80_FR_13701 80 FR 13651 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc.

80 FR 13651 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 50 (March 16, 2015)

Page Range13651-13656
FR Document2015-05860

Federal Register, Volume 80 Issue 50 (Monday, March 16, 2015) 
[Federal Register Volume 80, Number 50 (Monday, March 16, 2015)]
[Notices]
[Pages 13651-13656]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05860]



[[Page 13651]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74464; File No. SR-EDGX-2015-13]


Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Fees for Use of EDGX Exchange, Inc.

March 10, 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 March 2, 2015, EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') 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.
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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)(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 to amend its fees and rebates applicable to 
Members \5\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c) 
(``Fee Schedule'') to: (i) Decrease the rebate from $0.00150 per share 
to $0.00040 per share for orders that yield fee code A, which routes to 
the Nasdaq Stock Market LLC (``Nasdaq'') and adds liquidity; (ii) add 
new fee code RN, which routes to Nasdaq using the ROOC routing strategy 
and adds liquidity; (iii) add a bullet to the General Notes section 
regarding the rates that would apply when the New York Stock Exchange, 
Inc. (``NYSE'') or NYSE MKT LLC (``NYSE MKT'') declare an emergency 
condition under their Rule 49; (iv) amend footnotes 1, 2, and 4 to 
place parentheses around the amount of the rebate to be provided for 
each tier; (v) amend footnote 10 regarding how a Member's volume 
attributed to fee code 5 will be allocated; and (vi) amend fees related 
to the use of ConnectEdge.
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    \5\ The term ``Member'' is defined as ``any registered broker or 
dealer, or any person associated with a registered broker or dealer, 
that has been admitted to membership in the Exchange. A Member will 
have the status of a ``member'' of the Exchange as that term is 
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
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    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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to: (i) Decrease the rebate from $0.00150 per 
share to $0.00040 per share for orders that yield fee code A, which 
routes to Nasdaq and adds liquidity; (ii) add new fee code RN, which 
routes to Nasdaq using the ROOC routing strategy and adds liquidity; 
(iii) add a bullet to the General Notes section regarding the rates 
that would apply when the NYSE or NYSE MKT declare an emergency 
condition under their Rule 49; (iv) amend footnotes 1, 2, and 4 to 
place parentheses around the amount of the rebate to be provided for 
each tier; (v) amend footnote 10 regarding how a Member's volume 
attributed to fee code 5 will be allocated; and (vi) amend fees related 
to the use of ConnectEdge.
Fee Code A
    In securities priced at or above $1.00, the Exchange currently 
provides a rebate of $0.00150 per share for Members' orders that yield 
fee code A, which routes to Nasdaq and adds liquidity. The Exchange 
proposes to amend its Fee Schedule to decrease this rebate to $0.00040 
per share for Members' orders that yield fee code A. The proposed 
change represents a pass through of the rate that BATS Trading, Inc. 
(``BATS Trading''), the Exchange's affiliated routing broker-dealer, is 
rebated for routing orders in certain symbols to Nasdaq when it does 
not qualify for a volume tiered rebate. When BATS Trading routes to 
Nasdaq, it is rebated a standard rate of $0.00040 per share for orders 
in select symbols (``Nasdaq's Select Symbol Program'').\6\ BATS Trading 
will pass through this rate on Nasdaq to the Exchange and the Exchange, 
in turn, will pass through this rate to its Members. The Exchange notes 
that the proposed change is in response to Nasdaq's January 2015 fee 
change where Nasdaq decreased the rebate it provides its customers, 
such as BATS Trading, from a rebate of $0.00150 per share to a rebate 
of $0.00040 per share for orders in symbols included in Nasdaq's Select 
Symbol Program.\7\
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    \6\ The Exchange notes that to the extent BATS Trading does or 
does not achieve any volume tiered discount on Nasdaq or routes an 
order to Nasdaq in a symbol that is not included in Nasdaq's Select 
Symbol Program to receive a rebate of $0.00040 per share, its rate 
for Flag A will not change. The Exchange further notes that, due to 
billing system limitations that do not allow for separate rates by 
tape, it will pass through the lesser rebate of $0.00040 per share 
for all Tapes A, B & C securities.
    \7\ See Securities Exchange Act Release No. 73967 (December 30, 
2014), 80 FR 594 (January 6, 2015) (SR-Nasdaq-2014-128).
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Fee Code RN
    The Exchange proposes to adopt new fee code RN, which would be 
applied to orders routed to Nasdaq using the ROOC routing strategy that 
add liquidity. Orders that yield fee code RN will receive a rebate of 
$0.00150 per share. The ROOC Routing strategy routes orders to 
participate in the opening, re-opening (following a halt, suspension, 
or pause), or closing process of a primary listing market (BATS, NYSE, 
Nasdaq, NYSE MKT, or NYSE Arca) if received before the opening/re-
opening/closing time of such market. If shares remain unexecuted after 
attempting to execute in the opening, re-opening, or closing process, 
they are either posted to the EDGX Book, executed, or routed to 
destinations on the System routing table. Proposed fee code RN 
represents a pass through of the rate that BATS Trading, the Exchange's 
affiliated routing broker-dealer, is rebated for routing orders to 
Nasdaq in Tape C securities not included in Nasdaq's Select Symbol 
Program when it does not qualify for a volume tiered rebate. When BATS 
Trading routes to Nasdaq using the ROOC routing strategy, it is rebated 
a standard rate of $0.00150 per share for Tape C securities that are 
not included in Nasdaq's Select Symbol Program.\8\

[[Page 13652]]

