80 FR 14193 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Concerning the CHX Routing Services
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 52 (March 18, 2015)
Federal Register Volume 80, Issue 52 (March 18, 2015)
| Page Range | 14193-14195 | |
| FR Document | 2015-06091 |
[Federal Register Volume 80, Number 52 (Wednesday, March 18, 2015)] [Notices] [Pages 14193-14195] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06091] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74487; File No. SR-CHX-2015-02] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Concerning the CHX Routing Services March 12, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on March 4, 2015, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The [[Page 14194]] 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change CHX proposes to clarify for Participants and non-Participants the Exchange's smart versus direct routing protocol.\3\ On September 8, 2014, the Exchange filed a proposed rule change adopting, among other things, the CHX Routing Services, which is a Regulation NMS compliant outbound order routing service that is not yet operational (``the initial rule filing''), with the Securities and Exchange Commission (the ``Commission'').\4\ The Exchange now submits this supplemental filing. The Exchange has designated this proposed rule change as non- controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.\5\ --------------------------------------------------------------------------- \3\ CHX Article 1, Rule 1(s) defines ``Participant,'' in pertinent part, as ``any Participant Firm that holds a valid Trading Permit and any person associated with a Participant Firm who is registered with the Exchange under Articles 16 and 17 as a Market Maker Trader or Institutional Broker Representative, respectively. A Participant shall be considered a `member' of the Exchange for purposes of the Exchange Act.'' \4\ See Exchange Act Release No. 73150 (September 19, 2014), 79 FR 57603 (September 25, 2014) (SR-CHX-2014-15). \5\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The text of this proposed rule change is available on the Exchange's Web site at (www.chx.com) and in 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 CHX included statements concerning the purpose of and basis for the proposed rule changes 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 CHX has prepared summaries, set forth in sections A, B and C below, of the most significant aspects 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 clarify for Participants and non- Participants the Exchange's smart versus direct routing protocol related to the CHX Routing Services. As described in the initial rule filing, upon the triggering of a Routing Event,\6\ the Exchange will route away Routable Orders,\7\ or portions thereof, through CHXBD, LLC, which is an affiliated routing broker that will operate as a facility of the Exchange, which would then forward orders to a third-party routing broker for routing to the ultimate routing destination. All orders routed to the third-party routing broker will include instructions for the third-party routing broker to either direct route the order to a specific destination or to smart route the order, utilizing the third-party routing broker's routing technology, pursuant to a routing table provided and maintained by the Exchange. --------------------------------------------------------------------------- \6\ CHX Article 19, Rule 3(a), which is not yet operative, details Routing Events. \7\ CHX Article 1, Rule 1(oo), which is not yet operative, defines ``Routable Order'' as ``any incoming limit order, as defined under Article 1, Rule 2(a)(1), of any size, not marked by any order modifiers or related terms listed under Article 1, Rule 2 that prohibit the routing of the order to another Trading Center.'' --------------------------------------------------------------------------- The Exchange would like to clarify the smart versus direct routing protocol and to propose special handling of Routable Orders in relation to Protected Quotations \8\ displayed on the Alternative Display Facility (``ADF'') operated by the Financial Industry Regulatory Authority (``FINRA'').\9\ The Exchange does not propose to amend any CHX Rules nor substantively modify the CHX Routing Services in any other way. --------------------------------------------------------------------------- \8\ See 17 CFR 242.600(b)(58). \9\ See FINRA Rule 6210. --------------------------------------------------------------------------- Under footnote 50 of the initial rule filing,\10\ the Exchange utilized the term ``routed order'' to describe smart versus direct routing. For clarity, ``routed order'' describes the portion of a Routable Order that is to be routed to satisfy Protected Quotations of external markets at a single price point. Thus, by replacing the term ``routed order'' with the more descriptive phrase ``the portion of a Routable Order that is to be routed'' and adding references to ``a single price point,'' the meaning of footnote 50 becomes clearer. The revised footnote 50 would read as follows: --------------------------------------------------------------------------- \10\ Footnote 50 of the initial rule filing provides: Where the routed order is smaller than the aggregate size of two or more contra-side Protected Quotations that could be satisfied, the Exchange will rely on the third-party routing broker to utilize its smart-routing technology to route the order pursuant to a routing table provided by the Exchange. Thus, the relevant snapshot of the NBBO for Regulation NMS purposes will be taken by the third- party routing broker and the third-party routing broker would route orders IOC and ISO. However, where the routed order is smaller than the size of one Protected Quotation that could be satisfied or is the same size as the aggregate size of one or more contra-side Protected Quotations that could be satisfied, the Exchange will direct the third-party routing broker to route orders to specific routing destinations. Thus, the relevant snapshot of the NBBO will be taken by the Exchange and the Exchange would mark the directed orders IOC and ISO. See supra note 4. Where the portion of a Routable Order that is to be routed at a certain price point is smaller than the aggregate size of two or more contra-side Protected Quotations that could be satisfied at a single price point, the Exchange will rely on the third-party routing broker to utilize its smart-routing technology to route the order pursuant to a routing table provided by the Exchange. Thus, the relevant snapshot of the NBBO for Regulation NMS purposes will be taken by the third- party