Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees To Adopt a Tape B Volume Tier, 55882-55883 [2015-23286]

Download as PDF 55882 Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75902; File No. SR–BATS– 2015–74] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees To Adopt a Tape B Volume Tier September 11, 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 September 9, 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, II, and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange filed a proposal to amend its fees and rebates applicable to Members 5 of the Exchange pursuant to Rule 15.1(a) and (c) (‘‘Fee Schedule’’) to adopt a Tape B Volume Tier. 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. tkelley on DSK3SPTVN1PROD with NOTICES 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 A Member is defined as ‘‘any registered broker or dealer that has been admitted to membership in the Exchange.’’ See Exchange Rule 1.5(n). 2 17 VerDate Sep<11>2014 17:30 Sep 16, 2015 Jkt 235001 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 Currently, the Exchange offers a rebate of $0.0020 per share as the standard rebate for orders with fee code B, which applies to orders that add liquidity to the Exchange in Tape B securities. The Exchange also offers various tiers that provide Members with the opportunity to earn higher rebates by meeting certain volume metrics, including the Cross-Asset Tape B Tier which provides a $0.0031 per share rebate to a Member’s orders with a fee code of B for which the Member: (1) Has a Tape B Step-Up Add TCV 6 from February 2015 that is equal to or greater than 0.06%; and (2) has an Options Market Maker Add TCV 7 that is equal to or greater than 0.75% on the BATS Options. The Exchange is proposing to adopt a new tier in footnote 13 titled ‘‘Tape B Volume Tier.’’ Under the Tape B Volume Tier, the Exchange is proposing to provide a $0.0027 per share rebate to a Member’s orders with a fee code of B for which the Member’s Tape B ADAV as a percentage of TCV is equal to or greater than 0.08%. As is the case with any other rebates on the fee schedule, to the extent that a Member qualifies for higher rebates than those provided under the proposed Tape B Volume Tier, the higher rebates shall apply. Implementation Date The Exchange proposes to implement this amendment to its Fee Schedule immediately.8 6 As provided in the fee schedule, for purposes of BATS Equities pricing, ‘‘Tape B Step-Up Add TCV’’ means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV. 7 As provided in the fee schedule, for purposes of BATS Equities pricing, ‘‘Options Market Maker Add TCV’’ for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of TCV, using the definitions of ADAV, Market Maker and TCV as provided under the Exchange’s fee schedule for BATS Options. 8 The Exchange initially filed the proposed fee change on August 31, 2015 (SR–BATS–2015–66). On September 2, 2015, the Exchange withdrew that filing and submitted filing SR–BATS–2015–70. On that same day, the Exchange withdrew SR–BATS– 2015–70 and submitted SR–BATS–2015–72. On September 9, 2015, the Exchange withdrew SR– BATS–2015–72 and submitted this filing. PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,9 in general, and furthers the objectives of Section 6(b)(4),10 in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly-competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. Volume-based rebates and fees such as the proposed Tape B Volume Tier have been widely adopted by equities and options exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value to an exchange’s market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. The Exchange believes that the proposal to add a Tape B Volume Tier is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and rebates because it will provide Members with an additional incentive to reach certain thresholds on both [sic] the Exchange in Tape B securities. Such pricing programs thereby reward a Member’s growth pattern in Tape B securities and such increased volume increases potential revenue to the Exchange, and will allow the Exchange to continue to provide and potentially expand the incentive programs operated by the Exchange. Further, the proposed changes will result in Members receiving either the same or an increased rebate than they would currently receive. The Exchange also notes that the proposed Tape B Volume Tier is similar to pricing tier already employed by the Exchange as well as on 9 15 U.S.C. 78f. U.S.C. 78f(b)(4). 10 15 E:\FR\FM\17SEN1.SGM 17SEN1 Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices other exchanges, including EDGX Exchange, Inc. (‘‘EDGX’’), which maintains a Tape B Step Up tier to incentivize added liquidity in Tape B securities.11 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe its proposed amendments to its Fee Schedule would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed changes represent a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange’s competitors. Additionally, Members may opt to disfavor the Exchange’s pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed change will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. The Exchange does not believe that the proposed new tier would burden competition, but instead, enhances competition, as they [sic] are intended to increase the competitiveness of and draw additional volume to the Exchange. As stated above, the Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if the deem fee structures to be unreasonable or excessive. The proposed changes are generally intended to enhance the rebates for liquidity added to the Exchange, which is intended to draw additional liquidity to the Exchange. The Exchange does not believe the proposed tier would burden intramarket competition as they [sic] would apply to all Members uniformly. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others tkelley on DSK3SPTVN1PROD with NOTICES The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 12 and paragraph (f) of Rule 19b–4 thereunder.13 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. 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–2015–74 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–2015–74. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from 12 15 11 See EDGX fee schedule, footnote 2. VerDate Sep<11>2014 17:30 Sep 16, 2015 Jkt 235001 13 17 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). Frm 00058 Fmt 4703 Sfmt 4703 55883 submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–BATS– 2015–74, and should be submitted on or before October 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Brent J. Fields, Secretary. [FR Doc. 2015–23286 Filed 9–16–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75899; File No. SR–NSCC– 2015–803]) Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Advance Notice To Enhance NSCC’s Margining Methodology as Applied to Family-Issued Securities of Certain NSCC Members September 11, 2015. Pursuant to section 806(e)(1) of title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the Payment, Clearing, and Settlement Supervision Act of 2010 1 (‘‘Clearing Supervision Act’’) and Rule 19b–4(n)(1)(i) 2 under the Securities Exchange Act of 1934 (‘‘Act’’), notice is hereby given that on August 14, 2015, National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the advance notice SR–NSCC–2015–803 (‘‘Advance Notice’’) as described in Items I and II below, which Items have been prepared by NSCC.3 The Commission is publishing this notice to solicit comments on the Advance Notice from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Advance Notice This Advance Notice consists of amendments to NSCC’s Rules & Procedures (‘‘Rules’’) in order to enhance NSCC’s margining methodology as applied to family-issued 14 17 CFR 200.30–3(a)(12). U.S.C. 5465(e)(1). 2 17 CFR 240.19b–4(n)(1)(i). 3 On August 14, 2015, NSCC filed this Advance Notice as a proposed rule change (SR–NSCC–2015– 003) with the Commission pursuant to section 19(b)(1) of the Act, 15 U.S.C. 78s(b)(1), and Rule 19b–4, 17 CFR 240.19b–4. A copy of the proposed rule change is available at https://www.dtcc.com/ legal/sec-rule-filings.aspx. 1 12 E:\FR\FM\17SEN1.SGM 17SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 180 (Thursday, September 17, 2015)]
[Notices]
[Pages 55882-55883]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-23286]