BATS Trading will pass through this rate on Nasdaq to the Exchange and 
the Exchange, in turn, will pass through this rate to its Members. The 
Exchange notes that fee code A above will be applied to all orders 
routed to Nasdaq not utilizing the ROOC routing strategy that add 
liquidity.
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    \8\ The Exchange notes that to the extent BATS Trading does or 
does not achieve any volume tiered discount on Nasdaq or routes an 
order to Nasdaq in a symbol that is included in Nasdaq's Select 
Symbol Program to receive a rebate of $0.00040 per share, its rate 
for Flag RN will not change. The Exchange further notes that, due to 
billing system limitations that do not allow for separate rates by 
tape, it will pass through the rebate of $0.000150 per share for all 
Tapes A, B & C securities that yield fee code RN.
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NYSE and NYSE MKT Rule 49
    The Exchange proposes to add a bullet under the General Notes 
section of the Fee Schedule to describe the rates that would apply 
where the NYSE or NYSE MKT declare an emergency condition under their 
Rule 49. Under NYSE and NYSE MKT Rule 49, the NYSE or NYSE MKT may 
invoke their emergency powers during an emergency condition and 
designate NYSE Arca, Inc. (``NYSE Arca'') as their backup facility to 
receive and process bids and offers and to execute orders on behalf of 
the NYSE or NYSE MKT. In such case, the Exchange will route any order 
that was intended to be routed to the NYSE or NYSE MKT to NYSE Arca and 
the Exchange's System will identify such trades as being executed on 
NYSE Arca, not the NYSE or NYSE MKT. Because the executions occurred on 
NYSE Arca, NYSE Arca will charge BATS Trading their applicable fee or 
rebate, and BATS Trading will pass through that fee or rebate to the 
Exchange who would, in turn, pass that rate along to its Members. 
Therefore, the Exchange proposes to add a bullet to its Fee Schedule 
stating that fee codes applicable to orders routed to NYSE Arca will be 
applied to orders routed to the NYSE or NYSE MKT where, pursuant to 
NYSE and NYSE MKT Rule 49, the NYSE or NYSE MKT have designated NYSE 
Arca as their backup facility to receive and process bids and offers 
and to execute orders on behalf of the NYSE or NYSE MKT.
Identifying Rebates in Footnotes 1, 2, and 4
    The Exchange proposes to amend footnotes 1, 2, and 4 to place the 
amount of each rebate in parentheses. The Exchange notes that rebates 
listed elsewhere in the Fee Schedule are identified by parentheses. 
Doing so within footnotes 1, 2, and 4 would align the identification of 
rebates in these footnotes with the way rebates are identified 
elsewhere in the Fee Schedule.
Footnote 10
    In December 2014, the Exchange added footnote 10 to state that a 
Member's monthly volume attributed to fee code 5 will be divided evenly 
between the added fee codes and removal fee codes when determining 
whether that Member satisfied a certain tier.\9\ At that time, the 
Exchange proposed to divide a Member's fee code 5 volume as such 
because the Exchange's systems could not delineate orders yielding fee 
code 5 that added from those that removed liquidity for purposes of 
determining whether a Member satisfied a certain tier.
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    \9\ See Securities Exchange Act Release No. 73782 (December 8, 
2014), 79 FR 73916 (December 12, 2014) (SR-EDGX-2014-32).
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    In January 2014, the Exchange and its affiliate, EDGA Exchange, 
Inc. (``EDGA'') received approval to effect a merger (the ``Merger'') 
of the Exchange's parent company, Direct Edge Holdings LLC, with BATS 
Global Markets, Inc., the parent of BATS (together with BATS, EDGA and 
EDGX, the ``BGM Affiliated Exchanges'').\10\ In the context of the 
Merger, the BGM Affiliated Exchanges migrated EDGX and EDGA onto the 
BATS technology platform, which was completed in January 2015. Under 
the BATS technology platform, the Exchange is now able to delineate 
orders yield fee code 5 that added from those that removed liquidity 
for purposes of determining whether a Member satisfies a certain tier. 
Therefore, the Exchange proposes to amend footnote 10 to state that a 
Member's monthly volume attributed to fee code 5 will be allocated 
accordingly between the added fee codes and removal fee codes when 
determining whether that Member satisfied a certain tier.
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    \10\ See Securities Exchange Act Release No. 71449 (January 30, 
2014), 79 FR 6961 (February 5, 2014) (SR-EDGX-2013-43; SR-EDGA-2013-
34).
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ConnectEdge
    The Exchange proposes to amend the fees related to the use of 
ConnectEdge by: (i) Adopting a fee of $250 per month for receipt of 
Nasdaq Glimpse; and (ii) provide access to market data and order entry 
for the BGM Affiliated Exchanges at no charge. ConnectEdge is a 
communication and routing service that provides Members an additional 
means to receive market data from and route orders to any destination 
connected to the Exchange's network. ConnectEdge does not affect trade 
executions and would not report trades to the relevant Securities 
Information Processor. The servers of the Member need not be located in 
the same facilities as the Exchange in order to subscribe to 
ConnectEdge. Members may also seek to utilize ConnectEdge in the event 
of a market disruption where other alternative connection methods 
become unavailable.\11\
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    \11\ This service is an alternative to a service that the 
Exchange already provides to its Members--current order-sending 
Members route orders through access provided by the Exchange to the 
Exchange that either check the Exchange for available liquidity and 
then route to other destinations or, in certain circumstances, 
bypass the Exchange and route to other destinations. See Exchange 
Rule 11.9(b)(2) (setting forth routing options whereby Members may 
select their orders be routed to other market centers).
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    The Exchange charges a monthly connectivity fee to Members 
utilizing ConnectEdge to route orders to other exchanges and broker-
dealers that are connected to the Exchange's network. The amount of the 
connectivity fee varies based solely on the bandwidth selected by the 
Member. Specifically, the Exchange currently charges $350 for 1 Mb, 
$700 for 5 Mb, $950 for 10 Mb, $1,500 for 25 Mb, $2,500 for 50 Mb, and 
$3,500 for 100 Mb. The Exchange proposes to provide at no charge, 
bandwidth required to access each of the BGM Affiliated Exchanges and 
BZX Options.
    Members utilizing ConnectEdge to access the Exchange or its 
affiliates for either order entry or market data will remain liable for 
the applicable Physical Connectivity Fees as set forth in the Fee 
Schedule and charged by each BGM Affiliated Exchange. Currently, the 
Exchange and EDGA charge $500 per month a 1 Gb Copper connection, 
$1,000 per month for a 1 Gb Fiber connection, and $2,000 per month for 
a 10 Gb Fiber connection. BZX and BYX currently charge $1,000 per month 
for a 1 Gb physical port at the BZX or BYX primary of secondary data 
center, $2,000 per month for a 1 Gb physical port at any other data 
center where BZX or BYX maintain a point-to-point presence (``PoP''), 
$2,500 per month for a 10 Gb physical port at the BZX or BYX primary of 
secondary data center; and $5,000 per month for a 10 Gb physical port 
at any other data center where BZX or BYX maintain a PoP.
