Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BATS Rules in Connection With the Elimination of Discretionary Orders for BATS Options, 7826-7828 [2013-02298]
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7826
Federal Register / Vol. 78, No. 23 / Monday, February 4, 2013 / Notices
The Exchange believes that the
transparency and competitiveness of
operating a program such as the Retail
Liquidity Program on an exchange
market would result in better prices for
retail investors, and benefits retail
investors by expanding the capabilities
of Exchanges to encompass practices
currently allowed on non-Exchange
venues.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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
publicly available. All submissions
should refer to File Number SR–NYSE–
2013–08 and should be submitted on or
before February 25, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–02290 Filed 2–1–13; 8:45 am]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSE–2013–08 on the
subject line.
mstockstill on DSK4VPTVN1PROD with NOTICES
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:
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend BATS Rules in
Connection With the Elimination of
Discretionary Orders for BATS Options
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–NYSE–2013–08. 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
VerDate Mar<15>2010
19:26 Feb 01, 2013
Jkt 229001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68752; File No. SR–BATS–
2013–003]
January 29, 2013.
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 January
18, 2013, 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
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Frm 00089
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Sfmt 4703
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it 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 is proposing to amend
BATS Rule 21.1, entitled ‘‘Definitions,’’
to remove an order type, a Discretionary
Order, from the types of orders allowed
by the BATS options market (‘‘BATS
Options’’).
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 purpose of the proposed rule
change is to amend BATS Rule 21.1 to
remove Discretionary Orders from the
types of orders allowed by BATS
Options.
As currently offered, Discretionary
Orders allow Exchange Users 5 to enter
orders that have a displayed price and
size, as well as a non-displayed
discretionary price range, at which the
entering party, if necessary, is also
willing to buy or sell. The Exchange
adopted the Discretionary Order order
type for BATS Options based on
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
5 As defined in BATS Rule 1.5(cc), the term
‘‘User’’ means ‘‘any Member or Sponsored
Participant who is authorized to obtain access to the
System pursuant to BATS Rule 11.3.’’
4 17
E:\FR\FM\04FEN1.SGM
04FEN1
Federal Register / Vol. 78, No. 23 / Monday, February 4, 2013 / Notices
experience with an identical order type
offered on the Exchange’s cash equities
platform. Although the Exchange
believed that Discretionary Orders
would translate well to BATS Options,
Discretionary Orders have not been
widely used on BATS Options; to the
extent Discretionary Orders have been
used on BATS Options, BATS has
observed that it does not appear that the
Discretionary Order order type
incentivizes Exchange Users to enter
aggressively priced, displayed liquidity
that effectively contributes to the price
discovery process. Accordingly, the
Exchange proposes to remove the ability
to submit a Discretionary Order to BATS
Options, and thus, to delete reference to
Discretionary Orders in Rule 21.1. The
Exchange does not propose any
difference to the existing discretionary
functionality for the Exchange’s cash
equities trading platform.
2. Statutory Basis
The rule change proposed in this
submission 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.6
Specifically, the proposed change is
consistent with Section 6(b)(5) of the
Act,7 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, and, in
general, protect investors and the public
interest. Specifically, the Exchange
believes that elimination of
Discretionary Orders for BATS Options
will enhance price discovery and
aggressively priced, displayed liquidity
on BATS Options, which will have
potential benefits for all market
participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
mstockstill on DSK4VPTVN1PROD with NOTICES
The Exchange does not believe that
the proposed rule change imposes any
burden on competition. As noted above,
the proposal would eliminate an order
type that is not offered by any other
options exchange.
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.
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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19:26 Feb 01, 2013
Jkt 229001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not (i) significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 10 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 11
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay because the Exchange
plans to stop supporting the
Discretionary Order order type as of
February 1, 2013. Furthermore, the
Exchange notes that the Discretionary
Order order type is not widely used on
the BATS Options market and, as such,
the Exchange does not believe that
discontinuing its availability would
negatively affect Exchange Users or the
Exchange’s market. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Therefore, the Commission
hereby waives the 30-day operative
delay and 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.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its 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 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6).
