Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule, 24049-24053 [2014-09675]
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Federal Register / Vol. 79, No. 82 / Tuesday, April 29, 2014 / Notices
Availability of Content Outlines
The current Series 26 content outline
is available on FINRA’s Web site, at
www.finra.org/brokerqualifications/
exams. The revised Series 26 content
outline will replace the current content
outline on FINRA’s Web site.
FINRA is filing the proposed rule
change for immediate effectiveness.
FINRA proposes to implement the
revised Series 26 examination program
on June 16, 2014. FINRA will announce
the proposed rule change and the
implementation date in a Regulatory
Notice.
2. Statutory Basis
FINRA believes that the proposed
revisions to the Series 26 examination
program are consistent with the
provisions of Section 15A(b)(6) of the
Act,23 which requires, among other
things, that FINRA rules must be
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, and, in general, to protect
investors and the public interest, and
Section 15A(g)(3) of the Act,24 which
authorizes FINRA to prescribe standards
of training, experience, and competence
for persons associated with FINRA
members. FINRA believes that the
proposed revisions will further these
purposes by updating the examination
program to reflect changes to the laws,
rules and regulations covered by the
examination and to incorporate the
functions and associated tasks currently
performed by an Investment Company
and Variable Contracts Products
Principal.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The updated
examination aligns with the functions
and associated tasks currently
performed by an Investment Company
and Variable Contracts Products
Principal and tests knowledge of the
most current laws, rules, regulations
and skills relevant to those functions
and associated tasks. As such, the
proposed revisions would make the
examination more efficient and
effective.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 25 and paragraph (f)(1) of Rule
19b–4 thereunder.26 At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
FINRA–2014–015 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–FINRA–2014–015. 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 FINRA. 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–FINRA–
2014–015 and should be submitted on
or before May 20, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–09672 Filed 4–28–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72001; File No. SR–EDGA–
2014–09]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Amendments
to the EDGA Exchange, Inc. Fee
Schedule
April 23, 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 April 9,
2014, EDGA Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGA’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
27 17
23 15
U.S.C. 78o-3(b)(6).
24 15 U.S.C. 78o-3(g)(3).
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25 15
U.S.C. 78s(b)(3)(A).
26 17 CFR 240.19b–4(f)(1).
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 79, No. 82 / Tuesday, April 29, 2014 / Notices
regulatory burdens, the Exchange is now
engaged in the process of reviewing and
amending certain Exchange, BATS, and
BYX Rules. To conform to comparable
BATS and BYX rules for purposes of its
harmonization efforts due to its business
combination, the Exchange proposes to
amend the definitions of ADV and TCV
to make each definition similar to those
contained in the BATS and BYX fee
schedules by modifying the way that,
for purposes of tiered pricing: (i) The
Exchange calculates ADV and average
daily TCV; and (ii) the manner in which
Members may aggregate their ADV with
other affiliated Members. The Exchange
notes that it is not proposing to modify
any of the existing rebates or the
percentage thresholds at which a
Member may qualify for certain rebates
pursuant to the tiered pricing structure.
1. Purpose
On January 31, 2014, Direct Edge
Holdings LLC (‘‘DE Holdings’’), the
former parent company of the Exchange,
completed its business combination
with BATS Global Markets, Inc., the
parent company of BATS and BYX.4 As
part of its effort to reduce regulatory
duplication and relieve firms that are
members of the Exchange, BATS, and
BYX of conflicting or unnecessary
Currently, the Exchange determines
the liquidity adding reduced fees that it
will provide to Members based on the
Exchange’s tiered pricing structure
based on the calculation of ADV,5 and/
or average daily TCV.6 Unlike on BATS
and BYX, the Exchange does not
currently exclude any trading days from
its calculation of ADV and TCV.
Therefore, to harmonize the calculation
of ADV and TCV with BATS and BYX,
the Exchange proposes to amend the
definitions of ADV and TCV to exclude
shares on: (i) Any day that the
Exchange’s system experiences a
disruption that lasts for more than 60
minutes during Regular Trading Hours 7
(‘‘Exchange System Disruption’’); and
(ii) the last Friday in June (the ‘‘Russell
Reconstitution Day’’). The Exchange
also proposes to amend the definition of
ADV to clarify that routed shares are not
included in ADV calculation.
First, the Exchange proposes to
modify the definitions of ADV and TCV
to exclude trading days where the
Exchange experiences a systems
disruption that lasts for more than 60
minutes during Regular Trading Hours
and define it as an Exchange System
Disruption.8 As an example, an
Exchange System Disruption may occur
where a certain group of securities (i.e.,
securities in a select symbol range such
as A through C) traded on the Exchange
are unavailable for trading due to an
Exchange system issue. Similarly, the
Exchange may be able to perform certain
functions with respect to accepting and
processing orders, but may have a
failure to another significant process,
such as routing to other market centers,
that would lead Members that rely on
such process to avoid utilizing the
Exchange until the Exchange’s entire
system was operational.