    ConnectEdge also allows participants to receive market data feeds 
from exchanges connected to the Exchange's network. In such case, the 
Member would pay the Exchange a connectivity fee, which varies and is 
based solely on the amount of bandwidth required to transmit the 
selected data product to the Member. The proposed connectivity fees 
range from $100 to $3,500 based on the market data product the vendor 
selects. The Exchange currently charges $1,300 per month for BZX PITCH

[[Page 13653]]

Multicast, $250 per month for BZX PITCH Spin Server, $350 per month for 
BYX Pitch Multicast, $250 per month for BYX Spin Server, $1,000 per 
month for BZX Options Pitch, and $500 per month for EDGA or EDGX.\12\ 
The Exchange proposes to provide access to each of these market data 
products at no charge. Members would pay any fees charged by the BGM 
Affiliated Exchange providing the market data feed directly to that 
exchange.
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    \12\ Market data connectivity to EDGA and EDGX is free if the 
Member's connection if within the Equinix facilities in Secaucus, 
New Jersey.
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    The Exchange also proposes to adopt a fee of $250 per month for 
market data connectivity to Nasdaq Glimpse. Nasdaq Glimpse is a point-
to-point data feed connection that provides direct data feed customers 
with the current state of the Nasdaq execution systems with full market 
participant attribution.\13\ The proposed fee is designed to reflect 
the amount of bandwidth required to transmit the Nasdaq Glimpse to the 
Member. Participants would pay any fees charged by Nasdaq for Nasdaq 
Glimpse directly to Nasdaq.
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    \13\ See http://www.nasdaqomx.com/transactions/marketdata/europeanproducts/data-feeds/glimpse for a description of Nasdaq 
Glimpse.
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Implementation Date
    The Exchange proposes to implement these amendments to its Fee 
Schedule on March 2, 2015.\14\
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    \14\ The date of the EDGX Fee Schedule was previously amended to 
March 2, 2015 in SR-EDGX-2015-12 filed on February 26, 2015.
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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,\15\ in general, and 
furthers the objectives of Section 6(b)(4),\16\ 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 rates are equitable and non-discriminatory in that they apply 
uniformly to all Members. The Exchange believes the fees and credits 
remain competitive with those charged by other venues and therefore 
continue to be reasonable and equitably allocated to Members.
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    \15\ 15 U.S.C. 78f.
    \16\ 15 U.S.C. 78f(b)(4).
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Fee Code A
    The Exchange believes that its proposal to decrease the pass 
through rebate for Members' orders that yield fee code A from $0.00150 
to $0.00040 per share represents an equitable allocation of reasonable 
dues, fees, and other charges among Members and other persons using its 
facilities. Prior to Nasdaq's Select Symbol Program, Nasdaq provided 
BATS Trading a rebate of $0.00150 per share for orders yielding fee 
code A, which BATS Trading passed through to the Exchange and the 
Exchange passed through to its Members. In January 2015, Nasdaq 
decreased the standard rebate it provides its customers, such as BATS 
Trading, from a rebate of $0.00150 per share to a rebate of $0.00040 
per share for orders that are routed to Nasdaq in symbols included in 
its Select Symbol Program.\17\ Therefore, the Exchange believes that 
the proposed change in fee code A from a rebate of $0.00150 per share 
to a rebate of $0.00040 per share is equitable and reasonable because 
it accounts for the pricing changes on Nasdaq. In addition, the 
proposal allows the Exchange to continue to charge its Members a pass-
through rate for orders that are routed to Nasdaq. The Exchange further 
notes that, due to billing system limitations that do not allow for 
separate rates by security for those included in Nasdaq's Select Symbol 
Program, it will pass through the lesser rebate of $0.00040 per share 
for all Tapes A, B & C securities routed to Nasdaq. The Exchange notes 
that routing through BATS Trading is voluntary. Lastly, the Exchange 
also believes that the proposed amendment is non-discriminatory because 
it applies uniformly to all Members.
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    \17\ See supra note 6.
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Fee Code RN
    The Exchange believes its proposal to adopt new fee code RN, which 
would be applied to orders routed to Nasdaq using the ROOC routing 
strategy that add liquidity, represents an equitable allocation of 
reasonable dues, fees, and other charges among Members and other 
persons using its facilities because the Exchange does not levy 
additional fees or offer additional rebates for orders that it routes 
to Nasdaq through BATS Trading using the ROOC routing strategy. 
Proposed fee code RN represents a pass through of the rate that BATS 
Trading, the Exchange's affiliated routing broker-dealer, is rebated 
for routing orders to Nasdaq in certain securities not included in 
Nasdaq's Select Symbol Program when it does not qualify for a volume 
tiered rebate. When BATS Trading routes to Nasdaq using the ROOC 
routing strategy, it is rebated a standard rate of $0.00150 per share 
for Tape C securities that are not included in Nasdaq's Select Symbol 
Program.\18\ Therefore, the Exchange believes to provide proposed fee 
code RN a rebate of $0.00150 per share is equitable and reasonable 
because it accounts for pricing on Nasdaq and allows the Exchange to 
charge its Members a pass-through rate for orders that are routed to 
Nasdaq using the ROOC routing strategy. The Exchange further notes 
that, due to billing system limitations that do not allow for separate 
rates by security for those included in Nasdaq's Select Symbol Program, 
it will pass through the rebate of $0.00150 per share for all Tapes A, 
B & C securities routed to Nasdaq yielding fee code RN. The Exchange 
notes that routing through BATS Trading is voluntary. Lastly, the 
Exchange also believes that the proposed amendment is non-
discriminatory because it applies uniformly to all Members.
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    \18\ See supra note 8.
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NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes 
section of the Fee Schedule to describe the rates that would apply 
where the NYSE or NYSE MKT declare an emergency condition under their 
Rule 49 is reasonable because it is designed to provide greater 
transparency to Members by describing which rates would apply in such 
circumstances. In the case when NYSE or NYSE MKT invoke their Rule 49, 
the Exchange will route any order that was intended for the NYSE or 
NYSE MKT to NYSE Arca and the Exchange's System will identify such 
trades as being executed on NYSE Arca, not the NYSE or NYSE MKT. 
Because the executions occurred on NYSE Arca, NYSE Arca will charge 
their applicable fee or rebate. The proposed bullet is intended to make 
clear within the Fee Schedule which rate would apply where the NYSE or 
NYSE MKT invoke their emergency powers under their Rule 49, thereby 
eliminating potential investor confusion, 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. The Exchange notes that routing through BATS Trading is 
voluntary. Lastly, the Exchange also believes that the proposed 
amendment is non-

