Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc., 52382-52384 [2014-20868]
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mstockstill on DSK4VPTVN1PROD with NOTICES
52382
Federal Register / Vol. 79, No. 170 / Wednesday, September 3, 2014 / Notices
2. The prospectus for each Fund will
disclose the existence, substance and
effect of any order granted pursuant to
the application. Each Fund will hold
itself out to the public as employing the
Manager of Managers Structure
described in the application. The
prospectus will prominently disclose
that the Advisor has ultimate
responsibility (subject to oversight by
the Board) to oversee the Sub-Advisors
and recommend their hiring,
termination and replacement.
3. The Funds will inform
shareholders of the hiring of a new SubAdvisor within 90 days after the hiring
of that new Sub-Advisor pursuant to the
Modified Notice and Access Procedures.
4. The Advisor will not enter into a
Sub-Advisory Agreement with any
Affiliated Sub-Advisor without that
agreement, including the compensation
to be paid thereunder, being approved
by the shareholders of the applicable
Fund.
5. At all times, at least a majority of
the Board will be Independent Trustees,
and the nomination and selection of
new or additional Independent Trustees
will be placed within the discretion of
the then-existing Independent Trustees.
6. When a Sub-Advisor change is
proposed for a Fund with an Affiliated
Sub-Advisor, the Board, including a
majority of the Independent Trustees,
will make a separate finding, reflected
in the applicable Board minutes, that
such change is in the best interests of
the Fund and its shareholders and does
not involve a conflict of interest from
which the Advisor or the Affiliated SubAdvisor derives an inappropriate
advantage.
7. Independent legal counsel, as
defined in rule 0–1(a)(6) under the Act,
will be engaged to represent the
Independent Trustees. The selection of
such counsel will be within the
discretion of the then existing
Independent Trustees.
8. Each Advisor will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Advisor on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Sub-Advisor during the
applicable quarter.
9. Whenever a Sub-Advisor is hired or
terminated, the Advisor will provide the
Board with information showing the
expected impact on the profitability of
the Advisor.
10. The Advisor will provide general
management services to a Fund,
including overall supervisory
responsibility for the general
management and investment of a Fund’s
assets and, subject to review and
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approval of the Board, will (i) set a
Fund’s overall investment strategies; (ii)
evaluate, select and recommend SubAdvisors to manage all or part of a
Fund’s assets; (iii) when appropriate,
allocate and reallocate a Fund’s assets
among multiple Sub-Advisors; (iv)
monitor and evaluate the performance
of Sub-Advisors; and (v) implement
procedures reasonably designed to
ensure that the Sub-Advisors comply
with a Fund’s investment objective,
policies and restrictions.
11. No trustee or officer of the Trust
or of a Fund, or director, manager or
officer of the Advisor, will own directly
or indirectly (other than through a
pooled investment vehicle that is not
controlled by such person) any interest
in a Sub-Advisor, except for (i)
ownership of interests in the Advisor or
any entity that controls, is controlled by
or is under common control with the
Advisor; or (ii) ownership of less than
1% of the outstanding securities of any
class of equity or debt of a publicly
traded company that is either a SubAdvisor or an entity that controls, is
controlled by or is under common
control with a Sub-Advisor.
12. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
13. Any new Sub-Advisory
Agreement or any amendment to an
existing Advisory Agreement or SubAdvisory Agreement that directly or
indirectly results in an increase in the
aggregate advisory fee rate payable by a
Fund will be submitted to the Fund’s
shareholders for approval.
14. In the event the Commission
adopts a rule under the Act providing
substantially similar relief to that in the
order requested in the application, the
requested order will expire on the
effective date of that rule.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–20869 Filed 9–2–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, September 4, 2014 at 2:00
p.m.
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session.
The subject matter of the Closed
Meeting will be:
Settlement of injunctive actions;
Institution settlement of administrative
proceedings; and other matters relating to
enforcement proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: August 28, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21005 Filed 8–29–14; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72933; File No. SR–BATS–
2014–036]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of BATS Exchange, Inc.