The Exchange believes that this
modification is reasonable because it
avoids penalizing Members that might
otherwise qualify for certain tiered
pricing but that, because of a significant
Exchange system problem, did not
participate on the Exchange to the
extent that they might have otherwise
participated. The Exchange believes that
certain systems disruptions could
preclude some Members from
submitting orders to the Exchange even
if such issue is not actually a complete
systems outage. Therefore, the Exchange
is proposing to modify its Fee Schedule
to exclude trading activity occurring on
any day that the Exchange experiences
an Exchange System Disruption.
Second, the Exchange proposes to
exclude the last Friday of June each year
from the definition of ADV and TCV
because the last Friday of June is the
day that Russell Investments
reconstitutes its family of indexes
(‘‘Russell Rebalance’’), resulting in
particularly high trading volumes, much
of which the Exchange believes derives
from market participants who are not
generally as active entering the market
to rebalance their holdings in-line with
the Russell Rebalance.9 The Exchange
believes that trading occurring as a
result of the Russell Rebalance can
significantly skew the calculation of
ADV and TCV. For example, since 2008,
on the last Friday in June, the TCV has
exceeded the average daily TCV for the
preceding trading days in June by
approximately 43% on average. The
chart below reflects the TCV on the last
Friday of June for each year dating to
2008 and compares it to the average
daily TCV for the preceding trading
days in the month of June.
3 The term ‘‘Member’’ is defined as ‘‘any
registered broker or dealer, or any person associated
with a registered broker or dealer, that has been
admitted to membership in the Exchange. A
Member will have the status of a ‘‘member’’ of the
Exchange as that term is defined in Section 3(a)(3)
of the Act.’’ See Exchange Rule 1.5(n).
4 See Securities Exchange Act Release No. 71449
(January 30, 2014), 79 FR 6961 (February 5, 2014)
(SR–EDGA–2013–34). Upon completion of the
Combination, DE Holdings and BATS Global
Markets, Inc. each became intermediate holding
companies, held under a single new holding
company. The new holding company, formerly
named ‘‘BATS Global Markets Holdings, Inc.,’’
changed its name to ‘‘BATS Global Markets, Inc.’’
5 As provided in the Fee Schedule, ‘‘ADV’’ is
currently defined as the average daily volume of
shares that a Member executed on the Exchange for
the month in which the fees are calculated.
6 As provided in the Fee Schedule, ‘‘TCV’’ is
currently defined as the volume reported by all
exchanges and trade reporting facilities to the
consolidated transaction reporting plans for Tapes
A, B and C securities for the month in which the
fees are calculated.
7 ‘‘Regular Trading Hours’’ is defined as ‘‘the time
between 9:30 a.m. and 4:00 p.m. Eastern Time.’’ See
Exchange Rule 1.5(y).
8 See SR–BATS–2014–010 and SR–BYX–2014–
006 (proposing to exclude Exchange System
Disruptions from the definition of ADV).
9 Securities Exchange Act Release No. 69793 (July
18, 2013), 78 FR 37865 (July 24, 2013) (SR–BATS–
2013–034) (excluding the Russell Reconstitution
Day from the definition of ADV).
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
fees and rebates applicable to Members 3
of the Exchange pursuant to EDGA Rule
15.1(a) and (c) (‘‘Fee Schedule’’) to
harmonize the definitions of Average
Daily Trading Volume (‘‘ADV’’) and
Total Consolidated Volume (‘‘TCV’’)
with those contained in the BATS
Exchange, Inc. (‘‘BATS’’) and BATS–Y
Exchange, Inc. (‘‘BYX’’) fee schedules
by: (i) Modifying the way that, for
purposes of tiered pricing, the Exchange
calculates ADV and average daily TCV;
and (ii) clarify the manner in which
Members may aggregate their ADV with
other affiliated Members. The text of the
proposed rule change is available on the
Exchange’s Internet Web site at
www.directedge.com, at the Exchange’s
principal office, and at the Public
Reference Room of the Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
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ADV and TCV
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Russell reconstitution date (RCD)
6/28/2013
6/29/2012
6/24/2011
6/25/2010
6/26/2009
6/27/2008
.....................................................................................
.....................................................................................
.....................................................................................
.....................................................................................
.....................................................................................
.....................................................................................
Because of the extremely high volume
numbers and abnormally distributed
daily volume or percentage of the TCV
on this day, it stands that the ADV or
percentage of average daily TCV can be
significantly impacted.
As such, the Exchange believes that
eliminating the last Friday of June from
the definition of ADV and TCV, and
thereby eliminating that day from the
calculation as it relates to reduced fees
for adding liquidity to the Exchange,
will help to eliminate significant
uncertainty faced by Members as to
their monthly ADV or percentage of
average daily TCV and the reduced fees
that this percentage will qualify for,
providing Members with an increased
certainty as to their monthly cost for
trades executed on the Exchange. The
Exchange further believes that removing
this uncertainty will encourage
Members to participate in trading on the
Exchange during the remaining trading
days in June in a manner intended to be
incented by the Exchange’s Fee
Schedule.
