Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Delay Implementation of SR-BATS-2015-51, 46615-46617 [2015-19133]
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asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices
Prior to the commencement of
trading, the Exchange will inform its
Equity Trading Permit Holders (‘‘ETP
Holders’’) in an Information Bulletin
(‘‘Bulletin’’) of the special
characteristics and risks associated with
trading the Shares. The Exchange
represents that trading in the Shares
will be subject to the existing trading
surveillances, administered by the
Financial Industry Regulatory Authority
(‘‘FINRA’’) on behalf of the Exchange,
which are designed to detect violations
of Exchange rules and applicable federal
securities laws.30
The Exchange represents that it deems
the Shares to be equity securities, thus
rendering trading in the Shares subject
to the Exchange’s existing rules
governing the trading of equity
securities. In support of this proposal,
the Exchange has also made the
following representations:
(1) The Shares will conform to the
initial and continued listing criteria
under NYSE Arca Equities Rule 8.600.
(2) The Exchange has appropriate
rules to facilitate transactions in the
Shares during all trading sessions.
(3) Trading in the Shares will be
subject to the existing trading
surveillances, administered by FINRA
on behalf of the Exchange, which are
designed to detect violations of
Exchange rules and applicable federal
securities laws, and these procedures
are adequate to properly monitor
Exchange trading of the Shares in all
trading sessions and to deter and detect
violations of Exchange rules and federal
securities laws applicable to trading on
the Exchange.
(4) FINRA, on behalf of the Exchange,
will communicate as needed regarding
trading in the Shares, exchange-traded
equity securities and futures contracts
with other markets and other entities
that are members of the ISG, and
FINRA, on behalf of the Exchange, may
obtain trading information regarding
trading in the Shares, exchange-traded
equity securities and futures contracts
from such markets and other entities. In
addition, the Exchange may obtain
information regarding trading in the
Shares, exchange-traded equity
securities and futures contracts from
markets and other entities that are
members of ISG or with which the
Exchange has in place a comprehensive
surveillance sharing agreement.31
30 The Exchange states that FINRA surveils
trading on the Exchange pursuant to a regulatory
services agreement. The Exchange is responsible for
FINRA’s performance under this regulatory services
agreement.
31 For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all
components of the Disclosed Portfolio for the Fund
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FINRA, on behalf of the Exchange, is
able to access, as needed, trade
information for certain fixed income
securities held by the Fund reported to
FINRA’s Trade Reporting and
Compliance Engine.
(5) Prior to the commencement of
trading of the Shares, the Exchange will
inform its ETP Holders in a Bulletin of
the special characteristics and risks
associated with trading the Shares. The
Bulletin will discuss the following: (i)
The procedures for purchases and
redemptions of Shares in Creation Unit
aggregations (and that Shares are not
individually redeemable); (ii) NYSE
Arca Equities Rule 9.2(a), which
imposes a duty of due diligence on its
ETP Holders to learn the essential facts
relating to every customer prior to
trading the Shares; (iii) the risks
involved in trading the Shares during
the Opening and Late Trading Sessions
(as defined in NYSE Arca Equities 7.34)
when an updated IIV or Index value will
not be calculated or publicly
disseminated; (iv) how information
regarding the IIV, the Disclosed
Portfolio, and the Index value will be
disseminated; (v) the requirement that
ETP Holders deliver a prospectus to
investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; and (vi)
trading information.
(6) For initial and continued listing,
the Fund will be in compliance with
Rule 10A–3 under the Exchange Act,32
as provided by NYSE Arca Equities Rule
5.3.
(7) Not more than 20% of the Fund’s
net assets in the aggregate will be
invested in non-agency CMBS, RMBS,
and ABS.
(8) Not more than 20% of the Fund’s
net assets will be invested in junior
bank loans.
(9) The Fund will invest only in U.S.
dollar-denominated loan assignments,
and for investment purposes, a bank
loan must have a par amount
outstanding of U.S. $150 million or
greater at the time it is originally issued.
Furthermore, the Adviser will invest
generally in loan assignments, including
bank loans, which it deems to be highly
liquid, with readily available prices.
