Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Content of the BATS One Feed Under Rule 11.22(j) To Include Consolidated Volume for all Listed Equity Securities, 21776-21778 [2015-08942]

Download as PDF 21776 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices required by 39 CFR 3015.5. See respectively, Attachment A and Attachment B. The Postal Service also filed the unredacted Amendment and supporting financial information under seal. Notice at 1. The Postal Service seeks to incorporate by reference the Application for Non-Public Treatment originally filed in this docket for the protection of information that it has filed under seal. Id. The Amendment revises the customer’s Priority Mail contract rates, which appear in Terms I.E., Table 2, and I.F. Notice, Attachment A at 1–2. The Postal Service intends for the Amendment to become effective one business day after the date that the Commission completes its review of the Notice. Notice at 1. The Postal Service asserts that the Amendment is in compliance with 39 U.S.C. 3633. Notice, Attachment B at 1. II. Notice of Filings The Commission invites comments on whether the changes presented in the Postal Service’s Notice are consistent with the policies of 39 U.S.C. 3632, 3633, or 3642, 39 CFR 3015.5, and 39 CFR part 3020, subpart B. Comments are due no later than April 21, 2015. The public portions of these filings can be accessed via the Commission’s Web site (https://www.prc.gov). The Commission appoints Kenneth R. Moeller to represent the interests of the general public (Public Representative) in this docket. mstockstill on DSK4VPTVN1PROD with NOTICES III. Ordering Paragraphs It is ordered: 1. The Commission reopens Docket No. CP2014–31 for consideration of matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, the Commission appoints Kenneth R. Moeller to serve as an officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 3. Comments are due no later than April 21, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. BILLING CODE 7710–FW–P 17:56 Apr 17, 2015 [Release No. 34–74726; File No. SR–BATS– 2015–29] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Content of the BATS One Feed Under Rule 11.22(j) To Include Consolidated Volume for all Listed Equity Securities April 14, 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 6, 2015, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) 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 amend [sic] the content of the BATS One Feed under Rule 11.22(j) to include consolidated volume for all listed equity securities. 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. 1 15 [FR Doc. 2015–08930 Filed 4–17–15; 8:45 am] VerDate Sep<11>2014 SECURITIES AND EXCHANGE COMMISSION Jkt 235001 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 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 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 the content of the BATS One Feed under Rule 11.22(j) to include consolidated volume for all listed equity securities. The Commission recently approved a proposed rule change by the Exchange to establish a new market data product called the BATS One Feed.5 The BATS One Feed is a data feed that disseminates, on a real-time basis, the aggregate best bid and offer (‘‘BBO’’) of all displayed orders for securities traded on BZX and its affiliated exchanges 6 and for which the BATS Exchanges reports quotes under the Consolidated Tape Association (‘‘CTA’’) Plan or the Nasdaq/UTP Plan.7 The last sale information disseminated as part of the BATS One Feed includes the price, size, time of execution, and individual BATS Exchange on which the trade was executed. The last sale information also includes the cumulative number of shares executed on all BATS Exchanges for that trading day.8 The Exchange now proposes to expand the last sale 5 See Securities Exchange Act Release No. 73918 (December 23, 2014), 79 FR 78920 (December 31, 2014) (File Nos. SR–EDGX–2014–25; SR–EDGA– 2014–25; SR–BATS–2014–055; SR–BYX–2014–030) (Notice of Amendments No. 2 and Order Granting Accelerated Approval to Proposed Rule Changes, as Modified by Amendments Nos. 1 and 2, to Establish a New Market Data Product called the BATS One Feed) (‘‘BATS One Approval Order’’). 6 BZX’s affiliated exchanges are the BATS YExchange, Inc. (‘‘BYX’’), the EDGA Exchange, Inc. (‘‘EDGA’’), and the EDGX Exchange, Inc. (‘‘EDGX’’, together with EDGA, BZX, and BYX, the ‘‘BATS Exchanges’’). On January 23, 2014, BATS Global Markets, Inc. (‘‘BGMI’’), the former parent company of the Exchange and BYX, completed its business combination with Direct Edge Holdings LLC, the parent company of EDGA and EDGX. See Securities Exchange Act Release No. 71375 (January 23, 2014), 79 FR 4771 (January 29, 2014) (SR–BATS–2013– 059; SR–BYX–2013–039). Upon completion of the business combination, DE Holdings and BGMI each became intermediate holding companies, held under a single new holding company. The new holding company, formerly named ‘‘BATS Global Markets Holdings, Inc.,’’ changed its name to ‘‘BATS Global Markets, Inc.’’ and BGMI changed its name to ‘‘BATS Global Markets Holdings, Inc.’’ 7 The