Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees, 47591-47593 [2017-21995]

Download as PDF Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices IV. Solicitation of Comments applicable to penny and non-penny classes. B. Self-Regulatory Organization’s Statement on Burden on Competition CBOE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because, while different fees are assessed to different market participants in some circumstances, these different market participants have different obligations and different circumstances as discussed above. For example, Market-Makers have quoting obligations that other market participants do not have. The Exchange does not believe that the proposed rule changes will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because RUT is exclusively listed on CBOE and C2. To the extent that the proposed changes make CBOE a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become CBOE market participants. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. asabaliauskas on DSKBBXCHB2PROD with NOTICES 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 6 and paragraph (f) of Rule 19b–4 7 thereunder. 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. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. 6 15 7 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). VerDate Sep<11>2014 22:35 Oct 11, 2017 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 Number SR– CBOE–2017–063 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–CBOE–2017–063. 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 submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CBOE– 2017–063 and should be submitted on or before November 2, 2017.8 8 17 Jkt 244001 PO 00000 CFR 200.30–3(a)(12). Frm 00146 Fmt 4703 Sfmt 4703 47591 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–21997 Filed 10–11–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81825; File No. SR– BatsBYX–2017–25] Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees October 5, 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 September 29, 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. 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 that has been admitted to membership in the Exchange.’’ See Exchange Rule 1.5(n). 2 17 E:\FR\FM\12OCN1.SGM 12OCN1 47592 Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose asabaliauskas on DSKBBXCHB2PROD with NOTICES The Exchange proposes to amend its fee schedule to add a new tier under footnote 1, Add/Remove Volume Tiers. The Exchange currently offers seven tiers under footnote 1 that offer reduced fees for displayed orders that yield fee codes B,6 V 7 and Y,8 and an enhanced rebate for orders that remove liquidity yielding fee codes BB,9 N 10 and W.11 The Exchange proposes to add a new tier under footnote 1, to be known as Tier 6,12 under which a Member would be charged a reduced fee of $0.0017 per share on orders that yield fee codes B, V and Y, where that Member’s Market Participant Identifier (‘‘MPID’’) has an ADAV 13 equal to or greater than 0.10% 6 Fee code B is appended to displayed orders that add liquidity to BYX (Tape B) and is assessed a fee of $0.0018 per share. See the Exchange’s fee schedule available at http://www.bats.com/us/ equities/membership/fee_schedule/byx/. 7 Fee code V is appended to displayed orders that add liquidity to BYX (Tape A) and is assessed a fee of $0.0018 per share. Id. 8 Fee code Y is appended to displayed orders that add liquidity to BYX (Tape C) and is assessed a fee of $0.0018 per share. Id. 9 Fee code BB is appended to orders that remove liquidity from BYX (Tape B) and is assessed a rebate of $0.0010 [sic] per share. Id. 10 Fee code N is appended to orders that remove liquidity from BYX (Tape C) and is assessed a rebate of $0.0010 [sic] per share. Id. 11 Fee code W is appended to orders that remove liquidity from BYX (Tape A) and is assessed a rebate of $0.0010 [sic] per share. See the Exchange’s fee schedule available at http://www.bats.com/us/ equities/membership/fee_schedule/byx/. 12 With the addition of proposed Tier 6 under footnote 1, the Exchange proposes to renumber current Tier 6 as Tier 7 and Tier 7 as Tier 8. 13 ADAV is defined as the average daily volume calculated as the number of shares added per day and ‘‘ADV’’ means average daily volume calculated as the number of shares added or removed, combined, per day. See the Exchange fee schedule available at http://www.bats.com/us/equities/ membership/fee_schedule/byx/. VerDate Sep<11>2014 22:35 Oct 11, 2017 Jkt 244001 of the TCV 14 and a Step-Up ADAV equal to or greater than 0.05% of the TCV from a September 2017 baseline.15 The Exchange proposes to implement the above changes to its fee schedule on October 2, 2017. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,16 in general, and furthers the objectives of Section 6(b)(4),17 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 the proposed tier under footnote 1 is equitable and reasonable because such pricing programs reward a Member’s growth pattern on the Exchange and such increased volume will allow the Exchange to continue to provide and potentially expand the its incentive programs. The Exchange believes that providing the reduced rate to Members under proposed Tiers 6 is reasonable compared to the more stringent requirements under other tiers in footnote 1 that provide a further reduced rate. The Exchange further believes that the proposed tier is reasonable, fair and equitable because the liquidity from the proposed changes would benefit all investors by deepening the Exchange’s liquidity pool, offering additional flexibility for all investors to enjoy cost savings, supporting the quality of price discovery, promoting market transparency and improving investor protection. These pricing programs are also not unfairly discriminatory in that it is available to all Members. In addition, volume-based fees such as that proposed herein have been widely adopted by exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to: (i) The value to an exchange’s market quality; (ii) associated higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns; and (iii) the