80 FR 21283 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services To Provide a Second Way To Qualify for the Cross-Asset Tier Credit of $0.0030 Per Share for Orders That Provide Liquidity to the Exchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 74 (April 17, 2015)
Federal Register Volume 80, Issue 74 (April 17, 2015)
| Page Range | 21283-21286 | |
| FR Document | 2015-08792 |
[Federal Register Volume 80, Number 74 (Friday, April 17, 2015)] [Notices] [Pages 21283-21286] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08792] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74715; File No. SR-NYSEArca-2015-24] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services To Provide a Second Way To Qualify for the Cross-Asset Tier Credit of $0.0030 Per Share for Orders That Provide Liquidity to the Exchange April 13, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on March 31, 2015, NYSE Arca, Inc. (the [[Page 21284]] ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services (the ``Fee Schedule'') to provide a second way to qualify for the Cross-Asset Tier credit of $0.0030 per share for orders that provide liquidity to the Exchange. The Exchange proposes to implement the fee change effective April 1, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 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 those 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 amend the Fee Schedule to provide a second way to qualify for the Cross-Asset Tier credit of $0.0030 per share for orders that provide liquidity to the Exchange. The Exchange proposes to implement the fee change effective April 1, 2015. Currently, ETP Holders, including Market Makers, qualify for the Cross-Asset Tier credit of $0.0030 per share for orders that provide liquidity to the Exchange if they (1) provide liquidity of 0.40% or more of United States consolidated average daily volume (``US CADV'') \4\ per month and (2) are affiliated with an NYSE Arca Options Trading Permit (``OTP'') Holder or OTP Firm that provides an average daily volume (``ADV'') of electronic posted Customer executions in Penny Pilot issues on NYSE Arca Options (excluding mini options) of at least 0.95% of total Customer equity and Exchange-Traded Fund (``ETF'') option ADV, as reported by the Options Clearing Corporation (``OCC''). For all other fees and credits, Tiered or Basic Rates apply based on a firm's qualifying levels. --------------------------------------------------------------------------- \4\ The Exchange proposes to use the same definition US CADV for purposes of the proposed alternative to qualifying for the Cross- Asset Tier. Specifically, US CADV would mean the United States Consolidated Average Daily Volume for transactions reported to the Consolidated Tape, excluding odd lots through January 31, 2014 (except for purposes of Lead Market Maker pricing), and excludes volume on days when the market closes early and on the date of the annual reconstitution of the Russell Investments Indexes. Transactions that are not reported to the Consolidated Tape are not included in US CADV. See Fee Schedule, footnote 4. --------------------------------------------------------------------------- The Exchange proposes to permit ETP Holders, including Market Makers, to alternatively qualify for the Cross-Asset Tier credit if they (1) provide liquidity of 0.30% or more of the US CADV per month, (2) are affiliated with an OTP Holder or OTP Firm that provides an ADV of electronic posted Customer executions in all issues on NYSE Arca Options (similarly excluding mini options) of at least 0.80% of total Customer equity and ETF option ADV as reported by OCC, and (3) executes an ADV of Retail Orders \5\ that provide liquidity during the month that is 0.10% or more of the US CADV. The Exchange believes that the proposal would create an added incentive for ETP Holders to bring additional retail order flow to a public market. --------------------------------------------------------------------------- \5\ Retail Orders are defined in the Fee Schedule as orders designated as retail orders and that meet the requirements of Rule 7.44(a)(3), but that are not executed in the Retail Liquidity Program. The Retail Liquidity Program is a pilot program designed to attract additional retail order flow to the Exchange for NYSE Arca- listed securities and securities traded pursuant to unlisted trading privileges while also providing the potential for price improvement to such order flow. See Rule 7.44. See Securities Exchange Act Release No. 71176 (December 23, 2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107). --------------------------------------------------------------------------- The proposed changes are not otherwise intended to address any other problem, and the Exchange is not aware of any significant problem that the affected market participants would have in complying with the proposed changes. