Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees, 71871-71873 [2015-29223]
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Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices
Dated: November 12, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–29408 Filed 11–13–15; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Rule 17a–12/Form X–17A–5 Part IIB; SEC
File No. 270–442, OMB Control No.
3235–0498.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17a–12 (17 CFR 240.17a–12) and
Part IIB of Form X–17A–5 (17 CFR
249.617) under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule17a–12 requires OTC derivatives
dealers to file quarterly Financial and
Operational Combined Uniform Single
Reports (‘‘FOCUS’’ reports) on Part IIB
of Form X–17A–5, the basic document
for reporting the financial and
operational condition of over-thecounter (‘‘OTC’’) derivatives dealers.
Rule 17a–12 also requires that OTC
derivatives dealers file audited financial
statements annually. The reports
required under Rule 17a–12 provide the
Commission with information used to
monitor the operations of OTC
derivatives dealers and to enforce their
compliance with the Commission’s
rules. These reports also enable the
Commission to review the business
activities of OTC derivatives dealers and
to anticipate, where possible, how these
dealers may be affected by significant
economic events.
There are currently four registered
OTC derivatives dealers. The staff
expects that one additional firm will
register as an OTC derivatives dealer
within the next three years. The staff
estimates that the average amount of
time necessary to prepare and file the
quarterly reports required by the rule is
eighty hours per OTC derivatives
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18:14 Nov 16, 2015
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dealer 1 and that the average amount of
time to prepare and file the annual audit
report is 100 hours per OTC derivatives
dealer per year, for a total reporting
burden of 180 hours per OTC
derivatives dealer annually. Thus the
staff estimates that the total industrywide reporting burden to comply with
the requirements of Rule 17a–12 is 900
hours per year (180 × 5). Further, the
Commission estimates that the total
internal compliance cost associated
with this requirement is approximately
$255,000 per year.2 The average annual
reporting cost per broker-dealer for an
independent public accountant to
examine the financial statements is
approximately $46,300 per brokerdealer. Thus, the total industry-wide
annual reporting cost is approximately
$231,500 ($46,300 × 5).
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.
The public may view background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
1 Based upon an average of 4 responses per year
and an average of 20 hours spent preparing each
response.
2 Based on staff experience, an OTC derivatives
dealer likely would have a Compliance Manager
gather the necessary information and prepare and
file the quarterly reports and annual audit report
and supporting schedules. According to the
Securities Industry and Financial Markets
Association Report on Management and
Professional Earnings in the Securities Industry
dated October 2013, which provides base salary and
bonus information for middle-management and
professional positions within the securities
industry, the hourly cost of a compliance manager,
which the Commission staff has modified to
account for an 1800-hour work year and multiplied
by 5.35 to account for bonuses, firm size, employee
benefits, and overhead, is approximately $283/hour.
$283/hour times 900 hours = $254,700, rounded to
$255,000.
PO 00000
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71871
Dated: November 10, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–29202 Filed 11–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76419; File No. SR–BATS–
2015–99]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees
November 10, 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 November
2, 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 Substance of
the Proposed Rule Change
The Exchange filed a proposal to
amend its fees and rebates applicable to
Members 5 and non-members of the
Exchange pursuant to BATS Rules
15.1(a) and (c) (‘‘Fee Schedule’’).
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.
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 The term ‘‘Member’’ is defined as ‘‘any
registered broker or dealer, or any person associated
with a registered broker or dealer, that has been
admitted to membership in the Exchange [sic]. A
Member will have the status of a ‘‘member’’ of the
Exchange as that term is defined in Section 3(a)(3)
of the Act.’’ See Exchange Rule 1.5(n).
2 17
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Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / 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
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.
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to increase
the fee for orders yielding fee code D,
which results from an order routed to
the New York Stock Exchange (‘‘NYSE’’)
using Destination Specific, RDOT,
RDOX, TRIM or SLIM routing strategy.
The Exchange has previously provided
a discounted fee for certain orders
routed to the largest market centers
measured by volume (NYSE, NYSE Arca
and NASDAQ), which, in each instance
has been $0.0001 less per share for
orders routed to such market centers by
the Exchange than such market centers
currently charge for removing liquidity
(referred to by the Exchange as ‘‘One
Under’’ pricing). NYSE is implementing
certain pricing changes effective
November 2, 2015, including
modification from a fee to remove
liquidity of $0.0027 per share to a fee of
$0.00275 per share.6 Based on the
changes in pricing at NYSE, the
Exchange is proposing to increase its fee
for orders executed at NYSE that yield
fee code D so that the fee remains
$0.0001 less per share for orders routed
to NYSE. Specifically, the Exchange
proposes to increase the fee charged for
such orders from $0.0026 per share to
$0.00265 per share.
