Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc., 129-131 [2015-32987]

Download as PDF Federal Register / Vol. 81, No. 1 / Monday, January 4, 2016 / Notices 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– 2015–105, and should be submitted on or before January 25, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.37 Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–32986 Filed 12–31–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION In the Matter of China Domestica BioTechnology Holdings, Inc., Order of Suspension of Trading tkelley on DSK3SPTVN1PROD with NOTICES December 30, 2015. It appears to the Securities and Exchange Commission (‘‘Commission’’) that there is a lack of current and accurate information concerning the securities of Changda International Holdings, Inc. (‘‘CDBH 1’’) (CIK No. 1380706), a defaulted Nevada corporation whose principal place of business is listed as LungFung District, Shenzhen, China because it is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–K for the period ended March 31, 2012. As of December 15, CDBH’s common stock was quoted on OTC Link (previously ‘‘Pink Sheets’’) operated by OTC Markets Group Inc. On April 28, 2015, the Commission’s Division of Corporation Finance sent a delinquency letter to CDBH at the address shown in its then-most recent filing in the Commission’s EDGAR system requesting compliance with its periodic filing requirements. To date, CDBH has failed to cure its delinquencies. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading CFR 200.30–3(a)(12). short form of the issuer’s name is also its ticker symbol. 1 The VerDate Sep<11>2014 16:43 Dec 31, 2015 Jkt 238001 By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–33139 Filed 12–30–15; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76777; File No. SR–EDGA– 2015–45] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc. December 28, 2015. [File No. 500–1] 37 17 in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the abovelisted company is suspended for the period from 9:30 a.m. EST on December 30, 2015, through 11:59 p.m. EST on January 13, 2016. 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 December 15, 2015, EDGA Exchange, Inc. (the ‘‘Exchange’’ or ‘‘EDGA’’) 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 the fee schedule applicable to Members 5 and non-members of 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 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. 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 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 129 Exchange pursuant to EDGA Rules 15.1(a) and (c) (‘‘Fee Schedule’’) to adopt fees for the recently adopted ALLB routing strategy. 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 The Exchange proposes to adopt fees for the ALLB routing strategy. In sum, ALLB is a routing option under which the order checks the System 6 for available shares and is then sent to the BATS Exchange, Inc. (‘‘BZX’’), BATS YExchange, Inc. (‘‘BYX’’), and the EDGX Exchange, Inc. (‘‘EDGX’’ collectively with the Exchange, BZX, and BYX, the ‘‘BGM Affiliated Exchanges’’).7 Specifically, an order subject to the ALLB routing option would execute first against liquidity on the EDGA Book.8 Any remainder would then be routed to BZX, BYX, and/or EDGX in accordance with the System routing table.9 The Exchange now proposes to adopt three new fee codes, AX, AY, and AZ and related fees for the ALLB routing strategy. These fee codes would enable 6 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.’’ See Exchange Rule 1.5(cc). 7 See Exchange Rule 11.11(g)(7). See also Securities Exchange Act Release No. 76455 (November 17, 2015), 80 FR 73009 (November 23, 2015) (SR–EDGA–2015–42). 8 The term ‘‘EDGA Book’’ is defined as ‘‘the System’s electronic file of orders.’’ See Exchange Rule 1.5(d). 9 The term ‘‘System routing table’’ refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them. See Exchange Rule 11.11(g). E:\FR\FM\04JAN1.SGM 04JAN1 130 Federal Register / Vol. 81, No. 1 / Monday, January 4, 2016 / Notices the Exchange to pass through the rate that BATS Trading, Inc. (‘‘BATS Trading’’), the Exchange’s affiliated routing broker-dealer, would be charged for routing orders to BZX, BYX, and EDGA.10 Each of the proposed fee codes are described as follows: • Fee Code AX. Order routed to EDGX using the ALLB routing strategy would yield fee code AY and be charged a fee of $0.00290 per share in securities priced at or above $1.00. Orders yielding fee code AX in securities priced below $1.00 would be charged a fee of 0.30% of the transaction’s dollar value. • Fee Code AY. Order routed to BYX using the ALLB routing strategy would yield fee code AY and receive a rebate of $0.00150 per share in securities priced at or above $1.00. Orders yielding fee code AY in securities priced below $1.00 would be charged a fee of 0.10% of the transaction’s dollar value. • Fee Code AZ. Order routed to BZX using the ALLB routing strategy would yield fee code AZ and be charged a fee of $0.00300 per share in securities priced at or above $1.00. Orders yielding fee code AZ in securities priced below $1.00 would be charged a fee of 0.30% of the transaction’s dollar value. BATS Trading will pass through the above rates to the Exchange and the Exchange, in turn, will pass through that exact rate to its Members. The proposed rates would enable the Exchange to equitably allocate its costs among all Members utilizing the ALLB routing strategy. Implementation Date The Exchange proposes to implement this amendment to its Fee Schedule on January 4, 2016, but the proposed fee codes and their associated rates will not be available until January 7, 2016, the date upon which it announced to Members that it would implement the ALLB routing strategy.11 tkelley on DSK3SPTVN1PROD with NOTICES 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,12 in general, and furthers the objectives of 10 Orders using the ALLB routing option that execute on the Exchange would be subject to the Exchange’s standard fees and rebates, unless the Member achieves a volume tiered reduced fee or enhanced rebate. 11 See BATS Announces ALLB Routing Option, available at http://cdn.batstrading.com/resources/ release_notes/2015/BATS-ALL-BATS-RoutingStrategy-Release-Schedule-Updated.pdf. The Exchange notes that the Fee Schedule’s date was amended to January 4, 2016 in file no. SR–EDGA– 2015–46 (December 8, 2015). 