Exchange understands that each of the BATS Exchanges will separately file substantially similar proposed rule changes with the Commission to implement fees for the BATS One Feed. 8 The BATS One Feed also contains optional functionality which enables recipients to receive aggregated two-sided quotations from the BATS Exchanges for up to five (5) price levels for all securities that are traded on the BATS Exchanges in addition to the BATS One Summary Feed (‘‘BATS One Premium Feed’’). For each price level on one of the BATS Exchanges, the BATS One Premium Feed includes a two-sided quote and the number of shares available to buy and sell at that particular price level. E:\FR\FM\20APN1.SGM 20APN1 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices information to include consolidated volume for all listed equity securities regardless of where the transaction was executed. The Exchange would obtain the consolidated volume directly from the securities information processors and then distribute in a manner consistent with the requirements for redistributing such data as set forth in the CTA Plan and Nasdaq UTP Plan.9 mstockstill on DSK4VPTVN1PROD with NOTICES 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 10 in general, and furthers the objectives of Section 6(b)(5) of the Act 11 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 also believes that the proposed rule change is consistent with Section 11(A) of the Act 12 in that it supports (i) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets and (ii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. Furthermore, the proposed rule change is consistent with Rule 603 of Regulation NMS,13 which provides that any national securities exchange that distributes information with respect to quotations for or transactions in an NMS stock do so on terms that are not unreasonably discriminatory. In adopting Regulation NMS, the Commission granted self-regulatory organizations and broker-dealers increased authority and flexibility to offer new and unique market data products to the public. It was believed that this authority would expand the amount of data available to consumers, 9 See CTA Consolidated Volume Display Policy available at https://www.ctaplan.com (dated March 2015). The CTA Consolidated Volume Display Policy requires that, ‘‘[i]f a Customer calculates the CTA Consolidated Volume and displays that alongside last sale prices or bid-asked quotes that are not consolidated prices or quotes under the CTA Plan or the CQ Plan, then the Customer must incorporate into its display the following statement: ‘‘Realtime quote and/or trade prices are not sourced from all markets.’’ Customer must also assure that any person included in the redistribution chain starting with the Customer conspicuously places such a statement in any such display that it provides.’’ Id. 10 15 U.S.C. 78f(b). 11 15 U.S.C. 78f(b)(5). 12 15 U.S.C. 78k–1. 13 See 17 CFR 242.603. VerDate Sep<11>2014 17:56 Apr 17, 2015 Jkt 235001 and also spur innovation and competition for the provision of market data. The proposed rule change is designed to promote just and equitable principles of trade and remove impediments to and perfect the mechanism of a free and open market and a national market system by providing for the broader dissemination of consolidated volume to investors. The Exchange also believes this proposal is consistent with Section 6(b)(5) of the Act because it protects investors and the public interest and promotes just and equitable principles of trade by providing investors with new options for receiving consolidated volume. The Exchange also believes that the proposed rule change is reasonable because consolidated volume is currently included in a competing market data products offered by the NYSE and Nasdaq.14 Therefore, the Exchange believes the proposed rule change removes impediments to and perfects the mechanism of a free and open market and a national market system, and, in general, protects investors and the public interest. Lastly, the proposal would not permit unfair discrimination because the consolidated volume will be available to all of the Exchange’s customers and market data vendors on an equivalent basis. In addition, any customer that wishes to receive consolidated volume via a different source will be able to do so. 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 Exchange believes that the proposed rule change 14 See Securities Exchange Act Release No. 73553 (November 6, 2014), 79 FR 67491 (November 13, 2014) (SR–NYSE–2014–40) (Notice of Amendment No. 1 and Order Granting Accelerated Approval to a Proposed Rule Change, as Modified by Amendment No.1, To Establish the NYSE Best Quote & Trades (‘‘BQT’’) Data Feed); https:// www.nyxdata.com/Data-Products/NYSE-BestQuote-and-Trades (last visited May 27, 2014) (data feed providing unified view of BBO and last sale information for the NYSE, NYSE Arca, and NYSE MKT) (‘‘NYSE BQT Approval Order’’). See also Nasdaq Basic, https://www.nasdaqtrader.com/ Trader.aspx?id=nasdaqbasic (last visited March 26, 2015) (data feed offering the BBO and Last Sale information for all U.S. exchange-listed