Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Non-Substantive Changes to the Equity Options Fee Schedule, 88713-88714 [2016-29387]

Download as PDF Federal Register / Vol. 81, No. 236 / Thursday, December 8, 2016 / Notices sradovich on DSK3GMQ082PROD with NOTICES 8. Docket No(s).: MC2017–31 and CP2017–56; Filing Title: Request of the United States Postal Service to Add Priority Mail Contract 264 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data; Filing Acceptance Date: December 2, 2016; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Jennaca D. Upperman; Comments Due: December 13, 2016. 9. Docket No(s).: MC2017–32 and CP2017–57; Filing Title: Request of the United States Postal Service to Add Priority Mail Contract 265 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data; Filing Acceptance Date: December 2, 2016; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Jennaca D. Upperman; Comments Due: December 13, 2016. 10. Docket No(s).: MC2017–33 and CP2017–58; Filing Title: Request of the United States Postal Service to Add Priority Mail Express, Priority Mail & First-Class Package Service Contract 14 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data; Filing Acceptance Date: December 2, 2016; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Lyudmila Y. Bzhilyanskaya; Comments Due: December 14, 2016. 11. Docket No(s).: MC2017–34 and CP2017–59; Filing Title: Request of the United States Postal Service to Add First-Class Package Service Contract 67 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data; Filing Acceptance Date: December 2, 2016; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Lyudmila Y. Bzhilyanskaya; Comments Due: December 14, 2016. This notice will be published in the Federal Register. Stacy L. Ruble, Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79457; File No. SR– BatsBZX–2016–79] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make NonSubstantive Changes to the Equity Options Fee Schedule December 2, 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 November 29, 2016, Bats BZX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) 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 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 make certain non-substantive and clarifying changes to the fee schedule applicable to Members 5 and nonmembers of the Exchange pursuant to Exchange Rules 15.1(a) and (c). 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 [FR Doc. 2016–29425 Filed 12–7–16; 8:45 am] 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). BILLING CODE 7710–FW–P VerDate Sep<11>2014 17:28 Dec 07, 2016 2 17 Jkt 241001 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 88713 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 modify its fee schedule applicable to the Exchange’s equity options platform (‘‘BZX Options’’) to make certain clarifying and non-substantive changes to its fee schedule in order to improve formatting, eliminate certain redundancies, increase overall readability, and provide users with straightforward descriptions to augment overall comprehensibility and usability of the existing fee schedule. The Exchange notes that these changes are purely clerical and do not substantively amend any fee or rebate, nor do they alter the manner in which the Exchange assesses fees or calculates rebates. The proposed changes are simply intended to provide greater transparency to market participants regarding how the Exchange assesses fees and calculates rebates. Specifically, the Exchange proposes to: • Alphabetize defined terms under the ‘‘Definitions’’ section; 6 • amend criteria for Tier 3 under footnote 5 to add a zero after 2.5% to ensure that it is represented to the hundredths decimal point, like all other percentages included in the fee schedule; • ensure each tier requiring multiple criteria is conjoined using ‘‘; and’’ to clarify that all of a tier’s criteria must be satisfied to receive the applicable rate; • amend the title of the column setting forth each tier’s rate to simply state ‘‘Fee Per Contract to Remove’’, ‘‘Fee Per Contract to Add’’ or ‘‘Rebate Per Contract to Add’’ as applicable. Renaming these column is intended to clearly indicate whether the footnote provides a fee and/or a rebate, and whether that enhanced pricing applies to orders which add or remove liquidity. In renaming these columns, the Exchange also proposes to remove certain other descriptive language as such language is redundant and set forth in the tier’s title and list of its applicable fee codes; 6 The Exchange does not proposes to alphabetize the definitions under the Market Data section of its fee schedule as those terms are generally grouped with similar terms. E:\FR\FM\08DEN1.SGM 08DEN1 88714 Federal Register / Vol. 81, No. 236 / Thursday, December 8, 2016 / Notices sradovich on DSK3GMQ082PROD with NOTICES • amend the name under first column of the tiers listed under footnotes 1, 3, 4, 5, 12, and 13 to simply state ‘‘Tier 1’’, Tier 2’’ etc. as the deleted language is redundant with the respective tier’s title or with the description of the tier’s criteria; • replace the phrase ‘‘equal to or greater than’’ and ‘‘greater than or equal to’’ with ‘‘≥’’ in all required criteria cells under footnotes 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, and 13; and • amend the NBBO Setter Tier under footnote 4 to specify at the top of the footnote that the additional rebates provided by the tier are only applicable to orders that establish a new National Best Bid or Offer (‘‘NBBO’’) and to delete such language from each tier’s criteria. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.7 Specifically, the Exchange believes that the proposed rule change is consistent with Sections 6(b)(4) of the Act,8 in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. The Exchange believes that the proposed changes are reasonable and equitable because they are intended to simplify the Exchange’s fee schedule and provide greater transparency to market participants regarding how the Exchange assesses fees and calculates rebates. The Exchange notes that these changes are purely clerical and do not substantively amend any fee or rebate, nor do they alter the manner in which the Exchange assesses fees or calculates rebates. The Exchange also believes that the proposal is non-discriminatory because it applies uniformly to all Members. Finally, the Exchange believes that the proposed changes will make the fee schedule clearer and eliminate potential investor confusion, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. To the contrary, the Exchange believes that the proposed rule change will not impose any burden on competition as the changes are purely clerical and do not amend any fee or rebate. 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 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– BatsBZX–2016–79 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 Number SR–BatsBZX–2016–79. 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– BatsBZX–2016–79, and should be submitted on or before December 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016–29387 Filed 12–7–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79458; File No. SR–NYSE– 2016–69] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Chapter Nine of the NYSE Listed Company Manual December 2, 2016. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on November 23, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 7 15 8 15 U.S.C. 78f. U.S.C. 78f(b)(4). VerDate Sep<11>2014 17:28 Dec 07, 2016 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 10 17 Jkt 241001 PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 E:\FR\FM\08DEN1.SGM 08DEN1

