order flow
in SPY to the Exchange, which would
benefit all market participants.
The proposed rule change to change
the marketing fee assessed on EEM
transactions furthers the objectives of
Section 6(b)(4) of the Act,8 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among Trading
Permit Holders and other persons using
Exchange facilities. The amount of the
fee, $0.25 per contract, is reasonable, as
it is the same amount as is charged for
transactions in other ETFs. The
assessment of the fee is equitable and
not unfairly discriminatory because it is
designed and intended to attract
additional order flow in EEM to the
Exchange, which would increase
liquidity and benefit all market
participants, and because the same fee
is assessed similar transactions in nearly
all other ETFs.
tkelley on DSK3SPTVN1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition not necessary or
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
8 15 U.S.C. 78f(b)(4).
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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change is
designated by the Exchange as
establishing or changing a due, fee, or
other charge, thereby qualifying for
effectiveness on filing pursuant to
Section 19(b)(3)(A) of the Act 9 and
subparagraph (f)(2) of Rule 19b–4 10
thereunder. 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:
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–CBOE–2011–097 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–CBOE–2011–097. 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
6 15
VerDate Mar<15>2010
15:20 Oct 13, 2011
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 offices 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–CBOE–2011–097, and
should be submitted on or before
November 4, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–26531 Filed 10–13–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65516; File No. SR–BATS–
2011–040]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Period of the Inbound Router, as
Described in Rule 2.12
October 7, 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 29, 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
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
11 17
7 15
9 15
U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(2).
Jkt 226001
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
63977
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\14OCN1.SGM
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63978
Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange filed with the
Commission a proposal to extend the
pilot program so that the Exchange can
receive inbound routes of equities
orders through BATS Trading, Inc.
(‘‘BATS Trading’’), the Exchange’s
routing broker-dealer, from BATS YExchange, Inc. (‘‘BYX’’).
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
tkelley on DSK3SPTVN1PROD with NOTICES
Currently, BATS Trading is the
approved outbound order routing
facility of BYX.3 The Exchange, through
BATS Trading, has also been authorized
to receive inbound routes of equities
orders by BATS Trading from BYX.4
The Exchange’s authority to receive
inbound routes of equities orders by
BATS Trading from BYX is subject to a
pilot period of twelve months, ending
October 15, 2011. The Exchange hereby
seeks to extend the previously approved
pilot period (with the attendant
obligations and conditions) for an
additional six months, through April 15,
3 See Securities Exchange Act Release No. 62716
(August 13, 2010), 75 FR 51295 (August 19, 2010)
(Order Approving Application of BATS YExchange, Inc. for Registration as a National
Securities Exchange).
4 See Securities Exchange Act Release No. 62901
(September 13, 2010), 75 FR 57097 (September 17,
2010) (SR–BATS–2010–024) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Adopt BATS Rule 2.12, Entitled ‘‘BATS Trading,
Inc. as Inbound Router’’ and To Make Related
Changes) (the ‘‘Inbound Router Notice’’).
VerDate Mar<15>2010
15:20 Oct 13, 2011
Jkt 226001
2012. This is reflected in the proposed
amendment to BATS Rule 2.12(b).
2. Statutory Basis
The Exchange believes that its
proposal 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(b) of the Act.5
In particular, the proposal is consistent
with Section 6(b)(5) of the Act,6 because
it would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from BATS Trading acting in its
capacity as a facility of BYX, in a
manner consistent with prior approvals
and established protections. The
Exchange believes that extending the
previously approved pilot period for six
months will permit both the Exchange
and the Commission to further assess
the impact of the Exchange’s authority
to receive direct inbound routes of
equities orders via BATS Trading,
including the attendant obligations and
conditions.7
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest, does not impose any significant
burden on competition, and, by its
terms, does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 The Exchange plans to submit a proposal prior
to the expiration of the new pilot period to make
permanent the Exchange’s authority to receive
direct inbound routes of equities orders via BATS
Trading.
6 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Exchange believes that the
proposed rule change is consistent with
the protection of investors and the
public interest because it would permit
the Exchange to continue receiving
inbound routes of equities orders from
BATS Trading, in a manner consistent
with prior approvals and established
protections.10 The Commission believes
that waiver of the operative delay is
consistent with the protection of
investors and the public interest
because such waiver would allow the
pilot period to be extended without
undue delay through April 15, 2011
while the Exchange’s proposal to make
the pilot permanent is under
consideration.11 Therefore, the
Commission designates the proposal
operative upon filing.12
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:
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–BATS–2011–040 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
10 See SR–BATS–2011–040, Item 7.
11 See supra note 7.
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
9 17
E:\FR\FM\14OCN1.SGM
14OCN1
Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–BATS–2011–040. 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–BATS–
2011–040 and should be submitted on
or before November 4, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–26529 Filed 10–13–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
tkelley on DSK3SPTVN1PROD with NOTICES
[Release No. 34–65515; File No. SR–BYX–
2011–026]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Period of the Inbound Router, as
described in Rule 2.12
October 7, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
13 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
15:20 Oct 13, 2011
Jkt 226001
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 29, 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
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 with the
Commission a proposal to extend the
pilot program so that the Exchange can
receive inbound routes of equities
orders through BATS Trading, Inc.
(‘‘BATS Trading’’), the Exchange’s
routing broker-dealer, from BATS
Exchange, Inc. (‘‘BZX’’).