securities based on liquidity within the Nasdaq market center, as well as trades reported to the FINRA/Nasdaq Trade Reporting Facility (‘‘TRF’’)); and Nasdaq NLS Plus, https://www.nasdaqtrader.com/ Trader.aspx?id=NLSplus (last visited July 8, 2014) (data feed providing last sale data as well as consolidated volume from the following Nasdaq OMX markets for U.S. exchange-listed securities: Nasdaq, FINRA/Nasdaq TRF, Nasdaq OMX BX, and Nasdaq OMX PSX). PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 21777 will enhance competition because it would enable the Exchange to include consolidated volume as part of the BATS One Feed, thereby enabling it to better compete with similar market data products currently offered by the NYSE and Nasdaq that include such volume.15 Finally, although the BATS Exchanges are the exclusive distributors of the individual data feeds from which certain data elements would be taken to create the BATS One Feed, the Exchange is not the exclusive distributor of the consolidated volume that would be included in the BATS One Feed. A vendor seeking to offer a similar product and include consolidated volume would be able to do so on the same terms as the Exchange from a cost perspective. As discussed in in the BATS One Approval Order,16 any entity may separately purchase the individual underlying products, and if they so choose, perform a similar aggregation and consolidation function that the Exchange performs in creating the BATS One Feed, and offer a data feed with the same information included in the BATS One Feed to sell and distribute it to its clients with no greater cost than the Exchange. Likewise, a competing vendor could also receive consolidated volume from the securities information processors and include it as part of their product to be disseminated to their customers under the same terms and policies provided to the Exchange.17 Therefore, the Exchange believes the inclusion of consolidated volume in the BATS One Feed would not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. 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 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if 15 See id. (noting that NYSE BQT and NLS Plus carry consolidated volume for all listed equities). 16 See BATS One Approval Order, supra note 5. 17 See CTA Consolidated Volume Display Policy, supra note 9. E:\FR\FM\20APN1.SGM 20APN1 21778 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices 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 18 and Rule 19b–4(f)(6)(iii) thereunder.19 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 20 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) 21 permits the Commission to 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 that the proposal may become operative immediately upon filing. The Exchange believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it would allow the Exchange to timely offer investors a new option for receiving consolidated volume information. The Exchange further notes that other exchanges currently offer similar data products that include consolidated volume.22 The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.23 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. 18 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6)(iii). As required under Rule 19b–4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. 20 17 CFR 240.19b–4(f)(6). 21 17 CFR 240.19b–4(f)(6)(iii). 22 See supra note 14 (noting that NYSE BQT and NLS Plus carry consolidated volume for all listed equities). 23 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). mstockstill on DSK4VPTVN1PROD with NOTICES 19 17 VerDate Sep<11>2014 17:56 Apr 17, 2015 Jkt 235001 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Brent J. Fields, Secretary. [FR Doc. 2015–08942 Filed 4–17–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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–2015–29 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BATS–2015–29. 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– 2015–29, and should be submitted on or before May 11, 2015. [Release No. 34–74725; File No. SR– NASDAQ–2015–032] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Rules 7014 and 7018 April 14, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that, on April 1, 2015, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) 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 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 NASDAQ is proposing changes to the Qualified Market Maker (‘‘QMM’’) Incentive Program under Rule 7014, and the qualification requirements for certain fees relating to Market-on-Close and/or Limit-on-Close orders under Rule 7018(a). The text of the proposed rule change is available at nasdaq.cchwallstreet.com at NASDAQ’s principal office, 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, NASDAQ 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 those 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 1 15 24 17 PO 00000 CFR 200.30–3(a)(12). Frm 00075 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\20APN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 20APN1

