Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc., 20548-20552 [2015-08702]

Download as PDF 20548 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices definitions of ZBB, ZBO, and ZBBO, as discussed above, will contribute to the protection of investors and the public interest by eliminating the definition of a term that is no longer used in the Exchange’s Rules which will make the Exchange’s Rules easier to understand and help to avoid confusion. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the act. To the contrary, allowing the Exchange to make the above proposed modifications to Rule 11.23 in order to allow an auction to occur at a price that is not the Alternate Price where there isn’t limit interest on both sides (Limit Order Participation), to eliminate the use of ZBB, ZBO, and ZBBO from the auction process (Volume Based Tie Breaker, Reference Price Range, LLOC and LLOO, and ZBBO), to validate the NBBO before using it to establish the Volume Based Tie Breaker (Volume Based Tie Breaker), and to eliminate the requirement that there be at least one limit order on either the Continuous Book or the Auction Book in order to use the NBBO for the Volume Based Tie Breaker or the Reference Price (Volume Based Tie Breaker and Reference Price) will, in the aggregate, allow the Exchange to better compete with other exchanges as a listing venue by improving the Exchange’s auction process by allowing more executions to occur at more reasonable prices that are based on market-wide pricing. As mentioned above, the Exchange has received feedback from market participants and issuers alike regarding these issues and the proposed amendments will both address this feedback and improve the Exchange’s auction process, allowing it to better compete as both a listing and execution venue. tkelley on DSK3SPTVN1PROD with NOTICES 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 the proposed rule change. The Exchange has, however, as described above, received unsolicited comments from both Members and issuers that helped lead to the changes proposed herein. VerDate Sep<11>2014 16:48 Apr 15, 2015 Jkt 235001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 28 and Rule 19b–4(f)(6) thereunder.29 Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 30 and Rule 19b–4(f)(6) thereunder.31 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– BATS–2015–31 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. 28 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 30 15 U.S.C. 78s(b)(3)(A). 31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 29 17 PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 All submissions should refer to File Number SR–BATS–2015–31. 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 offices 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– 2015–31, and should be submitted on or before May 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.32 Brent J. Fields, Secretary. [FR Doc. 2015–08696 Filed 4–15–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74708; File No. SR–EDGX– 2015–16] Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. April 10, 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 April 1, 32 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\16APN1.SGM 16APN1 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 2015, EDGX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend its fees and rebates applicable to Members 5 of the Exchange pursuant to EDGX Rule 15.1(a) and (c) (‘‘Fee Schedule’’) to: (i) Amend the fees charged for and description of the logical ports 6 offered; and (ii) make a series of immaterial, non-substantive changes. 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. 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. 3 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 5 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). 6 A logical port is commonly referred to as a TCP/ IP port, and represents a port established by the Exchange within the Exchange’s system for trading and billing purposes. Each logical port established is specific to a Member or non-member and grants that Member or non-member the ability to operate a specific application, such as FIX order entry or Multicast PITCH data receipt. tkelley on DSK3SPTVN1PROD with NOTICES 4 17 VerDate Sep<11>2014 16:48 Apr 15, 2015 Jkt 235001 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to: (i) Amend the fees charged for and description of the logical ports offered; and (ii) make a series of immaterial, non-substantive changes. Logical Ports Currently, the Exchange maintains logical ports for order entry, drop copies, testing, and market data for which it currently charges $500 per month per port, with the first two (2) ports provided free of charge. Ports used to request a re-transmission of market data from the Exchange are also provided free of charge. In early 2014, the Exchange and its affiliate, EDGA Exchange, Inc. (‘‘EDGA’’), received approval to effect a merger (the ‘‘Merger’’) of the Exchange’s parent company, Direct Edge Holdings LLC, with BATS Global Markets, Inc., the parent of BZX and BYX (together with BZX, EDGA, and EDGX, the ‘‘BGM Affiliated Exchanges’’).7 In the