12 15 U.S.C. 78f. VerDate Sep<11>2014 16:43 Dec 31, 2015 Jkt 238001 Section 6(b)(4),13 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 proposed rates represent an equitable allocation of reasonable dues, fees, and other charges among Members and other persons using its facilities because the Exchange does not levy additional fees or offer additional rebates for orders that it routes to BZX, BYX, and EDGX through BATS Trading. The Exchange believes that its proposed pass through rate for orders that yield fee codes AX, AY or AZ is equitable and reasonable because it accounts for the rate that BATS Trading would be subject to for orders it routes and are executed on EDGX, BYX, and BZX. In addition, the proposal allows the Exchange to pass-through to its Members the rate for orders that are routed to EDGX, BYX, and BZX using the ALLB routing strategy. Furthermore, the Exchange notes that routing through BATS Trading is voluntary. Lastly, the Exchange also believes that the proposed amendment is nondiscriminatory because it applies uniformly to all Members. B. Self-Regulatory Organization’s Statement on Burden on Competition This proposed rule change does 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 this change represents 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 pass through the rates that BATS Trading would be subject to for orders routing to EDGX, BYX, and BZX using the ALLB routing strategy to Members would increase intermarket competition because it offers customers an alternative means to route orders to those venues. In addition, the proposed pricing would not provide any advantage to Users when routing to EDGX, BYX or BYX as compared to other methods of routing or connectivity available to Users by the Exchange because the proposed rates are identical to what the Member would be subject to if it routed to those venues directly. 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 14 and paragraph (f) of Rule 19b–4 thereunder.15 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule–comments@ sec.gov. Please include File No. SR– EDGA–2015–45 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File No. SR–EDGA–2015–45. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the 14 15 13 15 PO 00000 U.S.C. 78f(b)(4). Frm 00070 Fmt 4703 15 17 Sfmt 4703 E:\FR\FM\04JAN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 04JAN1 Federal Register / Vol. 81, No. 1 / Monday, January 4, 2016 / Notices submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–EDGA– 2015–45 and should be submitted on or before January 25, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Jill M. Peterson, Assistant Secretary. BILLING CODE 8011–01–P [Release No. 34–76779; File No. SR– NASDAQ–2015–157] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Professional Subscriber Fee for NonDisplay Usage via Direct Access tkelley on DSK3SPTVN1PROD with NOTICES December 28, 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 December 18, 2015, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by NASDAQ. The Commission is publishing this notice to CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 16:43 Dec 31, 2015 Jkt 238001 NASDAQ proposes to modify the fee structure applicable to Professional Subscribers (‘‘Subscribers’’) for NonDisplay Usage via Direct Access. While the changes proposed herein are effective upon filing, the Exchange has designated that the amendments be operative on January 1, 2016. The text of the proposed rule change is below. Proposed new language is italicized; proposed deletions are bracketed. NASDAQ Stock Market Rules Equity Rules * * * * * 7023. NASDAQ Depth-of-Book Data (a) No change. (b) Subscriber Fees. (1)–(3) No change. (4) Professional Subscribers pay a monthly fee for Non-Display Usage based upon Direct Access to NASDAQ Level 2, NASDAQ TotalView, or NASDAQ OpenView: 1–[10]39 ......... [11–29] ........... [30–49] ........... [5]40–99 ......... 100–249 ......... 250+ ............... SECURITIES AND EXCHANGE COMMISSION 1 15 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Subscribers [FR Doc. 2015–32987 Filed 12–31–15; 8:45 am] 16 17 solicit comments on the proposed rule change from interested persons. Monthly fee $3[00]75 per Subscriber [$3,300.00] [$9,000.00] $15,000.00 per firm $30,000.00 per firm $75,000.00 per firm The Professional Subscriber fee for Non-Display Usage via Direct Access[ed] applies to any Subscriber that accesses any data elements included in any Depth-of-Book data feed. (c)–(f) No change. * * * * * II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NASDAQ 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. NASDAQ has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 131 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to modify and simplify the fee structure applicable to Professional Subscribers for Non-Display Usage via Direct Access. Specifically, the Exchange proposes to remove the 11–29 Subscriber and 30–49 Subscriber pricing tiers and replace the 1–10 Subscriber tier priced at $300 per Subscriber with a 1–39 Subscriber tier priced at $375 per Subscriber. The 50–99 Subscriber tier priced at $15,000 per firm is subsequently being adjusted to apply between [sic] 40–99 Subscribers. Minor clarificatory and typographical changes are also being included in the proposed rule change. This proposed rule change will not affect the pricing of the NASDAQ Level 2, NASDAQ TotalView or NASDAQ OpenView NonProfessional Subscriber fees. This represents the first price revision since the 2012 introduction of the current tiered Non-Display fee model. Notwithstanding this, NASDAQ has invested in its systems, networks and operational controls to ensure that its depth offering meet [sic] the same high level of performance and resiliency that customers have come to expect. The Exchange has also upgraded and refreshed its disaster recovery capabilities, adding to the increased focus on redundancy and resiliency. NASDAQ has also invested in, and continues to make enhancements to, the Net Order Imbalance Indicator (‘‘NOII’’). The NOII is a vital imbalance data tool, and is included as a part of Nasdaq TotalView. It is designed to specifically increase the value of auction information, and provide a greater level of transparency around these events. One enhancement result is that shares indicated in the imbalance will now represent the excess shares to buy or sell at the reference price, inclusive of hidden, reserve and immediate or cancel (‘‘IOC’’) orders. The new fee structure also represents a realization of the actual usage by Subscribers, as the tiers being removed were experiencing limited use. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,3 in general, and with Sections 6(b)(4) and 3 15 E:\FR\FM\04JAN1.SGM U.S.C. 78f. 04JAN1