Agencies

[Federal Register Volume 80, Number 75 (Monday, April 20, 2015)]
[Notices]
[Pages 21776-21778]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08942]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74726; File No. SR-BATS-2015-29]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
the Content of the BATS One Feed Under Rule 11.22(j) To Include 
Consolidated Volume for all Listed Equity Securities

April 14, 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 6, 2015, BATS Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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 amend [sic] the content of the BATS One Feed under 
Rule 11.22(j) to include consolidated volume for all listed equity 
securities. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the content of the BATS One Feed 
under Rule 11.22(j) to include consolidated volume for all listed 
equity securities. The Commission recently approved a proposed rule 
change by the Exchange to establish a new market data product called 
the BATS One Feed.\5\ The BATS One Feed is a data feed that 
disseminates, on a real-time basis, the aggregate best bid and offer 
(``BBO'') of all displayed orders for securities traded on BZX and its 
affiliated exchanges \6\ and for which the BATS Exchanges reports 
quotes under the Consolidated Tape Association (``CTA'') Plan or the 
Nasdaq/UTP Plan.\7\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 73918 (December 23, 
2014), 79 FR 78920 (December 31, 2014) (File Nos. SR-EDGX-2014-25; 
SR-EDGA-2014-25; SR-BATS-2014-055; SR-BYX-2014-030) (Notice of 
Amendments No. 2 and Order Granting Accelerated Approval to Proposed 
Rule Changes, as Modified by Amendments Nos. 1 and 2, to Establish a 
New Market Data Product called the BATS One Feed) (``BATS One 
Approval Order'').
    \6\ BZX's affiliated exchanges are the BATS Y-Exchange, Inc. 
(``BYX''), the EDGA Exchange, Inc. (``EDGA''), and the EDGX 
Exchange, Inc. (``EDGX'', together with EDGA, BZX, and BYX, the 
``BATS Exchanges''). On January 23, 2014, BATS Global Markets, Inc. 
(``BGMI''), the former parent company of the Exchange and BYX, 
completed its business combination with Direct Edge Holdings LLC, 
the parent company of EDGA and EDGX. See Securities Exchange Act 
Release No. 71375 (January 23, 2014), 79 FR 4771 (January 29, 2014) 
(SR-BATS-2013-059; SR-BYX-2013-039). Upon completion of the business 
combination, DE Holdings and BGMI each became intermediate holding 
companies, held under a single new holding company. The new holding 
company, formerly named ``BATS Global Markets Holdings, Inc.,'' 
changed its name to ``BATS Global Markets, Inc.'' and BGMI changed 
its name to ``BATS Global Markets Holdings, Inc.''
    \7\ The Exchange understands that each of the BATS Exchanges 
will separately file substantially similar proposed rule changes 
with the Commission to implement fees for the BATS One Feed.
---------------------------------------------------------------------------

