80 FR 39816 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1(d)(9), (h) and (i) To Modify the Operation of BATS Post Only Orders on the Exchange's Options Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 132 (July 10, 2015)
Federal Register Volume 80, Issue 132 (July 10, 2015)
| Page Range | 39816-39818 | |
| FR Document | 2015-16857 |
[Federal Register Volume 80, Number 132 (Friday, July 10, 2015)] [Notices] [Pages 39816-39818] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16857] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75360; File No. SR-BATS-2015-51] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1(d)(9), (h) and (i) To Modify the Operation of BATS Post Only Orders on the Exchange's Options Platform July 6, 2015. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 30, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rules 21.1(d)(9), (h) and (i) to modify the operation of BATS Post Only Orders subject to the Price Adjust process on the Exchange's options platform (``BATS Options''). The proposed rule change is based on the operation of similar order types currently offered by the Nasdaq Stock Market LLC (``Nasdaq'') and Nasdaq OMX BX, Inc. (``BX'').\5\ --------------------------------------------------------------------------- \5\ See the description of Post-Only Orders under chapter VI, section 1(e)(11) of the Nasdaq Rules and chapter VI, section 1(e)(10) of the BX Rules. See also Securities Exchange Act Release No. 65761 (November 16, 2011), 76 FR 72230 (November 22, 2011) (SR- Nasdaq-2011-152) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt a ``Post-Only'' Order Type). See also NYSE Arca, Inc. (``NYSE Arca'') Rule 6.62(y) for a description of PNP Plus orders. --------------------------------------------------------------------------- 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 is proposing to amend Rules 21.1(d)(9), (h) and (i) to modify the operation of BATS Post Only Orders that are subject to the Price Adjust process on BATS Options. The proposed rule change is based on the operation of similar order types currently offered by Nasdaq and BX.\6\ --------------------------------------------------------------------------- \6\ See supra note 5. --------------------------------------------------------------------------- BATS Post Only Orders are orders that are to be ranked and executed on the Exchange pursuant to Rule 21.8 (Order Display and Book Processing) or cancelled, as appropriate, without routing away to another trading center. Currently, a BATS Post Only Order will not remove liquidity from the BATS Options Book \7\ unless the value of price improvement associated with such execution equals or exceeds the sum of fees charged for such execution and the value of any rebate that would be [[Page 39817]] provided if the order posted to the BATS Options Book and subsequently provided liquidity. Unless otherwise instructed by the User,\8\ a BATS Post Only Order will be subject to the Display-Price Sliding process set forth under Rule 21.1(h). --------------------------------------------------------------------------- \7\ ``BATS Options Book'' is defined as ``the electronic book of options orders maintained by the Trading System.'' See Exchange Rule 16.1(a)(9). \8\ ``User'' is defined as ``any Options Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3 (Access).'' See Exchange Rule 16.1(a)(63). --------------------------------------------------------------------------- The Exchange proposes to amend the operation of BATS Post Only Orders such that they will not remove liquidity from the BATS Options Book where the User elects that the order be subject to the Price Adjust process set forth under Exchange Rule 21.1(i). Specifically, a BATS Post Only Order subject to the Price Adjust process will no longer remove liquidity from the BATS Options Book pursuant to Rule 21.1(d)(9) where the value of price improvement associated with such execution equals or exceeds the sum of fees charged for such execution and the value of any rebate that would be provided if the order posted to the BATS Options Book and subsequently provided liquidity. Under the Price Adjust process, a BATS Post Only order that locks or crosses a Protected Quotation displayed by the Exchange upon entry will continue to be ranked and displayed by the System at one minimum price variation below the current NBO (for bids) or to one minimum price variation above the current NBB (for offers). As a result, the Exchange proposes to amend: (i) The description of BATS Post Only Orders under Rule 21.1(d)(9) to specify that the price improvement formula described above would only be applied to BATS Post Only Orders subject to the Display-Price Sliding process; (ii) the description of the Price Adjust process under Rule 21.1(i)(4) to no longer state that a BATS Post Only Order subject to the Price Adjust process would be executed as set forth in Rule 21.1(d)(9); and (iii) Rule 21.1(h) to clarify it is limited to BATS Post Only Orders subject to the Display-Price Sliding process. The Exchange does not propose to amend the operation of BATS Post Only Orders subject to the Display-Price Sliding process. A BATS Post Only Order subject to the Display-Price Sliding process that locks or crosses a Protected Quotation displayed by the Exchange upon entry will either remove liquidity from the BATS Options Book pursuant to Rule 21.1(d)(9) or be cancelled. Should the order lock or cross a Protected Quotation displayed by an external market upon entry, it will be subject to the Display-Price Sliding process described in Rule 21.1(h). A BATS Post Only Order subject to the Display-Price Sliding process would continue to be cancelled where the NBBO changes such that the order would be ranked at a price at which it could remove displayed liquidity from the BATS Options Book. The Exchange does, however, propose to amend the description of the Display-Price Sliding process under Rule 21.1(h)(4) to specify that a Partial Post Only at Limit Order that locks or crosses a Protected Quotation displayed by the Exchange upon entry will be executed subject to the price improvement formula set forth in Rule 21.1(d)(10) or cancelled when the order is subject to display-price sliding process. The Exchange does not propose to modify the operation of Partial Post Only at Limit Orders that are subject to the Display-Price Sliding Process. 