Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Bats BYX Exchange, Inc., 37156-37158 [2017-16634]
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37156
Federal Register / Vol. 82, No. 151 / Tuesday, August 8, 2017 / Notices
including whether the proposal is
consistent with the Act. Comments may
be submitted by any of the following
methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a closed meeting
on Thursday, August 10, 2017 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matters
at the closed meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed; please
contact Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
• 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–
BatsEDGA–2017–19 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.
asabaliauskas on DSKBBXCHB2PROD with NOTICES
All submissions should refer to File
Number SR–BatsEDGA–2017–19. 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 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 Number SR–
BatsEDGA–2017–19 and should be
submitted on or before August 29, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16637 Filed 8–7–17; 8:45 am]
21:16 Aug 07, 2017
[FR Doc. 2017–16745 Filed 8–4–17; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81288; File No. SR–
BatsBYX–2017–16]
Self-Regulatory Organizations; Bats
BYX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Related to Fees
for Use on Bats BYX Exchange, Inc.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
Dated: August 3, 2017.
Brent J. Fields,
Secretary.
August 2, 2017.
BILLING CODE 8011–01–P
11 17
Sunshine Act Meeting
Jkt 241001
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Frm 00117
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‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 24,
2017, Bats BYX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) 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
Exchange pursuant to BYX Rules 15.1(a)
and (c).
The text of the proposed rule change
is available at the Exchange’s Web site
at www.bats.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 amend its
fee schedule applicable to its equities
trading platform (‘‘BYX Equities’’) to re1 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 that has been admitted
to membership in the Exchange.’’ See Exchange
Rule 1.5(n).
2 17
E:\FR\FM\08AUN1.SGM
08AUN1
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 151 / Tuesday, August 8, 2017 / Notices
name NYSE MKT as NYSE American
throughout the fee schedule.
The Exchange also proposes to modify
fees for orders routed to NYSE
American in connection with changes
made by NYSE American to its fee
structure. As of July 24, 2017, NYSE
American transitioned to a fully
automated cash equities market. In
connection with this transition, NYSE
American updated its fee structure in a
variety of ways, including to charge a
fee to add non-displayed liquidity and
to provide no rebate (nor charge any fee)
to add displayed liquidity.6
The Exchange proposes to modify the
fee structure for orders that are routed
to and add liquidity at NYSE American,
which yielded fee code 8 for displayed
liquidity and fee code NA for nondisplayed liquidity. Orders yielding fee
code 8 previously received a rebate of
$0.00150 per share and orders yielding
fee code NA were not provided a rebate
or charged any fee.
The Exchange proposes to continue to
apply fee code 8 to orders that add
displayed liquidity at NYSE American
but to change the rate from a rebate to
a fee, charging orders that yield fee code
8 a fee of $0.00020 per share.
The Exchange also proposes to
remove NYSE American (previously
NYSE MKT) from the list of venues
where an order that adds non-displayed
liquidity yields fee code NA. The
Exchange does not propose to modify
the rate applied to orders yielding fee
code NA, but, as a result of this change,
orders adding non-displayed liquidity at
NYSE American will yield fee code NB
instead, which is applied to all routed
executions at an exchange not covered
by Fee Code NA that adds nondisplayed liquidity. Similarly, the
Exchange does not propose to modify
the rate applied to orders yielding fee
code NB, which is currently a fee of
$0.00300 per share.
The Exchange notes that the changes
proposed above will not impact the
current fee structure for orders that add
displayed liquidity at NYSE American
in securities priced below $1.00, which,
pursuant to footnote 10, are provided
without charge and without rebate.
However, the proposed change to
remove NYSE American from fee code
NA will impact pricing for nondisplayed orders routed to NYSE
American that add liquidity.
Specifically, consistent with other
orders yielding fee code NB, pursuant to
footnote 14, orders in securities priced
6 See SR–NYSEMKT–2017–43 (filed July 19,
2017), available at: https://www.nyse.com/
regulation/rule-filings?market=NYSE.
VerDate Sep<11>2014
21:16 Aug 07, 2017
Jkt 241001
37157
below $1.00 will be charged 0.30% of
the total dollar value of an execution.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
Implementation Date
The Exchange proposes to implement
the above changes to its fee schedule
immediately.
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that any of
the proposed changes to the Exchange’s
routing pricing burden competition, as
they are based on the pricing on other
venues. The Exchange notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee structures to be
unreasonable or excessive. The
Exchange does not believe the proposed
amendments would burden intramarket
competition as they would be available
to all Members uniformly.
2. Statutory Basis
The Exchange believes that the
proposed rule changes are 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. At the outset, the Exchange
notes that its proposal to refer to NYSE
American is consistent with the Act as
it will avoid confusion with the
Exchange’s fee schedule by reflecting
NYSE MKT’s new name. The Exchange
also notes that it operates in a highlycompetitive market in which market
participants can readily direct order
flow to competing venues if they deem
fee levels at a particular venue to be
excessive or incentives to be
insufficient. The proposed rule changes
are designed to react to pricing changes
at NYSE American, to avoid subsidizing
routing to such venue. Furthermore, the
Exchange notes that routing through the
Exchange’s affiliate, Bats Trading, Inc. is
voluntary.