Lastly, the Exchange proposes to
clarify within the definition of ADV that
ADV does not include shares that are
routed to other trading centers. ADV is
defined as the average daily volume of
shares executed on the Exchange for the
month in which the fees are calculated.
Clarifying that routed orders are not
included in the definition of ADV is
designed to add further clarity and
harmonize the definition with BATS
and BYX.
ADV Aggregation
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TCV on RCD
The Exchange also proposes to amend
when a Member may aggregate share
volumes with other affiliated Members.
Currently, under the ‘‘General Notes’’
section of the Fee Schedule, the
Exchange will aggregate share volume
calculations for wholly owned affiliates
on a prospective basis upon a Member’s
request. The Exchange proposes to
relocate this provision to the definition
of ADV and amend the language to
allow a Member to aggregate ADV with
other Members that control, are
controlled by, or are under common
control with such Member (as
evidenced on such Member’s Form
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MTD average TCV as of
day before RCD
10,211,508,622
7,924,340,355
10,472,502,657
14,482,717,113
13,024,518,377
12,010,692,402
BD).10 To the extent two or more
affiliated companies maintain separate
Exchange memberships and can
demonstrate their affiliation by showing
they control, are controlled by, or are
under common control with each other,
the Exchange will permit such Members
to count overall volume of the affiliates
in calculating ADV.
Implementation Date
The Exchange proposes to implement
these amendments to its Fee Schedule
on May 1, 2014.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,11
in general, and furthers the objectives of
Section 6(b)(4),12 in particular, as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its Members and
other persons using its facilities. The
Exchange 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 structures at a particular venue
to be unreasonable and/or excessive.
Members who are also members of
BATS or BYX are subject to different
definitions of ADV and TCV as well as
differing standards for aggregating ADV
with affiliated Members when seeking
to qualify for certain tiered pricing. The
Exchange believes that the proposed
rule change will provide greater
harmonization between similar
Exchange, BATS and BYX rules,
resulting in greater uniformity and less
burdensome and more efficient
regulatory compliance for common
members. As such, the proposed rule
change would foster cooperation and
coordination with persons engaged in
facilitating transactions in securities and
would remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. Lastly, the Exchange believes
10 Securities Exchange Act Release No. 64211
(April 6, 2011), 76 FR 20414 (April 12, 2014 [sic])
(SR–BATS–2011–012) (permitting Members to
aggregate shares volumes with affiliated entities).
11 15 U.S.C. 78f.
12 15 U.S.C. 78f(b)(4).
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6,954,840,047
6,833,486,672
7,237,593,514
8,981,067,278
9,597,498,903
7,835,813,201
24051
% Difference
46.83
15.96
44.70
61.26
35.71
53.28
that the proposed change is nondiscriminatory because it applies
uniformly to all Members.
Volume-based tiers such as the
liquidity adding tiers maintained by the
Exchange have been widely adopted,
and are equitable and not unfairly
discriminatory. They are open to all
Members on an equal basis and provide
higher rebates or lower fees that are
reasonably related to the value to an
exchange’s market quality associated
with higher levels of market activity,
such as higher levels of liquidity
provision and introduction of higher
volumes of orders into the price and
volume discovery process. Accordingly,
the Exchange believes that the proposal
is equitably allocated and not unfairly
discriminatory because it is consistent
with the overall goals of enhancing
market quality. Further, the Exchange
believes that a tiered pricing model not
significantly altered by a day of atypical
trading behavior which allows Members
to predictably calculate what their costs
associated with trading activity on the
Exchange will be is reasonable, fair and
equitable and not unreasonably
discriminatory as it is uniform in
application amongst Members and
should enable such participants to
operate their business without concern
of unpredictable and potentially
significant changes in expenses.
ADV and TCV
The Exchange believes that its
proposed amendments to the definitions
of ADV and TCV to exclude shares on
the day of an Exchange System
Disruption are reasonable because, as
explained above, they will help provide
Members with a greater level of
certainty as to their level of costs for
trading in any month where the
Exchange experiences an Exchange
System Disruption on one or more
trading days. The Exchange is not
proposing to amend the thresholds a
Member must achieve to become
eligible for, or the dollar value
associated with, the tiered pricing. By
eliminating the inclusion of a trading
day on which an Exchange System
Disruption occurs the Exchange would
almost certainly be excluding a day that
would otherwise lower a Member’s ADV
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or percentage of average daily TCV.
Thus, the proposed change will make
the majority of Members more likely to
meet the minimum or higher tier
thresholds, incentivizing Members to
increase their participation on the
Exchange in order to meet the next
highest tier. In addition, the Exchange
believes that the proposed changes to its
Fee Schedule are equitably allocated
among Exchange constituents and not
unfairly discriminatory as the
methodology for calculating ADV and
TCV will apply equally to all Members.
While, although unlikely, certain
Members may have a higher ADV or
percentage of average daily TCV with
their activity included from days where
the Exchange experiences an Exchange
System Disruption, the proposal will
make all Members’ cost of trading on the
Exchange more predictable, regardless
of how the proposal affects their ADV or
percentage of average daily TCV.