Agencies

[Federal Register Volume 81, Number 236 (Thursday, December 8, 2016)]
[Notices]
[Pages 88713-88714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-29387]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79457; File No. SR-BatsBZX-2016-79]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Make 
Non-Substantive Changes to the Equity Options Fee Schedule

December 2, 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 November 29, 2016, Bats BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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 
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 make certain non-substantive and 
clarifying changes to the fee schedule applicable to Members \5\ and 
non-members of the Exchange pursuant to Exchange Rules 15.1(a) and (c).
---------------------------------------------------------------------------

    \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
    The Exchange proposes to modify its fee schedule applicable to the 
Exchange's equity options platform (``BZX Options'') to make certain 
clarifying and non-substantive changes to its fee schedule in order to 
improve formatting, eliminate certain redundancies, increase overall 
readability, and provide users with straightforward descriptions to 
augment overall comprehensibility and usability of the existing fee 
schedule. The Exchange notes that these changes are purely clerical and 
do not substantively amend any fee or rebate, nor do they alter the 
manner in which the Exchange assesses fees or calculates rebates. The 
proposed changes are simply intended to provide greater transparency to 
market participants regarding how the Exchange assesses fees and 
calculates rebates. Specifically, the Exchange proposes to:
     Alphabetize defined terms under the ``Definitions'' 
section; \6\
---------------------------------------------------------------------------

    \6\ The Exchange does not proposes to alphabetize the 
definitions under the Market Data section of its fee schedule as 
those terms are generally grouped with similar terms.
---------------------------------------------------------------------------

     amend criteria for Tier 3 under footnote 5 to add a zero 
after 2.5% to ensure that it is represented to the hundredths decimal 
point, like all other percentages included in the fee schedule;
     ensure each tier requiring multiple criteria is conjoined 
using ``; and'' to clarify that all of a tier's criteria must be 
satisfied to receive the applicable rate;
     amend the title of the column setting forth each tier's 
rate to simply state ``Fee Per Contract to Remove'', ``Fee Per Contract 
to Add'' or ``Rebate Per Contract to Add'' as applicable. Renaming 
these column is intended to clearly indicate whether the footnote 
provides a fee and/or a rebate, and whether that enhanced pricing 
applies to orders which add or remove liquidity. In renaming these 
columns, the Exchange also proposes to remove certain other descriptive 
language as such language is redundant and set forth in the tier's 
title and list of its applicable fee codes;

[[Page 88714]]

     amend the name under first column of the tiers listed 
under footnotes 1, 3, 4, 5, 12, and 13 to simply state ``Tier 1'', Tier 
2'' etc. as the deleted language is redundant with the respective 
tier's title or with the description of the tier's criteria;
     replace the phrase ``equal to or greater than'' and 
``greater than or equal to'' with ``>='' in all required criteria cells 
under footnotes 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, and 13; and
     amend the NBBO Setter Tier under footnote 4 to specify at 
the top of the footnote that the additional rebates provided by the 
tier are only applicable to orders that establish a new National Best 
Bid or Offer (``NBBO'') and to delete such language from each tier's 
criteria.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder that are applicable to a national securities exchange, and, 
in particular, with the requirements of Section 6 of the Act.\7\ 
Specifically, the Exchange believes that the proposed rule change is 
consistent with Sections 6(b)(4) of the Act,\8\ in that it provides for 
the equitable allocation of reasonable dues, fees and other charges 
among members and other persons using any facility or system which the 
Exchange operates or controls. The Exchange believes that the proposed 
changes are reasonable and equitable because they are intended to 
simplify the Exchange's fee schedule and provide greater transparency 
to market participants regarding how the Exchange assesses fees and 
calculates rebates. The Exchange notes that these changes are purely 
clerical and do not substantively amend any fee or rebate, nor do they 
alter the manner in which the Exchange assesses fees or calculates 
rebates. The Exchange also believes that the proposal is non-
discriminatory because it applies uniformly to all Members. Finally, 
the Exchange believes that the proposed changes will make the fee 
schedule clearer and eliminate potential investor confusion, thereby 
removing impediments to and perfecting the mechanism of a free and open 
market and a national market system, and, in general, protecting 
investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. To 
the contrary, the Exchange believes that the proposed rule change will 
not impose any burden on competition as the changes are purely clerical 
and do not amend any fee or rebate.

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 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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-BatsBZX-2016-79 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 Number SR-BatsBZX-2016-79. 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-BatsBZX-2016-79, and should 
be submitted on or before December 29, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-29387 Filed 12-7-16; 8:45 am]
BILLING CODE 8011-01-P
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