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., 15616-15618 [2014-06123]

Download as PDF 15616 Federal Register / Vol. 79, No. 54 / Thursday, March 20, 2014 / Notices I. Introduction On March 13, 2014, the Postal Service filed notice that it has entered into an additional Global Expedited Package Services 3 (GEPS 3) negotiated service agreement (Agreement).1 The Notice includes four attachments: A redacted copy of the Agreement, a redacted copy of Governors’ Decision No. 08–7, a certification of compliance with 39 U.S.C. 3633(a), and an application for non-public treatment of certain materials. It also includes supporting financial workpapers. II. Notice of Filings The Commission establishes Docket No. CP2014–34 for consideration of matters raised by the Notice. Interested persons may submit comments on whether the Postal Service’s filing is consistent with 39 U.S.C. 3632, 3633, or 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comments are due no later than March 21, 2014. The public portions of the filing can be accessed via the Commission’s Web site (https:// www.prc.gov). The Commission appoints James F. Callow to serve as Public Representative in these dockets. III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. CP2014–34 for consideration of the matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, James F. Callow is appointed to serve as an officer of the Commission to represent the interests of the general public in these proceedings (Public Representative). 3. Comments by interested persons in these proceedings are due no later than March 21, 2014. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. ehiers on DSK2VPTVN1PROD with NOTICES [FR Doc. 2014–06105 Filed 3–19–14; 8:45 am] BILLING CODE 7710–FW–P 1 Notice of United States Postal Service of Filing a Functionally Equivalent Global Expedited Package Services 3 Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal, March 13, 2014 (Notice). VerDate Mar<15>2010 14:48 Mar 19, 2014 Jkt 232001 SECURITIES AND EXCHANGE COMMISSION sec.gov. Comments must be submitted to OMB within 30 days of this notice. [OMB Control No. 3235–0675, SEC File No. 270–620] Dated: March 14, 2014. Kevin M. O’Neill, Deputy Secretary. Submission for OMB Review; Comment Request [FR Doc. 2014–06126 Filed 3–19–14; 8:45 am] BILLING CODE 8011–01–P Extension: Form ABS–15G Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below. Form ABS–15G (17 CFR 249.1300) is used for reports of information required under Rule 15Ga–1 (17 CFR 240.15Ga– 1) of the Exchange Act of 1934 (‘‘Exchange Act’’). Exchange Act Rule 15Ga–1 requires asset-backed securitizers to provide disclosure regarding fulfilled an unfulfilled repurchase requests with respect to asset-backed securities. The purpose of the information collected on Form ABS– 15G is to implement the disclosure requirements of Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide information regarding the use of representations and warranties in the asset-backed securities markets. We estimate that approximately 810 securitizers will file Form ABS–15G annually at estimated 311.223 burden hours per response. In addition, we estimate that 75% of the 311.223 hours per response (233.417 hours) is carried internally by the securitizers for a total annual reporting burden of 189,068 hours (233.417 hours per response × 810 responses). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. The public may view the background documentation for this information collection at the following Web site, www.reginfo.gov . Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@ PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71726; File No. SR–BYX– 2014–002] 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. March 14, 2014. 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 March 4, 2014, 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, II, and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members 5 and non-members of the Exchange pursuant to BYX Rules 15.1(a) and (c). Changes to the fee schedule pursuant to this proposal are effective upon filing. 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. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 2 17 E:\FR\FM\20MRN1.SGM 20MRN1 Federal Register / Vol. 79, No. 54 / Thursday, March 20, 2014 / 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change ehiers on DSK2VPTVN1PROD with NOTICES 1. Purpose The Exchange proposes to modify the ‘‘Equities Pricing’’ section of its fee schedule effective March 3, 2014, in order to amend the fees for certain routing strategies based on a change of fees at the New York Stock Exchange LLC (‘‘NYSE’’). The Exchange also proposes to remove certain unnecessary language from the definition of ‘‘TCV’’, or total consolidated volume. The Exchange has previously provided a discounted fee for Destination Specific Orders routed to certain of the largest market centers measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each instance has been $0.0001 less per share for orders routed to such market centers by the Exchange than such market centers currently charge for removing liquidity (referred to by the Exchange as ‘‘One Under’’ [sic] pricing). NYSE is implementing certain pricing changes effective March 1, 2014, including modification from a fee to remove liquidity of $0.0025 per share to a fee of $0.0026 per share.6 Based on the changes in pricing at NYSE, BYX is proposing to increase its fee for Destination Specific Orders 7 executed at NYSE so that the fee remains $0.0001 less per share for orders routed to NYSE. Specifically, the Exchange proposes to increase the fee charged for BYX + NYSE Destination Specific Orders executed at NYSE from $0.0024 per share to $0.0025 per share. In addition, the Exchange offers a variety of routing strategies, including ‘‘SLIM’’ and ‘‘TRIM,’’ each of which has a specific fee for an execution that 6 See SR–NYSE–2014–09, filed February 24, 2014, available at: https://www.nyse.com/nysenotices/ nyse/rule-filings/list. 7 As defined in Exchange Rule 11.9(c)(12). VerDate Mar<15>2010 14:48 Mar 19, 2014 Jkt 232001 occurs at NYSE.8 Consistent with its One Under [sic] pricing model, the Exchange currently charges $0.0024 per share for executions that occur at NYSE through SLIM and TRIM. Based on the increased fee at NYSE, the Exchange proposes to increase the fee charged for SLIM and TRIM orders executed at NYSE from $0.0024 per share to $0.0025 per share. In addition to the changes described above related to orders routed to NYSE through certain Exchange routing strategies, the Exchange proposes to eliminate certain unnecessary language from the fee schedule. Beginning on December 9, 2013, the Exchange temporarily excluded odd lot executions from the calculation of average daily TCV, as defined on the Exchange’s fee schedule as it relates to ‘‘Equities Pricing.’’ 