routing broker and the third-party routing broker would route orders IOC and ISO. However, where the portion of a Routable Order that is to be routed is smaller than the size of one Protected Quotation that could be satisfied or is the same size as the aggregate size of one or more contra-side Protected Quotations that could be satisfied at a single price point, the Exchange will direct the third-party routing broker to route orders to specific routing destinations. Thus, the relevant snapshot of the NBBO will be taken by the Exchange and the Exchange would mark the directed orders IOC and ISO. The Exchange also proposes to adopt special routing handling for Protected Quotations displayed on the ADF, as an exception to the aforementioned price point by price point determination to either smart or direct route an order. Specifically, upon the triggering of any Routing Event based on a Protected Quotation displayed on the ADF, the Exchange will route away the entire remaining balance of the Routable Order for smart routing by a third-party routing broker. The Exchange submits that this special handling is the most efficient way for the Exchange to meet its Regulation NMS obligations regarding Protected Quotation(s) displayed on the ADF and is consistent with the routing- related rules adopted pursuant to the initial rule filing.\11\ Unexecuted remainders of smart routed orders returned to the Matching System from the third-party routing broker will be handled pursuant to Article 20, Rule 8(b)(7), as described under the initial rule filing.\12\ --------------------------------------------------------------------------- \11\ In the event the Exchange decides to modify its smart versus direct routing protocol, the Exchange will submit a proposed rule filing to that effect, pursuant to Rule 19b-4 under the Act. \12\ See CHX Article 20, Rule 8(b)(7), which is not yet operative. --------------------------------------------------------------------------- [[Page 14195]] 2. Statutory Basis The Exchange believes that the proposed clarification of the smart versus direct routing protocol described in the initial rule filing and special handling of the Protected Quotations displayed on the ADF is consistent with Section 6(b) of the Act in general \13\ and furthers the objectives of Sections 6(b)(1) \14\ and 6(b)(5) in particular.\15\ Specifically, the Exchange believes that the proposed filing would further enable the Exchange to be so organized as to have the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its Participants and persons associated with its Participants, with the provisions of the Act, the rules and regulations thereunder, and the rules of the Exchange, by clarifying the smart versus direct routing protocol for the benefit of Participants and non- Participants, in furtherance of the objectives of Section 6(b)(1). For similar reasons, the Exchange believes that the proposal is also designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transaction in securities, to remove impediments to, and perfect the mechanisms of, a free and open market and, in general, by protecting investors and the public interest, in furtherance of the objectives of Section 6(b)(5). --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(1). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 that is not necessary or appropriate in furtherance of the purposes of the Act. Given that the proposed changes promote clarity as to existing rules and does not amend any rules, the Exchange believes that any burden on competition is necessary and appropriate as clarity of the Exchange's rules further the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has been filed by the Exchange as a ``non-controversial'' rule change pursuant to Section 19(b)(3)(A)(i) of the Act \16\ and Rule 19b-4(f)(6).\17\ Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6).\19\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(i). \17\ 17 CFR 240.19b-4(f)(6). \18\ 15 U.S.C. 78s(b)(3)(a)(ii). \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii), the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange asserts that waiver of this requirement would allow the Exchange to clarify its initial rule filing prior to the CHX Routing Services becoming operational, and notes that the Exchange provides these services in a highly competitive market in which market participants may avail themselves of a wide variety of options offered by self-regulatory organizations, alternative trading systems and other broker-dealers. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will allow the Exchange to clarify its rules in a timely manner and thereby avoid potential confusion. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.\20\ --------------------------------------------------------------------------- \20\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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 No. SR-CHX-2015-02 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. All submissions should refer to File No. SR-CHX-2015-02. 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 changes 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 CHX. 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 No. SR-CHX-2015-02 and should be submitted on or before April 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-06091 Filed 3-17-15; 8:45 am] BILLING CODE 8011-01-P
![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.
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![Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14195
2. Statutory Basis III. Date of Effectiveness of the including whether the proposal is
Proposed Rule Change and Timing for consistent with the Act. Comments may
The Exchange believes that the Commission Action be submitted by any of the following
proposed clarification of the smart methods:
The foregoing rule change has been
versus direct routing protocol described
filed by the Exchange as a ‘‘non- Electronic Comments
in the initial rule filing and special
controversial’’ rule change pursuant to
handling of the Protected Quotations Section 19(b)(3)(A)(i) of the Act 16 and • Use the Commission’s Internet
displayed on the ADF is consistent with Rule 19b–4(f)(6).17 Because the comment form (http://www.sec.gov/
Section 6(b) of the Act in general 13 and foregoing proposed rule change does rules/sro.shtml); or
furthers the objectives of Sections not: (i) Significantly affect the • Send an email to rule-comments@
6(b)(1) 14 and 6(b)(5) in particular.15 protection of investors or the public sec.gov. Please include File No. SR–
Specifically, the Exchange believes that interest; (ii) impose any significant CHX–2015–02 on the subject line.