introduction of higher volumes of orders into the price and volume discovery processes. The 14 TCV is defined as the total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. Id. 15 Step-Up ADAV is defined as the ADAV in the relevant baseline month subtracted from current ADAV. Id. 16 15 U.S.C. 78f. 17 15 U.S.C. 78f(b)(4). PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 Exchange believes that the proposed tier is a reasonable, fair and equitable, and not an unfairly discriminatory allocation of fees and rebates, because it will provide Members with an additional incentive to reach certain thresholds on the Exchange. (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 this change represents a significant departure from previous pricing offered by the Exchange or from pricing offered by the Exchange’s competitors. The proposed rates would apply uniformly to all Members, and 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. Further, excessive fees would serve to impair an exchange’s ability to compete for order flow and members rather than burdening competition. 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 18 and paragraph (f) of Rule 19b–4 thereunder.19 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. 18 15 19 17 E:\FR\FM\12OCN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 12OCN1 Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–21995 Filed 10–11–17; 8:45 am] BILLING CODE 8011–01–P 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 Number SR– BatsBYX–2017–25 on the subject line. Paper Comments asabaliauskas on DSKBBXCHB2PROD with NOTICES Senior Executive Service and Senior Level: Performance Review Board Members U.S. Small Business Administration. AGENCY: All submissions should refer to File Number SR–BatsBYX–2017–25. 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 submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– BatsBYX–2017–25 and should be submitted on or before November 2, 2017. Notice of Members for the FY 2017 Performance Review Board. Title 5 U.S.C. 4314(c) (4) requires each agency to publish notification of the appointment of individuals who may serve as members of that Agency’s Performance Review Board (PRB). The following individuals have been designated to serve on the FY 2017 Performance Review Board for the U.S. Small Business Administration. Members: 1. Joseph Loddo (Chair), Chief Operating Officer, Office of the Chief Operating Officer. 2. Pradeep Belur, Senior Advisor to the Deputy Administrator, Office of the Administrator. 3. Barbara Carson, Associate Administrator, Office of Veterans Business Development. 4. Eugene Cornelius Jr., Deputy Associate Administrator, Office of International Trade. 5. Allen Gutierrez, Associate Administrator, Office of Entrepreneurial Development. 6. Holly Schick, Director, Mentor ´ ´ Protege Program, Office of Government Contracting and Business Development. 7. Robert Steiner, District Director (Illinois District Office), Office of Field Operations. 8. William Manger, Associate Administrator, Office of Capital Access. Linda E. McMahon, Administrator. [FR Doc. 2017–21926 Filed 10–11–17; 8:45 am] BILLING CODE 8025–01–P CFR 200.30–3(a)(12). VerDate Sep<11>2014 22:35 Oct 11, 2017 Jkt 244001 PO 00000 Frm 00148 Fmt 4703 Sfmt 4703 DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Intent To Release Certain Properties From All Terms, Conditions, Reservations and Restrictions of a Quitclaim Deed Agreement Between Sarasota Manatee Airport Authority and the Federal Aviation Administration for the SarasotaBradenton International Airport, Sarasota, FL Federal Aviation Administration (FAA), DOT. ACTION: Request for public comment. AGENCY: The FAA hereby provides notice of intent to release certain airport properties 6.49 acres at the SarasotaBradenton International Airport, Sarasota, FL from the conditions, reservations, and restrictions as contained in a Quitclaim Deed agreement between the FAA and the Sarasota Manatee Airport Authority, dated December 16, 1947. The release of property will allow Sarasota Manatee Airport Authority to dispose of the property for other than aeronautical purposes. The property is located 1361 West University Parkway in Manatee County. The parcel is currently designated as commercial/industrial land. The property will be released of its federal obligations for commercial development. The fair market value of this parcel has been determined to be $1,265,000. Documents reflecting the Sponsor’s request are available, by appointment only, for inspection at the SarasotaBradenton International Airport and the FAA Airports District Office. DATES: Comments are due on or before November 13, 2017. ADDRESSES: Documents are available for review at Sarasota-Bradenton International Airport, and the FAA Airports District Office, 5950 Hazeltine National Drive, Suite 400, Orlando, FL 32822. Written comments on the Sponsor’s request must be delivered or mailed to: Pedro Blanco, Community Planner, Orlando Airports District Office, 5950 Hazeltine National Drive, Suite 400, Orlando, FL 32822–5024. FOR FURTHER INFORMATION CONTACT: Pedro Blanco, Community Planner, Orlando Airports District Office, 5950 Hazeltine National Drive, Suite 400, Orlando, FL 32822–5024. SUPPLEMENTARY INFORMATION: Section 125 of The Wendell H. Ford Aviation Investment and Reform Act for the 21st Century (AIR–21) requires the FAA to provide an opportunity for public notice and comment prior to the ‘‘waiver’’ or SUMMARY: ACTION: • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. 20 17 SMALL BUSINESS ADMINISTRATION 47593 E:\FR\FM\12OCN1.SGM 12OCN1

Agencies

[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Pages 47591-47593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-21995]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81825; File No. SR-BatsBYX-2017-25]


Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Transaction Fees

October 5, 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 September 29, 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).
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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.

