Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution, To Delete References to the ROLF Routing Option, Which Routed Order to LavaFlow ECN, 13044-13046 [2015-05603]
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13044
Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices
Mail Contract 119 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2015–39,
CP2015–50.
Stanley F. Mires,
Attorney, Federal Requirements.
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 116 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2015–36,
CP2015–47.
Stanley F. Mires,
Attorney, Federal Requirements.
[FR Doc. 2015–05609 Filed 3–11–15; 8:45 am]
BILLING CODE 7710–12–P
[FR Doc. 2015–05635 Filed 3–11–15; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Stanley F. Mires,
Attorney, Federal Requirements.
[FR Doc. 2015–05622 Filed 3–11–15; 8:45 am]
BILLING CODE 7710–12–P
Product Change—Priority Mail
Negotiated Service Agreement
POSTAL SERVICE
Postal ServiceTM.
ACTION: Notice.
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: March 12, 2015.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 4, 2015,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 118 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2015–38,
CP2015–49.
SUMMARY:
Stanley F. Mires,
Attorney, Federal Requirements.
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
BILLING CODE 7710–12–P
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: March 12, 2015.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 4, 2015,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 120 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2015–40,
CP2015–51.
SUMMARY:
[FR Doc. 2015–05597 Filed 3–11–15; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
POSTAL SERVICE
Postal ServiceTM.
ACTION: Notice.
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: March 12, 2015.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 4, 2015,
it filed with the Postal Regulatory
SUMMARY:
VerDate Sep<11>2014
17:40 Mar 11, 2015
Jkt 235001
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: March 12, 2015.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
SUMMARY:
PO 00000
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74450; File No. SR–BATS–
2015–17]
Stanley F. Mires,
Attorney, Federal Requirements.
[FR Doc. 2015–05610 Filed 3–11–15; 8:45 am]
asabaliauskas on DSK5VPTVN1PROD with NOTICES
3642 and 3632(b)(3), on March 4, 2015,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 114 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2015–34,
CP2015–45.
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Rule 11.13,
Order Execution, To Delete References
to the ROLF Routing Option, Which
Routed Order to LavaFlow ECN
March 6, 2015.
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 February
20, 2015, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange filed a proposal to
amend Rule 11.13, Order Execution, to
delete references to the ROLF routing
option, which routed order to LavaFlow
ECN.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.batstrading.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6)(iii).
2 17
E:\FR\FM\12MRN1.SGM
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Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
asabaliauskas on DSK5VPTVN1PROD with NOTICES
1. Purpose
The Exchange proposes to amend
Rule 11.13, Order Execution, to delete
references under subparagraphs
(a)(3)(H) and (a)(3)(M) to the ROLF
routing option, which routed to
LavaFlow ECN. These changes are being
proposed in response to LavaFlow ECN
ceasing market operations on Friday,
January 30, 2015. Under Rule
11.13(a)(3)(M), an order utilizing the
ROLF routing option first checked the
System 5 for available shares and was
then routed to the LavaFlow ECN. If
shares remained unexecuted after being
routed, they were cancelled, unless
otherwise instructed by the User.6 In
addition, under Rule 11.13(a)(3)(H), a
User was able to couple the Post to
Away routing option and ROLF routing
option. The grouping of the Post to
Away and ROLF routing options
instructed the System to route and post
the order on LavaFlow ECN. As of
February 2, 2015, the Exchange, via
BATS Trading, the Exchange’s affiliated
routing broker-dealer, was no longer
able to route orders to LavaFlow ECN
because it ceased operations. As a
result, the Exchange no longer offers the
ROLF routing option nor permit it to be
coupled with a Post to Away routing
option. Therefore, the Exchange
proposes to delete the ROLF routing
option under Rule 11.13(a)(3)(M) as well
as a reference to the ROLF routing
option under Rule 11.13(a)(3)(H).
5 Exchange Rule 1.5(aa) defines ‘‘System’’ as ‘‘the
electronic communications and trading facility
designated by the Board through which securities
orders of Users are consolidated for ranking,
execution and, when applicable, routing away.’’
6 The term ‘‘User’’ is defined as ‘‘any Member or
Sponsored Participant who is authorized to obtain
access to the System pursuant to Rule 11.3.’’ See
Exchange Rule 1.5(cc).