In addition to the change proposed
above, the Exchange proposes to change
certain references on the Fee Schedule
in connection with the launch of the
options exchange operated by the
Exchange’s affiliate, EDGX Exchange,
Inc. (‘‘EDGX Options’’). First, the
Exchange propose [sic] to modify
references in the Definitions section of
the fee schedule and Unicast Access
6 See NYSE Trader Update, Fee Changes Effective
November 2, dated October 30, 2015, available at
https://www.nyse.com/publicdocs/nyse/markets/
nyse/NYSE_Client_Notice_Fee_Change_11_
2015.pdf.
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18:14 Nov 16, 2015
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section under BATS Connect fees to
refer to ‘‘BZX Options’’ instead of
‘‘BATS Options’’. Second, the Exchange
proposes to add reference to EDGX
Options in the list of Exchange affiliates
to which such fees do not apply.
Implementation Date
The Exchange proposes to implement
these amendments to its Fee Schedule
immediately.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,7
in general, and furthers the objectives of
Section 6(b)(4),8 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 believes that its proposal to
increase the fee for Members’ orders that
yield fee code D from $0.0026 per share
to $0.00265 per share represents an
equitable allocation of reasonable dues,
fees, and other charges among Members
and other persons using its facilities in
that they are designed to provide a
reduced fee for orders routed to NYSE
through Exchange routing strategies as
compared to applicable fees for
executions if such routed orders were
instead executed directly by the
Member at NYSE. Furthermore, the
Exchange notes that routing through the
Exchange is voluntary. Lastly, the
Exchange also believes that the
proposed amendment is nondiscriminatory because it applies
uniformly to all Members. The
Exchange also believes that the changes
to add EDGX Options to the list of
affiliates under Unicast Access and the
re-naming of BATS Options as BZX
Options is consistent with the Act. Such
changes reflect and are in connection
with the launch of EDGX Options but do
not result in any material change to the
Exchange’s Fee Schedule or impose any
new or different fee.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
These proposed rule changes do not
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 any
of these 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
7 15
8 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00103
Fmt 4703
believe that alternatives offer them
better value. Accordingly, the Exchange
does not believe that the proposed
changes will impair the ability of
Members or competing venues to
maintain their competitive standing in
the financial markets. The Exchange
believes that its proposal to charge a fee
of $0.00265 per share for Members’
orders that yield fee code D would
increase intermarket competition
because it offers customers an
alternative means to route to NYSE at a
discounted rate. The Exchange believes
that its proposal would not burden
intramarket competition because the
proposed rate would apply uniformly to
all Members.
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 9 and paragraph (f) of Rule
19b–4 thereunder.10 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–2015–99 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
10 17
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Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BATS–2015–99. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing 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–
2015–99, and should be submitted on or
before December 8, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–29223 Filed 11–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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[Release No. 34–76408; File No. SR–C2–
2015–027]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to Qualification and
Registration of Permit Holders
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
2, 2015, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Interpretation and Policy .07 to Rule 3.4
(Qualification and Registration)
regarding the categories of registration
and respective qualification
examinations required for individual
Permit Holder [sic] and associated
persons of Permit Holders that engage in
the securities activities of the Permit
Holder on the Exchange. Specifically,
the Exchange proposes to replace the
Proprietary Trader registration category
and the Series 56 Proprietary Trader
registration qualification examination
for Proprietary Traders with the
Securities Trader category of registration
and the Series 57 Securities Trader
registration qualification examination
for Securities Traders respectively. The
text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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.
November 10, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
1 15
11 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:14 Nov 16, 2015
2 17
Jkt 238001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00104
Fmt 4703
71873
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
Interpretation and Policy .07 to Rule 3.4
(Qualification and Registration) to
replace the Proprietary Trader (PT)
registration category and qualification
examination (Series 56) with the
Securities Trader (TD) registration
category and qualification examination
(Series 57). In addition, the Exchange
proposes to replace the Proprietary
Trader Principal (TP) registration
category with a Securities Trader
Principal (TP) registration category for
individual TPHs or associated person
[sic] who either: (i) Supervise or
monitor proprietary trading, marketmaking and/or brokerage activities for
broker-dealers; (ii) supervise or train
those engaged in proprietary trading,
market-making and/or effecting
transactions on behalf of a brokerdealer, with respect to those activities;
and/or (iii) are officers, partners or
directors of a Permit Holder, as
described in paragraph (a)(2) of
Interpretation and Policy .07 to Rule 3.4.
