80 FR 13051 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution, To Delete References to the ROLF Routing Option, Which Routed Orders to LavaFlow ECN

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 48 (March 12, 2015)

Page Range		13051-13052
FR Document		2015-05604
Federal Register, Volume 80 Issue 48 (Thursday, March 12, 2015)
[Federal Register Volume 80, Number 48 (Thursday, March 12, 2015)]
[Notices]
[Pages 13051-13052]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05604]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74451; File No. SR-BYX-2015-14]


Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 11.13, Order Execution, To Delete References to the ROLF Routing 
Option, Which Routed Orders to LavaFlow ECN

March 6, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 23, 2015, BATS Y-Exchange, Inc. (the ``Exchange'' or 
``BYX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
has designated this proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange filed a proposal to amend Rule 11.13, Order Execution, 
to delete references to the ROLF routing option, which routed orders to 
LavaFlow ECN.
    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 amend Rule 11.13, Order Execution, to 
delete references under subparagraphs (a)(3)(H) and (a)(3)(M) to the 
ROLF routing option, which routed to LavaFlow ECN. These changes are 
being proposed in response to LavaFlow ECN ceasing market operations on 
Friday, January 30, 2015. Under Rule 11.13(a)(3)(M), an order utilizing 
the ROLF routing option first checked the System \5\ for available 
shares and was then routed to the LavaFlow ECN. If shares remained 
unexecuted after being routed, they were cancelled, unless otherwise 
instructed by the User.\6\ In addition, under Rule 11.13(a)(3)(H), a 
User was able to couple the Post to Away routing option and ROLF 
routing option. The grouping of the Post to Away and ROLF routing 
options instructed the System to route and post the order on LavaFlow 
ECN. As of February 2, 2015, the Exchange, via BATS Trading, the 
Exchange's affiliated routing broker-dealer, was no longer able to 
route orders to LavaFlow ECN because it ceased operations. As a result, 
the Exchange no longer offers the ROLF routing option nor permit it to 
be coupled with a Post to Away routing option. Therefore, the Exchange 
proposes to delete the ROLF routing option under Rule 11.13(a)(3)(M) as 
well as a reference to the ROLF routing option under Rule 
11.13(a)(3)(H).
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    \5\ Exchange Rule 1.5(aa) defines ``System'' 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.''
    \6\ The term ``User'' is defined as ``any Member or Sponsored 
Participant who is authorized to obtain access to the System 
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \7\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \8\ in particular, in that it is designed to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system and, in

[[Page 13052]]

general, to protect investors and the public interest. The Exchange 
does not believe that this proposal will permit unfair discrimination 
among customers, brokers, or dealers because the ROLF routing option 
will no longer be available to all Users. The proposed change is in 
response to LavaFlow ECN ceasing market operations on Friday, January 
30, 2015. As of February 2, 2015, the Exchange, via BATS Trading, was 
no longer able to route orders to LavaFlow ECN and, therefore, proposes 
to delete references to the ROLF routing option under Rules 
11.13(a)(3)(H) and (a)(3)(M). The proposal is intended to make the 
Exchange's rules clearer and less confusing for investors by 
eliminating a routing option that is no longer available; 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.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposal will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act. The proposed rule change is not designed to 
address any competitive issues but rather avoid investor confusion by 
eliminating a routing option that is no longer made available by the 
Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has been filed by the Exchange as a 
``non-controversial'' rule change pursuant to Section 19(b)(3)(A)(i) of 
the Act \9\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ 
Consequently, because the foregoing 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 \11\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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 Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may 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 so the Exchange may 
clarify its rules in a timely manner by eliminating a rule that 
accounts for a service the Exchange does not provide, thereby avoiding 
potential investor confusion during the operative delay period. The 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because it will allow the Exchange to clarify its rules in a timely 
manner and avoid potential investor confusion. Therefore, the 
Commission hereby waives the 30-day operative delay and designates the 
proposed rule change to be operative upon filing with the 
Commission.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily 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 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BYX-2015-14 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-BYX-2015-14. 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 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-BYX-2015-14 and should be 
submitted on or before April 2, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-05604 Filed 3-11-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices 13051