(10) The Fund may hold up to an
aggregate amount of 15% of its net
assets in illiquid assets (calculated at
the time of investment), including Rule
144A fixed income securities and bank
loans that are deemed illiquid by the
Adviser, consistent with Commission
guidance.
(11) A minimum of 100,000 Shares for
the Fund will be outstanding at the
commencement of trading on the
Exchange.
This approval order is based on all of
the Exchange’s representations,
including those set forth above and in
the Notice. The Commission notes that
the Fund and the Shares must comply
with the requirements of NYSE Arca
Equities Rule 8.600 to be initially and
continuously listed and traded on the
Exchange.
For the foregoing reasons, the
Commission finds that the proposed
rule change, as modified by
Amendments No. 1 and No. 2, is
consistent with Section 6(b)(5) of the
Exchange Act 33 and Section
11A(a)(1)(C)(iii) of the Exchange Act 34
and the rules and regulations
thereunder applicable to a national
securities exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,35
that the proposed rule change (SR–
NYSEArca–2015–42), as modified by
Amendments No. 1 and No. 2 thereto,
be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–19132 Filed 8–4–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75567; File No. SR–BATS–
2015–54]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Delay Implementation
of SR–BATS–2015–51
July 30, 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
33 15
U.S.C. 78f(b)(5).
U.S.C. 78k–1(a)(1)(C)(iii).
35 15 U.S.C. 78s(b)(2).
36 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
34 15
may trade on markets that are members of ISG or
with which the Exchange has in place a
comprehensive surveillance sharing agreement.
32 17 CFR 240.10A–3.
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46615
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Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices
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 delay
the implementation date of recent
amendments to Rules 21.1(d)(9), (h) and
(i) that modified the operation of BATS
Post Only Orders 5 subject to the Price
Adjust 6 process on the Exchange’s
options platform (‘‘BATS Options’’).7
The text of the proposed rule change is
available at the Exchange’s Web site at
www.batstrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant parts of such
statements.
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
5 BATS Post Only Orders are orders that are to be
ranked and executed on the Exchange pursuant to
Rule 21.8 (Order Display and Book Processing) or
cancelled, as appropriate, without routing away to
another trading center. See Exchange Rule
21.1(d)(9).
6 In sum, under the Price Adjust process, a BATS
Post Only order that locks or crosses a Protected
Quotation displayed by the Exchange upon entry
will continue to be ranked and displayed by the
System at one minimum price variation below the
current NBO (for bids) or to one minimum price
variation above the current NBB (for offers). See
Exchange Rule 21.1(i).
7 See Securities Exchange Act Release No. 75360
(July 6, 2015), 80 FR 39816 (July 10, 2015) (SR–
BATS–2015–51) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Modify
the Operation of BATS Post Only Orders Subject to
the Price Adjust Process on the Exchange’s Options
Platform).
asabaliauskas on DSK5VPTVN1PROD with NOTICES
4 17
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(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to delay
the implementation date of recent
amendments to Rules 21.1(d)(9), (h) and
(i) that modified the operation of BATS
Post Only Orders subject to the Price
Adjust process on BATS Options so that
they will no longer remove liquidity
from the BATS Options Book 8 pursuant
to Rule 21.1(d)(9) where the value of
price improvement associated with such
execution equals or exceeds the sum of
fees charged for such execution and the
value of any rebate that would be
provided if the order posted to the
BATS Options Book and subsequently
provided liquidity.9 The proposed rule
change was filed with the Commission
on June 30, 2015 for immediate
effectiveness pursuant to Rule 19b–
4(f)(6)(iii) under the Act,10 and
therefore, is scheduled to become
operative 30 days from the date on
which it was filed. Accordingly, the
proposed rule change is scheduled to
become operative on July 30, 2015. The
Exchange proposes to delay the
implementation of the proposed rule
change and will announce the exact
date via a publicly disseminated trading
notice, which will be issued at least two
week prior to the implementation date.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 11 in general, and furthers the
objectives of Section 6(b)(5) of the Act 12
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. Delaying the
implementation date will provide the
Exchange with additional time to
implement and test the necessary
modifications to its System,13 thereby
8 ‘‘BATS Options Book’’ is defined as ‘‘the
electronic book of options orders maintained by the
Trading System.’’ See Exchange Rule 16.1(a)(9).