context of the Merger, the BGM Affiliated Exchanges are working to align certain system and regulatory functionality, retaining only intended differences between the BGM Affiliated Exchanges. This includes migrating the BGM Affiliated Exchanges, which are currently located in different data centers, into a single data center. As part of the data center migration, the operation and categorization of logical ports provided to access the Exchange would be identical to those utilized to access BZX and BYX. Therefore, the Exchange proposes to harmonize its description of logical ports within its Fee Schedule to align with the descriptions included in the BZX and BYX fee schedules.8 As a result, the Exchange also proposes to no longer provide free of charge: (i) The first two (2) logical ports per month; and (ii) ports used to request a re-transmission of market data from the Exchange. The Exchange communicated to Members and non-Members of [sic] these changes 7 See Securities Exchange Act Release No. 71449 (January 30, 2014), 79 FR 6961 (February 5, 2014) (SR–EDGX–2013–043; SR–EDGA–2013–034). 8 The Exchange notes that EDGA intends to file a proposal very similar to this proposal that will align its logical port fees across each of the BGM Affiliated Exchanges. The Exchange also notes that BZX and BYX also intend to file a proposal to increase its port fees from $400 per month per port to $500 per month per port as well as to change references to ‘‘GRP Ports’’ to ‘‘Multicast PITCH GRP Ports’’. PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 20549 via a trading notice issued on October 7, 2014.9 First, the Exchange proposes to harmonize its description of logical ports within its Fee Schedule to align with the descriptions included in the BZX and BYX fee schedules. As part of the data center migration discussed above, the operation and categorization of ports provided to access the Exchange would be identical to those utilized to access BZX and BYX. Currently, the Exchange charges direct session logical ports fees of $500 per month and separately categorizes those ports as FIX, EDGE XPRS (HPI–API), Data, DROP, EdgeRisk. To harmonize the description of the logical ports offered with those of BZX and BYX, the Exchange proposes to no longer individually list the available ports (other than Multicast PITCH Spin Server and GRP ports described below) as all of the above are encompassed under the term logical ports. In addition, EdgeRisk ports will also no longer be separately listed within in [sic] the Fee Schedule. EdgeRisk ports enable Members, and non-Member service bureaus that act as conduits for orders entered by Members that are their customers, access to a System 10 test environment through which they can test their automated systems that integrate with the Exchange.11 Under BATS technology, Members and non-Members would no longer need a dedicated port to access the Exchange’s test environment as they would be able to utilize any of their existing ports to do so. Therefore, the Exchange proposes to not individually list EdgeRisk as a separate logical port. Second, other than no longer providing certain ports free of charge as described below, the Exchange does not propose to amend the monthly fee [sic] logical port fees. All logical ports will continue to be subject to a fee of $500 per month per port. In addition, logical port fees proposed above would be limited to logical ports in the Exchange’s primary data center and no logical port fees would be assessed for redundant secondary data center ports. In addition, the Exchange also proposes to no longer provide the first two (2) logical ports free of charge. The Exchange, like BZX and BYX, will assess the monthly per logical port fees 9 See BATS Global Markets Access Fee Changes for 2015, available at https://cdn.batstrading.com/ resources/fee_schedule/2015/BATS-GlobalMarkets-Access-Services-Fee-Changes-for-2015.pdf (issued October 7, 2014). 10 The term ‘‘System’’ is defined in Rule 1.5(cc). 11 See Securities Exchange Act Release Nos. 69670 (May 30, 2013), 78 FR 33871 (June 5, 2013) (SR–EDGX–2013–18); and 69669 (May 30, 2013), 78 FR 33880 (June 5, 2013) (SR–EDGA–2013–14). E:\FR\FM\16APN1.SGM 16APN1 20550 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices tkelley on DSK3SPTVN1PROD with NOTICES for all of a Member and non-Member’s logical ports. Currently, the Exchange provides ports used to request a retransmission of data free of charge. Going forward, the Exchange would no longer offer such ports free of charge, as proposed below. There are currently two types of logical ports used to request and receive a retransmission of data from the Exchange,12 Multicast PITCH Spin Server Ports and Multicast PITCH GRP Ports. The Exchange’s Multicast PITCH data feed is available from two primary feeds, identified as the ‘‘A feed’’ and the ‘‘C feed’’, which contain the same information but differ only in the way such feeds are received. The Exchange also offers two redundant fees, identified as the ‘‘B feed’’ and the ‘‘D feed.’’ The Exchange proposes to offer Multicast PITCH Spin Server Ports for a fee of $500 per month for a set of primary ports (A or C feed) and Multicast PITCH GRP Ports for a fee of $500 per month for a primary port (A or C feed). The Exchange will continue to offer for free the ports necessary to receive the Exchange’s redundant Multicast ‘‘B feed’’ and ‘‘D feed’’, as well as all ports made available in the Exchange’s secondary data center. Accordingly, this proposal only applies to ports used to receive an Exchange primary Multicast PITCH feeds at the Exchange’s primary data center. The proposed fees for Multicast PITCH Spin Server Ports and GRP Ports are identical to those charged by BZX and BYX. Lastly, the Exchange proposes to rename this section of its Fee Schedule entitled ‘‘Port Fees’’ as ‘‘Logical Port Fees.’’ Non-Substantive Changes The Exchange also proposes to make a series of immaterial, non-substantive changes to its Fee Schedule. None of the changes proposed are intended to amend any fee or rebate. These changes are: • Remove the word ‘‘the’’ from the description of fee code D; • Remove the word ‘‘the’’ from the description of fee code RN; • Amend footnote 2 to add a colon after Tape B Step Up Tier; • Amend the Market Data Section to add a colon after BATS One Feedsm; • Add a colon after ConnectEdge; and • Add a colon after Licensing and Continuing Education. 12 FIX and BOE ports are the only ports that may be used to send orders and related instructions to the Exchange. All other port types, including the Multicast PITCH Spin Server Port and GRP Port, permit Members and non-members to receive information from the Exchange. VerDate Sep<11>2014 16:48 Apr 15, 2015 Jkt 235001 Implementation Date The Exchange proposes to implement these amendments to its Fee Schedule on April 1, 2015. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,13 in general, and furthers the objectives of Section 6(b)(4),14 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 also 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 proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. Logical Ports The Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,15 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 its proposed changes, combined with the planned filings for EDGA, BZX and BYX,16 would allow the BGM Affiliated Exchanges to provide consistent logical port offerings across each of the BGM Affiliated Exchanges. Consistent offerings, in turn, will simplify the connectivity requirements for Members of the Exchange that are also participants on EDGA, BZX and/or BYX. The proposed rule change would result in greater uniformity and less burdensome and more efficient understanding of Exchange connectivity requirements. The Exchange also believes that no longer providing the first two (2) logical ports for free as well as ports used to request a retransmission of market data also represents an equitable allocation 13 15 U.S.C. 78f. 14 15 U.S.C. 78f(b)(4). 15 15 U.S.C. 78f(b)(4). 16 See supra note 8. PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 of reasonable dues, fees and other charges. The Exchange operates in a highly competitive market in which exchanges offer connectivity services as a means to facilitate the trading activities of members and other participants. Accordingly, fees charged for connectivity are constrained by the active competition for the order flow of such participants as well as demand for market data from the Exchange. If a particular exchange charges excessive fees for connectivity, affected members will opt to terminate their connectivity arrangements with that exchange, and adopt a possible range of alternative strategies, including routing to the applicable exchange through another participant or market center or taking that exchange’s data indirectly. Accordingly, the exchange charging excessive fees would stand to lose not only connectivity revenues but also revenues associated with the execution of orders routed to it by affected members, and, to the extent applicable, market data revenues. The Exchange believes that this competitive dynamic imposes powerful restraints on the ability of any exchange to charge unreasonable fees for connectivity. Lastly, the Exchange believe its proposed fees are reasonable because the Nasdaq Stock Market LLC (‘‘Nasdaq’’) and the NYSE Arca, Inc. (‘‘NYSE Arca’’) do not provide logical ports or ports used for the retransmission of market data free of charge.17 The Exchange believes that its proposed changes to logical port fees are reasonable in light of the benefits to Exchange participants of direct market access and receipt of data. In addition, the Exchange believes that its fees are equitably allocated among Exchange constituents based upon the number of access ports that they require to receive data from the Exchange. Further, the Exchange believes that its fees are not unreasonably discriminatory because all market participants are charged standard fees for port usage. The Exchange notes that it believes its prior fee structure, under which two ports were provided free of charge, was reasonable, equitably allocated and not unreasonably discriminatory because it was available to all market participants and was intended to encourage Members and non-members to connect to the Exchange. However, by moving towards a more uniform