9 Specifically, odd lots were excluded from the calculation of TCV through January 31, 2014. The Exchange proposes to remove language regarding the exclusion of odd lots, as such exclusion has expired and is thus no longer necessary. 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.10 Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,11 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 changes to certain of the Exchange’s non-standard routing fees and strategies are equitably allocated, fair and reasonable, and non-discriminatory in that they are equally applicable to all Members and are designed to provide a reduced fee for orders routed to NYSE through Exchange routing strategies as 8 See Exchange Rule 11.13(a)(3)(G) for a description of the TRIM routing strategy and Exchange Rule 11.13(a)(3)(H) for a description of the SLIM routing strategy. 9 See Securities Exchange Act Release No. 71138 (December 19, 2013), 78 FR 78445 (December 26, 2013) (SR–BYX–2013–041). 10 15 U.S.C. 78f. 11 15 U.S.C. 78f(b)(4). PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 15617 compared to applicable fees for executions if such routed orders were instead executed directly by the Member at NYSE. The Exchange also believes that its removal of language from the definition of TCV regarding the odd lot exclusion that has expired is consistent with the Act. This change will help to avoid confusion and does not substantively change the fees imposed by the Exchange. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange 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, as amended. Because the market for order execution is extremely competitive, Members may readily opt to disfavor the Exchange’s routing services if they believe that alternatives offer them better value. For an order routed through the Exchange and executed at NYSE through the applicable routing strategies, the proposed fee change is designed to maintain a slight discount compared to the fee the Member would have paid if such routed order was instead executed directly by a Member at NYSE. The proposed change to remove the language for the exclusion of odd lots imposes no burden on competition because such exclusion explicitly expired on January 31, 2014. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 12 and paragraph (f) of Rule 19b–4 thereunder.13 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, 12 15 13 17 E:\FR\FM\20MRN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 20MRN1 15618 Federal Register / Vol. 79, No. 54 / Thursday, March 20, 2014 / Notices including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71727; File No. SR–BATS– 2014–005] 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– BYX–2014–002 on the subject line. Paper Comments ehiers on DSK2VPTVN1PROD with NOTICES • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BYX–2014–002. 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 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–2014–002 and should be submitted on or before April 10, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–06123 Filed 3–19–14; 8:45 am] BILLING CODE 8011–01–P 14 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 14:48 Mar 19, 2014 Jkt 232001 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. March 14, 2014. 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 March 4, 2014, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members 5 and non-members of the Exchange pursuant to BATS Rules 15.1(a) and (c). Changes to the fee schedule pursuant to this proposal are effective upon filing. 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 2 17 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 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 the ‘‘Equities Pricing’’ section of its fee schedule effective March 3, 2014, in order to amend the fees for certain routing strategies based on a change of fees at the New York Stock Exchange LLC (‘‘NYSE’’). The Exchange also proposes to remove certain unnecessary language from the definition of ‘‘TCV’’, or total consolidated volume. The Exchange has previously provided a discounted fee for Destination Specific Orders routed to certain of the largest market centers measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each instance has been $0.0001 less per share for orders routed to such market centers by the Exchange than such market centers currently charge for removing liquidity (referred to by the Exchange as ‘‘One Under’’ pricing). NYSE is implementing certain pricing changes effective March 1, 2014, including modification from a fee to remove liquidity of $0.0025 per share to a fee of $0.0026 per share.6 Based on the changes in pricing at NYSE, BATS is proposing to increase its fee for Destination Specific Orders 7 executed at NYSE so that the fee remains $0.0001 less per share for orders routed to NYSE. Specifically, the Exchange proposes to increase the fee charged for BATS + NYSE Destination Specific Orders executed at NYSE from $0.0024 per share to $0.0025 per share. In addition, the Exchange offers a variety of routing strategies, including ‘‘SLIM’’ and ‘‘TRIM,’’ each of which has a specific fee for an execution that occurs at NYSE.8 Consistent with its One Under pricing model, the Exchange currently charges $0.0024 per share for executions that occur at NYSE through SLIM and TRIM. Based on the increased fee at NYSE, the Exchange proposes to increase the fee charged for SLIM and 6 See SR–NYSE–2014–09, filed February 24, 2014, available at: https://www.nyse.com/nysenotices/ nyse/rule-filings/list. 7 As defined in Exchange Rule 11.9(c)(12). 8 See Exchange Rule 11.13(a)(3)(G) for a description of the TRIM routing strategy and Exchange Rule 11.13(a)(3)(H) for a description of the SLIM routing strategy. E:\FR\FM\20MRN1.SGM 20MRN1