The Exchange believes that its
proposed amendments to the definitions
of ADV and TCV to exclude shares on
the Russell Reconstitution Day are
reasonable because, as explained above,
it will help provide Members with a
greater level of certainty as to their level
of fees for trading in the month of June.
The Exchange also believes that its
proposal is reasonable because it is not
changing the thresholds to become
eligible or the dollar value associated
with the reduced fees. Moreover, by
eliminating the inclusion of a trading
day that would almost certainly lower a
Member’s ADV or percentage of average
daily TCV, it will make the majority of
Members more likely to meet the
minimum or higher tier thresholds,
which will provide additional incentive
to Members to increase their
participation on the Exchange in order
to meet the next tier. In addition, the
Exchange believes that the proposed
changes are equitably allocated among
Exchange constituents as the
methodology for calculating ADV and
TCV will apply equally to all Members.
While, although unlikely, certain
Members may have a higher ADV or
percentage of average daily TCV with
the day included, the proposal will
make June trading fees more similar to
other months. Moreover, all Members’
cost of trading on the Exchange will
become more predictable, regardless of
how the proposal affects their ADV or
percentage of average daily TCV, which
in turn will preserve Members’
incentives to participate in trading on
the Exchange in a manner intended to
be incented by the Exchange’s Fee
Schedule.
Lastly, the Exchange proposes to
clarify within the definition of ADV that
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ADV does not include shares that are
routed to other trading centers.
Clarifying that routed orders are not
included in the calculation of ADV will
promote just and equitable principles of
trade and remove impediments to a free
and open market by providing greater
transparency concerning the operation
of the Exchange and a Member’s share
volumes that are included in their ADV.
ADV Aggregation
The proposed language permitting
aggregation of volume amongst
Members that share common control for
purposes of the ADV calculation is
intended to avoid disparate treatment of
Members that have divided their various
business activities between separate
corporate entities as compared to
Members that operate those business
activities within a single corporate
entity. By way of example, subject to
appropriate information barriers, many
firms that are Members of the Exchange
operate both a market making desk and
a public customer business within the
same corporate entity. In contrast, other
Members may be part of a corporate
structure that separates those business
lines into different corporate affiliates,
either for business, compliance or
historical reasons, and those affiliates
are not also considered wholly owned
affiliates. Those corporate affiliates, in
turn, are required to maintain separate
memberships with the Exchange.
Absent the proposed change, such
corporate affiliates that cannot be
considered wholly owned but are under
common control would not receive the
same treatment as Members who are
considered wholly owned affiliates.
Current Members who aggregate share
volumes on the Exchange with wholly
owned affiliates will be considered as
being under common control and
continue to be able to aggregate share
volumes. Accordingly, the Exchange
believes that its proposed policy is fair
and equitable, and not unreasonably
discriminatory. In addition to ensuring
fair and equal treatment of its Members,
the Exchange does not want to create
incentives for its Members to restructure
their business operations or compliance
functions simply due to the Exchange’s
pricing structure.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes its proposed
amendments to its Fee Schedule would
not impose any burden on competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange does not believe that the
proposed change represents a significant
departure from previous pricing offered
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by the Exchange or pricing offered by
the Exchange’s competitors.
Additionally, Members may opt to
disfavor EDGA’s pricing if they believe
that alternatives offer them better value.
Accordingly, the Exchange does not
believe that the proposed change will
impair the ability of Members or
competing venues to maintain their
competitive standing in the financial
markets.
The proposed change will help to
promote intramarket competition by
avoiding a penalty to Members for days
when trading on the Exchange is
disrupted for a significant portion of the
day. In addition, excluding the Russell
Rebalance Day from the definition of
ADV and TCV will help the Exchange
to continue to incentivize higher levels
of liquidity at a tighter spread while
providing more stable and predictable
costs to its Members. Lastly, easing
Member’s ability to aggregate volumes
with Members who are under common
control would increase competition
because it would incentivize Members
that could not previously aggregate their
volumes to send higher volume to the
Exchange in an effort to achieve tierbased pricing. As stated above, 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 structures to be unreasonable
or excessive.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
Members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 13 and Rule 19b–4(f)(2) 14
thereunder. At any time within 60 days
of the filing of such proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act..
13 15
14 17
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
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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–
EDGA–2014–09 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–EDGA–2014–09. 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–EDGA–
2014–09, and should be submitted on or
before May 20, 2014.
SELECTIVE SERVICE SYSTEM
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Kevin M. O’Neill,
Deputy Secretary.
SBA Lender Risk Rating System
[FR Doc. 2014–09675 Filed 4–28–14; 8:45 am]
16:56 Apr 28, 2014
ACTION:
The following forms have been
submitted to the Office of Management
and Budget (OMB) for extension of
clearance in compliance with the
Paperwork Reduction Act (44 U.S.C.
Chapter 35):
SSS Form—404
Title: Potential Board Member
Information.