August 27, 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 August
15, 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
1 15
2 17
E:\FR\FM\03SEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
03SEN1
Federal Register / Vol. 79, No. 170 / Wednesday, September 3, 2014 / Notices
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
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 recently filed a
proposed rule change to adopt two new
routing options called ‘‘SWPA’’ and
‘‘SWPB’’ (collectively the ‘‘SWP routing
strategies’’).6 The Exchange notes that
SWPA is substantively identical to, and
SWPB is similar to, the Exchange’s
current Parallel T routing strategy.7
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 A Member is defined as ‘‘any registered broker
or dealer that has been admitted to membership in
the Exchange.’’ See Exchange Rule 1.5(n).
6 See SR–BATS–2014–033, filed on August 11,
2014, available at https://www.batstrading.com/
regulation/rule_filings/bzx/.
7 In order to allow a gradual migration from
Parallel T to the proposed SWP routing strategies
the Exchange is not proposing to eliminate Parallel
T when it starts offering the SWP routing strategies.
Instead, the Exchange proposes to continue to
accept orders designated for Parallel T routing and
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4 17
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The Exchange now proposes to
modify its fee schedule to adopt fees
applicable to the SWP routing strategies
that are identical to the current fees
charged for Parallel T. For order routed
pursuant to the SWP routing strategies
and executed on an away trading venue,
the Exchange proposes to charge $0.033
per share in securities priced at or above
$1.00 and 0.33% of the total dollar
value of the execution for securities
priced below $1.00. The Exchange
proposes to implement the amendments
to its fee schedule on August 15, 2014.
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.8
Specifically, the Exchange believes that
the proposed rule change is consistent
with Section 6(b)(4) of the Act,9 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 the Exchange’s fee
schedule to add fees for the SWP
routing strategies represents [sic] an
equitable allocation of reasonable dues,
fees, and other charges among Members
and other persons using its facilities
because they are identical to the fees
charged for executions through an
analogous routing strategy, Parallel T,
which is currently offered by the
Exchange. Lastly, the Exchange notes
that the use of the SWP routing
strategies is voluntary and believes that
the proposed change is nondiscriminatory because it applies
uniformly to all Members.
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.
will eventually retire such routing strategy and
remove reference to the routing strategy from
Exchange rules once all affected Users have been
migrated away from Parallel T to the SWP routing
strategies.
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
PO 00000
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Fmt 4703
Sfmt 4703
52383
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
orders routed through the Exchange
through the SWP routing strategies the
proposed fee is equal to the fee
currently charged for Parallel T routing.
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 the 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 neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and paragraph (f) of Rule
19b–4 thereunder.11 At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–BATS–2014–036 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–BATS–2014–036. This file
number should be included on the
10 15
11 17
E:\FR\FM\03SEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
03SEN1
52384
Federal Register / Vol. 79, No. 170 / Wednesday, September 3, 2014 / Notices
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–BATS–
2014–036 and should be submitted on
or before September 24, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–20868 Filed 9–2–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72932; File No. SR–BYX–
2014–017]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of BATS Y-Exchange, Inc.
mstockstill on DSK4VPTVN1PROD with NOTICES
August 27, 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 August
15, 2014, BATS Y-Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:40 Sep 02, 2014
Jkt 232001
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.
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 recently filed a
proposed rule change to adopt two new
routing options called ‘‘SWPA’’ and
‘‘SWPB’’ (collectively the ‘‘SWP routing
strategies’’).6 The Exchange notes that
SWPA is substantively identical to, and
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 A Member is defined as ‘‘any registered broker
or dealer that has been admitted to membership in
the Exchange.’’ See Exchange Rule 1.5(n).
6 See SR–BYX–2014–015, filed on August 11,
2014, available at https://www.batstrading.com/
regulation/rule_filings/byx/.
4 17
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
SWPB is similar to, the Exchange’s
current Parallel T routing strategy.7
The Exchange now proposes to
modify its fee schedule to adopt fees
applicable to the SWP routing strategies
that are identical to the current fees
charged for Parallel T. For order routed
pursuant to the SWP routing strategies
and executed on an away trading venue,
the Exchange proposes to charge $0.033
per share in securities priced at or above
$1.00 and 0.33% of the total dollar
value of the execution for securities
priced below $1.00. The Exchange
proposes to implement the amendments
to its fee schedule on August 15, 2014.
