80 FR 14191 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 52 (March 18, 2015)
Federal Register Volume 80, Issue 52 (March 18, 2015)
| Page Range | 14191-14193 | |
| FR Document | 2015-06124 |
[Federal Register Volume 80, Number 52 (Wednesday, March 18, 2015)] [Notices] [Pages 14191-14193] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06124] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74484; File No. SR-BATS-2015-20] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. March 12, 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, BATS Exchange, Inc. (the [[Page 14192]] ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b- 4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to BATS Rules 15.1(a) and (c). Changes to the fee schedule pursuant to this proposal are effective upon filing. --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.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 modify the ``Options Pricing'' section of its fee schedule effective immediately, in order to modify pricing charged by the Exchange's options platform (``BATS Options'') including adjusting the rebates associated with Customer Penny Pilot Add Volume Tier 1 and Professional and Firm Penny Pilot Add Volume Tiers 1 and 2, as further described below. The Exchange proposes to adjust the rebate for Customer \6\ orders in Penny Pilot Securities \7\ that add liquidity and meet Customer Add Volume Tier 1 from $0.45 per contract to $0.40 per contract. Currently, the Exchange offers a $0.45 rebate for Customer orders that add liquidity and meet Customer Add Volume Tier 1, which requires that the Member has an ADV \8\ equal to or greater than 0.05% of average TCV.\9\ The Exchange notes that such change will be reflected in both the Standard Rates table and the Customer Penny Pilot Add Tiers under footnote 1 of the fee schedule. --------------------------------------------------------------------------- \6\ ``Customer'' applies to any transaction identified by a Member for clearing in the Customer range at the Options Clearing Corporation (``OCC''), excluding any transaction for a ``Professional'' as defined in Exchange Rule 16.1. \7\ ``Penny Pilot Securities'' are those issues quoted pursuant to Exchange Rule 21.5, Interpretation and Policy .01. \8\ ``ADV'' means average daily volume calculated as the number of contracts added or removed, combined, per day. \9\ ``TCV'' means total consolidated volume calculated as the volume reported by all exchanges to the consolidated transaction reporting plan for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close. --------------------------------------------------------------------------- The Exchange also proposes to adjust the rebate for Professional \10\ and Firm \11\ orders in Penny Pilot Securities that add liquidity and meet Professional/Firm Step-up Add Volume Tier 1 and Tier 2 from $0.44 per contract to $0.42 per contract. The Exchange currently offers a $0.44 rebate for Professional and Firm orders that add liquidity and meet Professional/Firm Step-Up Add Volume Tier 1 or Tier 2. Meeting Professional/Firm Step-up Add Volume Tier 1 requires that a Member has an Options Step-up Add TCV \12\ from June 2014 baseline that is equal to or greater than 0.50%. Meeting Professional/Firm Step-up Add Volume Tier 2 requires that a Member has an Options Step-up Add TCV from September 2014 baseline equal to or greater than 0.30% and an ADV equal to or greater than 0.40% of average TCV. The Exchange is not proposing to amend the requirements for meeting Professional/Firm Step-up Add Volume Tier 1 or Tier 2. The Exchange notes that such changes will be reflected in both the Standard Rates table and the Professional and Firm Penny Pilot Add Volume Tiers under footnote 2 of the fee schedule. --------------------------------------------------------------------------- \10\ ``Professional'' applies to any transaction identified by a Member as such pursuant to Exchange Rule 16.1. \11\ ``Firm'' applies to any transaction identified by a Member for clearing in the Firm range at the OCC. \12\ ``Options Step-up Add TCV'' means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV. --------------------------------------------------------------------------- The Exchange proposes to implement the amendments to its fee schedule effective immediately. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.\13\ Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\14\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels to be excessive. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Volume-based rebates and fees such as the ones currently maintained on BATS Options have been widely adopted by equities and options exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value to an exchange's market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. The Exchange believes the proposed reduction of the rebate for orders that add liquidity for Customers that meet Customer Add Volume Tier 1 is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and rebates because it will provide Members with a greater incentive to increase their participation on BATS Options in order to receive a higher rebate by meeting a higher Customer Add Volume Tier. Currently, the difference between the rebate received for orders that qualify for Customer Add Volume Tier 1 and those that qualify for Customer Add Volume Tier 2 is only $0.03 per contract, but as proposed, the difference would be $0.08 per contract. [[Page 14193]] As such, the Exchange believes that increasing the difference in the rebates between the tiers will act to incentivize Members to increase their ADV as a percentage of TCV to 0.30% in order to qualify for Customer Add Volume Tier 2 and receive a rebate of $0.48 per contract. Such increased participation on BATS Options will result in higher levels of liquidity