Agencies

[Federal Register Volume 79, Number 54 (Thursday, March 20, 2014)]
[Notices]
[Pages 15616-15618]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-06123]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71726; File No. SR-BYX-2014-002]


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.

March 14, 2014.
    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 March 4, 2014, 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, II, 
and III below, which Items have been prepared by the Exchange. The 
Exchange has designated the proposed rule change as one establishing or 
changing a member due, fee, or other charge imposed by the Exchange 
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) 
thereunder,\4\ which renders the proposed rule change effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange filed a proposal to amend the fee schedule applicable 
to Members \5\ and non-members of the Exchange pursuant to BYX Rules 
15.1(a) and (c). Changes to the fee schedule pursuant to this proposal 
are effective upon filing.
---------------------------------------------------------------------------

    \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 15617]]

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 the ``Equities Pricing'' section of 
its fee schedule effective March 3, 2014, in order to amend the fees 
for certain routing strategies based on a change of fees at the New 
York Stock Exchange LLC (``NYSE''). The Exchange also proposes to 
remove certain unnecessary language from the definition of ``TCV'', or 
total consolidated volume.
    The Exchange has previously provided a discounted fee for 
Destination Specific Orders routed to certain of the largest market 
centers measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each 
instance has been $0.0001 less per share for orders routed to such 
market centers by the Exchange than such market centers currently 
charge for removing liquidity (referred to by the Exchange as ``One 
Under'' [sic] pricing). NYSE is implementing certain pricing changes 
effective March 1, 2014, including modification from a fee to remove 
liquidity of $0.0025 per share to a fee of $0.0026 per share.\6\ Based 
on the changes in pricing at NYSE, BYX is proposing to increase its fee 
for Destination Specific Orders \7\ executed at NYSE so that the fee 
remains $0.0001 less per share for orders routed to NYSE. Specifically, 
the Exchange proposes to increase the fee charged for BYX + NYSE 
Destination Specific Orders executed at NYSE from $0.0024 per share to 
$0.0025 per share.
---------------------------------------------------------------------------