[[Page 47592]]

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 to add a new tier 
under footnote 1, Add/Remove Volume Tiers. The Exchange currently 
offers seven tiers under footnote 1 that offer reduced fees for 
displayed orders that yield fee codes B,\6\ V \7\ and Y,\8\ and an 
enhanced rebate for orders that remove liquidity yielding fee codes 
BB,\9\ N \10\ and W.\11\ The Exchange proposes to add a new tier under 
footnote 1, to be known as Tier 6,\12\ under which a Member would be 
charged a reduced fee of $0.0017 per share on orders that yield fee 
codes B, V and Y, where that Member's Market Participant Identifier 
(``MPID'') has an ADAV \13\ equal to or greater than 0.10% of the TCV 
\14\ and a Step-Up ADAV equal to or greater than 0.05% of the TCV from 
a September 2017 baseline.\15\ The Exchange proposes to implement the 
above changes to its fee schedule on October 2, 2017.
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    \6\ Fee code B is appended to displayed orders that add 
liquidity to BYX (Tape B) and is assessed a fee of $0.0018 per 
share. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/.
    \7\ Fee code V is appended to displayed orders that add 
liquidity to BYX (Tape A) and is assessed a fee of $0.0018 per 
share. Id.
    \8\ Fee code Y is appended to displayed orders that add 
liquidity to BYX (Tape C) and is assessed a fee of $0.0018 per 
share. Id.
    \9\ Fee code BB is appended to orders that remove liquidity from 
BYX (Tape B) and is assessed a rebate of $0.0010 [sic] per share. 
Id.
    \10\ Fee code N is appended to orders that remove liquidity from 
BYX (Tape C) and is assessed a rebate of $0.0010 [sic] per share. 
Id.
    \11\ Fee code W is appended to orders that remove liquidity from 
BYX (Tape A) and is assessed a rebate of $0.0010 [sic] per share. 
See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/.
    \12\ With the addition of proposed Tier 6 under footnote 1, the 
Exchange proposes to renumber current Tier 6 as Tier 7 and Tier 7 as 
Tier 8.
    \13\ ADAV is defined as the average daily volume calculated as 
the number of shares added per day and ``ADV'' means average daily 
volume calculated as the number of shares added or removed, 
combined, per day. See the Exchange fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/.
    \14\ TCV is defined as the total consolidated volume calculated 
as the volume reported by all exchanges and trade reporting 
facilities to a consolidated transaction reporting plan for the 
month for which the fees apply. Id.
    \15\ Step-Up ADAV is defined as the ADAV in the relevant 
baseline month subtracted from current ADAV. Id.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\16\ in general, and 
furthers the objectives of Section 6(b)(4),\17\ 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 the proposed tier under footnote 
1 is equitable and reasonable because such pricing programs reward a 
Member's growth pattern on the Exchange and such increased volume will 
allow the Exchange to continue to provide and potentially expand the 
its incentive programs. The Exchange believes that providing the 
reduced rate to Members under proposed Tiers 6 is reasonable compared 
to the more stringent requirements under other tiers in footnote 1 that 
provide a further reduced rate. The Exchange further believes that the 
proposed tier is reasonable, fair and equitable because the liquidity 
from the proposed changes would benefit all investors by deepening the 
Exchange's liquidity pool, offering additional flexibility for all 
investors to enjoy cost savings, supporting the quality of price 
discovery, promoting market transparency and improving investor 
protection. These pricing programs are also not unfairly discriminatory 
in that it is available to all Members.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    In addition, volume-based fees such as that proposed herein have 
been widely adopted by exchanges and are equitable because they are 
open to all Members on an equal basis and provide additional benefits 
or discounts that are reasonably related to: (i) The value to an 
exchange's market quality; (ii) associated higher levels of market 
activity, such as higher levels of liquidity provision and/or growth 
patterns; and (iii) the introduction of higher volumes of orders into 
the price and volume discovery processes. The Exchange believes that 
the proposed tier is a reasonable, fair and equitable, and not an 
unfairly discriminatory allocation of fees and rebates, because it will 
provide Members with an additional incentive to reach certain 
thresholds on the Exchange.

(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 this change represents a significant departure from previous 
pricing offered by the Exchange or from pricing offered by the 
Exchange's competitors. The proposed rates would apply uniformly to all 
Members, and 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. Further, excessive fees would serve 
to impair an exchange's ability to compete for order flow and members 
rather than burdening competition. 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 \18\ and paragraph (f) of Rule 19b-4 
thereunder.\19\ 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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    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f).

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[[Page 47593]]

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 Number SR-BatsBYX-2017-25 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BatsBYX-2017-25. 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 submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-BatsBYX-2017-25 and should 
be submitted on or before November 2, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21995 Filed 10-11-17; 8:45 am]
BILLING CODE 8011-01-P