2. Statutory Basis The Exchange believes that its proposal 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(b) of the Act.\9\ In particular, the proposal is consistent with section 6(b)(5) of the Act \10\ because it is designed to encourage displayed liquidity and offer market participants greater flexibility to post liquidity on the BATS Options Book, thereby promoting just and equitable principles of trade, fostering cooperation and coordination with persons engaged in facilitating transactions in securities, removing impediments to, and perfecting the mechanism of, a free and open market and a national market system. The Exchange notes that Users who wish for their BATS Post Only Orders to post to the BATS Options Book and forego the opportunity to remove liquidity upon entry under Rule 21.1(d)(9) would be required to affirmatively elect that the order be subject to the Price Adjust process. Absent such an election, a BATS Post Only Order would be subject to the Display-Price Sliding process and eligible to remove liquidity from the BATS Options Book pursuant to the price improvement formula set forth under Rule 21.1(d)(9). In addition, the proposed operation of BATS Post Only Order subject to the Price Adjust process is based on the operation of similar order types, called Post- Only Orders, currently offered by Nasdaq and BX.\11\ There are no differences between the operation of Post-Only Orders offered by Nasdaq and BX and the proposed amendments to the operation of BATS Post Only Orders subject to the Price Adjust process proposed herein. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). \11\ See supra note 5. --------------------------------------------------------------------------- Lastly, the Exchange believes the proposed amendment to Rule 21.1(h)(4) specifying that it applies to Partial Post Only at Limit Orders that are subject to the Display-Price Sliding process also promotes just and equitable principles of trade, and perfects the mechanism of a free and open market and a national market system because it provides additional specificity to the rule and does not modify the operation of Partial Post Only at Limit Orders that are subject to the Display-Price Sliding Process. (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. To the contrary, the proposed rule change is a competitive change that is based on the operation of similar order types currently offered by Nasdaq and BX.\12\ The proposed rule change would, therefore, increase competition by enabling the Exchange to offer order type functionality that is identical to that offered by its competitors. For all the reasons stated above, the Exchange does not believe that the proposed rule changes will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, and believes the proposed change will enhance competition. --------------------------------------------------------------------------- \12\ Id. --------------------------------------------------------------------------- (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. 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 Exchange has designated this rule filing as non-controversial under section 19(b)(3)(A) of the Act \13\ and paragraph (f)(6) of Rule 19b-4 thereunder.\14\ The [[Page 39818]] proposed rule change effects a change that (A) does not significantly affect the protection of investors or the public interest; (B) does not impose any significant burden on competition; and (C) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest; provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission may summarily temporarily suspend such rule change if it appears to the Commission that such action is: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic 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-2015-51 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-2015-51. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices 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-2015-51, and should be submitted on or before July 31, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-16857 Filed 7-9-15; 8:45 am] BILLING CODE 8011-01-P
![39816 Federal Register / Vol. 80, No. 132 / Friday, July 10, 2015 / Notices
of the Act 6 and paragraph (f) of Rule inspection and copying at the principal platform (‘‘BATS Options’’). The
19b–4 7 thereunder. At any time within office of the Exchange. All comments proposed rule change is based on the
60 days of the filing of the proposed rule received will be posted without change; operation of similar order types
change, the Commission summarily may the Commission does not edit personal currently offered by the Nasdaq Stock
temporarily suspend such rule change if identifying information from Market LLC (‘‘Nasdaq’’) and Nasdaq
it appears to the Commission that such submissions. You should submit only OMX BX, Inc. (‘‘BX’’).5
action is necessary or appropriate in the information that you wish to make The text of the proposed rule change
public interest, for the protection of available publicly. All submissions is available at the Exchange’s Web site
investors, or otherwise in furtherance of should refer to File Number SR–C2– at www.batstrading.com, at the
the purposes of the Act. If the 2015–017, and should be submitted on principal office of the Exchange, and at
Commission takes such action, the or before July 31, 2015. the Commission’s Public Reference
Commission will institute proceedings For the Commission, by the Division of
Room.