Agencies

[Federal Register Volume 81, Number 1 (Monday, January 4, 2016)]
[Notices]
[Pages 129-131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32987]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76777; File No. SR-EDGA-2015-45]


Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Fees for Use of EDGA Exchange, Inc.

December 28, 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 December 15, 2015, EDGA Exchange, Inc. (the ``Exchange'' or 
``EDGA'') 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 the fee schedule applicable 
to Members \5\ and non-members of the Exchange pursuant to EDGA Rules 
15.1(a) and (c) (``Fee Schedule'') to adopt fees for the recently 
adopted ALLB routing strategy.
---------------------------------------------------------------------------

    \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. 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.

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 adopt fees for the ALLB routing strategy. 
In sum, ALLB is a routing option under which the order checks the 
System \6\ for available shares and is then sent to the BATS Exchange, 
Inc. (``BZX''), BATS Y-Exchange, Inc. (``BYX''), and the EDGX Exchange, 
Inc. (``EDGX'' collectively with the Exchange, BZX, and BYX, the ``BGM 
Affiliated Exchanges'').\7\ Specifically, an order subject to the ALLB 
routing option would execute first against liquidity on the EDGA 
Book.\8\ Any remainder would then be routed to BZX, BYX, and/or EDGX in 
accordance with the System routing table.\9\
---------------------------------------------------------------------------

    \6\ 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.'' See Exchange Rule 
1.5(cc).
    \7\ See Exchange Rule 11.11(g)(7). See also Securities Exchange 
Act Release No. 76455 (November 17, 2015), 80 FR 73009 (November 23, 
2015) (SR-EDGA-2015-42).
    \8\ The term ``EDGA Book'' is defined as ``the System's 
electronic file of orders.'' See Exchange Rule 1.5(d).
    \9\ The term ``System routing table'' refers to the proprietary 
process for determining the specific trading venues to which the 
System routes orders and the order in which it routes them. See 
Exchange Rule 11.11(g).
---------------------------------------------------------------------------

    The Exchange now proposes to adopt three new fee codes, AX, AY, and 
AZ and related fees for the ALLB routing strategy. These fee codes 
would enable