provision and introduction of higher volumes of orders into the price and volume discovery processes, which will benefit all participants on BATS Options. The Exchange also believes that the proposed reduction of the rebates for Professional/Firm Step-up Add Volume Tier 1 and Tier 2 is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and rebates because, as stated above, the Exchange's tiered pricing structure is designed such that fees and rebates are related to the value of market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. As such, the Exchange believes that it is reasonable, fair, and equitable to lower the rebates associated with Professional/Firm Step-up Add Volume Tier 1 and Tier 2. In this same light, the Exchange notes that the proposed amendments would bring the rebate for Professional/Firm Step-up Add Volume Tier 1 and Tier 2 in line with that of the Market Maker Add Volume Tier. The Exchange also notes that Professional and Firm orders can continue to receive further enhanced rebates through the NBBO Setter Tiers and that any order that qualifies for either Professional/Firm Step-Up Add Volume Tier 1 or Tier 2 will also qualify for NBBO Setter Tier 1 where the order sets the national best bid or offer. The Exchange reiterates 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 to be excessive. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. With respect to the proposed new rebates in Customer Add Volume Tier 1 and Professional/Firm Step-Up Tier 1 and Tier 2, the Exchange does not believe that any such changes burden competition, but instead, that they enhance competition, as they are intended to increase the competitiveness of and draw additional volume to BATS Options. As stated above, the Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if the deem fee structures to be unreasonable or excessive. 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 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 \15\ and paragraph (f) of Rule 19b-4 thereunder.\16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 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 CommentsUse 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-BATS-2015-20 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BATS-2015-20. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BATS-2015-20 and should be submitted on or before April 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-06124 Filed 3-17-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14191
As noted above, however, the involved in making the contribution the Rule’s effective date, March 14, 2011
Contributor did not disclose the which resulted in such prohibition to that are fully compliant with the Rule’s
Contribution to the Applicants and the obtain a return of the contribution; and requirements. The Applicants further
Applicants had no knowledge of the (B) has taken such other remedial or note that the Advisers began developing
Contribution when the Contributor preventive measures as may be compliance testing that includes
received approval for the May 31, 2012 appropriate under the circumstances; random searches of public campaign
contribution for the recall general (3) Whether, at the time of the databases for contributions by
election. contribution, the contributor was a employees. The Applicants represent
covered associate or otherwise an that at no time did any employees of the
Applicant’s Legal Analysis employee of the investment adviser, or Advisers other than the Contributor
1. Rule 206(4)–5(a)(1) under the was seeking such employment; have any actual knowledge that the
Advisers Act prohibits a registered (4) The timing and amount of the Contribution had been made prior to its
investment adviser from providing contribution which resulted in the discovery by the Advisers in March
investment advisory services for prohibition; 2014. The Applicants further represent
compensation to a government entity (5) The nature of the election (e.g., that the Advisers and the Contributor
within two years after a contribution to federal, state or local); and obtained the Official’s agreement to
an official of the government entity is (6) The contributor’s apparent intent return the Contribution, which was
made by the investment adviser or any or motive in making the contribution subsequently returned, and the Advisers
covered associate of the investment which resulted in the prohibition, as established an escrow account for all
adviser. Each Client is a ‘‘government evidenced by the facts and fees attributable to the Clients’
entity,’’ as defined in rule 206(4)–5(f)(5), circumstances surrounding such relationships with the Advisers accrued
the Contributor is a ‘‘covered associate’’ contribution. between February 5, 2012 and February
as defined in rule 206(4)–5(f)(2), and the 4. The Applicants request an order 26, 2014.
Official is an ‘‘official’’ as defined in pursuant to section 206A and rule 8. The Applicants state that the
rule 206(4)–5(f)(6). Rule 206(4)–5(c) 206(4)–5(e), exempting them from the Contributor’s apparent intent in making
provides that when a government entity two-year prohibition on compensation the Contribution was not to influence
invests in a covered investment pool, imposed by rule 206(4)–5(a)(1) with the selection or retention of the
the investment adviser to that covered respect to investment advisory services Advisers, and that the Contribution was
investment pool is treated as providing provided to the Clients within the two- consistent with prior political donations
advisory services directly to the year period following the Contribution. made by the Contributor in support of
government entity. The RICs and the 5. The Applicants submit that the other candidates who share the political
Funds are ‘‘covered investment pools,’’ exemption is necessary and appropriate views of the Official.