[[Page 55882]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75902; File No. SR-BATS-2015-74]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees To Adopt a Tape B Volume Tier

September 11, 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 September 9, 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, II,
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange filed a proposal to amend its fees and rebates
applicable to Members \5\ of the Exchange pursuant to Rule 15.1(a) and
(c) (``Fee Schedule'') to adopt a Tape B Volume Tier.
---------------------------------------------------------------------------

\5\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
---------------------------------------------------------------------------

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
Currently, the Exchange offers a rebate of $0.0020 per share as the
standard rebate for orders with fee code B, which applies to orders
that add liquidity to the Exchange in Tape B securities. The Exchange
also offers various tiers that provide Members with the opportunity to
earn higher rebates by meeting certain volume metrics, including the
Cross-Asset Tape B Tier which provides a $0.0031 per share rebate to a
Member's orders with a fee code of B for which the Member: (1) Has a
Tape B Step-Up Add TCV \6\ from February 2015 that is equal to or
greater than 0.06%; and (2) has an Options Market Maker Add TCV \7\
that is equal to or greater than 0.75% on the BATS Options.
---------------------------------------------------------------------------

\6\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``Tape B Step-Up Add TCV'' means ADAV in Tape B
securities as a percentage of TCV in the relevant baseline month
subtracted from current ADAV in Tape B securities as a percentage of
TCV.
\7\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``Options Market Maker Add TCV'' for purposes of
equities pricing means ADAV resulting from Market Maker orders as a
percentage of TCV, using the definitions of ADAV, Market Maker and
TCV as provided under the Exchange's fee schedule for BATS Options.
---------------------------------------------------------------------------

The Exchange is proposing to adopt a new tier in footnote 13 titled
``Tape B Volume Tier.'' Under the Tape B Volume Tier, the Exchange is
proposing to provide a $0.0027 per share rebate to a Member's orders
with a fee code of B for which the Member's Tape B ADAV as a percentage
of TCV is equal to or greater than 0.08%. As is the case with any other
rebates on the fee schedule, to the extent that a Member qualifies for
higher rebates than those provided under the proposed Tape B Volume
Tier, the higher rebates shall apply.
Implementation Date
The Exchange proposes to implement this amendment to its Fee
Schedule immediately.\8\
---------------------------------------------------------------------------

\8\ The Exchange initially filed the proposed fee change on
August 31, 2015 (SR-BATS-2015-66). On September 2, 2015, the
Exchange withdrew that filing and submitted filing SR-BATS-2015-70.
On that same day, the Exchange withdrew SR-BATS-2015-70 and
submitted SR-BATS-2015-72. On September 9, 2015, the Exchange
withdrew SR-BATS-2015-72 and submitted this filing.
---------------------------------------------------------------------------

2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\9\ in general, and
furthers the objectives of Section 6(b)(4),\10\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange also notes that it operates in a highly-
competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive. The proposed rule change reflects a competitive
pricing structure designed to incent market participants to direct
their order flow to the Exchange. The Exchange believes that the
proposed rates are equitable and non-discriminatory in that they apply
uniformly to all Members. The Exchange believes the fees and credits
remain competitive with those charged by other venues and therefore
continue to be reasonable and equitably allocated to Members.
---------------------------------------------------------------------------

\9\ 15 U.S.C. 78f.
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

Volume-based rebates and fees such as the proposed Tape B Volume
Tier have been widely adopted by equities and options exchanges and are
equitable because they are open to all Members on an equal basis and
provide additional benefits or discounts that are reasonably related to
the value to an exchange's market quality associated with higher levels
of market activity, such as higher levels of liquidity provision and/or
growth patterns, and introduction of higher volumes of orders into the
price and volume discovery processes.
The Exchange believes that the proposal to add a Tape B Volume Tier
is a reasonable, fair and equitable, and not unfairly discriminatory
allocation of fees and rebates because it will provide Members with an
additional incentive to reach certain thresholds on both [sic] the
Exchange in Tape B securities. Such pricing programs thereby reward a
Member's growth pattern in Tape B securities and such increased volume
increases potential revenue to the Exchange, and will allow the
Exchange to continue to provide and potentially expand the incentive
programs operated by the Exchange. Further, the proposed changes will
result in Members receiving either the same or an increased rebate than
they would currently receive. The Exchange also notes that the proposed
Tape B Volume Tier is similar to pricing tier already employed by the
Exchange as well as on

[[Page 55883]]

other exchanges, including EDGX Exchange, Inc. (``EDGX''), which
maintains a Tape B Step Up tier to incentivize added liquidity in Tape
B securities.\11\
---------------------------------------------------------------------------

\11\ See EDGX fee schedule, footnote 2.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe its proposed amendments to its Fee
Schedule would impose any burden on competition that is not necessary
or appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed changes represent a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor the Exchange's pricing if they believe that alternatives offer
them better value. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
The Exchange does not believe that the proposed new tier would
burden competition, but instead, enhances competition, as they [sic]
are intended to increase the competitiveness of and draw additional
volume to the Exchange. As stated above, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily direct order flow to competing venues if the deem fee
structures to be unreasonable or excessive. The proposed changes are
generally intended to enhance the rebates for liquidity added to the
Exchange, which is intended to draw additional liquidity to the
Exchange. The Exchange does not believe the proposed tier would burden
intramarket competition as they [sic] would apply to all Members
uniformly.

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 unsolicited written comments from Members or other interested
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4
thereunder.\13\ 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.
---------------------------------------------------------------------------

\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-2015-74 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-2015-74. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BATS-2015-74, and should be
submitted on or before October 8, 2015.
---------------------------------------------------------------------------

\14\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Brent J. Fields,
Secretary.
[FR Doc. 2015-23286 Filed 9-16-15; 8:45 am]
BILLING CODE 8011-01-P

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