[[Page 13654]]

discriminatory because it applies uniformly to all Members.
Identifying Rebates in Footnotes 1, 2, and 4
    The Exchange believes that amending footnotes 1, 2, and 4 to place 
the amount of each rebate in parentheses is reasonable because it is 
designed to provide greater transparency to Members by aligning the 
identification of rebates in these footnotes with the way rebates are 
identified elsewhere in the Fee Schedule. The Exchange notes that this 
change is not designed to amend any rebate, nor alter the manner in 
which it calculates rebates. This non-substantive change to the Fee 
Schedule is intended to make the Fee Schedule clearer and less 
confusing for investors and eliminate potential investor confusion, 
thereby removing impediments to and perfecting the mechanism of a free 
and open market and a national market system, and, in general, 
protecting investors and the public interest.
Footnote 10
    The Exchange believes proposed footnote 10 stating that a Member's 
monthly volume attributed to fee code 5 will be allocated accordingly 
between the added fee codes and removal fee codes when determining 
whether that Member satisfied a certain tier represents an equitable 
allocation of reasonable dues, fees, and other charges. Footnote 10 
initially divided a Member's fee code 5 volume as such because fee code 
5 includes both added and removed liquidity and the Exchange's systems 
could not delineate orders yielding fee code 5 that added from those 
that removed liquidity purposes of determining whether a Member 
satisfies a certain tier. Under the BATS technology platform, the 
Exchange is now able to delineate orders yield fee code 5 that added 
from those that removed liquidity for purposes of determining whether a 
Member satisfies a certain tier. Therefore, the Exchange believes 
amending footnote 10 to state that a Member's monthly volume attributed 
to fee code 5 will be allocated accordingly between the added fee codes 
and removal fee codes is reasonable because it would provide Members an 
accurate understanding of how their orders yielding fee code 5 would be 
allocated amongst added and removed volume for purposes of determining 
whether they satisfied a certain tier. Lastly, the Exchange also 
believes that the proposed amendment is non-discriminatory because it 
applies uniformly to all Members.
ConnectEdge
    The Exchange believes its proposal to amend fees for the use of 
ConnectEdge is consistent with Section 6(b)(4) of the Act,\19\ in that 
it provides for the equitable allocation of reasonable dues, fees and 
other charges among members and other persons using its facilities. The 
Exchange charges a connectivity fee to Members utilizing ConnectEdge to 
route orders to or receive market data from other exchanges and market 
centers that are connected to the Exchange's network, the amounts of 
which vary based solely on the amount of bandwidth selected by the 
Member or required to transmit the market data. The BGM Affiliated 
Exchanges are currently located in different data centers and the 
Exchange is in the process of transitioning itself and its affiliates 
into a single data center. Members currently located in a different 
data center than one of the BGM Affiliated Exchanges may utilize 
ConnectEdge to connect to that BGM Affiliated Exchange and would be 
subject to the applicable ConnectEdge fees. The Exchange has notified 
Members that is it is migrating the BGM Affiliated Exchange into a 
single data center and many of those Members are already located in 
that data center or may elect to establish a presence in that data 
center. In the interim, the Exchange proposes to charge no fee for the 
use of ConnectEdge to access the BGM Affiliated Exchange as an 
accommodation to Members pending the migration. Once the migration is 
complete, it will not be necessary for a ConnectEdge subscriber to pay 
an additional fee for order entry or receipt of market data from the 
Exchange or of its affiliates if located in the same data center over 
and above the connectivity fees currently charged.\20\ Therefore, the 
Exchange believes it is reasonable and equitable to charge no fee for 
the use of ConnectEdge to access the BGM Affiliated Exchanges during 
this transitional period.
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    \19\ 15 U.S.C. 78f(b)(4).
    \20\ Similarly, the Exchange notes that it currently charges no 
fee to Member's utilizing ConnectEdge to connect to the Exchange and 
EDGA if located in the same data center.
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    The Exchange also believes that its fee of $250 per month for 
market data connectivity to Nasdaq Glimpse is consistent with Section 
6(b)(4) of the Act,\21\ in that it provides for the equitable 
allocation of reasonable dues, fees and other charges among members and 
other persons using its facilities. ConnectEdge is offered and 
purchased on a voluntary basis, in that neither the Exchange nor 
Members are required by any rule or regulation to make this product 
available. Accordingly, Members can discontinue use at any time and for 
any reason, including due to an assessment of the reasonableness of 
fees charged. Moreover, the Exchange believes the proposed fees are 
reasonable and equitable because they are based on the Exchange's costs 
to cover the amount of bandwidth required to provide connectivity to 
Nasdaq Glimpse. The proposed fees allow the Exchange to recoup this 
cost, while providing Members with an alternative means to connect to 
Nasdaq Glimpse. The Exchange believes that the proposed fees are 
reasonable and equitable in that they reflect the costs and the benefit 
of providing alternative connectivity.
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    \21\ 15 U.S.C. 78f(b)(4).
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    Lastly, the Exchange also believes that the proposed amendments to 
its fee schedule are non-discriminatory because they will apply 
uniformly to all Members. All Members that voluntarily select various 
service options will be charged the same amount for the same services. 
All Members have the option to select any connectivity option, and 
there is no differentiation among Members with regard to the fees 
charged for the service.