Purpose: Is used to identify
individuals willing to serve as members
of local, appeal or review boards in the
Selective Service System.
Respondents: Potential Board
Members.
Burden: A burden of 15 minutes or
less on the individual respondent.
Copies of the above identified form
can be obtained upon written request to
the Selective Service System, Reports
Clearance Officer, 1515 Wilson
Boulevard, Arlington, Virginia 22209–
2425.
Written comments and
recommendations for the proposed
extension of clearance of the form
should be sent within 30 days of the
publication of this notice to the
Selective Service System, Reports
Clearance Officer, 1515 Wilson
Boulevard, Arlington, Virginia 22209–
2425.
A copy of the comments should be
sent to the Office of Information and
Regulatory Affairs, Attention: Desk
Officer, Selective Service System, Office
of Management and Budget, New
Executive Office Building, Room 3235,
Washington, DC 20503.
Dated: April 23, 2014.
Lawrence Romo,
Director.
[FR Doc. 2014–09712 Filed 4–28–14; 8:45 am]
BILLING CODE 8015–01–P
SMALL BUSINESS ADMINISTRATION
[Docket No: SBA–2014–0003]
Small Business Administration.
Notice of revised Risk Rating
System; request for comments.
AGENCY:
ACTION:
This notice implements
changes to the Small Business
Administration’s (SBA’s) Risk Rating
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
Selective Service System.
Notice.
AGENCY:
SUMMARY:
BILLING CODE 8011–01–P
15 17
Forms Submitted to the Office of
Management and Budget for Extension
of Clearance
Jkt 232001
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
24053
System. The Risk Rating System is an
internal tool to assist SBA in assessing
the risk of the SBA loan operations and
loan portfolio of each active 7(a) Lender
and Certified Development Company
(CDC) SBA loan operations and loan
portfolio. Consistent with industry best
practices, SBA recently redeveloped the
model used to calculate the composite
Risk Ratings to ensure that the Risk
Rating System remains current and
predictive as technologies and available
data evolve. SBA is publishing this
notice with a request for comments to
provide the public with an opportunity
to comment.
DATES: This notice is effective April 29,
2014.
Comment Date: Comments must be
received on or before June 30, 2014
ADDRESSES: You may submit comments,
identified by Docket number SBA–
2014–0003 by using any of the following
methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Identify
comments by ‘‘Docket Number SBA–
2014–0003, SBA Lender Risk Rating
System,’’ and follow the instructions for
submitting comments.
• Mail: Brent Ciurlino, Director for
Office of Credit Risk Management, U.S.
Small Business Administration, 409 3rd
Street SW., 8th Floor, Washington, DC
20416.
• Hand Delivery/Courier: Brent
Ciurlino, Director for Office of Credit
Risk Management, U.S. Small Business
Administration, 409 3rd Street SW., 8th
Floor, Washington, DC 20416.
All comments will be posted on
https://www.Regulations.gov. If you wish
to include within your comment
confidential business information (CBI)
as defined in the Privacy and Use
Notice/User Notice at https://
www.Regulations.gov and you do not
want that information disclosed, you
must submit the comment by either
Mail or Hand Delivery and you must
address the comment to the attention of
Brent Ciurlino, Director for Office of
Credit Risk Management, U.S. Small
Business Administration. In the
submission, you must highlight the
information that you consider is CBI
and explain why you believe this
information should be held confidential.
SBA will make a final determination, in
its discretion, of whether the
information is CBI and, therefore, will
be published or not.
FOR FURTHER INFORMATION CONTACT:
Brent Ciurlino, Director, Office of Credit
Risk Management, U.S. Small Business
Administration, 409 Third Street SW.,
8th Floor, Washington, DC 20416, (202)
205–3049.
E:\FR\FM\29APN1.SGM
29APN1
]]>Agencies
[Federal Register Volume 79, Number 82 (Tuesday, April 29, 2014)]
[Notices]
[Pages 24049-24053]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09675]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72001; File No. SR-EDGA-2014-09]
Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGA Exchange, Inc. Fee Schedule
April 23, 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 April 9, 2014, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
[[Page 24050]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c)
(``Fee Schedule'') to harmonize the definitions of Average Daily
Trading Volume (``ADV'') and Total Consolidated Volume (``TCV'') with
those contained in the BATS Exchange, Inc. (``BATS'') and BATS-Y
Exchange, Inc. (``BYX'') fee schedules by: (i) Modifying the way that,
for purposes of tiered pricing, the Exchange calculates ADV and average
daily TCV; and (ii) clarify the manner in which Members may aggregate
their ADV with other affiliated Members. The text of the proposed rule
change is available on the Exchange's Internet Web site at
www.directedge.com, at the Exchange's principal office, and at the
Public Reference Room of the Commission.