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.8
Specifically, the Exchange believes that
the proposed rule change is consistent
with Section 6(b)(4) of the Act,9 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 the Exchange’s fee
schedule to add fees for the SWP
routing strategies represents [sic] an
equitable allocation of reasonable dues,
fees, and other charges among Members
and other persons using its facilities
because they are identical to the fees
charged for executions through an
analogous routing strategy, Parallel T,
which is currently offered by the
Exchange. Lastly, the Exchange notes
that the use of the SWP routing
strategies is voluntary and believes that
the proposed change is nondiscriminatory because it applies
uniformly to all Members.
7 In order to allow a gradual migration from
Parallel T to the proposed SWP routing strategies
the Exchange is not proposing to eliminate Parallel
T when it starts offering the SWP routing strategies.
Instead, the Exchange proposes to continue to
accept orders designated for Parallel T routing and
will eventually retire such routing strategy and
remove reference to the routing strategy from
Exchange rules once all affected Users have been
migrated away from Parallel T to the SWP routing
strategies.
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
E:\FR\FM\03SEN1.SGM
03SEN1
]]>Agencies
[Federal Register Volume 79, Number 170 (Wednesday, September 3, 2014)]
[Notices]
[Pages 52382-52384]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-20868]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72933; File No. SR-BATS-2014-036]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use of BATS Exchange, Inc.
August 27, 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 August 15, 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
[[Page 52383]]
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 BATS Rules
15.1(a) and (c). Changes to the fee schedule pursuant to this proposal
are effective upon filing.
---------------------------------------------------------------------------
\5\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at https://www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange recently filed a proposed rule change to adopt two new
routing options called ``SWPA'' and ``SWPB'' (collectively the ``SWP
routing strategies'').\6\ The Exchange notes that SWPA is substantively
identical to, and SWPB is similar to, the Exchange's current Parallel T
routing strategy.\7\
---------------------------------------------------------------------------
\6\ See SR-BATS-2014-033, filed on August 11, 2014, available at
https://www.batstrading.com/regulation/rulefilings/bzx/.
\7\ In order to allow a gradual migration from Parallel T to the
proposed SWP routing strategies the Exchange is not proposing to
eliminate Parallel T when it starts offering the SWP routing
strategies. Instead, the Exchange proposes to continue to accept
orders designated for Parallel T routing and will eventually retire
such routing strategy and remove reference to the routing strategy
from Exchange rules once all affected Users have been migrated away
from Parallel T to the SWP routing strategies.
---------------------------------------------------------------------------
The Exchange now proposes to modify its fee schedule to adopt fees
applicable to the SWP routing strategies that are identical to the
current fees charged for Parallel T. For order routed pursuant to the
SWP routing strategies and executed on an away trading venue, the
Exchange proposes to charge $0.033 per share in securities priced at or
above $1.00 and 0.33% of the total dollar value of the execution for
securities priced below $1.00. The Exchange proposes to implement the
amendments to its fee schedule on August 15, 2014.
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.\8\
Specifically, the Exchange believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed changes to the Exchange's
fee schedule to add fees for the SWP routing strategies represents
[sic] an equitable allocation of reasonable dues, fees, and other
charges among Members and other persons using its facilities because
they are identical to the fees charged for executions through an
analogous routing strategy, Parallel T, which is currently offered by
the Exchange. Lastly, the Exchange notes that the use of the SWP
routing strategies is voluntary and believes that the proposed change
is non-discriminatory because it applies uniformly to all Members.
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 orders
routed through the Exchange through the SWP routing strategies the
proposed fee is equal to the fee currently charged for Parallel T
routing. 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 the 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 neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4
thereunder.\11\ 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.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f).
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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-BATS-2014-036 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-BATS-2014-036. This file
number should be included on the
[[Page 52384]]
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-BATS-2014-036 and should be submitted on or before
September 24, 2014.
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\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-20868 Filed 9-2-14; 8:45 am]
BILLING CODE 8011-01-P