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

    The Exchange believes its proposed amendments to its Fee Schedule 
would not 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 change represents a significant 
departure from previous pricing offered by the Exchange or pricing 
offered by the Exchange's competitors. Additionally, 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 change will impair the ability of Members or competing venues 
to maintain their competitive standing in the financial markets.
Fee Code A
    The Exchange believes that its proposal to pass through a rebate of 
$0.00040 per share for Members' orders that yield fee code A would 
increase intermarket competition because it offers customers an 
alternative means to route to Nasdaq for a similar rate as entering 
orders in certain symbols on Nasdaq directly. The Exchange believes 
that its proposal would not burden intramarket competition because the

[[Page 13655]]

proposed rate would apply uniformly to all Members.
Fee Code RN
    The Exchange believes that its proposal to add fee code RN for 
orders that route to Nasdaq using the ROOC routing strategy and pass 
through a rebate of $0.00150 per share to Members would increase 
intermarket competition because it offers customers an alternative 
means to route orders to Nasdaq to participate in their opening, re-
opening or closing process for a similar rate as entering orders in 
certain symbols on Nasdaq directly. The Exchange believes that its 
proposal would not burden intramarket competition because the proposed 
rate would apply uniformly to all Members.
NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes 
section of the Fee Schedule to describe which rates that would apply 
where the NYSE or NYSE MKT declare an emergency condition under their 
Rule 49 would not affect intermarket nor intramarket competition 
because none of these changes are designed to amend any rebate or alter 
the manner in which the Exchange calculates rebates. This change is not 
designed to have a competitive impact. Rather, it is intended to make 
clear to Members and investors within the Fee Schedule which rate would 
apply where the NYSE or NYSE MKT invoke their emergency powers under 
their Rule 49, thereby eliminating potential investor confusion.
Identifying Rebates in Footnotes 1, 2, and 4
    The Exchange believes that amending footnotes 1, 2, and 4 to place 
the amount of each rebate in parentheses would not affect intermarket 
nor intramarket competition because none of these changes are designed 
to amend any rebate or alter the manner in which the Exchange 
calculates rebates. This change is intended to make the Fee Schedule 
clearer and less confusing for investors and eliminate potential 
investor confusion by providing greater clarity to Members with regard 
to how the Exchange calculates rebates.
Footnote 10
    The Exchange believes that amending footnote 10 to reflect current 
system functionality that orders yielding fee code 5 will be allocated 
accordingly amongst added fee codes and removal fee codes would 
increase intermarket competition because it would encourage Members to 
direct their orders to the Exchange because they would have certainty 
as to how their orders will be allocated when determining whether that 
Member qualified for a certain pricing tier. The Exchange believes that 
its proposal would neither increase nor decrease intramarket 
competition because the fee code 5 and footnote 10 would continue to 
apply uniformly to all Members.
ConnectEdge
    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The proposed 
rule change is designed to accommodate Members while the Exchange 
migrates itself and its affiliates into a single data center. Once that 
migration is complete it will not be necessary for a ConnectEdge 
subscriber to pay an additional fee for order entry or receipt of 
market data from the Exchange or of its affiliates over and above the 
connectivity fees currently charged. The Exchange believes that 
charging no fee during this for the use of ConnectEdge to access the 
Exchange or its affiliates during this transitional period will not 
result in any burden on competition that is not necessary or 
appropriate because Members will remain liable for the applicable 
Physical Connectivity Fees charged by each BGM Affiliated Exchange. The 
Exchange believes that its proposal would neither increase nor decrease 
intramarket competition because it would apply uniformly to all 
Members.
    The Exchange also believes the proposed connectivity fee for Nasdaq 
Glimpse will not result in any burden on completion. The proposed rule 
change is designed to provide Members with an alternative means to 
access Nasdaq Glimpse if they choose or in the event of a market 
disruption where other alternative connection methods become 
unavailable. ConnectEdge is not the exclusive method to connect to 
Nasdaq Glimpse and Members may utilize alternative methods to connect 
to the product if they believe the Exchange's proposed pricing is 
unreasonable or otherwise. Therefore, the Exchange does not believe the 
proposed rule change will have any effect on competition.

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 \22\ and paragraph (f) of Rule 19b-4 
thereunder.\23\ 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.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-EDGX-2015-13 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-EDGX-2015-13. 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

[[Page 13656]]

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-EDGX-2015-13, and should be submitted on or before April 
6, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
---------------------------------------------------------------------------

    \24\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-05860 Filed 3-13-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices 13651 SECURITIES AND EXCHANGE each tier; (v) amend footnote 10 rebated for routing orders in certain COMMISSION regarding how a Member’s volume symbols to Nasdaq when it does not attributed to fee code 5 will be qualify for a volume tiered rebate. When [Release No. 34–74464; File No. SR–EDGX– allocated; and (vi) amend fees related to BATS Trading routes to Nasdaq, it is 2015–13] the use of ConnectEdge. rebated a standard rate of $0.00040 per Self-Regulatory Organizations; EDGX The text of the proposed rule change share for orders in select symbols Exchange, Inc.; Notice of Filing and is available at the Exchange’s Web site (‘‘Nasdaq’s Select Symbol Program’’).6 Immediate Effectiveness of a Proposed at www.batstrading.com, at the BATS Trading will pass through this Rule Change Related to Fees for Use principal office of the Exchange, and at rate on Nasdaq to the Exchange and the of EDGX Exchange, Inc. the Commission’s Public Reference Exchange, in turn, will pass through this Room. rate to its Members. The Exchange notes March 10, 2015. that the proposed change is in response II. Self-Regulatory Organization’s to Nasdaq’s January 2015 fee change Pursuant to Section 19(b)(1) of the Statement of the Purpose of, and where Nasdaq decreased the rebate it Securities Exchange Act of 1934 (the Statutory Basis for, the Proposed Rule provides its customers, such as BATS ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Change Trading, from a rebate of $0.00150 per notice is hereby given that on March 2, 2015, EDGX Exchange, Inc. (the In its filing with the Commission, the share to a rebate of $0.00040 per share ‘‘Exchange’’ or ‘‘EDGX’’) filed with the Exchange included statements for orders in symbols included in Securities and Exchange Commission concerning the purpose of and basis for Nasdaq’s Select Symbol Program.7 (‘‘Commission’’) the proposed rule the proposed rule change and discussed Fee Code RN change as described in Items I, II and III any comments it received on the below, which Items have been prepared proposed rule change. The text of these The Exchange proposes to adopt new by the Exchange. The Exchange has statements may be examined at the fee code RN, which would be applied to designated the proposed rule change as places specified in Item IV below. The orders routed to Nasdaq using the ROOC one establishing or changing a member Exchange has prepared summaries, set routing strategy that add liquidity. due, fee, or other charge imposed by the forth in Sections A, B, and C below, of Orders that yield fee code RN will Exchange under Section 19(b)(3)(A)(ii) the most significant parts of such receive a rebate of $0.00150 per share. of the Act 3 and Rule 19b–4(f)(2) statements. The ROOC Routing strategy routes thereunder,4 which renders the orders to participate in the opening, re- A. Self-Regulatory Organization’s opening (following a halt, suspension, proposed rule change effective upon Statement of the Purpose of, and the filing with the Commission. The or pause), or closing process of a Statutory Basis for, the Proposed Rule primary listing market (BATS, NYSE, Commission is publishing this notice to Change solicit comments on the proposed rule Nasdaq, NYSE MKT, or NYSE Arca) if change from interested persons. 1. Purpose received before the opening/re-opening/ closing time of such market. If shares I. Self-Regulatory Organization’s The Exchange proposes to: (i) remain unexecuted after attempting to Statement of the Terms of Substance of Decrease the rebate from $0.00150 per execute in the opening, re-opening, or the Proposed Rule Change share to $0.00040 per share for orders closing process, they are either posted to that yield fee code A, which routes to the EDGX Book, executed, or routed to The Exchange filed a to amend its fees Nasdaq and adds liquidity; (ii) add new and rebates applicable to Members 5 of destinations on the System routing fee code RN, which routes to Nasdaq table. Proposed fee code RN represents the Exchange pursuant to EDGX Rule using the ROOC routing strategy and 15.1(a) and (c) (‘‘Fee Schedule’’) to: (i) a pass through of the rate that BATS adds liquidity; (iii) add a bullet to the Trading, the Exchange’s affiliated Decrease the rebate from $0.00150 per General Notes section regarding the share to $0.00040 per share for orders routing broker-dealer, is rebated for rates that would apply when the NYSE routing orders to Nasdaq in Tape C that yield fee code A, which routes to or NYSE MKT declare an emergency the Nasdaq Stock Market LLC securities not included in Nasdaq’s condition under their Rule 49; (iv) Select Symbol Program when it does not (‘‘Nasdaq’’) and adds liquidity; (ii) add amend footnotes 1, 2, and 4 to place new fee code RN, which routes to qualify for a volume tiered rebate. When parentheses around the amount of the BATS Trading routes to Nasdaq using Nasdaq using the ROOC routing strategy rebate to be provided for each tier; (v) and adds liquidity; (iii) add a bullet to the ROOC routing strategy, it is rebated amend footnote 10 regarding how a a standard rate of $0.00150 per share for the General Notes section regarding the Member’s volume attributed to fee code rates that would apply when the New Tape C securities that are not included 5 will be allocated; and (vi) amend fees in Nasdaq’s Select Symbol Program.8 York Stock Exchange, Inc. (‘‘NYSE’’) or related to the use of ConnectEdge. NYSE MKT LLC (‘‘NYSE MKT’’) declare 6 The Exchange notes that to the extent BATS an emergency condition under their Fee Code A Trading does or does not achieve any volume tiered Rule 49; (iv) amend footnotes 1, 2, and In securities priced at or above $1.00, discount on Nasdaq or routes an order to Nasdaq 4 to place parentheses around the the Exchange currently provides a in a symbol that is not included in Nasdaq’s Select amount of the rebate to be provided for Symbol Program to receive a rebate of $0.00040 per rebate of $0.00150 per share for share, its rate for Flag A will not change. The 1 15 Members’ orders that yield fee code A, Exchange further notes that, due to billing system U.S.C. 78s(b)(1). limitations that do not allow for separate rates by 2 17 which routes to Nasdaq and adds CFR 240.19b–4. tape, it will pass through the lesser rebate of liquidity. The Exchange proposes to Rmajette on DSK2VPTVN1PROD with NOTICES 3 15 U.S.C. 78s(b)(3)(A)(ii). $0.00040 per share for all Tapes A, B & C securities. 4 17 CFR 240.19b–4(f)(2). amend its Fee Schedule to decrease this 7 See Securities Exchange Act Release No. 73967 5 The term ‘‘Member’’ is defined as ‘‘any rebate to $0.00040 per share for (December 30, 2014), 80 FR 594 (January 6, 2015) registered broker or dealer, or any person associated Members’ orders that yield fee code A. (SR–Nasdaq–2014–128). with a registered broker or dealer, that has been The proposed change represents a pass 8 The Exchange notes that to the extent BATS admitted to membership in the Exchange. A Trading does or does not achieve any volume tiered Member will have the status of a ‘‘member’’ of the through of the rate that BATS Trading, discount on Nasdaq or routes an order to Nasdaq Exchange as that term is defined in Section 3(a)(3) Inc. (‘‘BATS Trading’’), the Exchange’s in a symbol that is included in Nasdaq’s Select of the Act.’’ See Exchange Rule 1.5(n). affiliated routing broker-dealer, is Continued VerDate Sep<11>2014 14:09 Mar 13, 2015 Jkt 235001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