---------------------------------------------------------------------------
\3\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On January 31, 2014, Direct Edge Holdings LLC (``DE Holdings''),
the former parent company of the Exchange, completed its business
combination with BATS Global Markets, Inc., the parent company of BATS
and BYX.\4\ As part of its effort to reduce regulatory duplication and
relieve firms that are members of the Exchange, BATS, and BYX of
conflicting or unnecessary regulatory burdens, the Exchange is now
engaged in the process of reviewing and amending certain Exchange,
BATS, and BYX Rules. To conform to comparable BATS and BYX rules for
purposes of its harmonization efforts due to its business combination,
the Exchange proposes to amend the definitions of ADV and TCV to make
each definition similar to those contained in the BATS and BYX fee
schedules by modifying the way that, for purposes of tiered pricing:
(i) The Exchange calculates ADV and average daily TCV; and (ii) the
manner in which Members may aggregate their ADV with other affiliated
Members. The Exchange notes that it is not proposing to modify any of
the existing rebates or the percentage thresholds at which a Member may
qualify for certain rebates pursuant to the tiered pricing structure.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 71449 (January 30,
2014), 79 FR 6961 (February 5, 2014) (SR-EDGA-2013-34). Upon
completion of the Combination, DE Holdings and BATS Global Markets,
Inc. each became intermediate holding companies, held under a single
new holding company. The new holding company, formerly named ``BATS
Global Markets Holdings, Inc.,'' changed its name to ``BATS Global
Markets, Inc.''
---------------------------------------------------------------------------
ADV and TCV
Currently, the Exchange determines the liquidity adding reduced
fees that it will provide to Members based on the Exchange's tiered
pricing structure based on the calculation of ADV,\5\ and/or average
daily TCV.\6\ Unlike on BATS and BYX, the Exchange does not currently
exclude any trading days from its calculation of ADV and TCV.
Therefore, to harmonize the calculation of ADV and TCV with BATS and
BYX, the Exchange proposes to amend the definitions of ADV and TCV to
exclude shares on: (i) Any day that the Exchange's system experiences a
disruption that lasts for more than 60 minutes during Regular Trading
Hours \7\ (``Exchange System Disruption''); and (ii) the last Friday in
June (the ``Russell Reconstitution Day''). The Exchange also proposes
to amend the definition of ADV to clarify that routed shares are not
included in ADV calculation.
---------------------------------------------------------------------------
\5\ As provided in the Fee Schedule, ``ADV'' is currently
defined as the average daily volume of shares that a Member executed
on the Exchange for the month in which the fees are calculated.
\6\ As provided in the Fee Schedule, ``TCV'' is currently
defined as the volume reported by all exchanges and trade reporting
facilities to the consolidated transaction reporting plans for Tapes
A, B and C securities for the month in which the fees are
calculated.
\7\ ``Regular Trading Hours'' is defined as ``the time between
9:30 a.m. and 4:00 p.m. Eastern Time.'' See Exchange Rule 1.5(y).
---------------------------------------------------------------------------
First, the Exchange proposes to modify the definitions of ADV and
TCV to exclude trading days where the Exchange experiences a systems
disruption that lasts for more than 60 minutes during Regular Trading
Hours and define it as an Exchange System Disruption.\8\ As an example,
an Exchange System Disruption may occur where a certain group of
securities (i.e., securities in a select symbol range such as A through
C) traded on the Exchange are unavailable for trading due to an
Exchange system issue. Similarly, the Exchange may be able to perform
certain functions with respect to accepting and processing orders, but
may have a failure to another significant process, such as routing to
other market centers, that would lead Members that rely on such process
to avoid utilizing the Exchange until the Exchange's entire system was
operational.
---------------------------------------------------------------------------
\8\ See SR-BATS-2014-010 and SR-BYX-2014-006 (proposing to
exclude Exchange System Disruptions from the definition of ADV).
---------------------------------------------------------------------------
The Exchange believes that this modification is reasonable because
it avoids penalizing Members that might otherwise qualify for certain
tiered pricing but that, because of a significant Exchange system
problem, did not participate on the Exchange to the extent that they
might have otherwise participated. The Exchange believes that certain
systems disruptions could preclude some Members from submitting orders
to the Exchange even if such issue is not actually a complete systems
outage. Therefore, the Exchange is proposing to modify its Fee Schedule
to exclude trading activity occurring on any day that the Exchange
experiences an Exchange System Disruption.
Second, the Exchange proposes to exclude the last Friday of June
each year from the definition of ADV and TCV because the last Friday of
June is the day that Russell Investments reconstitutes its family of
indexes (``Russell Rebalance''), resulting in particularly high trading
volumes, much of which the Exchange believes derives from market
participants who are not generally as active entering the market to
rebalance their holdings in-line with the Russell Rebalance.\9\ The
Exchange believes that trading occurring as a result of the Russell
Rebalance can significantly skew the calculation of ADV and TCV. For
example, since 2008, on the last Friday in June, the TCV has exceeded
the average daily TCV for the preceding trading days in June by
approximately 43% on average. The chart below reflects the TCV on the
last Friday of June for each year dating to 2008 and compares it to the
average daily TCV for the preceding trading days in the month of June.
---------------------------------------------------------------------------
\9\ Securities Exchange Act Release No. 69793 (July 18, 2013),
78 FR 37865 (July 24, 2013) (SR-BATS-2013-034) (excluding the
Russell Reconstitution Day from the definition of ADV).