to determine whether the proposed rule Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
change should be approved or authority.8 Statement of the Purpose of, and
disapproved. Brent J. Fields, Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Secretary. Change
[FR Doc. 2015–16862 Filed 7–9–15; 8:45 am] In its filing with the Commission, the
Interested persons are invited to
BILLING CODE 8011–01–P Exchange included statements
submit written data, views, and
arguments concerning the foregoing, concerning the purpose of and basis for
including whether the proposed rule the proposed rule change and discussed
SECURITIES AND EXCHANGE any comments it received on the
change is consistent with the Act. COMMISSION
Comments may be submitted by any of proposed rule change. The text of these
the following methods: [Release No. 34–75360; File No. SR–BATS– statements may be examined at the
2015–51] places specified in Item IV below. The
Electronic Comments Exchange has prepared summaries, set
• Use the Commission’s Internet Self-Regulatory Organizations; BATS forth in sections A, B, and C below, of
comment form (http://www.sec.gov/ Exchange, Inc.; Notice of Filing and the most significant parts of such
rules/sro.shtml); or Immediate Effectiveness of a Proposed statements.
• Send an email to rule-comments@ Rule Change to Rule 21.1(d)(9), (h) and
(i) To Modify the Operation of BATS (A) Self-Regulatory Organization’s
sec.gov. Please include File Number SR–
Post Only Orders on the Exchange’s Statement of the Purpose of, and
C2–2015–017 on the subject line.
Options Platform Statutory Basis for, the Proposed Rule
Paper Comments Change
• Send paper comments in triplicate July 6, 2015.
Pursuant to section 19(b)(1) of the 1. Purpose
to Secretary, Securities and Exchange
Securities Exchange Act of 1934 (the The Exchange is proposing to amend
Commission, 100 F Street NE.,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Rules 21.1(d)(9), (h) and (i) to modify
Washington, DC 20549–1090.
notice is hereby given that on June 30, the operation of BATS Post Only Orders
All submissions should refer to File that are subject to the Price Adjust
2015, BATS Exchange, Inc. (the
Number SR–C2–2015–017. This file process on BATS Options. The
‘‘Exchange’’ or ‘‘BATS’’) filed with the
number should be included on the proposed rule change is based on the
Securities and Exchange Commission
subject line if email is used. To help the operation of similar order types
(‘‘Commission’’) the proposed rule
Commission process and review your currently offered by Nasdaq and BX.6
change as described in Items I and II
comments more efficiently, please use BATS Post Only Orders are orders
below, which Items have been prepared
only one method. The Commission will that are to be ranked and executed on
by the Exchange. The Exchange has
post all comments on the Commission’s the Exchange pursuant to Rule 21.8
designated this proposal as a ‘‘non-
Internet Web site (http://www.sec.gov/ (Order Display and Book Processing) or
controversial’’ proposed rule change
rules/sro.shtml). Copies of the cancelled, as appropriate, without
pursuant to section 19(b)(3)(A) of the
submission, all subsequent routing away to another trading center.
Act 3 and Rule 19b–4(f)(6)(iii)
amendments, all written statements Currently, a BATS Post Only Order will
thereunder,4 which renders it effective
with respect to the proposed rule not remove liquidity from the BATS
upon filing with the Commission. The
change that are filed with the Options Book 7 unless the value of price
Commission is publishing this notice to
Commission, and all written improvement associated with such
solicit comments on the proposed rule
communications relating to the execution equals or exceeds the sum of
change from interested persons.
proposed rule change between the fees charged for such execution and the
Commission and any person, other than I. Self-Regulatory Organization’s value of any rebate that would be
those that may be withheld from the Statement of the Terms of Substance of
public in accordance with the the Proposed Rule Change 5 See the description of Post-Only Orders under
provisions of 5 U.S.C. 552, will be The Exchange filed a proposal to chapter VI, section 1(e)(11) of the Nasdaq Rules and
available for Web site viewing and chapter VI, section 1(e)(10) of the BX Rules. See
amend Rules 21.1(d)(9), (h) and (i) to also Securities Exchange Act Release No. 65761
printing in the Commission’s Public modify the operation of BATS Post Only (November 16, 2011), 76 FR 72230 (November 22,
mstockstill on DSK4VPTVN1PROD with NOTICES
Reference Room, 100 F Street NE., Orders subject to the Price Adjust 2011) (SR–Nasdaq–2011–152) (Notice of Filing and
Washington, DC 20549, on official process on the Exchange’s options Immediate Effectiveness of Proposed Rule Change
business days between the hours of to Adopt a ‘‘Post-Only’’ Order Type). See also NYSE
Arca, Inc. (‘‘NYSE Arca’’) Rule 6.62(y) for a
10:00 a.m. and 3:00 p.m. Copies of the 8 17 CFR 200.30–3(a)(12). description of PNP Plus orders.
filing also will be available for 1 15 U.S.C. 78s(b)(1). 6 See supra note 5.
