Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.13, Order Execution and Routing, 46369-46371 [2015-19017]

Download as PDF tkelley on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices registration in such form as the Commission prescribes. Form N–8A (17 CFR 274.10) is the form for notification of registration that the Commission has adopted under section 8(a). The purpose of such notification of registration provided on Form N–8A is to notify the Commission of the existence of investment companies required to be registered under the Investment Company Act and to enable the Commission to administer the provisions of the Investment Company Act with respect to those companies. After an investment company has filed its notification of registration under section 8(a), the company is then subject to the provisions of the Investment Company Act which govern certain aspects of its organization and activities, such as the composition of its board of directors and the issuance of senior securities. Form N–8A requires an investment company to provide its name, state of organization, form of organization, classification, the name and address of each investment adviser of the investment company, the current value of its total assets, and certain other information readily available to the investment company. If the investment company is filing a registration statement as required by Section 8(b) of the Investment Company Act concurrently with its notification of registration, Form N–8A requires only that the registrant file the cover page (giving its name, address, and agent for service of process) and sign the form in order to effect registration. Based on recent filings of notifications of registration on Form N–8A, we estimate that about 92 investment companies file such notifications each year. An investment company must only file a notification of registration on Form N–8A once. The currently approved average hour burden per investment company of preparing and filing a notification of registration on Form N–8A is one hour. Based on the Commission staff’s experience with the requirements of Form N–8A and with disclosure documents generally—and considering that investment companies that are filing notifications of registration on Form N–8A simultaneously with the registration statement under the Investment Company Act are only required by Form N–8A to file a signed cover page—we continue to believe that this estimate is appropriate. Therefore, we estimate that the total annual hour burden to prepare and file notifications of registration on Form N–8A is 92 hours. The currently approved cost burden of Form N–8A is $443 per filing. We are updating the VerDate Sep<11>2014 18:45 Aug 03, 2015 Jkt 235001 estimated cost burden to $449 to account for the effects of inflation. Therefore, we estimate that the total annual cost burden to associated with preparing and filing notifications of registration on Form N–8A is about $41,308. Estimates of average burden hours and costs are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form N–8A is mandatory. Responses to the collection of information will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, C/O Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov. Dated: July 28, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18887 Filed 8–3–15; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75547; File No. SR–BYX– 2015–33] Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.13, Order Execution and Routing July 29, 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 21, 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 Act3 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 filed a proposal to amend Rule 11.13, Order Execution and Routing, to: (i) Delete references to the ROOC routing option; and (ii) update routing options IOCM and ICMT to reflect a recent proposed rule change by EDGX Exchange, Inc. (‘‘EDGX’’) in which EDGX replaced the MidPoint Match Order with the MidPoint Peg Order.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 BILLING CODE 8011–01–P PO 00000 46369 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). 5 See Securities Exchange Act Release No. 75479 (July 17, 2015) (SR–EDGX–2015–33). 2 17 Frm 00136 Fmt 4703 Sfmt 4703 E:\FR\FM\04AUN1.SGM 04AUN1 46370 Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.13, Order Execution and Routing, to: (i) Delete references to the ROOC routing option; and (ii) update routing options IOCM and ICMT to reflect a recent proposed rule change by EDGX in which EDGX replaced the MidPoint Match Order with the MidPoint Peg Order.6 ROOC Routing Option Under Rule 11.13(b)(3)(N), an order utilizing the ROOC routing option is designated by the User 7 to participate in the opening, re-opening (following a halt, suspension, or pause), or closing process of a primary listing market (BATS BZX, NYSE, Nasdaq, NYSE MKT, or NYSE Arca) if received before the opening/re-opening/closing time of such market. If shares remain unexecuted after attempting to execute in the opening, re-opening, or closing process, they are either posted to the BATS Book,8 executed, or routed to destinations on the System 9 routing table.10 Because few Users elect the ROOC routing option, the Exchange has determined that the current demand does not warrant the infrastructure and ongoing maintenance expenses required to support the product. Therefore, the Exchange proposes to delete the ROOC routing option under 11.13(b)(3)(N). Users seeking to route orders to participate in the opening, re-opening, or closing process of a primary listing market may use alternative methods, 6 See supra note 5. term ‘‘User’’ is defined as ‘‘any Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3.’’ See Exchange Rule 1.5(cc). 8 The term ‘‘BATS Book is defined as ‘‘the System’s electronic file of orders.’’ Rule 1.5(e). 9 The term ‘‘System’’ is defined as ‘‘the electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away.’’ Rule 1.5(aa). 