the proposed filing would further enable burden on competition; and (iii) become
the Exchange to be so organized as to operative for 30 days from the date on Paper Comments
have the capacity to be able to carry out which it was filed, or such shorter time
the purposes of the Act and to comply, as the Commission may designate, it has • Send paper comments in triplicate
and to enforce compliance by its become effective pursuant to Section to Brent J. Fields, Secretary, Securities
19(b)(3)(A) of the Act 18 and Rule 19b– and Exchange Commission, 100 F Street
Participants and persons associated
4(f)(6).19 NE., Washington, DC 20549.
with its Participants, with the
provisions of the Act, the rules and A proposed rule change filed under All submissions should refer to File No.
regulations thereunder, and the rules of Rule 19b–4(f)(6) normally does not SR–CHX–2015–02. This file number
the Exchange, by clarifying the smart become operative prior to 30 days after should be included on the subject line
the date of the filing. However, pursuant if email is used. To help the
versus direct routing protocol for the
to Rule 19b–4(f)(6)(iii), the Commission Commission process and review your
benefit of Participants and non-
may designate a shorter time if such comments more efficiently, please use
Participants, in furtherance of the action is consistent with the protection
objectives of Section 6(b)(1). For similar only one method. The Commission will
of investors and the public interest. The post all comments on the Commission’s
reasons, the Exchange believes that the Exchange asserts that waiver of this
proposal is also designed to prevent Internet Web site (http://www.sec.gov/
requirement would allow the Exchange rules/sro.shtml). Copies of the
fraudulent and manipulative acts and to clarify its initial rule filing prior to
practices, to promote just and equitable submission, all subsequent
the CHX Routing Services becoming amendments, all written statements
principles of trade, to foster cooperation operational, and notes that the Exchange with respect to the proposed rule
and coordination with persons engaged provides these services in a highly change that are filed with the
in facilitating transaction in securities, competitive market in which market Commission, and all written
to remove impediments to, and perfect participants may avail themselves of a communications relating to the
the mechanisms of, a free and open wide variety of options offered by self- proposed rule changes between the
market and, in general, by protecting regulatory organizations, alternative
Commission and any person, other than
investors and the public interest, in trading systems and other broker-
those that may be withheld from the
furtherance of the objectives of Section dealers. The Commission believes that
public in accordance with the
6(b)(5). waiving the 30-day operative delay is
provisions of 5 U.S.C. 552, will be
consistent with the protection of
B. Self-Regulatory Organization’s available for Web site viewing and
investors and the public interest
Statement on Burden on Competition printing in the Commission’s Public
because it will allow the Exchange to
Reference Room, 100 F Street NE.,
clarify its rules in a timely manner and
The Exchange does not believe that Washington, DC 20549 on official
thereby avoid potential confusion.
the proposed rule change will impose business days between the hours of
Therefore, the Commission hereby
any burden on competition that is not 10:00 a.m. and 3:00 p.m. Copies of the
waives the 30-day operative delay and
necessary or appropriate in furtherance filing also will be available for
designates the proposed rule change to
of the purposes of the Act. Given that inspection and copying at the principal
be operative upon filing with the
the proposed changes promote clarity as office of the CHX. All comments
Commission.20
to existing rules and does not amend received will be posted without change;
IV. Solicitation of Comments the Commission does not edit personal
any rules, the Exchange believes that
Interested persons are invited to identifying information from
any burden on competition is necessary
submit written data, views and submissions. You should submit only
and appropriate as clarity of the
arguments concerning the foregoing, information that you wish to make
Exchange’s rules further the purposes of available publicly. All submissions
the Act. should refer to File No. SR–CHX–2015–
16 15 U.S.C. 78s(b)(3)(A)(i).
C. Self-Regulatory Organization’s 17 17 CFR 240.19b–4(f)(6). 02 and should be submitted on or before
Statement on Comments on the 18 15 U.S.C. 78s(b)(3)(a)(ii). April 8, 2015.
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Proposed Rule Change Received From For the Commission, by the Division of
4(f)(6) requires a self-regulatory organization to give
Members, Participants, or Others the Commission written notice of its intent to file Trading and Markets, pursuant to delegated
mstockstill on DSK4VPTVN1PROD with NOTICES
the proposed rule change at least five business days authority.21
No written comments were either prior to the date of filing of the proposed rule Brent J. Fields,
solicited or received. change, or such shorter time as designated by the
Secretary.
Commission. The Exchange has satisfied this
requirement. [FR Doc. 2015–06091 Filed 3–17–15; 8:45 am]
20 For purposes only of waiving the 30-day
13 15 U.S.C. 78f(b). BILLING CODE 8011–01–P
operative delay, the Commission has considered the
14 15 U.S.C. 78f(b)(1).
proposed rule’s impact on efficiency, competition,
15 15 U.S.C. 78f(b)(5). and capital formation. See 15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-21 09:39:28
Document Modified: 2018-02-21 09:39:28
| Category | Regulatory Information | |
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