approach to 17 See Nasdaq Rule 7015 (providing no FIX or non-Trading FIX ports free of charge) and the NYSE Arca fee schedule available at https:// www.nyse.com/publicdocs/nyse/markets/nyse-arca/ NYSE_Arca_Marketplace_Fees.pdf (dated February 26, 2105). E:\FR\FM\16APN1.SGM 16APN1 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices port descriptions and charges across the BGM Affiliated Exchanges, the Exchange believes that its fees are even more equitably allocated and nondiscriminatory. The Exchange also believes that its fees for access services will enable it to better cover its infrastructure costs and to improve its market technology and services. Lastly, the Exchange also believes that the proposed amendments to its fee schedule are non-discriminatory because they will apply uniformly to all Members. All Members that voluntarily select various service options will be charged the same amount for the same services. All Members have the option to select any connectivity option, and there is no differentiation among Members with regard to the fees charged for the services offered by the Exchange. tkelley on DSK3SPTVN1PROD with NOTICES Non-Substantive Changes The Exchange believes that the nonsubstantive clarifying changes to its Fee Schedule are equitable, reasonable, and non-discriminatory because none of the proposed changes are designed to amend any fee, nor alter the manner in which it assesses fees or calculates rebates. These non-substantive changes to the Fee Schedule are intended to make the Fee Schedule clearer and less confusing for investors and eliminate potential investor confusion, 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 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 the Exchange’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. Logical Ports The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The VerDate Sep<11>2014 16:48 Apr 15, 2015 Jkt 235001 Exchange notes that, other than no longer providing two (2) ports or ports used for the retransmission of market data for free each month, it does not proposes to alter the fees charged from their current levels. As discussed above, the Exchange believes that fees for connectivity are constrained by the robust competition for order flow among exchanges and non-exchange markets. Further, excessive fees for connectivity, including logical port fees, would serve to impair an exchange’s ability to compete for order flow rather than burdening competition. In addition, allowing the Exchange to implement substantively identical logical port fees across each of the BGM Affiliated Exchanges does not present any competitive issues, but rather is designed to provide greater harmonization among Exchange, BYX, BZX, and EDGA. Lastly, the Exchange believes the proposal to no longer provide two (2) ports or ports used for the retransmission of market data for free each month would enhance intermarket competition because Nasdaq and NYSE Arca do not provide logical ports or ports used for the retransmission of market data free of charge.18 The Exchange also does not believe the proposed rule change would impact intramarket competition as it would apply to all Members and nonMembers equally. Non-Substantive Changes The Exchange believes that the nonsubstantive changes to the Fee Schedule will not affect intermarket nor intramarket competition because none of these changes are designed to amend any fee or alter the manner in which the Exchange assesses fees or calculates rebates. 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 19 and paragraph (f) of Rule 19b–4 thereunder.20 At any time within 18 Id. 19 15 20 17 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). Frm 00087 Fmt 4703 Sfmt 4703 20551 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– EDGX–2015–16 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–EDGX–2015–16. 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–EDGX– E:\FR\FM\16APN1.SGM 16APN1 20552 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 2015–16, and should be submitted onor before May 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Brent J. Fields, Secretary. [FR Doc. 2015–08702 Filed 4–15–15; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice 9099] Foreign Affairs Policy Board Meeting Notice AGENCY: Department of State. Closed Meeting In accordance with the Federal Advisory Committee Act, 5 U.S.C. App., the Department of State announces a meeting of the Foreign Affairs Policy Board to take place on April 30, 2015, at the Department of State, Washington, DC. The Foreign Affairs Policy Board reviews and assesses: (1) Global threats and opportunities; (2) trends that implicate core national security interests; (3) tools and capacities of the civilian foreign affairs agencies; and (4) priorities and strategic frameworks for U.S. foreign policy. Pursuant to section 10(d) of the Federal Advisory Committee Act, 5 U.S.C. App section 10(d), and 5 U.S.C. 552b(c)(1), it has been determined that this meeting will be closed to the public as the Board will be reviewing and discussing matters properly classified in accordance with Executive Order 13526. For more information, contact Gloria Lee at (202) 647–1965. Dated: April 13, 2015. Andrew McCracken, Designated Federal Officer. [FR Doc. 2015–08864 Filed 4–15–15; 8:45 am] 2001, as amended by Executive Order 13268 of July 2, 2002, and Executive Order 13284 of January 23, 2003, I hereby determine that the individual known as Ali Ouni Harzi, also known as Ali Harzi, also known as Ali Bin Altahar Bin Al-falah Al-ouni Al-Harzi, committed, or poses a significant risk of committing, acts of terrorism that threaten the security of U.S. nationals or the national security, foreign policy, or economy of the United States. Consistent with the determination in section 10 of Executive Order 13224 that ‘‘prior notice to persons determined to be subject to the Order who might have a constitutional presence in the United States would render ineffectual the blocking and other measures authorized in the Order because of the ability to transfer funds instantaneously,’’ I determine that no prior notice needs to be provided to any person subject to this determination who might have a constitutional presence in the United States, because to do so would render ineffectual the measures authorized in the Order. This notice shall be published in the Federal Register. Dated: March 30, 2015. John F. Kerry, Secretary of State. [FR Doc. 2015–08772 Filed 4–15–15; 8:45 am] BILLING CODE 4710–10–P DEPARTMENT OF STATE [Public Notice: 9095] Provision of Certain Temporary and Limited Sanctions Relief Under the National Defense Authorization Act for Fiscal Year 2012 in Order To Continue Implementing the Joint Plan of Action of November 24, 2013 Between the P5+1 and the Islamic Republic of Iran, as Extended Through June 30, 2015 ACTION: tkelley on DSK3SPTVN1PROD with NOTICES [Public Notice 9098] In the Matter of the Designation of Ali Ouni Harzi Also Known as Ali Harzi Also Known as Ali Bin Al-tahar Bin Alfalah Al-ouni Al-Harzi as a Specially Designated Global Terrorist Pursuant to Section 1(b) of Executive Order 13224, as Amended Acting under the authority of and in accordance with section 1(b) of Executive Order 13224 of September 23, CFR 200.30–3(a)(12). VerDate Sep<11>2014 16:48 Apr 15, 2015 On November 24, 2013, the United States and its partners in the P5+1—France, the United Kingdom, Russia, China, and Germany—reached an initial understanding with Iran, outlined in a Joint Plan of Action (JPOA),that halts progress on its nuclear program and rolls it back in key respects. In return, the P5+1 committed to provide limited, temporary, and targeted sanctions relief to Iran. The JPOA was renewed by mutual consent of the P5+1 and Iran on July 19, 2014, and again on November 24, 2014, extending the temporary sanctions relief provided under the JPOA to cover the SUMMARY: DEPARTMENT OF STATE 21 17 Department of State. Notice. AGENCY: BILLING CODE 4710–10–P Jkt 235001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 period beginning on November 24, 2014, and ending June 30, 2015 (the Extended JPOA Period), in order to continue negotiations aimed at achieving a long-term comprehensive solution to ensure that Iran’s nuclear program will be exclusively peaceful. This Notice outlines the U.S. Government (USG) actions taken to extend certain sanctions relief under the National Defense Authorization Act for Fiscal Year 2012 as part of this understanding. DATES: Effective Date: The effective dates of these waiver actions are as described in the determinations set forth below. FOR FURTHER INFORMATION CONTACT: On general issues: Paul Pavwoski, Office of Economic Sanctions Policy and Implementation, Department of State, Telephone: (202) 647–8836. SUPPLEMENTARY INFORMATION: The U.S. government has executed temporary, partial waivers of certain sanctions under the National Defense Authorization Act for Fiscal Year 2012 (NDAA), in order to continue implementing the sanctions relief under the JPOA. All U.S. sanctions not explicitly waived or suspended pursuant to the JPOA as extended remain fully in force, including sanctions on transactions with individuals and entities on the SDN List unless otherwise specified. Furthermore, U.S. persons and foreign entities owned or controlled by U.S. persons (‘‘U.S.-owned or -controlled foreign entities’’) continue to be generally prohibited from conducting transactions with Iran, including any transactions of the types permitted pursuant to the JPOA as extended, unless licensed to do so by OFAC. The U.S. government will continue to enforce U.S. sanctions laws and regulations against those who engage in sanctionable activities that are not covered by the suspensions and temporary waivers issued pursuant to the JPOA as extended. Sanctions suspended under the NDAA are scheduled to resume on July 1, 2015 unless further action is taken by the P5+1 and Iran and subsequent waivers are issued by the U.S. government. Companies engaging in activities covered by the temporary sanctions relief described in this notice should expect sanctions to apply to any activities that extend beyond the current end date of the Extended JPOA Period, June 30, 2015. The temporary suspension of sanctions applies only to activities that begin and end during the period January 20, 2014 to June 30, 2015. E:\FR\FM\16APN1.SGM 16APN1