10 The term ‘‘System routing table’’ refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them. Rule 11.13(b)(3). The ROOC routing option does not route to the reopening process for BATS BZX. Rule 11.13(b)(3)(N). tkelley on DSK3SPTVN1PROD with NOTICES 7 The VerDate Sep<11>2014 18:45 Aug 03, 2015 Jkt 235001 such as connecting to those markets directly or through a third party service provider, or electing another routing option offered by the Exchange that enables a User to post an order to certain primary listing markets.11 IOCM and ICMT Routing Options The Exchange also proposes to amend Rules 11.13(b)(3)(O) and (P) to update routing options IOCM and ICMT to reflect a recent rule change by EDGX in which EDGX replaced the MidPoint Match Order with the MidPoint Peg Order.12 Rule 11.13(b)(3)(O) describes IOCM as a routing option under which an order checks the System for available shares and then is sent, as a MidPoint Match Order with a Time-in-Force of IOC 13 to EDGX. Similarly, Rule 11.13(b)(3)(P) describes ICMT as a routing option under which an order checks the System for available shares, then is sent to destinations on the System routing table and then is sent, as a MidPoint Match Order with a Timein-Force of IOC to EDGX. Under ICMT, if shares remain unexecuted after routing, they are posted to the BATS Book, unless otherwise instructed by the User. On July 8, 2015, EDGX filed a proposed rule change with the Commission for immediate effectiveness to, among other things, replace the MidPoint Match Order with the MidPoint Peg Order.14 Therefore, the Exchange proposes to update the description of the IOCM and ICMT routing options to replace references to the MidPoint Match Order with the MidPoint Peg Order. Implementation Date The Exchange intends to implement the proposed changes to the descriptions of the IOCM and ICMT routing option immediately.15 The 11 See e.g., Rule 11.13(b)(3)(J) (describing the INET routing option under which an order checks the System for available shares and then is sent to Nasdaq. If shares remain unexecuted after routing, they are posted on the Nasdaq book, unless otherwise instructed by the User), Rule 11.13(b)(3)(K) (describing the RDOT routing option under which an order checks the System for available shares and then is sent to destinations on the System routing table. If shares remain unexecuted after routing, they are sent to the NYSE and can be re-routed by the NYSE. Any remainder will be posted to the NYSE, unless otherwise instructed by the User), and 11.13(b)(3)(L) (describing the RDOX routing option under which an order checks the System for available shares, is then sent to the NYSE and can be re-routed by the NYSE. If shares remain unexecuted after routing, they are posted on the NYSE book, unless otherwise instructed by the User). 12 See supra note 5. 13 See Rule 11.9(q)(1).b [sic] 14 See supra note 5. 15 Implementation of the proposed rule change immediately upon filing is contingent upon the PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 Exchange will alert Users via a Trading Notice of the date upon which it will discontinue the ROOC routing option. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 16 in general, and furthers the objectives of Section 6(b)(5) of the Act 17 in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange does not believe that this proposal will permit unfair discrimination among customers, brokers, or dealers because the ROOC routing option will no longer be available and the updates to the IOCM and ICMT routing options would apply to all Users equally. The Exchange has few Users electing the ROOC routing option and has determined that the current demand does not warrant the infrastructure and ongoing maintenance expense required to support the product. Routing through the Exchange is voluntary and alternative routing options offered by the Exchange as well as other methods remain available to Users that wish to route orders to participate in the opening, re-opening, or closing process of the primary listing market.18 In addition, the ROOC routing option is not a core product offering by the Exchange, nor is the Exchange required by the Act to offer such a product. The proposed updates to routing options IOCM and ICMT are in response to a recent rule change by EDGX in which EDGX replaced the MidPoint Match Order with the MidPoint Peg Order.19 The proposal is intended to accurately describe how orders utilizing the IOCM or ICMT routing options are to be handled by the Exchange in light of the EDGX proposed rule change mentioned above. Therefore, the Exchange believes the proposed rule change would make its rules clearer and less confusing for investors; thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in Commission granting a waiver of the 30-day operative delay. 17 CFR 240.19b–4(f)(6)(iii). 16 15 U.S.C. 78f(b). 17 15 U.S.C. 78f(b)(5). 18 See supra note 11 and accompanying text. 19 See supra note 5. E:\FR\FM\04AUN1.SGM 04AUN1 Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices general, protecting investors and the public interest. (B) Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues but rather avoid investor confusion by eliminating the ROOC routing option that is to be discontinued by the Exchange as well as update the IOCM and ICMT routing options in response to a recent proposed rule change by EDGX.20 (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.21 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 allow the Exchange to modify its rules in a timely manner by: (i) Eliminating a rule that accounts for a service the Exchange intends to discontinue; and (ii) updating its rules tkelley on DSK3SPTVN1PROD with NOTICES 20 Id. 21 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. VerDate Sep<11>2014 18:45 Aug 03, 2015 Jkt 235001 to accurately describe how orders utilizing those routing options function in light of the recent proposed rule change by EDGX, thereby avoiding potential investor confusion during the operative delay period. Based on the foregoing, the Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest.22 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– BYX–2015–33 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–2015–33. 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 (http://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 22 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). PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 46371 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– 2015–33 and should be submitted on or before August 25, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–19017 Filed 8–3–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rule 22e–3. SEC File No. 270–603, OMB Control No. 3235–0658. Notice is hereby given that, under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Section 22(e) of the Investment Company Act [15 U.S.C. 80a–22(e)] (‘‘Act’’) generally prohibits funds, including money market funds, from suspending the right of redemption, and from postponing the payment or satisfaction upon redemption of any redeemable security for more than seven days. The provision was designed to prevent funds and their investment advisers from interfering with the 23 17 E:\FR\FM\04AUN1.SGM CFR 200.30–3(a)(12). 04AUN1