The Exchange also proposes to replace
the Proprietary Trader Compliance
Officer (CT) registration category with
the Securities Trader Compliance
Officer (CT) registration category for
Chief Compliance Officers (or
individuals performing similar
functions) of a TPH or TPH
organization. This filing is, in all
material respects, based upon SR–
FINRA–2015–017, which was recently
approved by the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’).3
Rule 3.4 sets forth various
qualification and registration
requirements that individual Permit
Holders and associated persons must
satisfy in order to transact business on
the Exchange. Among the qualification
and registration requirements set forth
in Rule 3.4, Interpretation and Policy
.07 provides that individual Permit
Holders and associated persons that
engage in proprietary trading, marketmaking, or effect transactions on behalf
of a broker-dealer must register and
qualify as a Proprietary Trader (TP) in
WebCRD.4 To qualify as a Proprietary
3 See Securities Exchange Act Release No. 75783
(August 28, 2015) (Order Approving a Proposed
Rule Change To Establish the Securities Trader and
Securities Trader Principal Registration Categories)
(SR–FINRA–2015–017).
4 WebCRD is a secure registration and licensing
system operated by FINRA and is the central
Continued
Sfmt 4703
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]]>Agencies
[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)]
[Notices]
[Pages 71871-71873]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-29223]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76419; File No. SR-BATS-2015-99]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees
November 10, 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 November 2, 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 Substance
of the Proposed Rule Change
The Exchange filed a proposal to amend its fees and rebates
applicable to Members \5\ and non-members of the Exchange pursuant to
BATS Rules 15.1(a) and (c) (``Fee Schedule'').
---------------------------------------------------------------------------
\5\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange [sic]. A Member
will have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
---------------------------------------------------------------------------
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.
[[Page 71872]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to increase the fee for orders yielding fee
code D, which results from an order routed to the New York Stock
Exchange (``NYSE'') using Destination Specific, RDOT, RDOX, TRIM or
SLIM routing strategy. The Exchange has previously provided a
discounted fee for certain orders routed to the largest market centers
measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each
instance has been $0.0001 less per share for orders routed to such
market centers by the Exchange than such market centers currently
charge for removing liquidity (referred to by the Exchange as ``One
Under'' pricing). NYSE is implementing certain pricing changes
effective November 2, 2015, including modification from a fee to remove
liquidity of $0.0027 per share to a fee of $0.00275 per share.\6\ Based
on the changes in pricing at NYSE, the Exchange is proposing to
increase its fee for orders executed at NYSE that yield fee code D so
that the fee remains $0.0001 less per share for orders routed to NYSE.
Specifically, the Exchange proposes to increase the fee charged for
such orders from $0.0026 per share to $0.00265 per share.
---------------------------------------------------------------------------
\6\ See NYSE Trader Update, Fee Changes Effective November 2,
dated October 30, 2015, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Client_Notice_Fee_Change_11_2015.pdf.
---------------------------------------------------------------------------
In addition to the change proposed above, the Exchange proposes to
change certain references on the Fee Schedule in connection with the
launch of the options exchange operated by the Exchange's affiliate,
EDGX Exchange, Inc. (``EDGX Options''). First, the Exchange propose
[sic] to modify references in the Definitions section of the fee
schedule and Unicast Access section under BATS Connect fees to refer to
``BZX Options'' instead of ``BATS Options''. Second, the Exchange
proposes to add reference to EDGX Options in the list of Exchange
affiliates to which such fees do not apply.
Implementation Date
The Exchange proposes to implement these amendments to its Fee
Schedule immediately.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\7\ in general, and
furthers the objectives of Section 6(b)(4),\8\ 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 believes that its proposal to increase the fee
for Members' orders that yield fee code D from $0.0026 per share to
$0.00265 per share represents an equitable allocation of reasonable
dues, fees, and other charges among Members and other persons using its
facilities in that they are designed to provide a reduced fee for
orders routed to NYSE through Exchange routing strategies as compared
to applicable fees for executions if such routed orders were instead
executed directly by the Member at NYSE. Furthermore, the Exchange
notes that routing through the Exchange is voluntary. Lastly, the
Exchange also believes that the proposed amendment is non-
discriminatory because it applies uniformly to all Members. The
Exchange also believes that the changes to add EDGX Options to the list
of affiliates under Unicast Access and the re-naming of BATS Options as
BZX Options is consistent with the Act. Such changes reflect and are in
connection with the launch of EDGX Options but do not result in any
material change to the Exchange's Fee Schedule or impose any new or
different fee.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
These proposed rule changes do not 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 any of these 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 changes will impair the
ability of Members or competing venues to maintain their competitive
standing in the financial markets. The Exchange believes that its
proposal to charge a fee of $0.00265 per share for Members' orders that
yield fee code D would increase intermarket competition because it
offers customers an alternative means to route to NYSE at a discounted
rate. The Exchange believes that its proposal would not burden
intramarket competition because the proposed rate would apply uniformly
to all Members.
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 \9\ and paragraph (f) of Rule 19b-4
thereunder.\10\ 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.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f).
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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-2015-99 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange
[[Page 71873]]
Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-BATS-2015-99. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing 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-2015-99, and should be
submitted on or before December 8, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29223 Filed 11-16-15; 8:45 am]
BILLING CODE 8011-01-P
