Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period of the BATS Exchange, Inc. Supplemental Competitive Liquidity Provider Program, 45566-45568 [2015-18636]
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Federal Register / Vol. 80, No. 146 / Thursday, July 30, 2015 / Notices
the following required criteria for each
of the 7 positions:
• Ability to complete Steering
Committee responsibilities, listed
above
• Currently employed by/volunteering
for stakeholder field (e.g.,
pharmaceutical, academia, patient
advocate, etc.) with several years of
relevant experience
• Leading expert in their relevant field
(based on position, publications, or
other experience)
• Working knowledge of at least one of
the following areas: Risk assessment;
drug safety profiling; pharmacology or
systems pharmacology; toxicology or
systems toxicology; biostatistics;
cardiology; oncology; bioinformatics;
ontology; multi-scale modeling;
knowledge management platforms;
software development; or data sharing
• Prior experience serving on a related
or similar governance body
• Understanding of the landscape and
the impact on impact on the
stakeholder group they are
representing with their seat
IV. Terms of Service
• The PredicTox Steering Committee
meets in-person at least twice per year,
with teleconferences in between
meetings as deemed necessary by the
Chair.
• Members will serve two or three
year, staggered terms, as determined by
the RUF Board.
• Members do not receive
compensation from RUF.
• Members can be reimbursed by RUF
for actual and reasonable expenses
incurred in support of PredicTox in
accordance with applicable law and
their specific institutional policies.
• Members are subject to the
PredicTox Conflict of Interest policies
(additional information can be accessed
on the Reagan-Udall Foundation Web
site at: https://goo.gl/00HtQL).
Lhorne on DSK7TPTVN1PROD with NOTICES
V. Nomination Instructions
• The nomination form can be
accessed on the Reagan-Udall
Foundation Web site: https://goo.gl/
00HtQL.
• Individuals may be nominated for 1
or more of the 5 stakeholder categories.
• Individuals may nominate
themselves or others.
• The nomination deadline is August
28, 2015.
Dated: July 24, 2015.
Nancy Beck,
Manager, Program Development, ReaganUdall Foundation for the FDA.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75518; File No. SR–BATS–
2015–55
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the Pilot
Period of the BATS Exchange, Inc.
Supplemental Competitive Liquidity
Provider Program
July 24, 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 July 23,
2015, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to extend
the pilot period for the Exchange’s
Supplemental Competitive Liquidity
Provider Program (the ‘‘Program’’),
which is currently set to expire on July
28, 2015, for 3 months, to expire on
October 28, 2015.
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
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
[FR Doc. 2015–18637 Filed 7–29–15; 8:45 am]
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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
Background
On August 30, 2011, the Exchange
received approval of rules applicable to
the qualification, listing and delisting of
securities of issuers on the Exchange.5
More recently, the Exchange received
approval to operate a pilot program that
is designed to incentivize certain Market
Makers 6 registered with the Exchange
as ETP CLPs, as defined in
Interpretation and Policy .03 to Rule
11.8, to enhance liquidity on the
Exchange in certain ETPs 7 listed on the
Exchange and thereby qualify to receive
part of a daily rebate as part of the
Program under Interpretation and Policy
.03 to Rule 11.8.8
The Program was approved by the
Commission on a pilot basis running
one-year from the date of
implementation.9 The Commission
approved the Program on July 28,
2014.10 The Exchange implemented the
Program on July 28, 2014 and the pilot
period for the Program is scheduled to
end on July 28, 2015.
Proposal To Extend the Operation of the
Program
The Exchange established the
Program in order to enhance liquidity
on the Exchange in certain ETPs listed
on the Exchange (and thereby enhance
the Exchange’s ability to compete as a
listing venue) by providing a
mechanism by which ETP CLPs
compete for part of a daily quoting
incentive on the basis of providing the
most aggressive quotes with the greatest
amount of size. Such competition has
the ability to reduce spreads, facilitate
the price discovery process, and reduce
costs for investors trading in such
securities, thereby promoting capital
formation and helping the Exchange to
compete as a listing venue. The
5 See Securities Exchange Act Release No. 65225
(August 30, 2011), 76 FR 55148 (September 6, 2011)
(SR–BATS–2011–018).
6 As defined in BATS Rules, the term ‘‘Market
Maker’’ means a Member that acts a as a market
maker pursuant to chapter XI of BATS Rules.
7 ETP is defined in Interpretation and Policy
.03(b)(4) to Rule 11.8.