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
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
7827
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 rulecomments@sec.gov. Please include File
Number SR–BATS–2013–003 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–BATS–2013–003. 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 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–
2013–003 and should be submitted on
or before February 25, 2013.
E:\FR\FM\04FEN1.SGM
04FEN1
7828
Federal Register / Vol. 78, No. 23 / Monday, February 4, 2013 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–02298 Filed 2–1–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68758; File No. SR–
NYSEArca–2013–04]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE Arca
Options Fee Schedule To Revise
Qualification Thresholds for Tiered
Customer Posting Credits
January 29, 2013.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
15, 2013, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
Tier
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.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’) to revise the qualification
thresholds for tiered Customer posting
credits for electronic executions in
Penny Pilot issues. The Exchange
proposes to make the fee change
operative on February 1, 2013. The text
of the proposed rule change is available
on the Exchange’s Web site at
www.nyse.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
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 those 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 amend the
Fee Schedule to revise the qualification
thresholds for tiered Customer 4 posting
credits for electronic executions in
Penny Pilot issues.5 The Exchange
proposes to make the fee change
operative on February 1, 2013.
Currently, the Exchange provides
credits for posted electronic Customer
executions in Penny Pilot issues for
OTP Holders and OTP Firms that meet
the following execution thresholds:
Qualification basis (average electronic executions per day)
Base ...................
Tier 1 .................
Tier 2 .................
Tier 3 .................
Tier 4 .................
..............................................
15,000 Contracts from Customer Posted Orders in
Penny Pilot Issues.
25,000 Contracts from Customer Posted Orders in
Penny Pilot Issues, or
50,000 Contracts from Customer Posted Orders in
Penny Pilot Issues.
65,000 Contracts from Customer Posted Orders in
Penny Pilot Issues Plus
0.3% of U.S. Equity Market Share Posted and Executed on NYSE Arca Equity Market,* or
Credit applied to posted electronic customer executions in
Penny Pilot issues
..............................................
..............................................
..............................................
..............................................
($0.25)
($0.38)
75,000 Contracts from Posted Orders in Penny Pilot
Issues, all account types.*
..............................................
..............................................
($0.40)
..............................................
($0.43)
100,000 Contracts from
Posted Orders in Penny
Pilot Issues, all account
types,* or
100,000 Contracts from Customer Posted and Removing Orders in Penny Pilot
Issues.
($0.44)
* Includes transaction volume from the OTP Holder’s or OTP Firm’s affiliates.
The Exchange proposes to revise the
qualification thresholds for tiered
Customer posting credits for electronic
executions in Penny Pilot issues so that
the qualification thresholds for tiered
mstockstill on DSK4VPTVN1PROD with NOTICES
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 Under NYSE Arca Options Rule 6.1(b)(29), the
term ‘‘Customer’’ has the same definition as Rule
15c3–1(c)(6) under the Act, which excludes certain
broker-dealers.
5 As provided under NYSE Arca Options Rule
6.72, options on certain issues have been approved
1 15
VerDate Mar<15>2010
19:26 Feb 01, 2013
Jkt 229001
Customer posting credits will be based
not on a fixed number of contracts but
instead on a percentage of average daily
volume (‘‘ADV’’) of Customer electronic
equity and ETF option contracts
executed by an OTP Holder or OTP
Firm on the Exchange relative to the
overall Total Industry Customer equity
and ETF option ADV.6 The Exchange
to trade with a minimum price variation of $0.01
as part of a pilot program that is currently
scheduled to expire on March 31, 2013. See
Securities Exchange Act Release No. 68426,
(December 13, 2012) 77 FR 75224 (December 19,
2012) (SR–NYSEArca–2012–135).
