In the Matter of the Petitions of: Virtu Financial Inc. and Virtu Americas, LLC and Susquehanna International Group, et al.; Order Granting Motion To Substitute Parties and Motion for Extension of Time; Securities Exchange Act of 1934, 54439-54440 [2017-24939]
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Federal Register / Vol. 82, No. 221 / Friday, November 17, 2017 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 9 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 10
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. The Commission notes that the
Exchange’s customers have expressed
concern that data contained in the
Nasdaq Market Analytics Data Package
may reveal too much information about
the trading strategies of participants on
the Exchange, and have inquired about
possible modifications to the product.
The Commission also notes that, in light
of the age of the product, the small
number of subscribers, the cost of
modifying the product, and the
concerns raised by some market
participants, the Exchange has
determined to remove the product.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.11
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Commission has waived this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
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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 shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
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–
NASDAQ–2017–117 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–NASDAQ–2017–117. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2017–117 and
should be submitted on or before
December 8, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–24937 Filed 11–16–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82067; File No. SR–OCC–
2015–02]
In the Matter of the Petitions of: Virtu
Financial Inc. and Virtu Americas, LLC
and Susquehanna International Group,
et al.; Order Granting Motion To
Substitute Parties and Motion for
Extension of Time; Securities
Exchange Act of 1934
November 13, 2017.
On November 2, 2017, Virtu Financial
Inc. and Virtu Americas LLC
(collectively ‘‘Virtu’’) filed an
Unopposed Motion to Substitute Virtu
Financial Inc. and Virtu Americas LLC
for Petitioner KCG Holdings, Inc.
(‘‘KCG’’) pursuant to Rules 102 and
200(d) of the Commission Rules of
Practice.1 In its motion, Virtu represents
that it acquired KCG earlier this year
and represents the successor in interest
to KCG and its subsidiary. Virtu
represents that it intends to participate
in the matter pertaining to SR–OCC–
2015–02 moving forward. Virtu also
represents that the motion is
unopposed. The Commission believes
that it is appropriate to grant the
motion.
On November 7, 2017, Petitioners
Susquehanna International Group, LLP,
BOX Options Exchange, LLC, MIAX
International Securities Exchange, LLC,
and Virtu, (collectively ‘‘Petitioners’’)
filed an Unopposed Motion for
Extension of Time pursuant to Rule 161
of the Commission Rules of Practice 2 to
extend the time previously provided for
in the Commission’s September 14,
2017 Corrected Order Scheduling Filing
12 17
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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54439
CFR 200.30–3(a)(12).
CFR 201.102 and 200(d).
2 17 CFR 201.161.
1 17
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54440
Federal Register / Vol. 82, No. 221 / Friday, November 17, 2017 / Notices
of Statements on Review (‘‘Corrected
Order’’).3 The Petitioners represent that
the motion is unopposed by the Options
Clearing Corporation (‘‘OCC’’). The
Petitioners also represent that they have
entered into a confidentiality agreement
with OCC on November 1, 2017 to
obtain access to the confidential filings
that OCC submitted to the Commission
on October 13, 2017 to support OCC’s
proposed rule change. The Petitioners
request an extension of time so that they
may review these confidential materials
and provide the Commission with
informed and deliberate comments. The
Petitioners further represent that
extending the time for comment would
allow them the same amount of time,
thirty days, to review the materials as
was contemplated by the Corrected
Order. Given the unopposed nature of
the request and the surrounding facts
regarding this matter, the Commission
believes that granting the extension will
serve the interests of justice.
Accordingly, it is ordered, that the
Unopposed Motion to Substitute Virtu
Financial Inc. and Virtu Americas LLC
for Petitioner KCG Holdings, Inc., is
hereby granted; and
It is further ordered, that the
Unopposed Motion for Extension of
Time is hereby granted. The time for
any party or other person to file any
additional statement, which may
include statements previously
submitted or otherwise available, or any
new information such party or other
person considers relevant, is extended
from November 13, 2017 to November
30, 2017.
By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017–24939 Filed 11–16–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82061; File No. SR–
BatsEDGA–2017–30]
Self-Regulatory Organizations; Cboe
EDGA Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Modify Its
Fees for Physical Ports
sradovich on DSK3GMQ082PROD with NOTICES
November 13, 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 November
7, 2017, Cboe EDGA Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGA’’) (formerly
known as Bats EDGA Exchange, Inc.)
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 EDGA Rules
15.1(a) and (c).
The text of the proposed rule change
is available at the Exchange’s Web site
at www.markets.cboe.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
A physical port is utilized by a
Member or non-Member to connect to
the Exchange at the data centers where
the Exchange’s servers are located. The
3 15
U.S.C. 78s(b)(3)(A)(ii).
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).