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\6\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\7\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposal to amend the Cross-Asset Tier is reasonable because it provides ETP Holders affiliated with an NYSE Arca Options OTP Holder or OTP Firm with an additional way to qualify for the $0.0030 rebate. The Exchange believes that the proposal to utilize a lower requirement of an ETP Holder or Market Maker providing liquidity of 0.30% or more of US CADV, rather than 0.40% or more of US CADV, is reasonable because to qualify for the alternative an ETP Holder or Market Maker would also be required to trade Retail Orders on the Exchange of 0.10% or more of the US CADV. In addition, the Exchange believes that the proposed alternative's requirement that an ETP Holder's and Market Maker's affiliated OTP Holder or OTP Firm provide an ADV of electronic posted Customer executions in all issues on NYSE Arca Options (excluding mini options) of at least 0.80% of total Customer equity and ETF option ADV as reported by OCC, rather than electronic posted Customer executions in Penny Pilot issues (excluding mini options) of at least 0.95% of total Customer equity and ETF option ADV, is reasonable because the proposed alternative to qualifying for the Cross-Asset Tier credit also requires a Retail Order requirement of 0.10%. The Exchange believes that the proposal is equitable and not unfairly discriminatory because all ETP Holders would be subject to the same fee structure and be offered the same alternative to qualifying for the Cross-Asset Tier credit. Moreover, the Cross-Asset Tier is available for all ETP Holders to satisfy, except for those ETP Holders that are not affiliated with an NYSE Arca Options OTP Holder or OTP Firm. ETP Holders that are not affiliated with an NYSE Arca Options OTP Holder or OTP Firm are eligible for a $0.0030 credit by other means than the Cross-Asset Tier credit. Specifically, ETP Holders can qualify for a $0.0030 credit under Tier 1 (Tape A and C) or under the Basic Rates for Retail Orders that provide liquidity to the Book (Tape A, B and C). Further, the Exchange believes that the proposal is reasonable and would create an added incentive for ETP Holders to execute Retail Orders on the [[Page 21285]] Exchange. The Exchange believes that the proposed change is equitable and not unfairly discriminatory because maintaining or increasing the proportion of Retail Orders in exchange-listed securities that are executed on a registered national securities exchange (rather than relying on certain available off-exchange execution methods) would contribute to investors' confidence in the fairness of their transactions and would benefit all investors by deepening the Exchange's liquidity pool, supporting the quality of price discovery, promoting market transparency and improving investor protection. The Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\8\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposal to add an additional way to qualify for the Cross-Asset Tier would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for ETP Holders. The Exchange believes that this could promote competition between the Exchange and other execution venues, including those that currently offer similar order types and comparable transaction pricing, by encouraging additional orders to be sent to the Exchange for execution. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Further, the proposal to add another way to qualify for the Cross- Asset Tier credit of $0.0030 per share for orders that provide liquidity to the Exchange will not place an undue burden on competition because the Cross-Asset Tier would be available for all ETP Holders to satisfy, except for those ETP Holders that are not affiliated with an NYSE Arca Options OTP Holder or OTP Firm. ETP Holders that are not affiliated with an NYSE Arca Options OTP Holder or OTP Firm are eligible for a $0.0030 credit by others means than the Cross-Asset Tier credit. Specifically, ETP Holders can qualify for a $0.0030 credit under Tier 1 (Tape A and C) or under the Basic Rates for Retail Orders that provide liquidity to the Book (Tape A, B and C). ETP Holders would be subject to the same fee structure and be offered the same alternative to qualifying for the Cross-Asset Tier credit. Similarly, the proposal to utilize a lower requirement of at least 0.80% of total Customer equity and ETF option ADV as reported by OCC will not place an undue burden on competition because it is in line with the increased Retail Order requirement of 0.10%. Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees and rebates to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees and credits in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. As a result of all of these considerations, the Exchange does not believe that the proposed changes will impair the ability of ETP Holders or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSEArca-2015-24 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-NYSEArca-2015-24. 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 will also 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 [[Page 21286]] identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2015-24 and should be submitted on or before May 8, 2015. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Brent J. Fields, Secretary. [FR Doc. 2015-08792 Filed 4-16-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 21283