change is consistent with the Act. SECURITIES AND EXCHANGE the most significant parts of such
Comments may be submitted by any of COMMISSION statements.
the following methods: A. Self-Regulatory Organization’s
[Release No. 34–74451; File No. SR–BYX–
Electronic Comments 2015–14] Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
• Use the Commission’s Internet Self-Regulatory Organizations; BATS Change
comment form (http://www.sec.gov/ Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed 1. Purpose
rules/sro.shtml); or
Rule Change To Amend Rule 11.13, The Exchange proposes to amend
• Send an email to rule-comments@
Order Execution, To Delete References Rule 11.13, Order Execution, to delete
sec.gov. Please include File Number SR–
to the ROLF Routing Option, Which references under subparagraphs
Phlx–2015–10 on the subject line.
Routed Orders to LavaFlow ECN (a)(3)(H) and (a)(3)(M) to the ROLF
Paper Comments routing option, which routed to
March 6, 2015. LavaFlow ECN. These changes are being
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the proposed in response to LavaFlow ECN
to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the ceasing market operations on Friday,
Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2 January 30, 2015. Under Rule
Washington, DC 20549–1090. notice is hereby given that on February 11.13(a)(3)(M), an order utilizing the
23, 2015, BATS Y-Exchange, Inc. (the ROLF routing option first checked the
All submissions should refer to File ‘‘Exchange’’ or ‘‘BYX’’) filed with the System 5 for available shares and was
Number SR–Phlx–2015–10. This file Securities and Exchange Commission then routed to the LavaFlow ECN. If
number should be included on the (‘‘Commission’’) the proposed rule shares remained unexecuted after being
subject line if email is used. To help the change as described in Items I and II routed, they were cancelled, unless
Commission process and review your below, which Items have been prepared otherwise instructed by the User.6 In
comments more efficiently, please use by the Exchange. The Exchange has addition, under Rule 11.13(a)(3)(H), a
only one method. The Commission will designated this proposal as a ‘‘non- User was able to couple the Post to
post all comments on the Commission’s controversial’’ proposed rule change Away routing option and ROLF routing
Internet Web site (http://www.sec.gov/ pursuant to Section 19(b)(3)(A) of the option. The grouping of the Post to
rules/sro.shtml). Copies of the Act 3 and Rule 19b–4(f)(6)(iii) Away and ROLF routing options
submission, all subsequent thereunder,4 which renders it effective instructed the System to route and post
amendments, all written statements upon filing with the Commission. The the order on LavaFlow ECN. As of
with respect to the proposed rule Commission is publishing this notice to February 2, 2015, the Exchange, via
change that are filed with the solicit comments on the proposed rule BATS Trading, the Exchange’s affiliated
Commission, and all written change from interested persons. routing broker-dealer, was no longer
communications relating to the able to route orders to LavaFlow ECN
I. Self-Regulatory Organization’s
proposed rule change between the because it ceased operations. As a
Statement of the Terms of the Substance
Commission and any person, other than result, the Exchange no longer offers the
of the Proposed Rule Change
those that may be withheld from the ROLF routing option nor permit it to be
public in accordance with the The Exchange filed a proposal to coupled with a Post to Away routing
provisions of 5 U.S.C. 552, will be amend Rule 11.13, Order Execution, to option. Therefore, the Exchange
available for Web site viewing and delete references to the ROLF routing proposes to delete the ROLF routing
printing in the Commission’s Public option, which routed orders to option under Rule 11.13(a)(3)(M) as well
Reference Room, 100 F Street NE., LavaFlow ECN. as a reference to the ROLF routing
Washington, DC 20549 on official The text of the proposed rule change
option under Rule 11.13(a)(3)(H).
business days between the hours of is available at the Exchange’s Web site
10:00 a.m. and 3:00 p.m. Copies of such at www.batstrading.com, at the 2. Statutory Basis
filing also will be available for principal office of the Exchange, and at The Exchange believes that its
inspection and copying at the principal the Commission’s Public Reference proposal is consistent with Section 6(b)
offices of the Exchange. All comments Room. of the Act 7 in general, and furthers the
received will be posted without change; II. Self-Regulatory Organization’s objectives of Section 6(b)(5) of the Act 8
the Commission does not edit personal Statement of the Purpose of, and in particular, in that it is designed to
identifying information from Statutory Basis for, the Proposed Rule promote just and equitable principles of
submissions. You should submit only Change trade, to foster cooperation and
information that you wish to make coordination with persons engaged in
In its filing with the Commission, the facilitating transactions in securities, to
available publicly. All submissions
Exchange included statements remove impediments to and perfect the
should refer to File Number SR–Phlx–
concerning the purpose of and basis for mechanism of a free and open market
2015–10, and should be submitted on or the proposed rule change and discussed
before April 2, 2015. and a national market system and, in
any comments it received on the
For the Commission, by the Division of proposed rule change. The text of these 5 Exchange Rule 1.5(aa) defines ‘‘System’’ as ‘‘the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Trading and Markets, pursuant to delegated statements may be examined at the electronic communications and trading facility
authority.16 places specified in Item IV below. The designated by the Board through which securities
Jill M. Peterson, Exchange has prepared summaries, set orders of Users are consolidated for ranking,
execution and, when applicable, routing away.’’
Assistant Secretary. forth in Sections A, B, and C below, of 6 The term ‘‘User’’ is defined as ‘‘any Member or