Agencies

[Federal Register Volume 80, Number 149 (Tuesday, August 4, 2015)]
[Notices]
[Pages 46369-46371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19017]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75547; File No. SR-BYX-2015-33]


Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 
11.13, Order Execution and Routing

July 29, 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 21, 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend Rule 11.13, Order Execution 
and Routing, to: (i) Delete references to the ROOC routing option; and 
(ii) update routing options IOCM and ICMT to reflect a recent proposed 
rule change by EDGX Exchange, Inc. (``EDGX'') in which EDGX replaced 
the MidPoint Match Order with the MidPoint Peg Order.\5\
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    \5\ See Securities Exchange Act Release No. 75479 (July 17, 
2015) (SR-EDGX-2015-33).
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    The text of the proposed rule change is available at the Exchange's 
Web site at www.batstrading.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the

[[Page 46370]]

proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in Sections A, B, and C below, of the most 
significant parts of such statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 11.13, Order Execution and 
Routing, to: (i) Delete references to the ROOC routing option; and (ii) 
update routing options IOCM and ICMT to reflect a recent proposed rule 
change by EDGX in which EDGX replaced the MidPoint Match Order with the 
MidPoint Peg Order.\6\
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    \6\ See supra note 5.
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ROOC Routing Option
    Under Rule 11.13(b)(3)(N), an order utilizing the ROOC routing 
option is designated by the User \7\ to participate in the opening, re-
opening (following a halt, suspension, or pause), or closing process of 
a primary listing market (BATS BZX, NYSE, Nasdaq, NYSE MKT, or NYSE 
Arca) if received before the opening/re-opening/closing time of such 
market. If shares remain unexecuted after attempting to execute in the 
opening, re-opening, or closing process, they are either posted to the 
BATS Book,\8\ executed, or routed to destinations on the System \9\ 
routing table.\10\
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    \7\ The term ``User'' is defined as ``any Member or Sponsored 
Participant who is authorized to obtain access to the System 
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
    \8\ The term ``BATS Book is defined as ``the System's electronic 
file of orders.'' Rule 1.5(e).
    \9\ The term ``System'' is defined as ``the electronic 
communications and trading facility designated by the Board through 
which securities orders of Users are consolidated for ranking, 
execution and, when applicable, routing away.'' Rule 1.5(aa).
    \10\ The term ``System routing table'' refers to the proprietary 
process for determining the specific trading venues to which the 
System routes orders and the order in which it routes them. Rule 
11.13(b)(3). The ROOC routing option does not route to the reopening 
process for BATS BZX. Rule 11.13(b)(3)(N).
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    Because few Users elect the ROOC routing option, the Exchange has 
determined that the current demand does not warrant the infrastructure 
and ongoing maintenance expenses required to support the product. 
Therefore, the Exchange proposes to delete the ROOC routing option 
under 11.13(b)(3)(N). Users seeking to route orders to participate in 
the opening, re-opening, or closing process of a primary listing market 
may use alternative methods, such as connecting to those markets 
directly or through a third party service provider, or electing another 
routing option offered by the Exchange that enables a User to post an 
order to certain primary listing markets.\11\
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    \11\ See e.g., Rule 11.13(b)(3)(J) (describing the INET routing 
option under which an order checks the System for available shares 
and then is sent to Nasdaq. If shares remain unexecuted after 
routing, they are posted on the Nasdaq book, unless otherwise 
instructed by the User), Rule 11.13(b)(3)(K) (describing the RDOT 
routing option under which an order checks the System for available 
shares and then is sent to destinations on the System routing table. 
If shares remain unexecuted after routing, they are sent to the NYSE 
and can be re-routed by the NYSE. Any remainder will be posted to 
the NYSE, unless otherwise instructed by the User), and 
11.13(b)(3)(L) (describing the RDOX routing option under which an 
order checks the System for available shares, is then sent to the 
NYSE and can be re-routed by the NYSE. If shares remain unexecuted 
after routing, they are posted on the NYSE book, unless otherwise 
instructed by the User).
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IOCM and ICMT Routing Options
    The Exchange also proposes to amend Rules 11.13(b)(3)(O) and (P) to 
update routing options IOCM and ICMT to reflect a recent rule change by 
EDGX in which EDGX replaced the MidPoint Match Order with the MidPoint 
Peg Order.\12\ Rule 11.13(b)(3)(O) describes IOCM as a routing option 
under which an order checks the System for available shares and then is 
sent, as a MidPoint Match Order with a Time-in-Force of IOC \13\ to 
EDGX. Similarly, Rule 11.13(b)(3)(P) describes ICMT as a routing option 
under which an order checks the System for available shares, then is 
sent to destinations on the System routing table and then is sent, as a 
MidPoint Match Order with a Time-in-Force of IOC to EDGX. Under ICMT, 
if shares remain unexecuted after routing, they are posted to the BATS 
Book, unless otherwise instructed by the User.
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    \12\ See supra note 5.
    \13\ See Rule 11.9(q)(1).b [sic]
---------------------------------------------------------------------------