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2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The Exchange does not
believe that this proposal will permit
unfair discrimination among customers,
brokers, or dealers because the ROLF
routing option will no longer be
available to all Users. The proposed
change is in response to LavaFlow ECN
ceasing market operations on Friday,
January 30, 2015. As of February 2,
2015, the Exchange, via BATS Trading,
was no longer able to route orders to
LavaFlow ECN and, therefore, proposes
to delete references to the ROLF routing
option under Rules 11.13(a)(3)(H) and
(a)(3)(M). The proposal is intended to
make the Exchange’s rules clearer and
less confusing for investors by
eliminating a routing option that is no
longer available; thereby removing
impediments to and perfecting the
mechanism of a free and open market
and a national market system, and, in
general, protecting investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposal will impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. The proposed rule
change is not designed to address any
competitive issues but rather avoid
investor confusion by eliminating a
routing option that is no longer made
available by the Exchange.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has been
filed by the Exchange as a ‘‘noncontroversial’’ rule change pursuant to
7 15
8 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00072
Fmt 4703
Sfmt 4703
13045
Section 19(b)(3)(A)(i) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10 Consequently, because the
foregoing proposed rule change does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so the Exchange may
clarify its rules in a timely manner by
eliminating a rule that accounts for a
service the Exchange does not provide,
thereby avoiding potential investor
confusion during the operative delay
period. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
clarify its rules in a timely manner and
avoid potential investor confusion.
Therefore, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change to
be operative upon filing with the
Commission.15
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily
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
9 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(6).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
10 17
E:\FR\FM\12MRN1.SGM
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13046
Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices
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
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–05603 Filed 3–11–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74449; File No. SR–ICC–
2015–001]
• 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–2015–17 on the subject line.
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change To Revise ICC
End-of-Day Price Discovery Policies
and Procedures
Paper Comments
I. Introduction
On January 5, 2015 ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change SR–ICC–2015–001 pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder.2 The proposed rule
change was published for comment in
the Federal Register on January 21,
2015.3 The Commission did not receive
any comments. For the reasons
discussed below, the Commission is
approving the proposed rule change.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BATS–2015–17. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BATS–
2015–17 and should be submitted on or
before April 2, 2015.
16 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:40 Mar 11, 2015
Jkt 235001
March 6, 2015.
II. Description of the Proposed Rule
Change
ICC proposed revising its End-of-Day
Price Discovery Policies and Procedures
to incorporate enhancements to its price
discovery process. ICC currently utilizes
a ‘‘cross and lock’’ algorithm as part of
its price discovery process. Under this
algorithm, standardized bids and offers
derived from Clearing Participant
(‘‘CP’’) submissions are matched by
sorting them from highest to lowest and
lowest to highest levels, respectively.
This sorting process pairs the CP
submitting the highest bid price with
the CP submitting the lowest offer price,
the CP submitting the second highest
bid price with the CP submitting the
second-lowest offer price, and so on.
The algorithm then identifies crossed
and/or locked markets. Crossed markets
are the CP pairs generated by the sorting
and ranking process for which the bid
price of one CP is above the offer price
of the matched CP. The algorithm
identifies locked markets, where the bid
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 34–74053
(Jan. 14, 2015), 80 FR 2985 (January 21, 2015) (File
No. SR–ICC–2015–001).
2 17
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
and the offer are equal, in a similar
fashion.
Whenever there are crossed and/or
locked matched markets, the algorithm
applies a set of rules designed to
identify standardized submissions that
are ‘‘obvious errors.’’ The algorithm sets
a high bid threshold equal to the
preliminary end-of-day (‘‘EOD’’) level
plus one EOD bid offer width (‘‘BOW’’),
and a low offer threshold equal to the
preliminary EOD level minus one EOD
BOW. The algorithm considers a CP’s
standardized submission to be an
‘‘obvious error’’ if the bid is higher than
the high bid threshold, or the offer is
lower than the low offer threshold.
CP pairs identified by the algorithm as
crossed or locked markets are required
from time to time, under the End-of-Day
Price Discovery Policies and
Procedures, to enter into cleared trades
with each other as part of the ICC EOD
price discovery process (‘‘Firm Trade’’).
Currently, ICC excludes standardized
submissions it identifies as obvious
errors from Firm Trades and does not
use these submissions in its
determination of published EOD levels.
ICC has proposed to include all
standardized submissions, including
those classified as obvious errors, in the
process of determining Firm Trades.
Further, ICC asserts that it will
effectively execute its current EOD
algorithm twice, initially in the same
way it does today, by eliminating
obvious errors, to generate the final EOD
levels, and again, without excluding
obvious errors, to generate Firm Trades
and reversing transactions.