The changes to fee code 8 and to
remove NYSE American (NYSE MKT)
from fee code NA are primarily
designed to react to pricing changes at
NYSE American, effective July 24, 2017.
These changes are necessary to avoid
providing routing services with pricing
that effectively subsidizes routing to
NYSE American. The Exchange’s prior
pricing model for orders routed to NYSE
American was based on a fee structure
that provided rebates for orders that
added liquidity. The Exchange believes
it is reasonable and fair and equitable to
charge fees for orders routed to NYSE
American that no longer receive a rebate
but instead are either assessed a fee by
NYSE American or are provided free of
charge. The Exchange also believes the
proposed rates are reasonable and not
unfairly discriminatory in that they are
consistent with other rates already
charged by the Exchange. Finally, the
Exchange believes the proposed changes
are not unfairly discriminatory in that
they are equally applicable to all
Members that use the Exchange’s
routing services to add liquidity at
NYSE American.
7 15
8 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00118
Fmt 4703
(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 proposal 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–
BatsBYX–2017–16 on the subject line.
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
10 17
Sfmt 4703
E:\FR\FM\08AUN1.SGM
08AUN1
37158
Federal Register / Vol. 82, No. 151 / Tuesday, August 8, 2017 / Notices
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–BatsBYX–2017–16. 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 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 Number SR–
BatsBYX–2017–16 and should be
submitted on or before August 29, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16634 Filed 8–7–17; 8:45 am]
asabaliauskas on DSKBBXCHB2PROD with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81294; File No. SR–
NYSEArca–2017–40]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proposed Rule Change in
Connection With the Proposed Merger
of Its Wholly Owned Subsidiary NYSE
Arca Equities, Inc. With and Into the
Exchange
August 2, 2017.
On June 2, 2017, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change, in connection with the
proposed merger (‘‘Merger’’) of its
wholly owned subsidiary NYSE Arca
Equities, Inc. (‘‘NYSE Arca Equities’’)
with and into the Exchange, to amend
(1) Article III, Sections 3.01, 3.02 and
4.02 of the Amended and Restated
NYSE Arca Bylaws; (2) certain Rules of
the Exchange to facilitate the Merger
and create a single rulebook covering
options and equities; (3) the NYSE Arca
Options Fee Schedule; and (4) the
Schedule of Fees and Charges for
Exchange Services. In addition, the
Exchange proposed to remove the NYSE
Arca Equities organizational documents,
rules of NYSE Arca Equities, and NYSE
Arca Equities Schedule of Fees and
Charges for Exchange Services from the
Exchange’s rules and adopt a new fee
schedule for the Exchange’s equity
market. The proposed rule change was
published for comment in the Federal
Register on June 20, 2017.3 The
Commission received no comments on
the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 80929
(June 14, 2017), 82 FR 28157 (June 20, 2017).
4 15 U.S.C. 78s(b)(2).
2 17
11 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
21:16 Aug 07, 2017
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Fmt 4703
Sfmt 4703
publication of the notice for this
proposed rule change is August 4, 2017.
The Commission is extending this 45day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates
September 18, 2017 as the date by
which the Commission shall either
approve or disapprove or institute
proceedings to determine whether to
disapprove the proposed rule change
(File Number SR–NYSEArca–2017–40).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16640 Filed 8–7–17; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public
Comments
60-Day notice and request for
comments.
ACTION:
The Small Business
Administration (SBA) intends to request
approval, from the Office of
Management and Budget (OMB) for the
collection of information described
below. The Paperwork Reduction Act
(PRA) of 1995 requires Federal agencies
to publish a notice in the Federal
Register concerning each proposed
collection of information before
submission to OMB, and to allow 60
days for public comment in response to
the notice. This notice complies with
that requirement.
DATES: Submit comments on or before
October 10, 2017.
ADDRESSES: Send all comments to Mary
Frias, Loan Specialist, Office of
Financial Assistance, Small Business
Administration, 409 3rd Street, 8th
Floor, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Mary Frias, Loan Specialist, 202–401–
8234, mary.frias@sba.gov, or Curtis B.
Rich, Management Analyst, 202–205–
7030, curtis.rich@sba.gov.
SUPPLEMENTARY INFORMATION: For SBA
Financial assistance programs,
information regarding the assets and
liabilities of certain owners, officers and
SUMMARY:
5 Id.
6 17
E:\FR\FM\08AUN1.SGM
CFR 200.30–3(a)(31).
08AUN1
Agencies
[Federal Register Volume 82, Number 151 (Tuesday, August 8, 2017)]
[Notices]
[Pages 37156-37158]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16634]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81288; File No. SR-BatsBYX-2017-16]
Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use on Bats BYX Exchange, Inc.