[FR Doc. 2015–05605 Filed 3–11–15; 8:45 am] Sponsored Participant who is authorized to obtain
1 15 U.S.C. 78s(b)(1). access to the System pursuant to Rule 11.3.’’ See
BILLING CODE 8011–01–P 2 17 CFR 240.19b–4. Exchange Rule 1.5(cc).
3 15 U.S.C. 78s(b)(3)(A). 7 15 U.S.C. 78f(b).
16 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6)(iii). 8 15 U.S.C. 78f(b)(5).

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13052 Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices

general, to protect investors and the 19(b)(3)(A) of the Act 11 and Electronic Comments
public interest. The Exchange does not subparagraph (f)(6) of Rule 19b–4
believe that this proposal will permit thereunder.12 • Use the Commission’s Internet
unfair discrimination among customers, comment form (http://www.sec.gov/
A proposed rule change filed under
brokers, or dealers because the ROLF rules/sro.shtml); or
Rule 19b–4(f)(6) 13 normally does not
routing option will no longer be become operative prior to 30 days after • Send an email to rule-comments@
available to all Users. The proposed the date of the filing. However, pursuant sec.gov. Please include File Number SR–
change is in response to LavaFlow ECN to Rule 19b–4(f)(6)(iii),14 the BYX–2015–14 on the subject line.
ceasing market operations on Friday, Commission may designate a shorter
January 30, 2015. As of February 2, Paper Comments
time if such action is consistent with the
2015, the Exchange, via BATS Trading, protection of investors and the public • Send paper comments in triplicate
was no longer able to route orders to interest. The Exchange has asked the to Secretary, Securities and Exchange
LavaFlow ECN and, therefore, proposes Commission to waive the 30-day
to delete references to the ROLF routing Commission, 100 F Street NE.,
operative delay so the Exchange may Washington, DC 20549–1090.
option under Rules 11.13(a)(3)(H) and clarify its rules in a timely manner by
(a)(3)(M). The proposal is intended to eliminating a rule that accounts for a All submissions should refer to File
make the Exchange’s rules clearer and service the Exchange does not provide, Number SR–BYX–2015–14. This file
less confusing for investors by thereby avoiding potential investor number should be included on the
eliminating a routing option that is no confusion during the operative delay subject line if email is used. To help the
longer available; thereby removing period. The Commission believes that Commission process and review your
impediments to and perfecting the waiving the 30-day operative delay is comments more efficiently, please use
mechanism of a free and open market consistent with the protection of only one method. The Commission will
and a national market system, and, in investors and the public interest post all comments on the Commission’s
general, protecting investors and the because it will allow the Exchange to Internet Web site (http://www.sec.gov/
public interest. clarify its rules in a timely manner and rules/sro.shtml). Copies of the
B. Self-Regulatory Organization’s avoid potential investor confusion. submission, all subsequent
Statement on Burden on Competition Therefore, the Commission hereby amendments, all written statements
waives the 30-day operative delay and with respect to the proposed rule
The Exchange does not believe that designates the proposed rule change to
the proposal will impose any burden on change that are filed with the
be operative upon filing with the Commission, and all written
competition not necessary or Commission.15
appropriate in furtherance of the communications relating to the
At any time within 60 days of the proposed rule change between the
purposes of the Act. The proposed rule