8 See Securities Exchange Act Release No. 72692
(July 28, 2014), 79 FR 44908 (August 1, 2014) (SR–
BATS–2014–022) (‘‘CLP Approval Order’’).
9 See id at 44909.
10 Id.
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Federal Register / Vol. 80, No. 146 / Thursday, July 30, 2015 / Notices
Exchange believes that extending the
pilot is appropriate because it will allow
the Exchange and the Commission
additional time to analyze data
regarding the Program that the Exchange
has committed to provide.11 As such,
the Exchange believes that it is
appropriate to extend the current
operation of the Program. Further
information related to the Program
including data can be found on the
Exchange’s Web site.12 Through this
filing, the Exchange seeks to extend the
current pilot period of the Program until
October 28, 2015.
Lhorne on DSK7TPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of section 6(b) of the
Act.13 In particular, the Exchange
believes the proposed change furthers
the objectives of section 6(b)(5) of the
Act,14 in that it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. The Exchange believes that
extending the pilot period for the
Program is consistent with these
principles because the Program is
reasonably designed to enhance quote
competition, improve liquidity in
securities listed on the Exchange,
support the quality of price discovery,
promote market transparency, and
increase competition for listings and
trade executions, while reducing
spreads and transaction costs in such
securities. Maintaining and increasing
liquidity in Exchange-listed securities
will help raise investors’ confidence in
the fairness of the market and their
transactions. The extension of the pilot
period will allow the Commission and
the Exchange to continue to monitor the
Program for its potential effects on
public price discovery, and on the
broader market structure.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change extends an
established pilot program for 3 months,
thus allowing the Program to enhance
competition in both the listings market
and in competition for market makers.
The Program will continue to promote
competition in the listings market by
providing issuers with a vehicle for
paying the Exchange additional fees in
exchange for incentivizing tighter
spreads and deeper liquidity in listed
securities and allow the Exchange to
continue to compete with similar
programs at Nasdaq Stock Market LLC 15
and NYSE Arca Equities, Inc. 16
The Exchange also believes that
extending the pilot program for an
additional 3 months will allow the
Program to continue to enhance
competition among market participants
by creating incentives for market makers
to compete to make better quality
markets. By continuing to require that
market makers both meet the quoting
requirements and also compete for the
daily financial incentives, the quality of
quotes on the Exchange will continue to
improve. This, in turn, will attract more
liquidity to the Exchange and further
improve the quality of trading in
exchange-listed securities participating
in the Program, which will also act to
bolster the Exchange’s listing business.
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 written
comments from Members or other
interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act 17 and Rule 19b4(f)(6) thereunder.18
A proposed rule change filed under
Rule 19b-4(f)(6) normally does not
become operative before 30 days from
the date of the filing. However, pursuant
to Rule 19b-4(f)(6)(iii),19 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest.
The Exchange has asked the
Commission to waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Waiver of the operative delay
will allow the Exchange to extend the
Program prior to its expiration on July
28, 2015, which will ensure that the
Program continues to operate
uninterrupted while the Exchange and
the Commission continue to analyze
data regarding the Program. Therefore,
the Commission hereby waives the 30day operative delay and designates the
proposed rule change to be operative
upon filing with the Commission.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. 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 proposal 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 No. SR–
BATS–2015–55 on the subject line.
17 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
19 17 CFR 240.19b-4(f)(6)(iii).
20 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
18 17
11 See CLP Approval Order, supra note 8 at
44913.
12 See https://www.bats.com/us/equities/listings/
clp_reports/.
13 15 U.S.C. 78f(b).
14 15 U.S.C. 78f(b)(5).
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15 See Securities Exchange Act Release No. 69195
(March 20, 2013), 78 FR 18393 (March 26, 2013)
(SR–NASDAQ–2012–137).
16 See Securities Exchange Act Release No. 69335
(April 5, 2013), 78 FR 35340 (June 12, 2013) (SR–
NYSEARCA–2013–34).
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45567
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45568
Federal Register / Vol. 80, No. 146 / Thursday, July 30, 2015 / Notices
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 No.
SR–BATS–2015–55. 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 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 No. SR–BATS–
2015–55 and should be submitted on or
before August 20, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–18636 Filed 7–29–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75517; File No. SR–
NASDAQ–2015–082]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change To
Introduce an Additional Data Element
to the IPO Indicator Service
July 24, 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 July 15,
2015, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, 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
The Exchange proposes to introduce
an additional data element to its IPO
Indicator Service. The text of the
proposed rule change is available on the
Exchange’s Web site at https://
nasdaq.cchwallstreet.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 aspects of such
statements.