the efficiency of opening rotations with III. Date of Effectiveness of the only one method. The Commission will
procedures to accommodate a process Proposed Rule Change and Timing for post all comments on the Commission’s
for addressing opening quotes, Commission Action Internet Web site (http://www.sec.gov/
acceptable opening ranges, and market Because the foregoing proposed rule rules/sro.shtml). Copies of the
order imbalance conditions that may change does not: (i) Significantly affect submission, all subsequent
occur on the openings, as well as the protection of investors or the public amendments, all written statements
address NBBO condition scenarios interest; (ii) impose any significant with respect to the proposed rule
where the Exchange’s opening trade burden on competition; and (iii) become change that are filed with the
might occur at an improved price rather operative for 30 days from the date on Commission, and all written
than routing to an away market. The which it was filed, or such shorter time communications relating to the
proposed rule change will increase as the Commission may designate, if proposed rule change between the
competition on C2 by providing an consistent with the protection of Commission and any person, other than
opportunity for market participants to investors and the public interest, the those that may be withheld from the
benefit from additional exposure of proposed rule change has become public in accordance with the
orders and participation in auctions at effective pursuant to Section 19(b)(3)(A) provisions of 5 U.S.C. 552, will be
the open. Furthermore, the Exchange of the Act 19 and Rule 19b–4(f)(6)(iii) available for Web site viewing and
believes that exposing orders on the thereunder.20 printing in the Commission’s Public
open helps facilitate transactions in At any time within 60 days of the Reference Room, 100 F Street NE.,
securities and is consistent with the filing of the proposed rule change, the Washington, DC 20549, on official
goals of a free and open market and Commission summarily may business days between the hours of
national market system. temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
it appears to the Commission that such filing also will be available for
B. Self-Regulatory Organization’s
action is necessary or appropriate in the inspection and copying at the principal
Statement on Burden on Competition
public interest, for the protection of office of the Exchange. All comments
The Exchange does not believe that received will be posted without change;
investors, or otherwise in furtherance of
the proposed rule change will impose the Commission does not edit personal
the purposes of the Act. If the
any burden on competition that is not identifying information from
Commission takes such action, the
necessary or appropriate in furtherance submissions. You should submit only
of the purposes of the Act. The Commission will institute proceedings
to determine whether the proposed rule information that you wish to make
Exchange does not believe that the available publicly. All submissions
proposed rule change will impose any change should be approved or
disapproved. should refer to File Number SR–C2–
burden on intramarket competition that 2015–006 and should be submitted on
is not necessary or appropriate in IV. Solicitation of Comments or before May 8, 2015.
furtherance of the purposes of the Act Interested persons are invited to For the Commission, by the Division of
because the proposed change will be submit written data, views, and Trading and Markets, pursuant to delegated
equally applied and will equally affect arguments concerning the foregoing, authority.21
all market participants’ orders that including whether the proposed rule Brent J. Fields,
qualify for the HAL function. Moreover, change is consistent with the Act. Secretary.
the Exchange believes that the proposed
Comments may be submitted by any of [FR Doc. 2015–08795 Filed 4–16–15; 8:45 am]
rule change will increase competition
the following methods: BILLING CODE 8011–01–P
amongst exchanges and market
participants. The proposed will expose Electronic Comments
allow orders to be exposed to • Use the Commission’s Internet SECURITIES AND EXCHANGE
meaningful price improvement comment form (http://www.sec.gov/ COMMISSION
mechanisms at the opening of trading. rules/sro.shtml); or
The HAL on the opening procedure will • Send an email to rule-comments@ [Release No. 34–74715; File No. SR–
allow C2 TPHs to compete with quotes NYSEArca–2015–24]
sec.gov. Please include File Number SR–
on other exchanges and step up to the C2–2015–006 on the subject line.
best national prices offered before Self-Regulatory Organizations; NYSE
orders are linked away. This price Paper Comments Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
improvement process will not only • Send paper comments in triplicate
ensure that orders on C2 are afforded Rule Change Amending the NYSE Arca
to Brent J. Fields, Secretary, Securities
the best prices available, but also afford Equities Schedule of Fees and
and Exchange Commission, 100 F Street
additional opportunities to C2 TPH to Charges for Exchange Services To
NE., Washington, DC 20549–1090.