filing of the proposed rule change, the Commission and any person, other than
change is not designed to address any
Commission may summarily those that may be withheld from the
competitive issues but rather avoid
temporarily suspend such rule change if public in accordance with the
investor confusion by eliminating a
it appears to the Commission that such provisions of 5 U.S.C. 552, will be
routing option that is no longer made
action is necessary or appropriate in the available for Web site viewing and
available by the Exchange.
public interest, for the protection of
printing in the Commission’s Public
C. Self-Regulatory Organization’s investors, or otherwise in furtherance of
Reference Room, 100 F Street NE.,
Statement on Comments on the the purposes of the Act. If the
Commission takes such action, the Washington, DC 20549, on official
Proposed Rule Change Received From
Members, Participants or Others Commission shall institute proceedings business days between the hours of
to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of such
The Exchange has neither solicited should be approved or disapproved. filing also will be available for
nor received written comments on the inspection and copying at the principal
proposed rule change. IV. Solicitation of Comments office of the Exchange. All comments
III. Date of Effectiveness of the Interested persons are invited to received will be posted without change;
Proposed Rule Change and Timing for submit written data, views and the Commission does not edit personal
Commission Action arguments concerning the foregoing, identifying information from
including whether the proposed rule submissions. You should submit only
The foregoing rule change has been information that you wish to make
change is consistent with the Act.
filed by the Exchange as a ‘‘non- available publicly. All submissions
Comments may be submitted by any of
controversial’’ rule change pursuant to should refer to File Number SR–BYX–
the following methods:
Section 19(b)(3)(A)(i) of the Act 9 and 2015–14 and should be submitted on or
subparagraph (f)(6) of Rule 19b–4 11 15 U.S.C. 78s(b)(3)(A). before April 2, 2015.
thereunder.10 Consequently, because the 12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– For the Commission, by the Division of
foregoing proposed rule change does 4(f)(6) requires a self-regulatory organization to give
not: (i) Significantly affect the the Commission written notice of its intent to file Trading and Markets, pursuant to delegated
protection of investors or the public the proposed rule change at least five business days authority.16
interest; (ii) impose any significant prior to the date of filing of the proposed rule Jill M. Peterson,
asabaliauskas on DSK5VPTVN1PROD with NOTICES

change, or such shorter time as designated by the
burden on competition; and (iii) become Commission. The Exchange has satisfied this Assistant Secretary.
operative for 30 days from the date on requirement. [FR Doc. 2015–05604 Filed 3–11–15; 8:45 am]
which it was filed, or such shorter time 13 17 CFR 240.19b–4(f)(6).
BILLING CODE 8011–01–P
as the Commission may designate, it has 14 17 CFR 240.19b–4(f)(6)(iii).
15 For purposes only of waiving the operative
become effective pursuant to Section
delay for this proposal, the Commission has
considered the proposed rule’s impact on
9 15 U.S.C. 78s(b)(3)(A)(i). efficiency, competition, and capital formation. See
10 17 CFR 240.19b–4(f)(6). 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 17:40 Mar 11, 2015 Jkt 235001 PO 00000 Frm 00079 Fmt 4703 Sfmt 9990 E:\FR\FM\12MRN1.SGM 12MRN1
Document Created: 2018-02-21 09:36:02
Document Modified: 2018-02-21 09:36:02
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 13051