9 For a complete description of the proposed rule
change, see supra note 7.
10 17 CFR 240.19b–4(f)(6)(iii).
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
13 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,
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Frm 00079
Fmt 4703
Sfmt 4703
promoting fair and orderly markets, as
well as the protection of investors and
the public interest.
(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
Exchange believes that the proposed
delay of the implementation date will
not have any impact 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. 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
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) of the Act 14 and
paragraph (f)(6) of Rule 19b–4
thereunder.15 The proposed rule change
effects a change that (A) does not
significantly affect the protection of
investors or the public interest; (B) does
not impose any significant burden on
competition; and (C) by its terms, does
not become operative for 30 days after
the date of the filing, or such shorter
time as the Commission may designate
if consistent with the protection of
investors and the public interest;
provided that the self-regulatory
organization has given the Commission
written notice of its 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 provided the Commission
with written notice of its 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 this
filing.
A proposed rule change filed under
Rule 19b–4(f)(6) 16 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
execution and, when applicable, routing away.’’
Rule 1.5(aa).
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4.
16 17 CFR 240.19b–4(f)(6).
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Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices
to Rule 19b–4(f)(6)(iii), 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 so that
BATS may implement the proposed rule
change immediately. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest as it will immediately notify
members that the currently scheduled
operative date for recent amendments to
BATS Post Only Orders has changed
from July 30, 2015.17 Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change to be operative
upon filing with the Commission.18
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily
temporarily suspend such rule change if
it appears to the Commission that such
action is: (1) Necessary or appropriate in
the public interest; (2) for the protection
of investors; or (3) 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:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
BATS–2015–54 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BATS–2015–54. 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
17 See
supra note 7.
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 For
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16:54 Aug 04, 2015
Jkt 235001
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
offices of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BATS–
2015–54, and should be submitted on or
before August 26, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–19133 Filed 8–4–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75568; File No. SR–BX–
2015–043]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change to Amend Rule
4703(a)
July 30, 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 20,
2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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
19 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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Sfmt 4703
46617
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 proposes to amend
Rule 4703(a) to remove the Market
Hours Immediate or Cancel Time in
Force and to delay implementation of
changes to the Good-til-market close
Time in Force, which were recently
adopted by BX but are not yet
implemented.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxbx.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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
Rule 4703(a) to remove the Market
Hours Immediate or Cancel (‘‘Market
Hours IOC’’ or ‘‘MIOC’’) Time-in-Force
and to delay implementation of changes
to the Good-til-market close (‘‘GTMC’’)
Time-in-Force, which were recently
adopted by BX but are not yet
implemented.3 Time-in-Force (‘‘TIF’’) is
3 The Exchange notes that the text at issue in this
filing concerning the MIOC TIF under Rule
4703(a)(1) is not yet implemented, but was recently
inadvertently incorporated into the BX rulebook
when the Commission approved certain rules
governing the BX equities market in order to
provide additional detail and clarity regarding its
order type functionality. See Securities Exchange
Act Release No. 75291 (June 24, 2015), 80 FR 37698
(July 1, 2015) (SR–BX–2015–015). Notwithstanding
its inadvertent inclusion in the rulebook, the rule
text concerning the MIOC TIF is not yet effective.
The Exchange had anticipated implementing the
MIOC and GTMC changes in the second quarter of
2015. See Securities Exchange Act Release No.
74638 (April 2, 2015), 80 FR 18890 (April 8, 2015)
(SR–BX–2015–016).
E:\FR\FM\05AUN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46615-46617]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19133]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75567; File No. SR-BATS-2015-54]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to Delay
Implementation of SR-BATS-2015-51
July 30, 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
[[Page 46616]]
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 delay the implementation date of
recent amendments to Rules 21.1(d)(9), (h) and (i) that modified the
operation of BATS Post Only Orders \5\ subject to the Price Adjust \6\
process on the Exchange's options platform (``BATS Options'').\7\ 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.