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
Currently, BATS Trading is the
approved outbound order routing
facility of BZX.3 The Exchange, through
BATS Trading, has also been approved
to receive inbound routes of equities
orders by BATS Trading from BZX.4
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 58375
(August 21, 2008), 73 FR 49498 (August 21, 2008)
(Order Approving Application of BATS Exchange,
Inc. for Registration as a National Securities
Exchange).
4 See Securities Exchange Act Release No. 62716
(August 13, 2010), 75 FR 51295 (August 19, 2010)
(Order Approving Application of BATS Y-
63979
The Exchange’s authority to receive
inbound routes of equities orders by
BATS Trading from BZX is subject to a
pilot period of twelve months, ending
October 15, 2011. The Exchange hereby
seeks to extend the previously approved
pilot period (with the attendant
obligations and conditions) for an
additional six months, through April 15,
2012. This is reflected in the proposed
amendment to BYX Rule 2.12(b).
2. Statutory Basis
The Exchange believes that its
proposal 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(b) of the Act.5
In particular, the proposal is consistent
with Section 6(b)(5) of the Act,6 because
it would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from BATS Trading acting in its
capacity as a facility of BZX, in a
manner consistent with prior approvals
and established protections. The
Exchange believes that extending the
previously approved pilot period for six
months will permit both the Exchange
and the Commission to further assess
the impact of the Exchange’s authority
to receive direct inbound routes of
equities orders via BATS Trading,
including the attendant obligations and
conditions.7
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
1 15
2 17
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
Exchange, Inc. for Registration as a National
Securities Exchange).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
7 The Exchange plans to submit a proposal prior
to the expiration of the new pilot period to make
permanent the Exchange’s authority to receive
direct inbound routes of equities orders via BATS
Trading.
E:\FR\FM\14OCN1.SGM
14OCN1
]]>Agencies
[Federal Register Volume 76, Number 199 (Friday, October 14, 2011)]
[Notices]
[Pages 63977-63979]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26529]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65516; File No. SR-BATS-2011-040]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Period of the Inbound Router, as Described in Rule 2.12
October 7, 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 29, 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
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.
---------------------------------------------------------------------------
[[Page 63978]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange filed with the Commission a proposal to extend the
pilot program so that the Exchange can receive inbound routes of
equities orders through BATS Trading, Inc. (``BATS Trading''), the
Exchange's routing broker-dealer, from BATS Y-Exchange, Inc. (``BYX'').
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
Currently, BATS Trading is the approved outbound order routing
facility of BYX.\3\ The Exchange, through BATS Trading, has also been
authorized to receive inbound routes of equities orders by BATS Trading
from BYX.\4\ The Exchange's authority to receive inbound routes of
equities orders by BATS Trading from BYX is subject to a pilot period
of twelve months, ending October 15, 2011. The Exchange hereby seeks to
extend the previously approved pilot period (with the attendant
obligations and conditions) for an additional six months, through April
15, 2012. This is reflected in the proposed amendment to BATS Rule
2.12(b).
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 62716 (August 13,
2010), 75 FR 51295 (August 19, 2010) (Order Approving Application of
BATS Y-Exchange, Inc. for Registration as a National Securities
Exchange).
\4\ See Securities Exchange Act Release No. 62901 (September 13,
2010), 75 FR 57097 (September 17, 2010) (SR-BATS-2010-024) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt BATS Rule 2.12, Entitled ``BATS Trading, Inc. as Inbound
Router'' and To Make Related Changes) (the ``Inbound Router
Notice'').
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal 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(b) of the Act.\5\ In particular, the
proposal is consistent with Section 6(b)(5) of the Act,\6\ because it
would promote just and equitable principles of trade, remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the proposed rule change will allow the Exchange to
continue receiving inbound routes of equities orders from BATS Trading
acting in its capacity as a facility of BYX, in a manner consistent
with prior approvals and established protections. The Exchange believes
that extending the previously approved pilot period for six months will
permit both the Exchange and the Commission to further assess the
impact of the Exchange's authority to receive direct inbound routes of
equities orders via BATS Trading, including the attendant obligations
and conditions.\7\
---------------------------------------------------------------------------
\7\ The Exchange plans to submit a proposal prior to the
expiration of the new pilot period to make permanent the Exchange's
authority to receive direct inbound routes of equities orders via
BATS Trading.
---------------------------------------------------------------------------
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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the 30-day
operative delay. The Exchange believes that the proposed rule change is
consistent with the protection of investors and the public interest
because it would permit the Exchange to continue receiving inbound
routes of equities orders from BATS Trading, in a manner consistent
with prior approvals and established protections.\10\ The Commission
believes that waiver of the operative delay is consistent with the
protection of investors and the public interest because such waiver
would allow the pilot period to be extended without undue delay through
April 15, 2011 while the Exchange's proposal to make the pilot
permanent is under consideration.\11\ Therefore, the Commission
designates the proposal operative upon filing.\12\
---------------------------------------------------------------------------
\10\ See SR-BATS-2011-040, Item 7.
\11\ See supra note 7.
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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:
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-BATS-2011-040 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 63979]]
Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-BATS-2011-040. 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-BATS-2011-040 and should be
submitted on or before November 4, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26529 Filed 10-13-11; 8:45 am]
BILLING CODE 8011-01-P