To limit the potential exposure
created through Firm Trades that
include a bid or offer from an obvious
error submission, ICC proposes to adjust
trade prices, where appropriate, to fall
within a predefined band on either side
of the EOD price such that the potential
profit or loss (‘‘P/L’’) realized by
unwinding the trade at the EOD level is
capped.
To prevent CPs from receiving Firm
Trades with large P/L impact in Index
instruments that are less actively traded,
and therefore more difficult and/or more
expensive to manage the associated risk,
ICC proposes to have the ability to
automatically generate reversing
transactions at the EOD level for specific
Index instruments (i.e., for specific
index risk sub-factors as defined by
specific combinations of index/subindex and series) based on liquidity.
Currently, reversing transactions are
only available for Single Name
instruments. ICC represents that there
are no changes to ICC’s Clearing Rules
as a result of these changes.
E:\FR\FM\12MRN1.SGM
12MRN1
]]>Agencies
[Federal Register Volume 80, Number 48 (Thursday, March 12, 2015)]
[Notices]
[Pages 13044-13046]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-05603]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74450; File No. SR-BATS-2015-17]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 11.13, Order Execution, To Delete References to the ROLF Routing
Option, Which Routed Order to LavaFlow ECN
March 6, 2015.
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 February 20, 2015, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange filed a proposal to amend Rule 11.13, Order Execution,
to delete references to the ROLF routing option, which routed order to
LavaFlow ECN.
The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
[[Page 13045]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 11.13, Order Execution, to
delete references under subparagraphs (a)(3)(H) and (a)(3)(M) to the
ROLF routing option, which routed to LavaFlow ECN. These changes are
being proposed in response to LavaFlow ECN ceasing market operations on
Friday, January 30, 2015. Under Rule 11.13(a)(3)(M), an order utilizing
the ROLF routing option first checked the System \5\ for available
shares and was then routed to the LavaFlow ECN. If shares remained
unexecuted after being routed, they were cancelled, unless otherwise
instructed by the User.\6\ In addition, under Rule 11.13(a)(3)(H), a
User was able to couple the Post to Away routing option and ROLF
routing option. The grouping of the Post to Away and ROLF routing
options instructed the System to route and post the order on LavaFlow
ECN. As of February 2, 2015, the Exchange, via BATS Trading, the
Exchange's affiliated routing broker-dealer, was no longer able to
route orders to LavaFlow ECN because it ceased operations. As a result,
the Exchange no longer offers the ROLF routing option nor permit it to
be coupled with a Post to Away routing option. Therefore, the Exchange
proposes to delete the ROLF routing option under Rule 11.13(a)(3)(M) as
well as a reference to the ROLF routing option under Rule
11.13(a)(3)(H).
---------------------------------------------------------------------------
\5\ Exchange Rule 1.5(aa) defines ``System'' as ``the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away.''
\6\ The term ``User'' is defined as ``any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ in particular, in that it is designed to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest. The Exchange does not
believe that this proposal will permit unfair discrimination among
customers, brokers, or dealers because the ROLF routing option will no
longer be available to all Users. The proposed change is in response to
LavaFlow ECN ceasing market operations on Friday, January 30, 2015. As
of February 2, 2015, the Exchange, via BATS Trading, was no longer able
to route orders to LavaFlow ECN and, therefore, proposes to delete
references to the ROLF routing option under Rules 11.13(a)(3)(H) and
(a)(3)(M). The proposal is intended to make the Exchange's rules
clearer and less confusing for investors by eliminating a routing
option that is no longer available; thereby removing impediments to and
perfecting the mechanism of a free and open market and a national
market system, and, in general, protecting investors and the public
interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. The proposed rule change is not designed to
address any competitive issues but rather avoid investor confusion by
eliminating a routing option that is no longer made available by the
Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has been filed by the Exchange as a
``non-controversial'' rule change pursuant to Section 19(b)(3)(A)(i) of
the Act \9\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
Consequently, because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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\9\ 15 U.S.C. 78s(b)(3)(A)(i).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so the Exchange may
clarify its rules in a timely manner by eliminating a rule that
accounts for a service the Exchange does not provide, thereby avoiding
potential investor confusion during the operative delay period. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to clarify its rules in a timely
manner and avoid potential investor confusion. Therefore, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change to be operative upon filing with the
Commission.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily 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
[[Page 13046]]
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-BATS-2015-17 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-2015-17. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BATS-2015-17 and should be
submitted on or before April 2, 2015.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-05603 Filed 3-11-15; 8:45 am]
BILLING CODE 8011-01-P