    \6\ See SR-NYSE-2014-09, filed February 24, 2014, available at: 
https://www.nyse.com/nysenotices/nyse/rule-filings/list.
    \7\ As defined in Exchange Rule 11.9(c)(12).
---------------------------------------------------------------------------

    In addition, the Exchange offers a variety of routing strategies, 
including ``SLIM'' and ``TRIM,'' each of which has a specific fee for 
an execution that occurs at NYSE.\8\ Consistent with its One Under 
[sic] pricing model, the Exchange currently charges $0.0024 per share 
for executions that occur at NYSE through SLIM and TRIM. Based on the 
increased fee at NYSE, the Exchange proposes to increase the fee 
charged for SLIM and TRIM orders executed at NYSE from $0.0024 per 
share to $0.0025 per share.
---------------------------------------------------------------------------

    \8\ See Exchange Rule 11.13(a)(3)(G) for a description of the 
TRIM routing strategy and Exchange Rule 11.13(a)(3)(H) for a 
description of the SLIM routing strategy.
---------------------------------------------------------------------------

    In addition to the changes described above related to orders routed 
to NYSE through certain Exchange routing strategies, the Exchange 
proposes to eliminate certain unnecessary language from the fee 
schedule. Beginning on December 9, 2013, the Exchange temporarily 
excluded odd lot executions from the calculation of average daily TCV, 
as defined on the Exchange's fee schedule as it relates to ``Equities 
Pricing.'' \9\ Specifically, odd lots were excluded from the 
calculation of TCV through January 31, 2014. The Exchange proposes to 
remove language regarding the exclusion of odd lots, as such exclusion 
has expired and is thus no longer necessary.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 71138 (December 19, 
2013), 78 FR 78445 (December 26, 2013) (SR-BYX-2013-041).
---------------------------------------------------------------------------

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.\10\ 
Specifically, the Exchange believes that the proposed rule change is 
consistent with Section 6(b)(4) of the Act,\11\ 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 changes to certain of the Exchange's non-standard routing fees 
and strategies are equitably allocated, fair and reasonable, and non-
discriminatory in that they are equally applicable to all Members and 
are designed to provide a reduced fee for orders routed to NYSE through 
Exchange routing strategies as compared to applicable fees for 
executions if such routed orders were instead executed directly by the 
Member at NYSE.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange also believes that its removal of language from the 
definition of TCV regarding the odd lot exclusion that has expired is 
consistent with the Act. This change will help to avoid confusion and 
does not substantively change the fees imposed by the Exchange.

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

    The Exchange 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, as amended. 
Because the market for order execution is extremely competitive, 
Members may readily opt to disfavor the Exchange's routing services if 
they believe that alternatives offer them better value. For an order 
routed through the Exchange and executed at NYSE through the applicable 
routing strategies, the proposed fee change is designed to maintain a 
slight discount compared to the fee the Member would have paid if such 
routed order was instead executed directly by a Member at NYSE. The 
proposed change to remove the language for the exclusion of odd lots 
imposes no burden on competition because such exclusion explicitly 
expired on January 31, 2014.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4 
thereunder.\13\ 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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing,

[[Page 15618]]

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-BYX-2014-002 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-BYX-2014-002. 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 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-2014-002 and 
should be submitted on or before April 10, 2014.
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-06123 Filed 3-19-14; 8:45 am]
BILLING CODE 8011-01-P
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