---------------------------------------------------------------------------
\5\ BATS Post Only Orders are orders that are to be ranked and
executed on the Exchange pursuant to Rule 21.8 (Order Display and
Book Processing) or cancelled, as appropriate, without routing away
to another trading center. See Exchange Rule 21.1(d)(9).
\6\ In sum, under the Price Adjust process, a BATS Post Only
order that locks or crosses a Protected Quotation displayed by the
Exchange upon entry will continue to be ranked and displayed by the
System at one minimum price variation below the current NBO (for
bids) or to one minimum price variation above the current NBB (for
offers). See Exchange Rule 21.1(i).
\7\ See Securities Exchange Act Release No. 75360 (July 6,
2015), 80 FR 39816 (July 10, 2015) (SR-BATS-2015-51) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Modify the Operation of BATS Post Only Orders Subject to the Price
Adjust Process on the Exchange's Options Platform).
---------------------------------------------------------------------------
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 is proposing to delay the implementation date of
recent amendments to Rules 21.1(d)(9), (h) and (i) that modified the
operation of BATS Post Only Orders subject to the Price Adjust process
on BATS Options so that they will no longer remove liquidity from the
BATS Options Book \8\ pursuant to Rule 21.1(d)(9) where the value of
price improvement associated with such execution equals or exceeds the
sum of fees charged for such execution and the value of any rebate that
would be provided if the order posted to the BATS Options Book and
subsequently provided liquidity.\9\ The proposed rule change was filed
with the Commission on June 30, 2015 for immediate effectiveness
pursuant to Rule 19b-4(f)(6)(iii) under the Act,\10\ and therefore, is
scheduled to become operative 30 days from the date on which it was
filed. Accordingly, the proposed rule change is scheduled to become
operative on July 30, 2015. The Exchange proposes to delay the
implementation of the proposed rule change and will announce the exact
date via a publicly disseminated trading notice, which will be issued
at least two week prior to the implementation date.
---------------------------------------------------------------------------
\8\ ``BATS Options Book'' is defined as ``the electronic book of
options orders maintained by the Trading System.'' See Exchange Rule
16.1(a)(9).
\9\ For a complete description of the proposed rule change, see
supra note 7.
\10\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \11\ in general, and furthers the objectives of Section
6(b)(5) of the Act \12\ 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. Delaying the implementation
date will provide the Exchange with additional time to implement and
test the necessary modifications to its System,\13\ thereby promoting
fair and orderly markets, as well as the protection of investors and
the public interest.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ 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).
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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
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed delay of the implementation date will not have any impact
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. 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
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) of the Act \14\ and paragraph (f)(6) of Rule
19b-4 thereunder.\15\ The proposed rule change effects a change that
(A) does not significantly affect the protection of investors or the
public interest; (B) does not impose any significant burden on
competition; and (C) by its terms, does not become operative for 30
days after the date of the filing, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest; provided that the self-regulatory organization
has given the Commission written notice of its 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 provided the Commission with written
notice of its 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 this filing.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4.
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A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant
[[Page 46617]]
to Rule 19b-4(f)(6)(iii), 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 so that BATS may implement the proposed rule change
immediately. The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest as it will immediately notify members that the currently
scheduled operative date for recent amendments to BATS Post Only Orders
has changed from July 30, 2015.\17\ Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposed rule
change to be operative upon filing with the Commission.\18\
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\16\ 17 CFR 240.19b-4(f)(6).
\17\ See supra note 7.
\18\ 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 may summarily temporarily suspend such rule
change if it appears to the Commission that such action is: (1)
Necessary or appropriate in the public interest; (2) for the protection
of investors; or (3) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-BATS-2015-54 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-BATS-2015-54. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal offices of the Exchange.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-BATS-2015-54,
and should be submitted on or before August 26, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Robert W. Errett,
Deputy Secretary.
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\19\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2015-19133 Filed 8-4-15; 8:45 am]
BILLING CODE 8011-01-P