13652 Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices BATS Trading will pass through this Footnote 10 Exchange in order to subscribe to rate on Nasdaq to the Exchange and the In December 2014, the Exchange ConnectEdge. Members may also seek to Exchange, in turn, will pass through this added footnote 10 to state that a utilize ConnectEdge in the event of a rate to its Members. The Exchange notes Member’s monthly volume attributed to market disruption where other that fee code A above will be applied to fee code 5 will be divided evenly alternative connection methods become all orders routed to Nasdaq not utilizing between the added fee codes and unavailable.11 the ROOC routing strategy that add The Exchange charges a monthly removal fee codes when determining liquidity. connectivity fee to Members utilizing whether that Member satisfied a certain ConnectEdge to route orders to other NYSE and NYSE MKT Rule 49 tier.9 At that time, the Exchange exchanges and broker-dealers that are proposed to divide a Member’s fee code The Exchange proposes to add a connected to the Exchange’s network. 5 volume as such because the bullet under the General Notes section The amount of the connectivity fee Exchange’s systems could not delineate of the Fee Schedule to describe the rates varies based solely on the bandwidth orders yielding fee code 5 that added that would apply where the NYSE or selected by the Member. Specifically, from those that removed liquidity for the Exchange currently charges $350 for NYSE MKT declare an emergency purposes of determining whether a condition under their Rule 49. Under 1 Mb, $700 for 5 Mb, $950 for 10 Mb, Member satisfied a certain tier. $1,500 for 25 Mb, $2,500 for 50 Mb, and NYSE and NYSE MKT Rule 49, the In January 2014, the Exchange and its NYSE or NYSE MKT may invoke their $3,500 for 100 Mb. The Exchange affiliate, EDGA Exchange, Inc. emergency powers during an emergency proposes to provide at no charge, (‘‘EDGA’’) received approval to effect a bandwidth required to access each of condition and designate NYSE Arca, merger (the ‘‘Merger’’) of the Exchange’s Inc. (‘‘NYSE Arca’’) as their backup the BGM Affiliated Exchanges and BZX parent company, Direct Edge Holdings Options. facility to receive and process bids and LLC, with BATS Global Markets, Inc., Members utilizing ConnectEdge to offers and to execute orders on behalf of the parent of BATS (together with access the Exchange or its affiliates for the NYSE or NYSE MKT. In such case, BATS, EDGA and EDGX, the ‘‘BGM either order entry or market data will the Exchange will route any order that Affiliated Exchanges’’).10 In the context remain liable for the applicable Physical was intended to be routed to the NYSE of the Merger, the BGM Affiliated Connectivity Fees as set forth in the Fee or NYSE MKT to NYSE Arca and the Exchanges migrated EDGX and EDGA Schedule and charged by each BGM Exchange’s System will identify such onto the BATS technology platform, Affiliated Exchange. Currently, the trades as being executed on NYSE Arca, which was completed in January 2015. Exchange and EDGA charge $500 per not the NYSE or NYSE MKT. Because Under the BATS technology platform, month a 1 Gb Copper connection, the executions occurred on NYSE Arca, the Exchange is now able to delineate $1,000 per month for a 1 Gb Fiber NYSE Arca will charge BATS Trading orders yield fee code 5 that added from connection, and $2,000 per month for a their applicable fee or rebate, and BATS those that removed liquidity for 10 Gb Fiber connection. BZX and BYX Trading will pass through that fee or purposes of determining whether a currently charge $1,000 per month for a rebate to the Exchange who would, in Member satisfies a certain tier. 1 Gb physical port at the BZX or BYX turn, pass that rate along to its Members. Therefore, the Exchange proposes to primary of secondary data center, Therefore, the Exchange proposes to add amend footnote 10 to state that a $2,000 per month for a 1 Gb physical a bullet to its Fee Schedule stating that Member’s monthly volume attributed to port at any other data center where BZX fee codes applicable to orders routed to fee code 5 will be allocated accordingly or BYX maintain a point-to-point NYSE Arca will be applied to orders between the added fee codes and presence (‘‘PoP’’), $2,500 per month for routed to the NYSE or NYSE MKT removal fee codes when determining a 10 Gb physical port at the BZX or BYX where, pursuant to NYSE and NYSE whether that Member satisfied a certain primary of secondary data center; and MKT Rule 49, the NYSE or NYSE MKT tier. $5,000 per month for a 10 Gb physical have designated NYSE Arca as their port at any other data center where BZX backup facility to receive and process ConnectEdge or BYX maintain a PoP. bids and offers and to execute orders on The Exchange proposes to amend the ConnectEdge also allows participants behalf of the NYSE or NYSE MKT. fees related to the use of ConnectEdge to receive market data feeds from by: (i) Adopting a fee of $250 per month exchanges connected to the Exchange’s Identifying Rebates in Footnotes 1, 2, for receipt of Nasdaq Glimpse; and (ii) network. In such case, the Member and 4 provide access to market data and order would pay the Exchange a connectivity The Exchange proposes to amend entry for the BGM Affiliated Exchanges fee, which varies and is based solely on footnotes 1, 2, and 4 to place the amount at no charge. ConnectEdge is a the amount of bandwidth required to of each rebate in parentheses. The communication and routing service that transmit the selected data product to the Exchange notes that rebates listed provides Members an additional means Member. The proposed connectivity elsewhere in the Fee Schedule are to receive market data from and route fees range from $100 to $3,500 based on identified by parentheses. Doing so orders to any destination connected to the market data product the vendor within footnotes 1, 2, and 4 would align the Exchange’s network. ConnectEdge selects. The Exchange currently charges the identification of rebates in these does not affect trade executions and $1,300 per month for BZX PITCH footnotes with the way rebates are would not report trades to the relevant identified elsewhere in the Fee Securities Information Processor. The 11 This service is an alternative to a service that Schedule. servers of the Member need not be the Exchange already provides to its Members— Rmajette on DSK2VPTVN1PROD with NOTICES current order-sending Members route orders located in the same facilities as the through access provided by the Exchange to the Symbol Program to receive a rebate of $0.00040 per Exchange that either check the Exchange for 9 See Securities Exchange Act Release No. 73782 share, its rate for Flag RN will not change. The available liquidity and then route to other Exchange further notes that, due to billing system (December 8, 2014), 79 FR 73916 (December 12, destinations or, in certain circumstances, bypass the limitations that do not allow for separate rates by 2014) (SR–EDGX–2014–32). Exchange and route to other destinations. See tape, it will pass through the rebate of $0.000150 10 See Securities Exchange Act Release No. 71449 Exchange Rule 11.9(b)(2) (setting forth routing per share for all Tapes A, B & C securities that yield (January 30, 2014), 79 FR 6961 (February 5, 2014) options whereby Members may select their orders fee code RN. (SR–EDGX–2013–43; SR–EDGA–2013–34). be routed to other market centers). VerDate Sep<11>2014 14:09 Mar 13, 2015 Jkt 235001 PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices 13653 Multicast, $250 per month for BZX to be reasonable and equitably allocated securities not included in Nasdaq’s PITCH Spin Server, $350 per month for to Members. Select Symbol Program when it does not BYX Pitch Multicast, $250 per month qualify for a volume tiered rebate. When Fee Code A for BYX Spin Server, $1,000 per month BATS Trading routes to Nasdaq using for BZX Options Pitch, and $500 per The Exchange believes that its the ROOC routing strategy, it is rebated month for EDGA or EDGX.12 The proposal to decrease the pass through a standard rate of $0.00150 per share for Exchange proposes to provide access to rebate for Members’ orders that yield fee Tape C securities that are not included each of these market data products at no code A from $0.00150 to $0.00040 per in Nasdaq’s Select Symbol Program.18 charge. Members would pay any fees share represents an equitable allocation Therefore, the Exchange believes to charged by the BGM Affiliated Exchange of reasonable dues, fees, and other provide proposed fee code RN a rebate providing the market data feed directly charges among Members and other of $0.00150 per share is equitable and to that exchange. persons using its facilities. Prior to reasonable because it accounts for The Exchange also proposes to adopt Nasdaq’s Select Symbol Program, pricing on Nasdaq and allows the a fee of $250 per month for market data Nasdaq provided BATS Trading a rebate Exchange to charge its Members a pass- connectivity to Nasdaq Glimpse. Nasdaq of $0.00150 per share for orders yielding through rate for orders that are routed to Glimpse is a point-to-point data feed fee code A, which BATS Trading passed Nasdaq using the ROOC routing connection that provides direct data through to the Exchange and the strategy. The Exchange further notes feed customers with the current state of Exchange passed through to its that, due to billing system limitations the Nasdaq execution systems with full Members. In January 2015, Nasdaq that do not allow for separate rates by market participant attribution.13 The decreased the standard rebate it security for those included in Nasdaq’s proposed fee is designed to reflect the provides its customers, such as BATS Select Symbol Program, it will pass amount of bandwidth required to Trading, from a rebate of $0.00150 per through the rebate of $0.00150 per share transmit the Nasdaq Glimpse to the share to a rebate of $0.00040 per share for all Tapes A, B & C securities routed Member. Participants would pay any for orders that are routed to Nasdaq in to Nasdaq yielding fee code RN. The fees charged by Nasdaq for Nasdaq symbols included in its Select Symbol Exchange notes that routing through Glimpse directly to Nasdaq. Program.17 Therefore, the Exchange BATS Trading is voluntary. Lastly, the believes that the proposed change in fee Exchange also believes that the Implementation Date code A from a rebate of $0.00150 per proposed amendment is non- The Exchange proposes to implement share to a rebate of $0.00040 per share discriminatory because it applies these amendments to its Fee Schedule is equitable and reasonable because it uniformly to all Members. on March 2, 2015.14 accounts for the pricing changes on Nasdaq. In addition, the proposal allows NYSE and NYSE MKT Rule 49 2. Statutory Basis the Exchange to continue to charge its The Exchange believes that adding a The Exchange believes that the Members a pass-through rate for orders bullet under the General Notes section proposed rule change is consistent with that are routed to Nasdaq. The Exchange of the Fee Schedule to describe the rates the objectives of Section 6 of the Act,15 further notes that, due to billing system that would apply where the NYSE or in general, and furthers the objectives of limitations that do not allow for NYSE MKT declare an emergency Section 6(b)(4),16 in particular, as it is separate rates by security for those condition under their Rule 49 is designed to provide for the equitable included in Nasdaq’s Select Symbol reasonable because it is designed to allocation of reasonable dues, fees and Program, it will pass through the lesser provide greater transparency to other charges among its Members and rebate of $0.00040 per share for all Members by describing which rates other persons using its facilities. The Tapes A, B & C securities routed to would apply in such circumstances. In Exchange also notes that it operates in Nasdaq. The Exchange notes that the case when NYSE or NYSE MKT a highly-competitive market in which routing through BATS Trading is invoke their Rule 49, the Exchange will market participants can readily direct voluntary. Lastly, the Exchange also route any order that was intended for order flow to competing venues if they believes that the proposed amendment the NYSE or NYSE MKT to NYSE Arca deem fee levels at a particular venue to is non-discriminatory because it applies and the Exchange’s System will identify be excessive. The proposed rule change uniformly to all Members. such trades as being executed on NYSE reflects a competitive pricing structure Arca, not the NYSE or NYSE MKT. Fee Code RN Because the executions occurred on designed to incent market participants The Exchange believes its proposal to NYSE Arca, NYSE Arca will charge to direct their order flow to the adopt new fee code RN, which would be their applicable fee or rebate. The Exchange. The Exchange believes that applied to orders routed to Nasdaq proposed bullet is intended to make the proposed rates are equitable and using the ROOC routing strategy that clear within the Fee Schedule which non-discriminatory in that they apply add liquidity, represents an equitable rate would apply where the NYSE or uniformly to all Members. The allocation of reasonable dues, fees, and NYSE MKT invoke their emergency Exchange believes the fees and credits other charges among Members and other powers under their Rule 49, thereby remain competitive with those charged persons using its facilities because the eliminating potential investor by other venues and therefore continue Exchange does not levy additional fees confusion, removing impediments to 12 Market data connectivity to EDGA and EDGX or offer additional rebates for orders that and perfecting the mechanism of a free is free if the Member’s connection if within the it routes to Nasdaq through BATS and open market and a national market Trading using the ROOC routing system, and, in general, protecting Rmajette on DSK2VPTVN1PROD with NOTICES Equinix facilities in Secaucus, New Jersey. 13 See http://www.nasdaqomx.com/transactions/ strategy. Proposed fee code RN investors and the public interest. The marketdata/europeanproducts/data-feeds/glimpse represents a pass through of the rate that Exchange notes that routing through for a description of Nasdaq Glimpse. 14 The date of the EDGX Fee Schedule was BATS Trading, the Exchange’s affiliated BATS Trading is voluntary. Lastly, the previously amended to March 2, 2015 in SR– routing broker-dealer, is rebated for Exchange also believes that the EDGX–2015–12 filed on February 26, 2015. routing orders to Nasdaq in certain proposed amendment is non- 15 15 U.S.C. 78f. 16 15 U.S.C. 78f(b)(4). 17 See supra note 6. 18 See supra note 8. VerDate Sep<11>2014 14:09 Mar 13, 2015 Jkt 235001 PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