    The last sale information disseminated as part of the BATS One Feed 
includes the price, size, time of execution, and individual BATS 
Exchange on which the trade was executed. The last sale information 
also includes the cumulative number of shares executed on all BATS 
Exchanges for that trading day.\8\ The Exchange now proposes to expand 
the last sale

[[Page 21777]]

information to include consolidated volume for all listed equity 
securities regardless of where the transaction was executed. The 
Exchange would obtain the consolidated volume directly from the 
securities information processors and then distribute in a manner 
consistent with the requirements for redistributing such data as set 
forth in the CTA Plan and Nasdaq UTP Plan.\9\
---------------------------------------------------------------------------

    \8\ The BATS One Feed also contains optional functionality which 
enables recipients to receive aggregated two-sided quotations from 
the BATS Exchanges for up to five (5) price levels for all 
securities that are traded on the BATS Exchanges in addition to the 
BATS One Summary Feed (``BATS One Premium Feed''). For each price 
level on one of the BATS Exchanges, the BATS One Premium Feed 
includes a two-sided quote and the number of shares available to buy 
and sell at that particular price level.
    \9\ See CTA Consolidated Volume Display Policy available at 
https://www.ctaplan.com (dated March 2015). The CTA Consolidated 
Volume Display Policy requires that, ``[i]f a Customer calculates 
the CTA Consolidated Volume and displays that alongside last sale 
prices or bid-asked quotes that are not consolidated prices or 
quotes under the CTA Plan or the CQ Plan, then the Customer must 
incorporate into its display the following statement: ``Realtime 
quote and/or trade prices are not sourced from all markets.'' 
Customer must also assure that any person included in the 
redistribution chain starting with the Customer conspicuously places 
such a statement in any such display that it provides.'' Id.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \10\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \11\ 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 also believes 
that the proposed rule change is consistent with Section 11(A) of the 
Act \12\ in that it supports (i) fair competition among brokers and 
dealers, among exchange markets, and between exchange markets and 
markets other than exchange markets and (ii) the availability to 
brokers, dealers, and investors of information with respect to 
quotations for and transactions in securities. Furthermore, the 
proposed rule change is consistent with Rule 603 of Regulation NMS,\13\ 
which provides that any national securities exchange that distributes 
information with respect to quotations for or transactions in an NMS 
stock do so on terms that are not unreasonably discriminatory. In 
adopting Regulation NMS, the Commission granted self-regulatory 
organizations and broker-dealers increased authority and flexibility to 
offer new and unique market data products to the public. It was 
believed that this authority would expand the amount of data available 
to consumers, and also spur innovation and competition for the 
provision of market data.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ 15 U.S.C. 78k-1.
    \13\ See 17 CFR 242.603.
---------------------------------------------------------------------------

    The proposed rule change is designed to promote just and equitable 
principles of trade and remove impediments to and perfect the mechanism 
of a free and open market and a national market system by providing for 
the broader dissemination of consolidated volume to investors. The 
Exchange also believes this proposal is consistent with Section 6(b)(5) 
of the Act because it protects investors and the public interest and 
promotes just and equitable principles of trade by providing investors 
with new options for receiving consolidated volume. The Exchange also 
believes that the proposed rule change is reasonable because 
consolidated volume is currently included in a competing market data 
products offered by the NYSE and Nasdaq.\14\ Therefore, the Exchange 
believes the proposed rule change removes impediments to and perfects 
the mechanism of a free and open market and a national market system, 
and, in general, protects investors and the public interest.
---------------------------------------------------------------------------