[[Page 130]]

the Exchange to pass through the rate that BATS Trading, Inc. (``BATS 
Trading''), the Exchange's affiliated routing broker-dealer, would be 
charged for routing orders to BZX, BYX, and EDGA.\10\ Each of the 
proposed fee codes are described as follows:
---------------------------------------------------------------------------

    \10\ Orders using the ALLB routing option that execute on the 
Exchange would be subject to the Exchange's standard fees and 
rebates, unless the Member achieves a volume tiered reduced fee or 
enhanced rebate.
---------------------------------------------------------------------------

     Fee Code AX. Order routed to EDGX using the ALLB routing 
strategy would yield fee code AY and be charged a fee of $0.00290 per 
share in securities priced at or above $1.00. Orders yielding fee code 
AX in securities priced below $1.00 would be charged a fee of 0.30% of 
the transaction's dollar value.
     Fee Code AY. Order routed to BYX using the ALLB routing 
strategy would yield fee code AY and receive a rebate of $0.00150 per 
share in securities priced at or above $1.00. Orders yielding fee code 
AY in securities priced below $1.00 would be charged a fee of 0.10% of 
the transaction's dollar value.
     Fee Code AZ. Order routed to BZX using the ALLB routing 
strategy would yield fee code AZ and be charged a fee of $0.00300 per 
share in securities priced at or above $1.00. Orders yielding fee code 
AZ in securities priced below $1.00 would be charged a fee of 0.30% of 
the transaction's dollar value.
    BATS Trading will pass through the above rates to the Exchange and 
the Exchange, in turn, will pass through that exact rate to its 
Members. The proposed rates would enable the Exchange to equitably 
allocate its costs among all Members utilizing the ALLB routing 
strategy.
Implementation Date
    The Exchange proposes to implement this amendment to its Fee 
Schedule on January 4, 2016, but the proposed fee codes and their 
associated rates will not be available until January 7, 2016, the date 
upon which it announced to Members that it would implement the ALLB 
routing strategy.\11\
---------------------------------------------------------------------------

    \11\ See BATS Announces ALLB Routing Option, available at http://cdn.batstrading.com/resources/release_notes/2015/BATS-ALL-BATS-Routing-Strategy-Release-Schedule-Updated.pdf. The Exchange notes 
that the Fee Schedule's date was amended to January 4, 2016 in file 
no. SR-EDGA-2015-46 (December 8, 2015).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\12\ in general, and 
furthers the objectives of Section 6(b)(4),\13\ 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 proposed rates represent an 
equitable allocation of reasonable dues, fees, and other charges among 
Members and other persons using its facilities because the Exchange 
does not levy additional fees or offer additional rebates for orders 
that it routes to BZX, BYX, and EDGX through BATS Trading. The Exchange 
believes that its proposed pass through rate for orders that yield fee 
codes AX, AY or AZ is equitable and reasonable because it accounts for 
the rate that BATS Trading would be subject to for orders it routes and 
are executed on EDGX, BYX, and BZX. In addition, the proposal allows 
the Exchange to pass-through to its Members the rate for orders that 
are routed to EDGX, BYX, and BZX using the ALLB routing strategy. 
Furthermore, the Exchange notes that routing through BATS Trading is 
voluntary. Lastly, the Exchange also believes that the proposed 
amendment is non-discriminatory because it applies uniformly to all 
Members.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    This proposed rule change does 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 this change represents 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 pass 
through the rates that BATS Trading would be subject to for orders 
routing to EDGX, BYX, and BZX using the ALLB routing strategy to 
Members would increase intermarket competition because it offers 
customers an alternative means to route orders to those venues. In 
addition, the proposed pricing would not provide any advantage to Users 
when routing to EDGX, BYX or BYX as compared to other methods of 
routing or connectivity available to Users by the Exchange because the 
proposed rates are identical to what the Member would be subject to if 
it routed to those venues directly. 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 \14\ and paragraph (f) of Rule 19b-4 
thereunder.\15\ 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.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File No. SR-EDGA-2015-45 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. SR-EDGA-2015-45. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the

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submission, all subsequent amendments, all written statements with 
respect to the proposed rule change that are filed with the Commission, 
and all written communications relating to the proposed rule change 
between the Commission and any person, other than those that may be 
withheld from the public in accordance with the provisions of 5 U.S.C. 
552, will be available for Web site viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE., Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing will also be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File No. SR-EDGA-2015-45 and should be 
submitted on or before January 25, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-32987 Filed 12-31-15; 8:45 am]
 BILLING CODE 8011-01-P