compete with quotes on away exchanges Provide a Second Way To Qualify for
All submissions should refer to File the Cross-Asset Tier Credit of $0.0030
at the opening of trading. The Exchange Number SR–C2–2015–006. This file
believes that price improvement Per Share for Orders That Provide
number should be included on the Liquidity to the Exchange
mechanisms increase competition in the subject line if email is used. To help the
marketplace and increase opportunities Commission process and review your April 13, 2015.
for orders to receive best execution at comments more efficiently, please use Pursuant to Section 19(b)(1) 1 of the
the Exchange. Securities Exchange Act of 1934 (the
C. Self-Regulatory Organization’s 19 15 U.S.C. 78s(b)(3)(A). ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
tkelley on DSK3SPTVN1PROD with NOTICES
Statement on Comments on the
20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– notice is hereby given that, on March
4(f)(6) requires a self-regulatory organization to give 31, 2015, NYSE Arca, Inc. (the
Proposed Rule Change Received From the Commission written notice of its intent to file
Members, Participants, or Others the proposed rule change at least five business days 21 17
prior to the date of filing of the proposed rule CFR 200.30–3(a)(12).
The Exchange neither solicited nor change, or such shorter time as designated by the
1 15 U.S.C. 78s(b)(1).
received written comments on the Commission. The Exchange has satisfied this 2 15 U.S.C. 78a.
proposed rule change. requirement. 3 17 CFR 240.19b–4.
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![21286 Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices
identifying information from For the Commission, by the Division of concerning the purpose of and basis for
submissions. You should submit only Trading and Markets, pursuant to delegated the proposed rule change and discussed
information that you wish to make authority.1 any comments it received on the
available publicly. All submissions Brent J. Fields, proposed rule change. The text of these
should refer to File Number SR– Secretary. statements may be examined at the
NYSEArca–2015–24 and should be [FR Doc. 2015–08791 Filed 4–16–15; 8:45 am] places specified in Item IV below. The
submitted on or before May 8, 2015. BILLING CODE 8011–01–P Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
For the Commission, by the Division of the most significant parts of such
Trading and Markets, pursuant to delegated SECURITIES AND EXCHANGE statements.
authority.12 COMMISSION
A. Self-Regulatory Organization’s
Brent J. Fields, [Release No. 34–74717; File No. SR–EDGA– Statement of the Purpose of, and
Secretary. 2015–17] Statutory Basis for, the Proposed Rule
[FR Doc. 2015–08792 Filed 4–16–15; 8:45 am] Change
BILLING CODE 8011–01–P
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and 1. Purpose
Immediate Effectiveness of a Proposed The Exchange proposes to amend the
SECURITIES AND EXCHANGE Rule Change To Amend the Content of content of the BATS One Feed under
COMMISSION the BATS One Feed Under Rule 13.8(b) Rule 13.8(b) to include consolidated
To Include Consolidated Volume for All volume for all listed equity securities.
[Release No. 34–74559A; File No. SR–
Listed Equity Securities The Commission recently approved a
NYSEArca–2014–100] April 13, 2015.
proposed rule change by the Exchange
to establish a new market data product
Self-Regulatory Organizations; NYSE Pursuant to Section 19(b)(1) of the
called the BATS One Feed.5 The BATS
Arca, Inc.; Notice of Designation of a Securities Exchange Act of 1934 (the
One Feed is a data feed that
Longer Period for Commission Action ‘‘Act’’),1 and Rule 19b–4 thereunder,2
disseminates, on a real-time basis, the
on Proceedings To Determine Whether notice is hereby given that on April 1,
aggregate best bid and offer (‘‘BBO’’) of
To Approve or Disapprove a Proposed 2015, EDGA Exchange, Inc. (the
all displayed orders for securities traded
Rule Change, as Modified by ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
on EDGA and its affiliated exchanges 6
Amendment No. 1 Thereto, Relating To Securities and Exchange Commission
and for which the BATS Exchanges
Listing and Trading of Shares of the (‘‘Commission’’) the proposed rule
reports quotes under the Consolidated
SPDR SSgA Global Managed Volatility change as described in Items I and II
Tape Association (‘‘CTA’’) Plan or the
ETF Under NYSE Arca Equities Rule below, which Items have been prepared
Nasdaq/UTP Plan.7
8.600; Correction by the Exchange. The Exchange has The last sale information
designated this proposal as a ‘‘non- disseminated as part of the BATS One
April 13, 2015. controversial’’ proposed rule change Feed includes the price, size, time of
AGENCY: Securities and Exchange pursuant to Section 19(b)(3)(A) of the execution, and individual BATS
Commission. Act 3 and Rule 19b–4(f)(6)(iii) Exchange on which the trade was
ACTION: Notice; correction.