Lhorne on DSK7TPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq is proposing to introduce an
additional data element—to be known
as the ‘‘IPO Book Viewer’’—to its IPO
Indicator Service, which currently
1 15
21 17
CFR 200.30–3(a)(12).
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2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00068
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assists Nasdaq Participants in
monitoring the Orders they have entered
for execution in the Nasdaq Halt Cross
for an IPO. The Nasdaq Halt Cross is an
auction process designed to provide an
orderly, single-priced opening of
securities subject to an intraday halt,
including securities that are the subject
of an IPO. Prior to the execution of the
Nasdaq Halt Cross for an IPO (the ‘‘IPO
Cross’’), Participants enter Orders
eligible for participation in the IPO
Cross, and Nasdaq disseminates certain
information regarding buying and
selling interest entered and indicative
execution price information, with such
information known collectively as the
Net Order Imbalance Indicator or
‘‘NOII’’. The NOII is disseminated every
five seconds during a period prior to the
completion of the IPO Cross, in order to
provide Participants with information
regarding the possible price and volume
of the IPO Cross execution. The NOII
information includes, among other
things, the Current Reference Price,3
which is the price at which the IPO
Cross would occur if it executed at the
time of the NOII’s dissemination. The
IPO Indicator Service in turn provides a
Participant with information about the
number of shares of its Orders that
would execute in the IPO Cross at the
Current Reference Price.4 The IPO Cross
executes and regular market trading
commences in the IPO security when
the designated representative of the
underwriting syndicate for the IPO
informs Nasdaq that the IPO security is
ready to commence trading and the
parameters of the IPO Cross pass
validation checks pertaining to the price
of the execution and the execution of all
entered market Orders.5 The
representative of the underwriting
syndicate that serves this function—
usually the lead underwriter—also
serves as the stabilizing agent for the
IPO.
Following the execution of the IPO
Cross, the stabilizing agent engages in
permissible ‘‘stabilizing’’, as defined in
Rule 100 under SEC Regulation M,6 for
the IPO. As provided by Rule 104 under
Regulation M,7 stabilizing of an offering
is permitted only to the extent that the
person engaging in the activity complies
with limitations described in that rule.
These limitations include a requirement
that stabilizing must be solely for the
purpose of preventing or retarding a
3 See
Rule 4753(a)(3)(A).
IPO Indicator Service is available either as
a feature of the Nasdaq Workstation poduct, or
through a standalone product known as the Nasdaq
IPO Workstation. See Rule 7015.
5 See Rule 4120(c)(8).
6 17 CFR 242.100.
7 17 CFR 242.104.
4 The
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]]>Agencies
[Federal Register Volume 80, Number 146 (Thursday, July 30, 2015)]
[Notices]
[Pages 45566-45568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18636]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75518; File No. SR-BATS-2015-55
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Extend
the Pilot Period of the BATS Exchange, Inc. Supplemental Competitive
Liquidity Provider Program
July 24, 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 July 23, 2015, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to extend the pilot period for the
Exchange's Supplemental Competitive Liquidity Provider Program (the
``Program''), which is currently set to expire on July 28, 2015, for 3
months, to expire on October 28, 2015.
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
Background
On August 30, 2011, the Exchange received approval of rules
applicable to the qualification, listing and delisting of securities of
issuers on the Exchange.\5\ More recently, the Exchange received
approval to operate a pilot program that is designed to incentivize
certain Market Makers \6\ registered with the Exchange as ETP CLPs, as
defined in Interpretation and Policy .03 to Rule 11.8, to enhance
liquidity on the Exchange in certain ETPs \7\ listed on the Exchange
and thereby qualify to receive part of a daily rebate as part of the
Program under Interpretation and Policy .03 to Rule 11.8.\8\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 65225 (August 30,
2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018).
\6\ As defined in BATS Rules, the term ``Market Maker'' means a
Member that acts a as a market maker pursuant to chapter XI of BATS
Rules.
\7\ ETP is defined in Interpretation and Policy .03(b)(4) to
Rule 11.8.
\8\ See Securities Exchange Act Release No. 72692 (July 28,
2014), 79 FR 44908 (August 1, 2014) (SR-BATS-2014-022) (``CLP
Approval Order'').
---------------------------------------------------------------------------
The Program was approved by the Commission on a pilot basis running
one-year from the date of implementation.\9\ The Commission approved
the Program on July 28, 2014.\10\ The Exchange implemented the Program
on July 28, 2014 and the pilot period for the Program is scheduled to
end on July 28, 2015.
---------------------------------------------------------------------------
\9\ See id at 44909.
\10\ Id.
---------------------------------------------------------------------------
Proposal To Extend the Operation of the Program
The Exchange established the Program in order to enhance liquidity
on the Exchange in certain ETPs listed on the Exchange (and thereby
enhance the Exchange's ability to compete as a listing venue) by
providing a mechanism by which ETP CLPs compete for part of a daily
quoting incentive on the basis of providing the most aggressive quotes
with the greatest amount of size. Such competition has the ability to
reduce spreads, facilitate the price discovery process, and reduce
costs for investors trading in such securities, thereby promoting
capital formation and helping the Exchange to compete as a listing
venue. The
[[Page 45567]]
Exchange believes that extending the pilot is appropriate because it
will allow the Exchange and the Commission additional time to analyze
data regarding the Program that the Exchange has committed to
provide.\11\ As such, the Exchange believes that it is appropriate to
extend the current operation of the Program. Further information
related to the Program including data can be found on the Exchange's
Web site.\12\ Through this filing, the Exchange seeks to extend the
current pilot period of the Program until October 28, 2015.
---------------------------------------------------------------------------
\11\ See CLP Approval Order, supra note 8 at 44913.
\12\ See https://www.bats.com/us/equities/listings/clp_reports/.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of section 6(b) of the Act.\13\ In particular,
the Exchange believes the proposed change furthers the objectives of
section 6(b)(5) of the Act,\14\ in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. The Exchange believes that
extending the pilot period for the Program is consistent with these
principles because the Program is reasonably designed to enhance quote
competition, improve liquidity in securities listed on the Exchange,
support the quality of price discovery, promote market transparency,
and increase competition for listings and trade executions, while
reducing spreads and transaction costs in such securities. Maintaining
and increasing liquidity in Exchange-listed securities will help raise
investors' confidence in the fairness of the market and their
transactions. The extension of the pilot period will allow the
Commission and the Exchange to continue to monitor the Program for its
potential effects on public price discovery, and on the broader market
structure.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change
extends an established pilot program for 3 months, thus allowing the
Program to enhance competition in both the listings market and in
competition for market makers. The Program will continue to promote
competition in the listings market by providing issuers with a vehicle
for paying the Exchange additional fees in exchange for incentivizing
tighter spreads and deeper liquidity in listed securities and allow the
Exchange to continue to compete with similar programs at Nasdaq Stock
Market LLC \15\ and NYSE Arca Equities, Inc. \16\
---------------------------------------------------------------------------
\15\ See Securities Exchange Act Release No. 69195 (March 20,
2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137).
\16\ See Securities Exchange Act Release No. 69335 (April 5,
2013), 78 FR 35340 (June 12, 2013) (SR-NYSEARCA-2013-34).
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The Exchange also believes that extending the pilot program for an
additional 3 months will allow the Program to continue to enhance
competition among market participants by creating incentives for market
makers to compete to make better quality markets. By continuing to
require that market makers both meet the quoting requirements and also
compete for the daily financial incentives, the quality of quotes on
the Exchange will continue to improve. This, in turn, will attract more
liquidity to the Exchange and further improve the quality of trading in
exchange-listed securities participating in the Program, which will
also act to bolster the Exchange's listing business.
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 written comments from Members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to section 19(b)(3)(A) of the Act \17\ and Rule 19b-
4(f)(6) thereunder.\18\
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative before 30 days from the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\19\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\19\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange has asked the Commission to waive the 30-day operative
delay. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest.
Waiver of the operative delay will allow the Exchange to extend the
Program prior to its expiration on July 28, 2015, which will ensure
that the Program continues to operate uninterrupted while the Exchange
and the Commission continue to analyze data regarding the Program.
Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposed rule change to be operative upon filing with
the Commission.\20\
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\20\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission 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 proposal 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 No. SR-BATS-2015-55 on the subject line.
[[Page 45568]]
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 No. SR-BATS-2015-55. 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 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 No. SR-BATS-2015-55 and should be
submitted on or before August 20, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18636 Filed 7-29-15; 8:45 am]
BILLING CODE 8011-01-P