13654 Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices discriminatory because it applies ConnectEdge Exchange nor Members are required by uniformly to all Members. The Exchange believes its proposal to any rule or regulation to make this amend fees for the use of ConnectEdge product available. Accordingly, Identifying Rebates in Footnotes 1, 2, is consistent with Section 6(b)(4) of the Members can discontinue use at any and 4 Act,19 in that it provides for the time and for any reason, including due The Exchange believes that amending to an assessment of the reasonableness equitable allocation of reasonable dues, footnotes 1, 2, and 4 to place the amount of fees charged. Moreover, the Exchange fees and other charges among members of each rebate in parentheses is believes the proposed fees are and other persons using its facilities. reasonable because it is designed to reasonable and equitable because they The Exchange charges a connectivity fee provide greater transparency to are based on the Exchange’s costs to to Members utilizing ConnectEdge to Members by aligning the identification cover the amount of bandwidth required route orders to or receive market data of rebates in these footnotes with the to provide connectivity to Nasdaq from other exchanges and market way rebates are identified elsewhere in Glimpse. The proposed fees allow the centers that are connected to the the Fee Schedule. The Exchange notes Exchange to recoup this cost, while Exchange’s network, the amounts of that this change is not designed to providing Members with an alternative which vary based solely on the amount amend any rebate, nor alter the manner means to connect to Nasdaq Glimpse. of bandwidth selected by the Member or in which it calculates rebates. This non- The Exchange believes that the required to transmit the market data. substantive change to the Fee Schedule proposed fees are reasonable and The BGM Affiliated Exchanges are is intended to make the Fee Schedule equitable in that they reflect the costs currently located in different data clearer and less confusing for investors and the benefit of providing alternative centers and the Exchange is in the and eliminate potential investor connectivity. process of transitioning itself and its confusion, thereby removing affiliates into a single data center. Lastly, the Exchange also believes that impediments to and perfecting the Members currently located in a different the proposed amendments to its fee mechanism of a free and open market data center than one of the BGM schedule are non-discriminatory and a national market system, and, in Affiliated Exchanges may utilize because they will apply uniformly to all general, protecting investors and the public interest. ConnectEdge to connect to that BGM Members. All Members that voluntarily Affiliated Exchange and would be select various service options will be Footnote 10 subject to the applicable ConnectEdge charged the same amount for the same The Exchange believes proposed fees. The Exchange has notified services. All Members have the option footnote 10 stating that a Member’s Members that is it is migrating the BGM to select any connectivity option, and monthly volume attributed to fee code Affiliated Exchange into a single data there is no differentiation among 5 will be allocated accordingly between center and many of those Members are Members with regard to the fees charged the added fee codes and removal fee already located in that data center or for the service. codes when determining whether that may elect to establish a presence in that B. Self-Regulatory Organization’s Member satisfied a certain tier data center. In the interim, the Exchange Statement on Burden on Competition represents an equitable allocation of proposes to charge no fee for the use of reasonable dues, fees, and other charges. ConnectEdge to access the BGM The Exchange believes its proposed Footnote 10 initially divided a Affiliated Exchange as an amendments to its Fee Schedule would Member’s fee code 5 volume as such accommodation to Members pending not impose any burden on competition because fee code 5 includes both added the migration. Once the migration is that is not necessary or appropriate in and removed liquidity and the complete, it will not be necessary for a furtherance of the purposes of the Act. Exchange’s systems could not delineate ConnectEdge subscriber to pay an The Exchange does not believe that the orders yielding fee code 5 that added additional fee for order entry or receipt proposed change represents a significant from those that removed liquidity of market data from the Exchange or of departure from previous pricing offered purposes of determining whether a its affiliates if located in the same data by the Exchange or pricing offered by Member satisfies a certain tier. Under center over and above the connectivity the Exchange’s competitors. the BATS technology platform, the fees currently charged.20 Therefore, the Additionally, Members may opt to Exchange is now able to delineate Exchange believes it is reasonable and disfavor the Exchange’s pricing if they orders yield fee code 5 that added from equitable to charge no fee for the use of believe that alternatives offer them those that removed liquidity for ConnectEdge to access the BGM better value. Accordingly, the Exchange purposes of determining whether a Affiliated Exchanges during this does not believe that the proposed Member satisfies a certain tier. transitional period. change will impair the ability of Therefore, the Exchange believes The Exchange also believes that its fee Members or competing venues to amending footnote 10 to state that a of $250 per month for market data maintain their competitive standing in Member’s monthly volume attributed to connectivity to Nasdaq Glimpse is the financial markets. fee code 5 will be allocated accordingly consistent with Section 6(b)(4) of the Act,21 in that it provides for the Fee Code A between the added fee codes and removal fee codes is reasonable because equitable allocation of reasonable dues, The Exchange believes that its it would provide Members an accurate fees and other charges among members proposal to pass through a rebate of understanding of how their orders and other persons using its facilities. $0.00040 per share for Members’ orders yielding fee code 5 would be allocated ConnectEdge is offered and purchased that yield fee code A would increase Rmajette on DSK2VPTVN1PROD with NOTICES amongst added and removed volume for on a voluntary basis, in that neither the intermarket competition because it purposes of determining whether they offers customers an alternative means to 19 15 U.S.C. 78f(b)(4). satisfied a certain tier. Lastly, the route to Nasdaq for a similar rate as 20 Similarly, the Exchange notes that it currently Exchange also believes that the entering orders in certain symbols on charges no fee to Member’s utilizing ConnectEdge proposed amendment is non- to connect to the Exchange and EDGA if located in Nasdaq directly. The Exchange believes discriminatory because it applies the same data center. that its proposal would not burden uniformly to all Members. 21 15 U.S.C. 78f(b)(4). intramarket competition because the VerDate Sep<11>2014 14:09 Mar 13, 2015 Jkt 235001 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices 13655 proposed rate would apply uniformly to Exchange because they would have unsolicited written comments from all Members. certainty as to how their orders will be Members or other interested parties. allocated when determining whether Fee Code RN III. Date of Effectiveness of the that Member qualified for a certain The Exchange believes that its Proposed Rule Change and Timing for pricing tier. The Exchange believes that proposal to add fee code RN for orders Commission Action its proposal would neither increase nor that route to Nasdaq using the ROOC decrease intramarket competition The foregoing rule change has become routing strategy and pass through a because the fee code 5 and footnote 10 effective pursuant to Section 19(b)(3)(A) rebate of $0.00150 per share to Members would continue to apply uniformly to of the Act 22 and paragraph (f) of Rule would increase intermarket competition all Members. 19b–4 thereunder.23 At any time within because it offers customers an 60 days of the filing of the proposed rule alternative means to route orders to ConnectEdge change, the Commission summarily may Nasdaq to participate in their opening, The Exchange does not believe that temporarily suspend such rule change if re-opening or closing process for a the proposed rule change will result in it appears to the Commission that such similar rate as entering orders in certain any burden on competition that is not action is necessary or appropriate in the symbols on Nasdaq directly. The necessary or appropriate in furtherance public interest, for the protection of Exchange believes that its proposal of the purposes of the Act. The investors, or otherwise in furtherance of would not burden intramarket proposed rule change is designed to the purposes of the Act. competition because the proposed rate accommodate Members while the Exchange migrates itself and its IV. Solicitation of Comments would apply uniformly to all Members. affiliates into a single data center. Once Interested persons are invited to NYSE and NYSE MKT Rule 49 that migration is complete it will not be submit written data, views, and The Exchange believes that adding a necessary for a ConnectEdge subscriber arguments concerning the foregoing, bullet under the General Notes section to pay an additional fee for order entry including whether the proposed rule of the Fee Schedule to describe which or receipt of market data from the change is consistent with the Act. rates that would apply where the NYSE Exchange or of its affiliates over and Comments may be submitted by any of or NYSE MKT declare an emergency above the connectivity fees currently the following methods: condition under their Rule 49 would not charged. The Exchange believes that charging no fee during this for the use Electronic Comments affect intermarket nor intramarket competition because none of these of ConnectEdge to access the Exchange • Use the Commission’s Internet changes are designed to amend any or its affiliates during this transitional comment form (http://www.sec.gov/ rebate or alter the manner in which the period will not result in any burden on rules/sro.shtml); or Exchange calculates rebates. This competition that is not necessary or • Send an email to rule-comments@ change is not designed to have a appropriate because Members will sec.gov. Please include File Number SR– competitive impact. Rather, it is remain liable for the applicable Physical EDGX–2015–13 on the subject line. intended to make clear to Members and Connectivity Fees charged by each BGM Paper Comments investors within the Fee Schedule Affiliated Exchange. The Exchange which rate would apply where the believes that its proposal would neither • Send paper comments in triplicate NYSE or NYSE MKT invoke their increase nor decrease intramarket to Secretary, Securities and Exchange emergency powers under their Rule 49, competition because it would apply Commission, 100 F Street NE., thereby eliminating potential investor uniformly to all Members. Washington, DC 20549–1090. confusion. The Exchange also believes the All submissions should refer to File proposed connectivity fee for Nasdaq Number SR–EDGX–2015–13. This file Identifying Rebates in Footnotes 1, 2, Glimpse will not result in any burden number should be included on the and 4 on completion. The proposed rule subject line if email is used. To help the The Exchange believes that amending change is designed to provide Members Commission process and review your footnotes 1, 2, and 4 to place the amount with an alternative means to access comments more efficiently, please use of each rebate in parentheses would not Nasdaq Glimpse if they choose or in the only one method. The Commission will affect intermarket nor intramarket event of a market disruption where post all comments on the Commission’s competition because none of these other alternative connection methods Internet Web site (http://www.sec.gov/ changes are designed to amend any become unavailable. ConnectEdge is not rules/sro.shtml). Copies of the rebate or alter the manner in which the the exclusive method to connect to submission, all subsequent Exchange calculates rebates. This Nasdaq Glimpse and Members may amendments, all written statements change is intended to make the Fee utilize alternative methods to connect to with respect to the proposed rule Schedule clearer and less confusing for the product if they believe the change that are filed with the investors and eliminate potential Exchange’s proposed pricing is Commission, and all written investor confusion by providing greater unreasonable or otherwise. Therefore, communications relating to the clarity to Members with regard to how the Exchange does not believe the proposed rule change between the the Exchange calculates rebates. proposed rule change will have any Commission and any person, other than effect on competition. those that may be withheld from the Footnote 10 public in accordance with the The Exchange believes that amending C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Rmajette on DSK2VPTVN1PROD with NOTICES footnote 10 to reflect current system Statement on Comments on the available for Web site viewing and functionality that orders yielding fee Proposed Rule Change Received From printing in the Commission’s Public code 5 will be allocated accordingly Members, Participants, or Others Reference Room, 100 F Street NE., amongst added fee codes and removal The Exchange has not solicited, and Washington, DC 20549, on official fee codes would increase intermarket does not intend to solicit, comments on competition because it would encourage this proposed rule change. The 22 15 U.S.C. 78s(b)(3)(A). Members to direct their orders to the Exchange has not received any 23 17 CFR 240.19b–4(f). VerDate Sep<11>2014 14:09 Mar 13, 2015 Jkt 235001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