6 The OCC provides volume information in two
product categories: Equity and ETF volume and
index volume, and the information can be filtered
to show only Customer, firm, or market maker
account type. Equity and ETF Customer volume
numbers are available directly from the OCC each
morning, or may be transmitted, upon request, free
of charge from the Exchange. Equity and ETF
Customer volume is a widely followed benchmark
of industry volume and is indicative of industry
market share. Total Industry Customer equity and
ETF option ADV is comprised of those equity and
ETF option contracts that clear in the customer
account type at OCC, including Exchange-Traded
Fund Shares, Trust Issued Receipts, Partnership
PO 00000
Frm 00091
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E:\FR\FM\04FEN1.SGM
04FEN1
]]>Agencies
[Federal Register Volume 78, Number 23 (Monday, February 4, 2013)]
[Notices]
[Pages 7826-7828]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-02298]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68752; File No. SR-BATS-2013-003]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
BATS Rules in Connection With the Elimination of Discretionary Orders
for BATS Options
January 29, 2013.
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 January 18, 2013, 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 this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it 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).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend BATS Rule 21.1, entitled
``Definitions,'' to remove an order type, a Discretionary Order, from
the types of orders allowed by the BATS options market (``BATS
Options'').
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 purpose of the proposed rule change is to amend BATS Rule 21.1
to remove Discretionary Orders from the types of orders allowed by BATS
Options.
As currently offered, Discretionary Orders allow Exchange Users \5\
to enter orders that have a displayed price and size, as well as a non-
displayed discretionary price range, at which the entering party, if
necessary, is also willing to buy or sell. The Exchange adopted the
Discretionary Order order type for BATS Options based on
[[Page 7827]]
experience with an identical order type offered on the Exchange's cash
equities platform. Although the Exchange believed that Discretionary
Orders would translate well to BATS Options, Discretionary Orders have
not been widely used on BATS Options; to the extent Discretionary
Orders have been used on BATS Options, BATS has observed that it does
not appear that the Discretionary Order order type incentivizes
Exchange Users to enter aggressively priced, displayed liquidity that
effectively contributes to the price discovery process. Accordingly,
the Exchange proposes to remove the ability to submit a Discretionary
Order to BATS Options, and thus, to delete reference to Discretionary
Orders in Rule 21.1. The Exchange does not propose any difference to
the existing discretionary functionality for the Exchange's cash
equities trading platform.
---------------------------------------------------------------------------
\5\ As defined in BATS Rule 1.5(cc), the term ``User'' means
``any Member or Sponsored Participant who is authorized to obtain
access to the System pursuant to BATS Rule 11.3.''
---------------------------------------------------------------------------
2. Statutory Basis
The rule change proposed in this submission 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.\6\ Specifically, the
proposed change is consistent with Section 6(b)(5) of the Act,\7\
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, and, in general, protect investors and
the public interest. Specifically, the Exchange believes that
elimination of Discretionary Orders for BATS Options will enhance price
discovery and aggressively priced, displayed liquidity on BATS Options,
which will have potential benefits for all market participants.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. As noted above, the proposal would eliminate
an order type that is not offered by any other options exchange.
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 proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, the proposed rule change 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)
requires a self-regulatory organization to give the Commission
written notice of its 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \11\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay because the Exchange
plans to stop supporting the Discretionary Order order type as of
February 1, 2013. Furthermore, the Exchange notes that the
Discretionary Order order type is not widely used on the BATS Options
market and, as such, the Exchange does not believe that discontinuing
its availability would negatively affect Exchange Users or the
Exchange's market. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the 30-day
operative delay and designates the proposal operative upon filing.\12\
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6).
\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 email to rule-comments@sec.gov. Please include
File Number SR-BATS-2013-003 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-BATS-2013-003. 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 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-2013-003 and should be
submitted on or before February 25, 2013.
[[Page 7828]]
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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-02298 Filed 2-1-13; 8:45 am]
BILLING CODE 8011-01-P