    \14\ See Securities Exchange Act Release No. 73553 (November 6, 
2014), 79 FR 67491 (November 13, 2014) (SR-NYSE-2014-40) (Notice of 
Amendment No. 1 and Order Granting Accelerated Approval to a 
Proposed Rule Change, as Modified by Amendment No.1, To Establish 
the NYSE Best Quote & Trades (``BQT'') Data Feed); https://www.nyxdata.com/Data-Products/NYSE-Best-Quote-and-Trades (last 
visited May 27, 2014) (data feed providing unified view of BBO and 
last sale information for the NYSE, NYSE Arca, and NYSE MKT) (``NYSE 
BQT Approval Order''). See also Nasdaq Basic, https://www.nasdaqtrader.com/Trader.aspx?id=nasdaqbasic (last visited March 
26, 2015) (data feed offering the BBO and Last Sale information for 
all U.S. exchange-listed securities based on liquidity within the 
Nasdaq market center, as well as trades reported to the FINRA/Nasdaq 
Trade Reporting Facility (``TRF'')); and Nasdaq NLS Plus, https://www.nasdaqtrader.com/Trader.aspx?id=NLSplus (last visited July 8, 
2014) (data feed providing last sale data as well as consolidated 
volume from the following Nasdaq OMX markets for U.S. exchange-
listed securities: Nasdaq, FINRA/Nasdaq TRF, Nasdaq OMX BX, and 
Nasdaq OMX PSX).
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    Lastly, the proposal would not permit unfair discrimination because 
the consolidated volume will be available to all of the Exchange's 
customers and market data vendors on an equivalent basis. In addition, 
any customer that wishes to receive consolidated volume via a different 
source will be able to do so.

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 Exchange believes that the proposed rule 
change will enhance competition because it would enable the Exchange to 
include consolidated volume as part of the BATS One Feed, thereby 
enabling it to better compete with similar market data products 
currently offered by the NYSE and Nasdaq that include such volume.\15\
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    \15\ See id. (noting that NYSE BQT and NLS Plus carry 
consolidated volume for all listed equities).
---------------------------------------------------------------------------

    Finally, although the BATS Exchanges are the exclusive distributors 
of the individual data feeds from which certain data elements would be 
taken to create the BATS One Feed, the Exchange is not the exclusive 
distributor of the consolidated volume that would be included in the 
BATS One Feed. A vendor seeking to offer a similar product and include 
consolidated volume would be able to do so on the same terms as the 
Exchange from a cost perspective. As discussed in in the BATS One 
Approval Order,\16\ any entity may separately purchase the individual 
underlying products, and if they so choose, perform a similar 
aggregation and consolidation function that the Exchange performs in 
creating the BATS One Feed, and offer a data feed with the same 
information included in the BATS One Feed to sell and distribute it to 
its clients with no greater cost than the Exchange. Likewise, a 
competing vendor could also receive consolidated volume from the 
securities information processors and include it as part of their 
product to be disseminated to their customers under the same terms and 
policies provided to the Exchange.\17\ Therefore, the Exchange believes 
the inclusion of consolidated volume in the BATS One Feed would not 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
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    \16\ See BATS One Approval Order, supra note 5.
    \17\ See CTA Consolidated Volume Display Policy, supra note 9.
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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

    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 for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if

[[Page 21778]]

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 \18\ and Rule 19b-4(f)(6)(iii) thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \20\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \21\ permits the 
Commission to 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 that 
the proposal may become operative immediately upon filing. The Exchange 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because it would allow 
the Exchange to timely offer investors a new option for receiving 
consolidated volume information. The Exchange further notes that other 
exchanges currently offer similar data products that include 
consolidated volume.\22\ The Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and 
the public interest. Therefore, the Commission hereby waives the 
operative delay and designates the proposed rule change operative upon 
filing.\23\
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    \20\ 17 CFR 240.19b-4(f)(6).
    \21\ 17 CFR 240.19b-4(f)(6)(iii).
    \22\ See supra note 14 (noting that NYSE BQT and NLS Plus carry 
consolidated volume for all listed equities).
    \23\ For purposes only of waiving the 30-day operative delay, 
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 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-2015-29 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BATS-2015-29. 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-2015-29, and should be 
submitted on or before May 11, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-08942 Filed 4-17-15; 8:45 am]
 BILLING CODE 8011-01-P
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