[[Page 24051]]
----------------------------------------------------------------------------------------------------------------
MTD average TCV as of
Russell reconstitution date (RCD) TCV on RCD day before RCD % Difference
----------------------------------------------------------------------------------------------------------------
6/28/2013............................ 10,211,508,622 6,954,840,047 46.83
6/29/2012............................ 7,924,340,355 6,833,486,672 15.96
6/24/2011............................ 10,472,502,657 7,237,593,514 44.70
6/25/2010............................ 14,482,717,113 8,981,067,278 61.26
6/26/2009............................ 13,024,518,377 9,597,498,903 35.71
6/27/2008............................ 12,010,692,402 7,835,813,201 53.28
----------------------------------------------------------------------------------------------------------------
Because of the extremely high volume numbers and abnormally distributed
daily volume or percentage of the TCV on this day, it stands that the
ADV or percentage of average daily TCV can be significantly impacted.
As such, the Exchange believes that eliminating the last Friday of
June from the definition of ADV and TCV, and thereby eliminating that
day from the calculation as it relates to reduced fees for adding
liquidity to the Exchange, will help to eliminate significant
uncertainty faced by Members as to their monthly ADV or percentage of
average daily TCV and the reduced fees that this percentage will
qualify for, providing Members with an increased certainty as to their
monthly cost for trades executed on the Exchange. The Exchange further
believes that removing this uncertainty will encourage Members to
participate in trading on the Exchange during the remaining trading
days in June in a manner intended to be incented by the Exchange's Fee
Schedule.
Lastly, the Exchange proposes to clarify within the definition of
ADV that ADV does not include shares that are routed to other trading
centers. ADV is defined as the average daily volume of shares executed
on the Exchange for the month in which the fees are calculated.
Clarifying that routed orders are not included in the definition of ADV
is designed to add further clarity and harmonize the definition with
BATS and BYX.
ADV Aggregation
The Exchange also proposes to amend when a Member may aggregate
share volumes with other affiliated Members. Currently, under the
``General Notes'' section of the Fee Schedule, the Exchange will
aggregate share volume calculations for wholly owned affiliates on a
prospective basis upon a Member's request. The Exchange proposes to
relocate this provision to the definition of ADV and amend the language
to allow a Member to aggregate ADV with other Members that control, are
controlled by, or are under common control with such Member (as
evidenced on such Member's Form BD).\10\ To the extent two or more
affiliated companies maintain separate Exchange memberships and can
demonstrate their affiliation by showing they control, are controlled
by, or are under common control with each other, the Exchange will
permit such Members to count overall volume of the affiliates in
calculating ADV.
---------------------------------------------------------------------------
\10\ Securities Exchange Act Release No. 64211 (April 6, 2011),
76 FR 20414 (April 12, 2014 [sic]) (SR-BATS-2011-012) (permitting
Members to aggregate shares volumes with affiliated entities).
---------------------------------------------------------------------------
Implementation Date
The Exchange proposes to implement these amendments to its Fee
Schedule on May 1, 2014.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\11\ in general, and
furthers the objectives of Section 6(b)(4),\12\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange 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 structures at a particular venue to
be unreasonable and/or excessive.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
Members who are also members of BATS or BYX are subject to
different definitions of ADV and TCV as well as differing standards for
aggregating ADV with affiliated Members when seeking to qualify for
certain tiered pricing. The Exchange believes that the proposed rule
change will provide greater harmonization between similar Exchange,
BATS and BYX rules, resulting in greater uniformity and less burdensome
and more efficient regulatory compliance for common members. As such,
the proposed rule change would foster cooperation and coordination with
persons engaged in facilitating transactions in securities and would
remove impediments to and perfect the mechanism of a free and open
market and a national market system. Lastly, the Exchange believes that
the proposed change is non-discriminatory because it applies uniformly
to all Members.
Volume-based tiers such as the liquidity adding tiers maintained by
the Exchange have been widely adopted, and are equitable and not
unfairly discriminatory. They are open to all Members on an equal basis
and provide higher rebates or lower fees that are reasonably related to
the value to an exchange's market quality associated with higher levels
of market activity, such as higher levels of liquidity provision and
introduction of higher volumes of orders into the price and volume
discovery process. Accordingly, the Exchange believes that the proposal
is equitably allocated and not unfairly discriminatory because it is
consistent with the overall goals of enhancing market quality. Further,
the Exchange believes that a tiered pricing model not significantly
altered by a day of atypical trading behavior which allows Members to
predictably calculate what their costs associated with trading activity
on the Exchange will be is reasonable, fair and equitable and not
unreasonably discriminatory as it is uniform in application amongst
Members and should enable such participants to operate their business
without concern of unpredictable and potentially significant changes in
expenses.