4 17
3 Exchange
Act Release No. 81629 (September 14,
2017), File No. SR–OCC–2015–02.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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Exchange currently maintains a
presence in two third-party data centers:
(i) The primary data center where the
Exchange’s business is primarily
conducted on a daily basis, and (ii) a
secondary data center, which is
predominantly maintained for business
continuity purposes. The Exchange
currently assesses the following
physical connectivity fees for Members
and non-Members on a monthly basis:
$2,000 per physical port that connects
to the System 6 via 1 gigabyte circuit;
and $6,000 per physical port that
connects to the System via 10 gigabyte
circuit. The Exchange proposes to
increase the fee per physical port that
connects to the System via a 10 gigabyte
circuit from $6,000 per month to $7,000
per month in order to cover its
increased infrastructure costs associated
with establishing physical ports to
connect to the Exchange’s Systems and
enable it to continue to maintain and
improve its market technology and
services.7 The Exchange does not
propose to amend the fee for a 1
gigabyte circuit, which will remain
$2,000 per month. The Exchange
proposes to implement this amendment
to its fee schedule on January 2, 2018.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,8
in general, and furthers the objectives of
Section 6(b)(4),9 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 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. The proposed rule change
reflects a competitive pricing structure
designed to incent market participants
to direct their order flow to the
Exchange.
The Exchange believes that the
proposed rate is equitable and nondiscriminatory in that it applies
uniformly to all Members. Members and
non-Members will continue to choose
whether they want more than one
physical port and choose the method of
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 The Exchange also proposes a minor technical
amendment to change the title of the first column
from ‘‘Connection Service Type’’ to ‘‘Service’’.
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
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]]>Agencies
[Federal Register Volume 82, Number 221 (Friday, November 17, 2017)]
[Notices]
[Pages 54439-54440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24939]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82067; File No. SR-OCC-2015-02]
In the Matter of the Petitions of: Virtu Financial Inc. and
Virtu Americas, LLC and Susquehanna International Group, et al.; Order
Granting Motion To Substitute Parties and Motion for Extension of Time;
Securities Exchange Act of 1934
November 13, 2017.
On November 2, 2017, Virtu Financial Inc. and Virtu Americas LLC
(collectively ``Virtu'') filed an Unopposed Motion to Substitute Virtu
Financial Inc. and Virtu Americas LLC for Petitioner KCG Holdings, Inc.
(``KCG'') pursuant to Rules 102 and 200(d) of the Commission Rules of
Practice.\1\ In its motion, Virtu represents that it acquired KCG
earlier this year and represents the successor in interest to KCG and
its subsidiary. Virtu represents that it intends to participate in the
matter pertaining to SR-OCC-2015-02 moving forward. Virtu also
represents that the motion is unopposed. The Commission believes that
it is appropriate to grant the motion.
---------------------------------------------------------------------------
\1\ 17 CFR 201.102 and 200(d).
---------------------------------------------------------------------------
On November 7, 2017, Petitioners Susquehanna International Group,
LLP, BOX Options Exchange, LLC, MIAX International Securities Exchange,
LLC, and Virtu, (collectively ``Petitioners'') filed an Unopposed
Motion for Extension of Time pursuant to Rule 161 of the Commission
Rules of Practice \2\ to extend the time previously provided for in the
Commission's September 14, 2017 Corrected Order Scheduling Filing
[[Page 54440]]
of Statements on Review (``Corrected Order'').\3\ The Petitioners
represent that the motion is unopposed by the Options Clearing
Corporation (``OCC''). The Petitioners also represent that they have
entered into a confidentiality agreement with OCC on November 1, 2017
to obtain access to the confidential filings that OCC submitted to the
Commission on October 13, 2017 to support OCC's proposed rule change.
The Petitioners request an extension of time so that they may review
these confidential materials and provide the Commission with informed
and deliberate comments. The Petitioners further represent that
extending the time for comment would allow them the same amount of
time, thirty days, to review the materials as was contemplated by the
Corrected Order. Given the unopposed nature of the request and the
surrounding facts regarding this matter, the Commission believes that
granting the extension will serve the interests of justice.
---------------------------------------------------------------------------
\2\ 17 CFR 201.161.
\3\ Exchange Act Release No. 81629 (September 14, 2017), File
No. SR-OCC-2015-02.
---------------------------------------------------------------------------
Accordingly, it is ordered, that the Unopposed Motion to Substitute
Virtu Financial Inc. and Virtu Americas LLC for Petitioner KCG
Holdings, Inc., is hereby granted; and
It is further ordered, that the Unopposed Motion for Extension of
Time is hereby granted. The time for any party or other person to file
any additional statement, which may include statements previously
submitted or otherwise available, or any new information such party or
other person considers relevant, is extended from November 13, 2017 to
November 30, 2017.
By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-24939 Filed 11-16-17; 8:45 am]
BILLING CODE 8011-01-P