as defined in rule 206(4)–5(f)(3). in the public interest and consistent 9. The Applicants represent that the
2. Section 206A of the Advisers Act with the protection of investors and the Contributor has had no direct contact or
grants the Commission the authority to purposes fairly intended by the policy involvement with any of the Clients,
‘‘conditionally or unconditionally and provisions of the Act. The and that the Contributor’s only indirect
exempt any person or transaction . . . Applicants further submit that the other involvement with one of the Clients was
from any provision or provisions of [the factors set forth in Rule 206(4)–5 through a single meeting at which a
Advisers Act] or of any rule or similarly weigh in favor of granting an research analyst who reported to the
regulation thereunder, if and to the exemption to the Applicants to avoid Contributor met with the Client.
extent that such exemption is necessary consequences disproportionate to the For the Commission, by the Division of
or appropriate in the public interest and violation. The Applicants note that Investment Management, under delegated
consistent with the protection of causing the Advisers to serve without authority.
investors and the purposes fairly compensation for a two-year period Brent J. Fields,
intended by the policy and provisions of could result in a financial loss that is Secretary.
[the Advisers Act].’’ approximately 24,000 times the amount [FR Doc. 2015–06110 Filed 3–17–15; 8:45 am]
3. Rule 206(4)–5(e) provides that the of the Contribution.
BILLING CODE 8011–01–P
Commission may exempt an investment 6. The Applicants represent that
adviser from the prohibition under Rule neither the Advisers nor the Contributor
206(4)–5(a)(1) upon consideration of the sought to interfere with the Clients’ SECURITIES AND EXCHANGE
factors listed below, among others: merit-based selection process for COMMISSION
(1) Whether the exemption is advisory services, nor did they seek to
necessary or appropriate in the public negotiate higher fees or greater ancillary [Release No. 34–74484; File No. SR–BATS–
interest and consistent with the benefits than would be achieved in 2015–20]
protection of investors and the purposes arms’-length transactions. The
Self-Regulatory Organizations; BATS
fairly intended by the policy and Applicants note that the Advisers’
Exchange, Inc.; Notice of Filing and
provisions of the Advisers Act; relationship with the Clients pre-date
(2) Whether the investment adviser: Immediate Effectiveness of a Proposed
the Contribution, and that one Client
(i) Before the contribution resulting in Rule Change Related to Fees for Use
divested its investment in the Fund
the prohibition was made, adopted and of BATS Exchange, Inc.
shortly after the Contribution. The
implemented policies and procedures Applicants represent that they have no March 12, 2015.
mstockstill on DSK4VPTVN1PROD with NOTICES
reasonably designed to prevent reason to believe that the Contribution Pursuant to Section 19(b)(1) of the
violations of the rule; and (ii) prior to or undermined the integrity of the market Securities Exchange Act of 1934 (the
at the time the contribution which for advisory services or resulted in a ‘‘Act’’),1 and Rule 19b–4 thereunder,2
resulted in such prohibition was made, violation of the public trust in the notice is hereby given that on March 2,
had no actual knowledge of the process for awarding contracts. 2015, BATS Exchange, Inc. (the
contribution; and (iii) after learning of 7. The Applicants note that the
the contribution: (A) Has taken all Advisers adopted and implemented 1 15 U.S.C. 78s(b)(1).
available steps to cause the contributor pay-to-play policies and procedures on 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 19:00 Mar 17, 2015 Jkt 235001 PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 E:\FR\FM\18MRN1.SGM 18MRN1](https://thefederalregister.org/doc/80_FR_14243/page/1.svg)
![Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14193
As such, the Exchange believes that enhance competition, as they are only one method. The Commission will
increasing the difference in the rebates intended to increase the post all comments on the Commission’s
between the tiers will act to incentivize competitiveness of and draw additional Internet Web site (http://www.sec.gov/
Members to increase their ADV as a volume to BATS Options. As stated rules/sro.shtml). Copies of the
percentage of TCV to 0.30% in order to above, the Exchange notes that it submission, all subsequent
qualify for Customer Add Volume Tier operates in a highly competitive market amendments, all written statements
2 and receive a rebate of $0.48 per in which market participants can with respect to the proposed rule
contract. Such increased participation readily direct order flow to competing change that are filed with the
on BATS Options will result in higher venues if the deem fee structures to be Commission, and all written
levels of liquidity provision and unreasonable or excessive. communications relating to the
introduction of higher volumes of orders proposed rule change between the
into the price and volume discovery C. Self-Regulatory Organization’s Commission and any person, other than
processes, which will benefit all Statement on Comments on the those that may be withheld from the
participants on BATS Options. Proposed Rule Change Received From public in accordance with the
The Exchange also believes that the Members, Participants, or Others provisions of 5 U.S.C. 552, will be
proposed reduction of the rebates for The Exchange has not solicited, and available for Web site viewing and
Professional/Firm Step-up Add Volume does not intend to solicit, comments on printing in the Commission’s Public
Tier 1 and Tier 2 is a reasonable, fair this proposed rule change. The Reference Room, 100 F Street NE.,
and equitable, and not unfairly Exchange has not received any written Washington, DC 20549, on official
discriminatory allocation of fees and comments from members or other business days between the hours of
rebates because, as stated above, the interested parties. 10:00 a.m. and 3:00 p.m. Copies of the
Exchange’s tiered pricing structure is filing also will be available for
designed such that fees and rebates are III. Date of Effectiveness of the inspection and copying at the principal
related to the value of market quality Proposed Rule Change and Timing for office of the Exchange. All comments
associated with higher levels of market Commission Action received will be posted without change;
activity, such as higher levels of The foregoing rule change has become the Commission does not edit personal
liquidity provision and/or growth effective pursuant to Section 19(b)(3)(A) identifying information from
patterns, and introduction of higher of the Act 15 and paragraph (f) of Rule submissions. You should submit only
volumes of orders into the price and 19b–4 thereunder.16 At any time within information that you wish to make
volume discovery processes. As such, 60 days of the filing of the proposed rule available publicly. All submissions
the Exchange believes that it is change, the Commission summarily may should refer to File Number SR–BATS–
reasonable, fair, and equitable to lower temporarily suspend such rule change if 2015–20 and should be submitted on or
the rebates associated with Professional/ it appears to the Commission that such before April 8, 2015.