ADV and TCV
The Exchange believes that its proposed amendments to the
definitions of ADV and TCV to exclude shares on the day of an Exchange
System Disruption are reasonable because, as explained above, they will
help provide Members with a greater level of certainty as to their
level of costs for trading in any month where the Exchange experiences
an Exchange System Disruption on one or more trading days. The Exchange
is not proposing to amend the thresholds a Member must achieve to
become eligible for, or the dollar value associated with, the tiered
pricing. By eliminating the inclusion of a trading day on which an
Exchange System Disruption occurs the Exchange would almost certainly
be excluding a day that would otherwise lower a Member's ADV
[[Page 24052]]
or percentage of average daily TCV. Thus, the proposed change will make
the majority of Members more likely to meet the minimum or higher tier
thresholds, incentivizing Members to increase their participation on
the Exchange in order to meet the next highest tier. In addition, the
Exchange believes that the proposed changes to its Fee Schedule are
equitably allocated among Exchange constituents and not unfairly
discriminatory as the methodology for calculating ADV and TCV will
apply equally to all Members. While, although unlikely, certain Members
may have a higher ADV or percentage of average daily TCV with their
activity included from days where the Exchange experiences an Exchange
System Disruption, the proposal will make all Members' cost of trading
on the Exchange more predictable, regardless of how the proposal
affects their ADV or percentage of average daily TCV.
The Exchange believes that its proposed amendments to the
definitions of ADV and TCV to exclude shares on the Russell
Reconstitution Day are reasonable because, as explained above, it will
help provide Members with a greater level of certainty as to their
level of fees for trading in the month of June. The Exchange also
believes that its proposal is reasonable because it is not changing the
thresholds to become eligible or the dollar value associated with the
reduced fees. Moreover, by eliminating the inclusion of a trading day
that would almost certainly lower a Member's ADV or percentage of
average daily TCV, it will make the majority of Members more likely to
meet the minimum or higher tier thresholds, which will provide
additional incentive to Members to increase their participation on the
Exchange in order to meet the next tier. In addition, the Exchange
believes that the proposed changes are equitably allocated among
Exchange constituents as the methodology for calculating ADV and TCV
will apply equally to all Members. While, although unlikely, certain
Members may have a higher ADV or percentage of average daily TCV with
the day included, the proposal will make June trading fees more similar
to other months. Moreover, all Members' cost of trading on the Exchange
will become more predictable, regardless of how the proposal affects
their ADV or percentage of average daily TCV, which in turn will
preserve Members' incentives to participate in trading on the Exchange
in a manner intended to be incented by the Exchange's Fee Schedule.
Lastly, the Exchange proposes to clarify within the definition of
ADV that ADV does not include shares that are routed to other trading
centers. Clarifying that routed orders are not included in the
calculation of ADV will promote just and equitable principles of trade
and remove impediments to a free and open market by providing greater
transparency concerning the operation of the Exchange and a Member's
share volumes that are included in their ADV.
ADV Aggregation
The proposed language permitting aggregation of volume amongst
Members that share common control for purposes of the ADV calculation
is intended to avoid disparate treatment of Members that have divided
their various business activities between separate corporate entities
as compared to Members that operate those business activities within a
single corporate entity. By way of example, subject to appropriate
information barriers, many firms that are Members of the Exchange
operate both a market making desk and a public customer business within
the same corporate entity. In contrast, other Members may be part of a
corporate structure that separates those business lines into different
corporate affiliates, either for business, compliance or historical
reasons, and those affiliates are not also considered wholly owned
affiliates. Those corporate affiliates, in turn, are required to
maintain separate memberships with the Exchange. Absent the proposed
change, such corporate affiliates that cannot be considered wholly
owned but are under common control would not receive the same treatment
as Members who are considered wholly owned affiliates. Current Members
who aggregate share volumes on the Exchange with wholly owned
affiliates will be considered as being under common control and
continue to be able to aggregate share volumes. Accordingly, the
Exchange believes that its proposed policy is fair and equitable, and
not unreasonably discriminatory. In addition to ensuring fair and equal
treatment of its Members, the Exchange does not want to create
incentives for its Members to restructure their business operations or
compliance functions simply due to the Exchange's pricing structure.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed change represents a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor EDGA's pricing if they believe that alternatives offer them
better value. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
The proposed change will help to promote intramarket competition by
avoiding a penalty to Members for days when trading on the Exchange is
disrupted for a significant portion of the day. In addition, excluding
the Russell Rebalance Day from the definition of ADV and TCV will help
the Exchange to continue to incentivize higher levels of liquidity at a
tighter spread while providing more stable and predictable costs to its
Members. Lastly, easing Member's ability to aggregate volumes with
Members who are under common control would increase competition because
it would incentivize Members that could not previously aggregate their
volumes to send higher volume to the Exchange in an effort to achieve
tier-based pricing. As stated above, 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
structures to be unreasonable or excessive.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(2) \14\ thereunder. At
any time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act..
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
[[Page 24053]]
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-EDGA-2014-09 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-EDGA-2014-09. 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-EDGA-2014-09, and should be
submitted on or before May 20, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09675 Filed 4-28-14; 8:45 am]
BILLING CODE 8011-01-P