Agencies

[Federal Register Volume 80, Number 73 (Thursday, April 16, 2015)]
[Notices]
[Pages 20548-20552]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08702]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74708; File No. SR-EDGX-2015-16]


Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Fees for Use of EDGX Exchange, Inc.

April 10, 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 April 1,

[[Page 20549]]

2015, EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II and III below, which Items have been 
prepared by the Exchange. The Exchange has designated the proposed rule 
change as one establishing or changing a member due, fee, or other 
charge imposed by the Exchange under section 19(b)(3)(A)(ii) of the Act 
\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule 
change effective upon filing with the Commission. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend its fees and rebates 
applicable to Members \5\ of the Exchange pursuant to EDGX Rule 15.1(a) 
and (c) (``Fee Schedule'') to: (i) Amend the fees charged for and 
description of the logical ports \6\ offered; and (ii) make a series of 
immaterial, non-substantive changes.
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    \5\ 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).
    \6\ A logical port is commonly referred to as a TCP/IP port, and 
represents a port established by the Exchange within the Exchange's 
system for trading and billing purposes. Each logical port 
established is specific to a Member or non-member and grants that 
Member or non-member the ability to operate a specific application, 
such as FIX order entry or Multicast PITCH data receipt.
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    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.

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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to: (i) Amend the fees charged for and 
description of the logical ports offered; and (ii) make a series of 
immaterial, non-substantive changes.
Logical Ports
    Currently, the Exchange maintains logical ports for order entry, 
drop copies, testing, and market data for which it currently charges 
$500 per month per port, with the first two (2) ports provided free of 
charge. Ports used to request a re-transmission of market data from the 
Exchange are also provided free of charge.
    In early 2014, the Exchange and its affiliate, EDGA Exchange, Inc. 
(``EDGA''), received approval to effect a merger (the ``Merger'') of 
the Exchange's parent company, Direct Edge Holdings LLC, with BATS 
Global Markets, Inc., the parent of BZX and BYX (together with BZX, 
EDGA, and EDGX, the ``BGM Affiliated Exchanges'').\7\ In the context of 
the Merger, the BGM Affiliated Exchanges are working to align certain 
system and regulatory functionality, retaining only intended 
differences between the BGM Affiliated Exchanges. This includes 
migrating the BGM Affiliated Exchanges, which are currently located in 
different data centers, into a single data center. As part of the data 
center migration, the operation and categorization of logical ports 
provided to access the Exchange would be identical to those utilized to 
access BZX and BYX. Therefore, the Exchange proposes to harmonize its 
description of logical ports within its Fee Schedule to align with the 
descriptions included in the BZX and BYX fee schedules.\8\ As a result, 
the Exchange also proposes to no longer provide free of charge: (i) The 
first two (2) logical ports per month; and (ii) ports used to request a 
re-transmission of market data from the Exchange. The Exchange 
communicated to Members and non-Members of [sic] these changes via a 
trading notice issued on October 7, 2014.\9\
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    \7\ See Securities Exchange Act Release No. 71449 (January 30, 
2014), 79 FR 6961 (February 5, 2014) (SR-EDGX-2013-043; SR-EDGA-
2013-034).
    \8\ The Exchange notes that EDGA intends to file a proposal very 
similar to this proposal that will align its logical port fees 
across each of the BGM Affiliated Exchanges. The Exchange also notes 
that BZX and BYX also intend to file a proposal to increase its port 
fees from $400 per month per port to $500 per month per port as well 
as to change references to ``GRP Ports'' to ``Multicast PITCH GRP 
Ports''.
    \9\ See BATS Global Markets Access Fee Changes for 2015, 
available at https://cdn.batstrading.com/resources/fee_schedule/2015/BATS-Global-Markets-Access-Services-Fee-Changes-for-2015.pdf (issued 
October 7, 2014).
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    First, the Exchange proposes to harmonize its description of 
logical ports within its Fee Schedule to align with the descriptions 
included in the BZX and BYX fee schedules. As part of the data center 
migration discussed above, the operation and categorization of ports 
provided to access the Exchange would be identical to those utilized to 
access BZX and BYX. Currently, the Exchange charges direct session 
logical ports fees of $500 per month and separately categorizes those 
ports as FIX, EDGE XPRS (HPI-API), Data, DROP, EdgeRisk. To harmonize 
the description of the logical ports offered with those of BZX and BYX, 
the Exchange proposes to no longer individually list the available 
ports (other than Multicast PITCH Spin Server and GRP ports described 
below) as all of the above are encompassed under the term logical 
ports. In addition, EdgeRisk ports will also no longer be separately 
listed within in [sic] the Fee Schedule. EdgeRisk ports enable Members, 
and non-Member service bureaus that act as conduits for orders entered 
by Members that are their customers, access to a System \10\ test 
environment through which they can test their automated systems that 
integrate with the Exchange.\11\ Under BATS technology, Members and 
non-Members would no longer need a dedicated port to access the 
Exchange's test environment as they would be able to utilize any of 
their existing ports to do so. Therefore, the Exchange proposes to not 
individually list EdgeRisk as a separate logical port.
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    \10\ The term ``System'' is defined in Rule 1.5(cc).
    \11\ See Securities Exchange Act Release Nos. 69670 (May 30, 
2013), 78 FR 33871 (June 5, 2013) (SR-EDGX-2013-18); and 69669 (May 
30, 2013), 78 FR 33880 (June 5, 2013) (SR-EDGA-2013-14).
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    Second, other than no longer providing certain ports free of charge 
as described below, the Exchange does not propose to amend the monthly 
fee [sic] logical port fees. All logical ports will continue to be 
subject to a fee of $500 per month per port. In addition, logical port 
fees proposed above would be limited to logical ports in the Exchange's 
primary data center and no logical port fees would be assessed for 
redundant secondary data center ports. In addition, the Exchange also 
proposes to no longer provide the first two (2) logical ports free of 
charge. The Exchange, like BZX and BYX, will assess the monthly per 
logical port fees