13656 Federal Register / Vol. 80, No. 50 / Monday, March 16, 2015 / Notices business days between the hours of Members 5 of the Exchange pursuant to priced below $1.00. The Exchange 10:00 a.m. and 3:00 p.m. Copies of the EDGX Rule 15.1(a) and (c) (‘‘Fee proposes to reformat the description of filing also will be available for Schedule’’) related to the fees charged fee code MM using numbers (1) through inspection and copying at the principal and rebates provided for executions (3) to better delineate each transaction office of the Exchange. All comments occurring at the midpoint of the to which the fee code is applied. received will be posted without change; National Best Bid or Offer (‘‘NBBO’’) by: Pursuant to footnote 11 of the Fee the Commission does not edit personal (i) Amending the descriptions of fee Schedule, an order with a Non- identifying information from codes MM and MT; and (ii) adopting Displayed instruction will receive fee submissions. You should submit only new fee code AM. code MM where it executes against an information that you wish to make The text of the proposed rule change order that receives fee code MT, as available publicly. All submissions is available at the Exchange’s Web site discussed below. The Exchange should refer to File Number SR–EDGX– at www.batstrading.com, at the proposes to amend footnote 11 to 2015–13, and should be submitted on or principal office of the Exchange, and at specifically state that an order with a before April 6, 2015. the Commission’s Public Reference Non-Displayed instruction that adds Room. liquidity at the midpoint of the NBBO For the Commission, by the Division of Trading and Markets, pursuant to delegated will only receive fee code MM where it II. Self-Regulatory Organization’s authority.24 receives price improvement relative to Statement of the Purpose of, and Brent J. Fields, its limit price (in contrast to an order Statutory Basis for, the Proposed Rule Secretary. receiving fee code AM, as proposed Change below). Footnote 11 also currently lists [FR Doc. 2015–05860 Filed 3–13–15; 8:45 am] In its filing with the Commission, the the three types of orders against which BILLING CODE 8011–01–P Exchange included statements an order with a Non-Displayed concerning the purpose of and basis for instruction will execute that results in the proposed rule change and discussed fee code MM for such order, including SECURITIES AND EXCHANGE any comments it received on the COMMISSION orders with a Hide Not Slide instruction proposed rule change. The text of these (as well as MidPoint Match Orders and [Release No. 34–74463; File No. SR–EDGX– statements may be examined at the orders with a Non-Displayed and Post 2015–12] places specified in Item IV below. The Only instruction). The Exchange Exchange has prepared summaries, set proposes to specify in footnote 11 that Self-Regulatory Organizations; EDGX forth in sections A, B, and C below, of an order with a Non-Displayed Exchange, Inc.; Notice of Filing and the most significant parts of such instruction executing against an order Immediate Effectiveness of a Proposed statements. with a Hide Not Slide instruction will Rule Change Related to Fees for Use A. Self-Regulatory Organization’s receive fee code MM if the order with of EDGX Exchange, Inc. Statement of the Purpose of, and the a Hide Not Slide instruction receives fee March 10, 2015. Statutory Basis for, the Proposed Rule code MT because it also contains a Post Pursuant to section 19(b)(1) of the Change Only instruction 9 and the difference Securities Exchange Act of 1934 (the between the NBB and NBO is $0.01. The 1. Purpose applicability of fee code MT to such ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on February The Exchange proposes to amend its orders with a Hide Not Slide instruction 26, 2015, EDGX Exchange, Inc. (the Fee Schedule related to the fees charged is described in further detail below and ‘‘Exchange’’ or ‘‘EDGX’’) filed with the and rebates provided for executions in proposed footnote 13. As described Securities and Exchange Commission occurring at the midpoint of the NBBO below, the Exchange proposes an update (‘‘Commission’’) the proposed rule by: (i) Amending the descriptions of fee to footnote 3, which relates to a volume change as described in Items I, II and III codes MM and MT; and (ii) adopting tier for orders that receive fee code MM, below, which Items have been prepared new fee code AM. and to append footnote 3 to fee code by the Exchange. The Exchange has Fee Code MM MM, as this is the fee code to which the designated the proposed rule change as footnote pertains. one establishing or changing a member Fee code MM is applied to orders that Neither the proposed changes to fee due, fee, or other charge imposed by the add liquidity at the midpoint of the code MM nor the proposed changes to Exchange under section 19(b)(3)(A)(ii) NBBO using: (i) A MidPoint Match footnotes 3 and 11 are intended to of the Act 3 and Rule 19b–4(f)(2) Order; 6 (ii) an order with a Hide Not amend the amount of the fees charged, thereunder,4 which renders the Slide instruction; 7 or (iii) an order with the amount of the rebate provided or the a Non-Displayed instruction.8 Orders transactions to which fee code MM is proposed rule change effective upon yielding fee code MM are charged a fee applied. The proposed changes are filing with the Commission. The of $0.0012 per share in securities priced intended to clearly delineate the Commission is publishing this notice to at $1.00 or above and receive a rebate transactions to which fee code MM may solicit comments on the proposed rule of $0.00003 per share in securities be applied when adding liquidity at the change from interested persons. midpoint of the NBBO. I. Self-Regulatory Organization’s 5 The term ‘‘Member’’ is defined as ‘‘any Statement of the Terms of Substance of registered broker or dealer, or any person associated Fee Code MT with a registered broker or dealer, that has been the Proposed Rule Change admitted to membership in the Exchange. A Fee code MT is applied to orders that remove liquidity at the midpoint of the Rmajette on DSK2VPTVN1PROD with NOTICES The Exchange filed a proposal to Member will have the status of a ‘‘member’’ of the Exchange as that term is defined in section 3(a)(3) NBBO using: (i) A MidPoint Match amend its fees and rebates applicable to of the Act.’’ See Exchange Rule 1.5(n). 6 See Rule 11.8(d) for a description of MidPoint Order; (ii) an order with a Hide Not 24 17 CFR 200.30–3(a)(12). Match Orders. Slide instruction; or (iii) an order with 1 15 U.S.C. 78s(b)(1). 7 See Rule 11.6(l)(1)(B) for a description of the a Non-Displayed and Post Only 2 17 CFR 240.19b–4. Hide Not Slide instruction. 3 15 U.S.C. 78s(b)(3)(A)(ii). 8 See Rule 11.6(e)(2) for a description of the Non- 9 See Rule 11.6(n)(4) for a description of the Post 4 17 CFR 240.19b–4(f)(2). Displayed instruction. Only instruction. 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Document Created: 2018-02-21 09:37:36
Document Modified: 2018-02-21 09:37:36
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 13651 
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