August 2, 2017.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 24, 2017, Bats BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') 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 BYX Rules
15.1(a) and (c).
---------------------------------------------------------------------------
\5\ The term ``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.bats.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 amend its fee schedule applicable to its
equities trading platform (``BYX Equities'') to re-
[[Page 37157]]
name NYSE MKT as NYSE American throughout the fee schedule.
The Exchange also proposes to modify fees for orders routed to NYSE
American in connection with changes made by NYSE American to its fee
structure. As of July 24, 2017, NYSE American transitioned to a fully
automated cash equities market. In connection with this transition,
NYSE American updated its fee structure in a variety of ways, including
to charge a fee to add non-displayed liquidity and to provide no rebate
(nor charge any fee) to add displayed liquidity.\6\
---------------------------------------------------------------------------
\6\ See SR-NYSEMKT-2017-43 (filed July 19, 2017), available at:
https://www.nyse.com/regulation/rule-filings?market=NYSE.
---------------------------------------------------------------------------
The Exchange proposes to modify the fee structure for orders that
are routed to and add liquidity at NYSE American, which yielded fee
code 8 for displayed liquidity and fee code NA for non-displayed
liquidity. Orders yielding fee code 8 previously received a rebate of
$0.00150 per share and orders yielding fee code NA were not provided a
rebate or charged any fee.
The Exchange proposes to continue to apply fee code 8 to orders
that add displayed liquidity at NYSE American but to change the rate
from a rebate to a fee, charging orders that yield fee code 8 a fee of
$0.00020 per share.
The Exchange also proposes to remove NYSE American (previously NYSE
MKT) from the list of venues where an order that adds non-displayed
liquidity yields fee code NA. The Exchange does not propose to modify
the rate applied to orders yielding fee code NA, but, as a result of
this change, orders adding non-displayed liquidity at NYSE American
will yield fee code NB instead, which is applied to all routed
executions at an exchange not covered by Fee Code NA that adds non-
displayed liquidity. Similarly, the Exchange does not propose to modify
the rate applied to orders yielding fee code NB, which is currently a
fee of $0.00300 per share.
The Exchange notes that the changes proposed above will not impact
the current fee structure for orders that add displayed liquidity at
NYSE American in securities priced below $1.00, which, pursuant to
footnote 10, are provided without charge and without rebate. However,
the proposed change to remove NYSE American from fee code NA will
impact pricing for non-displayed orders routed to NYSE American that
add liquidity. Specifically, consistent with other orders yielding fee
code NB, pursuant to footnote 14, orders in securities priced below
$1.00 will be charged 0.30% of the total dollar value of an execution.
Implementation Date
The Exchange proposes to implement the above changes to its fee
schedule immediately.
2. Statutory Basis
The Exchange believes that the proposed rule changes are 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. At the outset, the Exchange notes that its proposal to
refer to NYSE American is consistent with the Act as it will avoid
confusion with the Exchange's fee schedule by reflecting NYSE MKT's new
name. The Exchange also notes that it operates in a highly-competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The proposed rule changes
are designed to react to pricing changes at NYSE American, to avoid
subsidizing routing to such venue. Furthermore, the Exchange notes that
routing through the Exchange's affiliate, Bats Trading, Inc. is
voluntary.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The changes to fee code 8 and to remove NYSE American (NYSE MKT)
from fee code NA are primarily designed to react to pricing changes at
NYSE American, effective July 24, 2017. These changes are necessary to
avoid providing routing services with pricing that effectively
subsidizes routing to NYSE American. The Exchange's prior pricing model
for orders routed to NYSE American was based on a fee structure that
provided rebates for orders that added liquidity. The Exchange believes
it is reasonable and fair and equitable to charge fees for orders
routed to NYSE American that no longer receive a rebate but instead are
either assessed a fee by NYSE American or are provided free of charge.
The Exchange also believes the proposed rates are reasonable and not
unfairly discriminatory in that they are consistent with other rates
already charged by the Exchange. Finally, the Exchange believes the
proposed changes are not unfairly discriminatory in that they are
equally applicable to all Members that use the Exchange's routing
services to add liquidity at NYSE American.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that any of the proposed changes to the Exchange's routing pricing
burden competition, as they are based on the pricing on other venues.
The Exchange notes that it operates in a highly competitive market in
which market participants can readily direct order flow to competing
venues if they deem fee structures to be unreasonable or excessive. The
Exchange does not believe the proposed amendments would burden
intramarket competition as they would be available to all Members
uniformly.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \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 proposal 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-BatsBYX-2017-16 on the subject line.
[[Page 37158]]
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-BatsBYX-2017-16. 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 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 Number SR-BatsBYX-2017-16 and should
be submitted on or before August 29, 2017.
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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16634 Filed 8-7-17; 8:45 am]
BILLING CODE 8011-01-P