[[Page 20550]]

for all of a Member and non-Member's logical ports.
    Currently, the Exchange provides ports used to request a 
retransmission of data free of charge. Going forward, the Exchange 
would no longer offer such ports free of charge, as proposed below. 
There are currently two types of logical ports used to request and 
receive a retransmission of data from the Exchange,\12\ Multicast PITCH 
Spin Server Ports and Multicast PITCH GRP Ports. The Exchange's 
Multicast PITCH data feed is available from two primary feeds, 
identified as the ``A feed'' and the ``C feed'', which contain the same 
information but differ only in the way such feeds are received. The 
Exchange also offers two redundant fees, identified as the ``B feed'' 
and the ``D feed.''
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    \12\ FIX and BOE ports are the only ports that may be used to 
send orders and related instructions to the Exchange. All other port 
types, including the Multicast PITCH Spin Server Port and GRP Port, 
permit Members and non-members to receive information from the 
Exchange.
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    The Exchange proposes to offer Multicast PITCH Spin Server Ports 
for a fee of $500 per month for a set of primary ports (A or C feed) 
and Multicast PITCH GRP Ports for a fee of $500 per month for a primary 
port (A or C feed). The Exchange will continue to offer for free the 
ports necessary to receive the Exchange's redundant Multicast ``B 
feed'' and ``D feed'', as well as all ports made available in the 
Exchange's secondary data center. Accordingly, this proposal only 
applies to ports used to receive an Exchange primary Multicast PITCH 
feeds at the Exchange's primary data center. The proposed fees for 
Multicast PITCH Spin Server Ports and GRP Ports are identical to those 
charged by BZX and BYX.
    Lastly, the Exchange proposes to rename this section of its Fee 
Schedule entitled ``Port Fees'' as ``Logical Port Fees.''
Non-Substantive Changes
    The Exchange also proposes to make a series of immaterial, non-
substantive changes to its Fee Schedule. None of the changes proposed 
are intended to amend any fee or rebate. These changes are:
     Remove the word ``the'' from the description of fee code 
D;
     Remove the word ``the'' from the description of fee code 
RN;
     Amend footnote 2 to add a colon after Tape B Step Up Tier;
     Amend the Market Data Section to add a colon after BATS 
One Feed\sm\;
     Add a colon after ConnectEdge; and
     Add a colon after Licensing and Continuing Education.
Implementation Date
    The Exchange proposes to implement these amendments to its Fee 
Schedule on April 1, 2015.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\13\ in general, and 
furthers the objectives of Section 6(b)(4),\14\ 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 also 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 proposed rule change reflects a competitive 
pricing structure designed to incent market participants to direct 
their order flow to the Exchange. The Exchange believes that the 
proposed rates are equitable and non-discriminatory in that they apply 
uniformly to all Members. The Exchange believes the fees and credits 
remain competitive with those charged by other venues and therefore 
continue to be reasonable and equitably allocated to Members.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(4).
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Logical Ports
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b)(4) of the Act,\15\ 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 its proposed 
changes, combined with the planned filings for EDGA, BZX and BYX,\16\ 
would allow the BGM Affiliated Exchanges to provide consistent logical 
port offerings across each of the BGM Affiliated Exchanges. Consistent 
offerings, in turn, will simplify the connectivity requirements for 
Members of the Exchange that are also participants on EDGA, BZX and/or 
BYX. The proposed rule change would result in greater uniformity and 
less burdensome and more efficient understanding of Exchange 
connectivity requirements.
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    \15\ 15 U.S.C. 78f(b)(4).
    \16\ See supra note 8.
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    The Exchange also believes that no longer providing the first two 
(2) logical ports for free as well as ports used to request a 
retransmission of market data also represents an equitable allocation 
of reasonable dues, fees and other charges. The Exchange operates in a 
highly competitive market in which exchanges offer connectivity 
services as a means to facilitate the trading activities of members and 
other participants. Accordingly, fees charged for connectivity are 
constrained by the active competition for the order flow of such 
participants as well as demand for market data from the Exchange. If a 
particular exchange charges excessive fees for connectivity, affected 
members will opt to terminate their connectivity arrangements with that 
exchange, and adopt a possible range of alternative strategies, 
including routing to the applicable exchange through another 
participant or market center or taking that exchange's data indirectly. 
Accordingly, the exchange charging excessive fees would stand to lose 
not only connectivity revenues but also revenues associated with the 
execution of orders routed to it by affected members, and, to the 
extent applicable, market data revenues. The Exchange believes that 
this competitive dynamic imposes powerful restraints on the ability of 
any exchange to charge unreasonable fees for connectivity. Lastly, the 
Exchange believe its proposed fees are reasonable because the Nasdaq 
Stock Market LLC (``Nasdaq'') and the NYSE Arca, Inc. (``NYSE Arca'') 
do not provide logical ports or ports used for the retransmission of 
market data free of charge.\17\
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    \17\ See Nasdaq Rule 7015 (providing no FIX or non-Trading FIX 
ports free of charge) and the NYSE Arca fee schedule available at 
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (dated February 26, 2105).
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    The Exchange believes that its proposed changes to logical port 
fees are reasonable in light of the benefits to Exchange participants 
of direct market access and receipt of data. In addition, the Exchange 
believes that its fees are equitably allocated among Exchange 
constituents based upon the number of access ports that they require to 
receive data from the Exchange. Further, the Exchange believes that its 
fees are not unreasonably discriminatory because all market 
participants are charged standard fees for port usage. The Exchange 
notes that it believes its prior fee structure, under which two ports 
were provided free of charge, was reasonable, equitably allocated and 
not unreasonably discriminatory because it was available to all market 
participants and was intended to encourage Members and non-members to 
connect to the Exchange. However, by moving towards a more uniform 
approach to