thereunder,4 which renders it effective executed. The last sale information also
upon filing with the Commission. The includes the cumulative number of
SUMMARY: The Securities and Exchange Commission is publishing this notice to shares executed on all BATS Exchanges
Commission published a document in solicit comments on the proposed rule
the Federal Register of March 26, 2015, change from interested persons. 5 See Securities Exchange Act Release No. 73918
concerning a Notice of Designation of a I. Self-Regulatory Organization’s (December 23, 2014), 79 FR 78920 (December 31,
Longer Period for Commission Action 2014) (File Nos. SR–EDGX–2014–25; SR–EDGA–
Statement of the Terms of the Substance 2014–25; SR–BATS–2014–055; SR–BYX–2014–030)
on Proceedings to Determine Whether of the Proposed Rule Change (Notice of Amendments No. 2 and Order Granting
To Approve or Disapprove a Proposed Accelerated Approval to Proposed Rule Changes, as
Rule Change, as Modified by The Exchange amend [sic] the content Modified by Amendments Nos. 1 and 2, to Establish
Amendment No. 1 Thereto, Relating To of the BATS One Feed under Rule a New Market Data Product called the BATS One
13.8(b) to include consolidated volume Feed) (‘‘BATS One Approval Order’’).
Listing and Trading of Shares of the 6 EDGA’s affiliated exchanges are the BATS
SPDR SSgA Global Managed Volatility for all listed equity securities. The text
Exchange, Inc. (‘‘BZX’’), the BATS Y-Exchange, Inc.
ETF Under NYSE Arca Equities Rule of the proposed rule change is available (‘‘BYX’’), and the EDGX Exchange, Inc. (‘‘EDGX’’,
8.600 by NYSE Arca, Inc.; the document at the Exchange’s Web site at together with EDGA, BZX, and BYX, the ‘‘BATS
contained an incorrect date. www.batstrading.com, at the principal Exchanges’’). On January 31, 2014, Direct Edge
office of the Exchange, and at the Holdings LLC (‘‘DE Holdings’’), the former parent
FOR FURTHER INFORMATION CONTACT: company of the Exchange and EDGX, completed its
Leigh Duffy, Division of Trading and Commission’s Public Reference Room. business combination with BATS Global Markets,
Markets, Securities and Exchange Inc., the parent company of BATS and BYX. See
II. Self-Regulatory Organization’s Securities Exchange Act Release No. 71449 (January
Commission, 100 F Street NE., Statement of the Purpose of, and 30, 2014), 79 FR 6961 (February 5, 2014) (SR–
Washington, DC 20549, (202) 551–5928. Statutory Basis for, the Proposed Rule EDGX–2013–43, SR–EDGA–2013–34). Upon
Change completion of the business combination, DE
Correction Holdings and BATS Global Markets, Inc. each
In its filing with the Commission, the became intermediate holding companies, held
tkelley on DSK3SPTVN1PROD with NOTICES
In the Federal Register of March 26, under a single new holding company. The new
Exchange included statements
2015, in FR Doc. 2015–06892, on page holding company, formerly named ‘‘BATS Global
16047, in the thirty-first line of the third 1 17
Markets Holdings, Inc.,’’ changed its name to
CFR 200.30–3(a)(57). ‘‘BATS Global Markets, Inc.’’
column, correct the date May 7, 2015 to 1 15 U.S.C. 78s(b)(1). 7 The Exchange understands that each of the
read May 22, 2015. 2 17 CFR 240.19b–4.
BATS Exchanges will separately file substantially
3 15 U.S.C. 78s(b)(3)(A).
similar proposed rule changes with the Commission
12 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6)(iii). to implement fees for the BATS One Feed.
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Document Created: 2015-12-18 11:19:40
Document Modified: 2015-12-18 11:19:40
| 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 21283 |
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