    On July 8, 2015, EDGX filed a proposed rule change with the 
Commission for immediate effectiveness to, among other things, replace 
the MidPoint Match Order with the MidPoint Peg Order.\14\ Therefore, 
the Exchange proposes to update the description of the IOCM and ICMT 
routing options to replace references to the MidPoint Match Order with 
the MidPoint Peg Order.
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    \14\ See supra note 5.
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Implementation Date
    The Exchange intends to implement the proposed changes to the 
descriptions of the IOCM and ICMT routing option immediately.\15\ The 
Exchange will alert Users via a Trading Notice of the date upon which 
it will discontinue the ROOC routing option.
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    \15\ Implementation of the proposed rule change immediately upon 
filing is contingent upon the Commission granting a waiver of the 
30-day operative delay. 17 CFR 240.19b-4(f)(6)(iii).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \16\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \17\ 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.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange does not believe that this proposal will permit unfair 
discrimination among customers, brokers, or dealers because the ROOC 
routing option will no longer be available and the updates to the IOCM 
and ICMT routing options would apply to all Users equally. The Exchange 
has few Users electing the ROOC routing option and has determined that 
the current demand does not warrant the infrastructure and ongoing 
maintenance expense required to support the product. Routing through 
the Exchange is voluntary and alternative routing options offered by 
the Exchange as well as other methods remain available to Users that 
wish to route orders to participate in the opening, re-opening, or 
closing process of the primary listing market.\18\ In addition, the 
ROOC routing option is not a core product offering by the Exchange, nor 
is the Exchange required by the Act to offer such a product. The 
proposed updates to routing options IOCM and ICMT are in response to a 
recent rule change by EDGX in which EDGX replaced the MidPoint Match 
Order with the MidPoint Peg Order.\19\ The proposal is intended to 
accurately describe how orders utilizing the IOCM or ICMT routing 
options are to be handled by the Exchange in light of the EDGX proposed 
rule change mentioned above. Therefore, the Exchange believes the 
proposed rule change would make its rules clearer and less confusing 
for investors; thereby removing impediments to and perfecting the 
mechanism of a free and open market and a national market system, and, 
in

[[Page 46371]]

general, protecting investors and the public interest.
---------------------------------------------------------------------------

    \18\ See supra note 11 and accompanying text.
    \19\ See supra note 5.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposal will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act. The proposed rule change is not designed to 
address any competitive issues but rather avoid investor confusion by 
eliminating the ROOC routing option that is to be discontinued by the 
Exchange as well as update the IOCM and ICMT routing options in 
response to a recent proposed rule change by EDGX.\20\
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    \20\ Id.
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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.\21\
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    \21\ 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 allow the Exchange to modify its rules in a 
timely manner by: (i) Eliminating a rule that accounts for a service 
the Exchange intends to discontinue; and (ii) updating its rules to 
accurately describe how orders utilizing those routing options function 
in light of the recent proposed rule change by EDGX, thereby avoiding 
potential investor confusion during the operative delay period. Based 
on the foregoing, the Commission believes the waiver of the operative 
delay is consistent with the protection of investors and the public 
interest.\22\ The Commission hereby grants the waiver and designates 
the proposal operative upon filing.
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    \22\ 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-BYX-2015-33 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-2015-33. 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 (http://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-2015-33 and should be 
submitted on or before August 25, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19017 Filed 8-3-15; 8:45 am]
BILLING CODE 8011-01-P