Firm Step-up Add Volume Tier 1 and action is necessary or appropriate in the For the Commission, by the Division of
Tier 2. In this same light, the Exchange public interest, for the protection of Trading and Markets, pursuant to delegated
notes that the proposed amendments investors, or otherwise in furtherance of authority.17
would bring the rebate for Professional/ the purposes of the Act. Brent J. Fields,
Firm Step-up Add Volume Tier 1 and Secretary.
Tier 2 in line with that of the Market IV. Solicitation of Comments
[FR Doc. 2015–06124 Filed 3–17–15; 8:45 am]
Maker Add Volume Tier. The Exchange Interested persons are invited to
BILLING CODE 8011–01–P
also notes that Professional and Firm submit written data, views, and
orders can continue to receive further arguments concerning the foregoing,
enhanced rebates through the NBBO including whether the proposed rule SECURITIES AND EXCHANGE
Setter Tiers and that any order that change is consistent with the Act. COMMISSION
qualifies for either Professional/Firm Comments may be submitted by any of
Step-Up Add Volume Tier 1 or Tier 2 the following methods: [Release No. 34–74487; File No. SR–CHX–
will also qualify for NBBO Setter Tier 1 2015–02]
where the order sets the national best Electronic Comments
• Use the Commission’s Internet Self-Regulatory Organizations;
bid or offer.
The Exchange reiterates that it comment form (http://www.sec.gov/ Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
operates in a highly competitive market rules/sro.shtml); or
• Send an email to rule-comments@ of a Proposed Rule Change
in which market participants can
sec.gov. Please include File Number SR– Concerning the CHX Routing Services
readily direct order flow to competing
venues if they deem fee levels to be BATS–2015–20 on the subject line. March 12, 2015.
excessive. Pursuant to Section 19(b)(1) of the
Paper Comments
B. Self-Regulatory Organization’s Securities Exchange Act of 1934
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
Statement on Burden on Competition to Brent J. Fields, Secretary, Securities notice is hereby given that on March 4,
The Exchange does not believe that and Exchange Commission, 100 F Street 2015, the Chicago Stock Exchange, Inc.
the proposed rule change will impose NE., Washington, DC 20549–1090. (‘‘CHX’’ or the ‘‘Exchange’’) filed with
any burden on competition not All submissions should refer to File the Securities and Exchange
mstockstill on DSK4VPTVN1PROD with NOTICES
necessary or appropriate in furtherance Number SR–BATS–2015–20. This file Commission (‘‘Commission’’) the
of the purposes of the Act. With respect number should be included on the proposed rule change as described in
to the proposed new rebates in subject line if email is used. To help the Items I and II below, which Items have
Customer Add Volume Tier 1 and Commission process and review your been prepared by the Exchange. The
Professional/Firm Step-Up Tier 1 and comments more efficiently, please use
Tier 2, the Exchange does not believe 17 17 CFR 200.30–3(a)(12).
that any such changes burden 15 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
competition, but instead, that they 16 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 19:00 Mar 17, 2015 Jkt 235001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 E:\FR\FM\18MRN1.SGM 18MRN1](https://thefederalregister.org/doc/80_FR_14243/page/3.svg)
Document Created: 2018-02-21 09:39:43
Document Modified: 2018-02-21 09:39:43
| 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 14191 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR