Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Rule 13.8 Describing a Communication and Routing Service Known as BATS Connect, 32995-32997 [2015-14135]
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Federal Register / Vol. 80, No. 111 / Wednesday, June 10, 2015 / Notices
OFFICE OF PERSONNEL
MANAGEMENT
Submission for Review: Federal
Annuitant Benefits Survey
U.S. Office of Personnel
Management.
ACTION: 60-Day Notice and request for
comments.
AGENCY:
The Office of Planning and
Policy Analysis, Office of Personnel
Management (OPM) offers the general
public and other Federal agencies the
opportunity to comment on a new
information collection request (ICR)
3206–NEW, the Federal Annuitant
Benefits Survey. As required by the
Paperwork Reduction Act of 1995, (Pub.
L. 104–13, 44 U.S.C. chapter 35) as
amended by the Clinger-Cohen Act
(Pub. L. 104–106), OPM is soliciting
comments for this collection.
DATES: Comments are encouraged and
will be accepted until August 10, 2015.
This process is conducted in accordance
with 5 CFR 1320.1.
ADDRESSES: Interested persons are
invited to submit written comments on
the proposed information collection to
the Office of Planning and Policy
Analysis, Office of Personnel
Management, 1900 E. Street NW.,
Washington, DC 20415, Attention:
Cristin Kane or sent by email to
cristin.kane@opm.gov.
FOR FURTHER INFORMATION CONTACT: A
copy of this ICR, with applicable
supporting documentation, may be
obtained by contacting the Office of
Planning and Policy Analysis, Office of
Personnel Management, 1900 E. Street
NW., Washington, DC 20415, Attention:
Cristin Kane or sent by email to
cristin.kane@opm.gov.
SUPPLEMENTARY INFORMATION: The Office
of Management and Budget is
particularly interested in comments
that:
1. Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
2. Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
3. Enhance the quality, utility, and
clarity of the information to be
collected; and
4. Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
asabaliauskas on DSK5VPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
16:46 Jun 09, 2015
Jkt 235001
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submissions
of responses.
Overview: In the past, the Office of
Personnel Management contracted with
a vendor to administer the Consumer
Assessment of Healthcare Providers and
Systems (CAHPS) survey to a sample of
both active Federal employees and
retirees. CAHPS surveys ask consumers
and patients to report on and evaluate
their experiences with their health care.
Since the CAHPS survey instrument is
designed for the active population, it
will no longer be administered to
retirees. However, annuitant feedback
about their health plan experience is an
essential part of successful benefit
administration for the Federal
Employees Health Benefits (FEHB)
Program. As a result, the Federal
Annuitant Benefits Survey is designed
to replicate CAHPS questions in order to
assess annuitant satisfaction with their
health plan’s benefits and services. It
will inform the Office of Personnel
Management’s Healthcare and Insurance
contracting officers regarding plan
performance.
Analysis
Agency: Planning and Policy
Analysis, Office of Personnel
Management.
Title: Federal Annuitant Benefits
Survey.
OMB Number: 3260–NEW.
Frequency: Annually.
Affected Public: Federal Retirees.
Number of Respondents: Unknown at
this time, as survey will be administered
via ‘‘open participation.’’ No firm
sample size exists; however, target
completion is between 200 and 1,000
surveys.
Estimated Time Per Respondent: 20
minutes.
Total Burden Hours: Dependent on
final participation numbers.
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
[FR Doc. 2015–14221 Filed 6–9–15; 8:45 am]
BILLING CODE 6325–63–P
POSTAL SERVICE
Sunshine Act Meeting; Temporary
Emergency Committee of the Board of
Governors
June 22, 2015, at 1:30
p.m., and June 23, 2015, at 8:30 a.m.
PLACE: Washington, DC.
STATUS: Closed.
DATES AND TIMES:
PO 00000
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32995
MATTERS TO BE CONSIDERED:
Monday, June 22, 2015, at 1:30 p.m.
1. Strategic Issues.
Tuesday, June 23, 2015, at 8:30 a.m.
1. Compensation Issues.
2. Financial Matters.
3. Pricing.
4. Governors’ Executive Session—
Discussion of prior agenda items
and Board governance.
GENERAL COUNSEL CERTIFICATION: The
General Counsel of the United States
Postal Service has certified that the
meeting may be closed under the
Government in the Sunshine Act.
CONTACT PERSON FOR MORE INFORMATION:
Requests for information about the
meeting should be addressed to the
Secretary of the Board, Julie S. Moore,
at 202–268–4800.
Julie S. Moore.
Secretary, Board of Governors.
[FR Doc. 2015–14240 Filed 6–8–15; 11:15 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75108; File No. SR–BYX–
2015–26]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Adopt Rule 13.8
Describing a Communication and
Routing Service Known as BATS
Connect
June 4, 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 May 27,
2015, BATS Y-Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) 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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6)(iii).
2 17
E:\FR\FM\10JNN1.SGM
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32996
Federal Register / Vol. 80, No. 111 / Wednesday, June 10, 2015 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to adopt
Rule 13.8 to describe a communication
and routing service known as BATS
Connect. The proposed rule change is
based on an identical service offered by
the Exchange’s affiliate, EDGX
Exchange, Inc. (‘‘EDGX’’).5
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
asabaliauskas on DSK5VPTVN1PROD with NOTICES
1. Purpose
The Exchange proposes to adopt Rule
13.8 to describe a communication and
routing service known as BATS
Connect. The Exchange proposes to
offer BATS Connect on a voluntary basis
in a capacity similar to a vendor. BATS
Connect would operate in the same
fashion as an identical service, also
called BATS Connect, offered by the
Exchange’s affiliate, EDGX.6 BATS
Connect is a communication service that
provides Members 7 an additional
means to receive market data from and
route orders to any destination
connected to Exchange’s network. BATS
Connect does not provide any advantage
to subscribers for connecting to the
5 See EDGX Rule 13.9. See also Securities
Exchange Act Release Nos. 73780 (December 8,
2014), 79 FR 73942 (December 12, 2014) (SR–
EDGX–2014–28); and 74935 (May 12, 2015), 80 FR
28335 (May 18, 2015) (SR–EDGX–2015–19).
6 See supra note 5.
7 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).
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Exchange’s affiliates 8 as compared to
other method of connectivity available
to subscribers. The servers of the
Member need not be located in the same
facilities as the Exchange in order to
subscribe to BATS Connect. Members
may also seek to utilize BATS Connect
in the event of a market disruption
where other alternative connection
methods become unavailable.
Specifically, this service would allow
Members to route orders to other
exchanges and market centers that are
connected to the Exchange’s network.
This communications or routing service
would not effect trade executions and
would not report trades to the relevant
Securities Information Processor. An
order sent via the service does not pass
through the Exchange’s matching engine
before going to a market center outside
of the Exchange (i.e., a participant could
choose to route an order directly to any
market center on the Exchange’s
network). A participant would be
responsible for identifying the
appropriate destination for any orders
sent through the service and for
ensuring that it had authority to access
the selected destination; the Exchange
would merely provide the connectivity
by which orders (and associated
messages) could be routed by a
participant to a destination and from the
destination back to the participant.9
The Exchange will charge a monthly
connectivity fee to Members utilizing
BATS Connect to route orders to other
exchanges and broker-dealers that are
connected to the Exchange’s network.
BATS Connect would also allow
participants to receive market data feeds
from the exchanges connected to the
Exchange’s network. The Exchange will
file a separate proposed rule change
with the Commission regarding the
connectivity fees for order entry and
market data to be charged for the BATS
Connect service.10
8 The
Exchange’s affiliated exchanges are EDGX,
EDGA Exchange, Inc., and BATS Exchange, Inc.
The Exchange understands that its affiliated
Exchange’s intend to file identical proposed rule
changes to adopt the BATS Connect service with
the Commission.
9 This service is an alternative to a service that the
Exchange already provides to its Members—current
order-sending Members route orders through access
provided by the Exchange to the Exchange that
either check the Exchange for available liquidity
and then route to other destinations or, in certain
circumstances, bypass the Exchange and route to
other destinations. See Exchange Rule 11.13(b)(3)
(setting forth routing options whereby Members
may select their orders be routed to other market
centers).
10 The Exchange understands that its affiliated
exchanges intend to file identical proposed rule
changes to adopt fees for the BATS Connect service
with the Commission.
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Fmt 4703
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2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of section 6(b) of the
Act,11 in general, and section 6(b)(5) of
the Act,12 in particular, in that it
promotes just and equitable principles
of trade, removes impediments to, and
perfect the mechanism of, a free and
open market and a national market
system, and, in general, protects
investors and the public interest.
Specifically, the proposal is consistent
with section 6(b)(5) of the Act,13 in that
it provides Members an alternative
means to receive market data from and
route orders to any destination
connected to the Exchange’s network,
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. In
addition, BATS Connect removes
impediments to and perfects the
mechanism of a free and open market
and a national market system because,
in the event of a market disruption,
Members would be able to utilize BATS
Connect to connect to other market
centers where other alternative
connection methods become
unavailable. BATS Connect would
operate in the same fashion as an
identical service, also called BATS
Connect, offered by the Exchange’s
affiliate, EDGX.14 The proposed rule
change is also similar to a
communication and routing service
implemented by the Chicago Stock
Exchange, Inc. (‘‘CHX’’).15 The proposed
rule change will also not permit unfair
discrimination among customers,
brokers, or dealers because BATS
Connect will be available to all of the
Exchange’s customers on an equivalent
basis regardless of whether the servers
of the Member are located in the same
facilities as the Exchange.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, the Exchange believes that the
proposal will promote competition by
11 15
12 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
13 Id.
14 See
supra note 5.
Securities Exchange Act Release No. 54846
(November 30, 2006), 71 FR 71003 (December 7,
2006) (SR–CHX–2006–34) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
Regarding the Implementation of a Communication
and Routing Service).
15 See
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Federal Register / Vol. 80, No. 111 / Wednesday, June 10, 2015 / Notices
the Exchange offering a service similar
to those offered by the CHX and
NYSE.16 Thus, the Exchange believes
this proposed rule change is necessary
to permit fair competition among
national securities exchanges. In
addition, the proposed rule change is
designed to provide Members with an
alternative means to access other market
centers if they chose or in the event of
a market disruption where other
alternative connection methods become
unavailable. Therefore, the Exchange
does not believe the proposed rule
change will have any effect on
competition.
(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.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
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, the
proposed rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)
thereunder.17
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 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. Waiver of the 30-day operative
delay would permit the Exchange to
provide Members with an alternative
means to access other market centers,
particularly in the event of a market
disruption. In addition, the Exchange
16 See NYSE’s SFTI Americas Product and Service
List available at https://www.nyxdata.com/docs/
connectivity. See supra note 15.
17 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.
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32997
represents that BATS Connect does not
provide any advantage to subscribers for
connecting to the Exchange’s affiliates
as compared to other methods of
connectivity available to subscribers.18
Based on the foregoing, the Commission
believes the waiver of the operative
delay is consistent with the protection
of investors and the public interest.19
The Commission hereby grants the
waiver and designates the proposal
operative upon filing.
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.
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 will also 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–BYX–
2015–26 and should be submitted on or
before July 1, 2015.
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.20
Robert W. Errett,
Deputy Secretary.
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–
BYX–2015–26 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–BYX–2015–26. 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
18 See
supra note 8.
purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
[FR Doc. 2015–14135 Filed 6–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75106; File No. SR–C2–
2015–014]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to the Solicitation
Auction Mechanism
June 4, 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 May 27,
2015, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (the ‘‘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.
19 For
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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]]>Agencies
[Federal Register Volume 80, Number 111 (Wednesday, June 10, 2015)]
[Notices]
[Pages 32995-32997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14135]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75108; File No. SR-BYX-2015-26]
Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
Rule 13.8 Describing a Communication and Routing Service Known as BATS
Connect
June 4, 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 May 27, 2015, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') 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).
---------------------------------------------------------------------------
[[Page 32996]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to adopt Rule 13.8 to describe a
communication and routing service known as BATS Connect. The proposed
rule change is based on an identical service offered by the Exchange's
affiliate, EDGX Exchange, Inc. (``EDGX'').\5\
---------------------------------------------------------------------------
\5\ See EDGX Rule 13.9. See also Securities Exchange Act Release
Nos. 73780 (December 8, 2014), 79 FR 73942 (December 12, 2014) (SR-
EDGX-2014-28); and 74935 (May 12, 2015), 80 FR 28335 (May 18, 2015)
(SR-EDGX-2015-19).
---------------------------------------------------------------------------
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 adopt Rule 13.8 to describe a
communication and routing service known as BATS Connect. The Exchange
proposes to offer BATS Connect on a voluntary basis in a capacity
similar to a vendor. BATS Connect would operate in the same fashion as
an identical service, also called BATS Connect, offered by the
Exchange's affiliate, EDGX.\6\ BATS Connect is a communication service
that provides Members \7\ an additional means to receive market data
from and route orders to any destination connected to Exchange's
network. BATS Connect does not provide any advantage to subscribers for
connecting to the Exchange's affiliates \8\ as compared to other method
of connectivity available to subscribers. The servers of the Member
need not be located in the same facilities as the Exchange in order to
subscribe to BATS Connect. Members may also seek to utilize BATS
Connect in the event of a market disruption where other alternative
connection methods become unavailable.
---------------------------------------------------------------------------
\6\ See supra note 5.
\7\ 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).
\8\ The Exchange's affiliated exchanges are EDGX, EDGA Exchange,
Inc., and BATS Exchange, Inc. The Exchange understands that its
affiliated Exchange's intend to file identical proposed rule changes
to adopt the BATS Connect service with the Commission.
---------------------------------------------------------------------------
Specifically, this service would allow Members to route orders to
other exchanges and market centers that are connected to the Exchange's
network. This communications or routing service would not effect trade
executions and would not report trades to the relevant Securities
Information Processor. An order sent via the service does not pass
through the Exchange's matching engine before going to a market center
outside of the Exchange (i.e., a participant could choose to route an
order directly to any market center on the Exchange's network). A
participant would be responsible for identifying the appropriate
destination for any orders sent through the service and for ensuring
that it had authority to access the selected destination; the Exchange
would merely provide the connectivity by which orders (and associated
messages) could be routed by a participant to a destination and from
the destination back to the participant.\9\
---------------------------------------------------------------------------
\9\ This service is an alternative to a service that the
Exchange already provides to its Members--current order-sending
Members route orders through access provided by the Exchange to the
Exchange that either check the Exchange for available liquidity and
then route to other destinations or, in certain circumstances,
bypass the Exchange and route to other destinations. See Exchange
Rule 11.13(b)(3) (setting forth routing options whereby Members may
select their orders be routed to other market centers).
---------------------------------------------------------------------------
The Exchange will charge a monthly connectivity fee to Members
utilizing BATS Connect to route orders to other exchanges and broker-
dealers that are connected to the Exchange's network. BATS Connect
would also allow participants to receive market data feeds from the
exchanges connected to the Exchange's network. The Exchange will file a
separate proposed rule change with the Commission regarding the
connectivity fees for order entry and market data to be charged for the
BATS Connect service.\10\
---------------------------------------------------------------------------
\10\ The Exchange understands that its affiliated exchanges
intend to file identical proposed rule changes to adopt fees for the
BATS Connect service with the Commission.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of section 6(b) of the Act,\11\ in general, and section
6(b)(5) of the Act,\12\ in particular, in that it promotes just and
equitable principles of trade, removes impediments to, and perfect the
mechanism of, a free and open market and a national market system, and,
in general, protects investors and the public interest. Specifically,
the proposal is consistent with section 6(b)(5) of the Act,\13\ in that
it provides Members an alternative means to receive market data from
and route orders to any destination connected to the Exchange's
network, 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. In addition,
BATS Connect removes impediments to and perfects the mechanism of a
free and open market and a national market system because, in the event
of a market disruption, Members would be able to utilize BATS Connect
to connect to other market centers where other alternative connection
methods become unavailable. BATS Connect would operate in the same
fashion as an identical service, also called BATS Connect, offered by
the Exchange's affiliate, EDGX.\14\ The proposed rule change is also
similar to a communication and routing service implemented by the
Chicago Stock Exchange, Inc. (``CHX'').\15\ The proposed rule change
will also not permit unfair discrimination among customers, brokers, or
dealers because BATS Connect will be available to all of the Exchange's
customers on an equivalent basis regardless of whether the servers of
the Member are located in the same facilities as the Exchange.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
\14\ See supra note 5.
\15\ See Securities Exchange Act Release No. 54846 (November 30,
2006), 71 FR 71003 (December 7, 2006) (SR-CHX-2006-34) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Regarding
the Implementation of a Communication and Routing Service).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the Exchange believes that the proposal will promote competition by
[[Page 32997]]
the Exchange offering a service similar to those offered by the CHX and
NYSE.\16\ Thus, the Exchange believes this proposed rule change is
necessary to permit fair competition among national securities
exchanges. In addition, the proposed rule change is designed to provide
Members with an alternative means to access other market centers if
they chose or in the event of a market disruption where other
alternative connection methods become unavailable. Therefore, the
Exchange does not believe the proposed rule change will have any effect
on competition.
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\16\ See NYSE's SFTI Americas Product and Service List available
at https://www.nyxdata.com/docs/connectivity. See supra note 15.
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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, the proposed rule change has become effective
pursuant to section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)
thereunder.\17\
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\17\ 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) 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. Waiver of the 30-day
operative delay would permit the Exchange to provide Members with an
alternative means to access other market centers, particularly in the
event of a market disruption. In addition, the Exchange represents that
BATS Connect does not provide any advantage to subscribers for
connecting to the Exchange's affiliates as compared to other methods of
connectivity available to subscribers.\18\ Based on the foregoing, the
Commission believes the waiver of the operative delay is consistent
with the protection of investors and the public interest.\19\ The
Commission hereby grants the waiver and designates the proposal
operative upon filing.
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\18\ See supra note 8.
\19\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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-BYX-2015-26 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-BYX-2015-26. 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 will also 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-BYX-2015-26 and should be
submitted on or before July 1, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14135 Filed 6-9-15; 8:45 am]
BILLING CODE 8011-01-P