[[Page 20551]]

port descriptions and charges across the BGM Affiliated Exchanges, the 
Exchange believes that its fees are even more equitably allocated and 
nondiscriminatory. The Exchange also believes that its fees for access 
services will enable it to better cover its infrastructure costs and to 
improve its market technology and services.
    Lastly, the Exchange also believes that the proposed amendments to 
its fee schedule are non-discriminatory because they will apply 
uniformly to all Members. All Members that voluntarily select various 
service options will be charged the same amount for the same services. 
All Members have the option to select any connectivity option, and 
there is no differentiation among Members with regard to the fees 
charged for the services offered by the Exchange.
Non-Substantive Changes
    The Exchange believes that the non-substantive clarifying changes 
to its Fee Schedule are equitable, reasonable, and non-discriminatory 
because none of the proposed changes are designed to amend any fee, nor 
alter the manner in which it assesses fees or calculates rebates. These 
non-substantive changes to the Fee Schedule are intended to make the 
Fee Schedule clearer and less confusing for investors and eliminate 
potential investor confusion, 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 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 the Exchange'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.
Logical Ports
    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange notes that, other 
than no longer providing two (2) ports or ports used for the 
retransmission of market data for free each month, it does not proposes 
to alter the fees charged from their current levels. As discussed 
above, the Exchange believes that fees for connectivity are constrained 
by the robust competition for order flow among exchanges and non-
exchange markets. Further, excessive fees for connectivity, including 
logical port fees, would serve to impair an exchange's ability to 
compete for order flow rather than burdening competition. In addition, 
allowing the Exchange to implement substantively identical logical port 
fees across each of the BGM Affiliated Exchanges does not present any 
competitive issues, but rather is designed to provide greater 
harmonization among Exchange, BYX, BZX, and EDGA. Lastly, the Exchange 
believes the proposal to no longer provide two (2) ports or ports used 
for the retransmission of market data for free each month would enhance 
intermarket competition because Nasdaq and NYSE Arca do not provide 
logical ports or ports used for the retransmission of market data free 
of charge.\18\ The Exchange also does not believe the proposed rule 
change would impact intramarket competition as it would apply to all 
Members and non-Members equally.
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    \18\ Id.
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Non-Substantive Changes
    The Exchange believes that the non-substantive changes to the Fee 
Schedule will not affect intermarket nor intramarket competition 
because none of these changes are designed to amend any fee or alter 
the manner in which the Exchange assesses fees or calculates rebates.

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 \19\ and paragraph (f) of Rule 19b-4 
thereunder.\20\ 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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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 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-EDGX-2015-16 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-EDGX-2015-16. 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-EDGX-

[[Page 20552]]

2015-16, and should be submitted on or before May 7, 2015.
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    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
Brent J. Fields,
Secretary.
[FR Doc. 2015-08702 Filed 4-15-15; 8:45 am]
 BILLING CODE 8011-01-P
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