2 17 CFR 240.19b–4. 7 ‘‘BATS Options Book’’ is defined as ‘‘the
6 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A).
electronic book of options orders maintained by the
7 17 CFR 240.19b–4(f). 4 17 CFR 240.19b–4(f)(6)(iii). Trading System.’’ See Exchange Rule 16.1(a)(9).
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![39818 Federal Register / Vol. 80, No. 132 / Friday, July 10, 2015 / Notices
proposed rule change effects a change change that are filed with the 19b–4 under the Act,3 which renders
that (A) does not significantly affect the Commission, and all written the proposal effective upon receipt of
protection of investors or the public communications relating to the this filing by the Commission. The
interest; (B) does not impose any proposed rule change between the Commission is publishing this notice to
significant burden on competition; and Commission and any person, other than solicit comments on the proposed rule
(C) by its terms, does not become those that may be withheld from the change from interested persons.
operative for 30 days after the date of public in accordance with the I. Self-Regulatory Organization’s
the filing, or such shorter time as the provisions of 5 U.S.C. 552, will be Statement of the Terms of the Substance
Commission may designate if consistent available for Web site viewing and of the Proposed Rule Change
with the protection of investors and the printing in the Commission’s Public
public interest; provided that the self- Reference Room, 100 F Street NE., FINRA is proposing to amend FINRA
regulatory organization has given the Washington, DC 20549 on official Rule 7650A (Collection of Fees) to
Commission written notice of its intent business days between the hours of require FINRA members that are
to file the proposed rule change, along 10:00 a.m. and 3:00 p.m. Copies of such FINRA/Nasdaq Trade Reporting Facility
with a brief description and text of the filing also will be available for (‘‘FINRA/Nasdaq TRF’’) participants to
proposed rule change, at least five inspection and copying at the principal submit billing disputes within sixty
business days prior to the date of filing offices of the Exchange. All comments days of receipt of the invoice to the
of the proposed rule change, or such received will be posted without change; FINRA/Nasdaq TRF. The proposed rule
shorter time as designated by the the Commission does not edit personal change also would rename Rule 7650A
Commission. identifying information from as ‘‘Collection of Fees and Billing
At any time within 60 days of the submissions. You should submit only Policy.’’
filing of the proposed rule change, the information that you wish to make The text of the proposed rule change
Commission may summarily is available on FINRA’s Web site at
available publicly. All submissions
temporarily suspend such rule change if http://www.finra.org, at the principal
should refer to File Number SR–BATS–
it appears to the Commission that such office of FINRA and at the
2015–51, and should be submitted on or
action is: (1) Necessary or appropriate in Commission’s Public Reference Room.
before July 31, 2015.
the public interest; (2) for the protection II. Self-Regulatory Organization’s
For the Commission, by the Division of
of investors; or (3) otherwise in Trading and Markets, pursuant to delegated Statement of the Purpose of, and
furtherance of the purposes of the Act. authority.15 Statutory Basis for, the Proposed Rule
If the Commission takes such action, the Brent J. Fields, Change
Commission shall institute proceedings
Secretary. In its filing with the Commission,
to determine whether the proposed rule
[FR Doc. 2015–16857 Filed 7–9–15; 8:45 am] FINRA included statements concerning
should be approved or disapproved.
BILLING CODE 8011–01–P the purpose of and basis for the
IV. Solicitation of Comments proposed rule change and discussed any
Interested persons are invited to comments it received on the proposed
submit written data, views, and SECURITIES AND EXCHANGE rule change. The text of these statements
arguments concerning the foregoing, COMMISSION may be examined at the places specified
including whether the proposed rule in Item IV below. FINRA has prepared
[Release No. 34–75364; File No. SR–FINRA– summaries, set forth in sections A, B,
change is consistent with the Act. 2015–024]
Comments may be submitted by any of and C below, of the most significant
the following methods: aspects of such statements.
Self-Regulatory Organizations;
Electronic Comments Financial Industry Regulatory A. Self-Regulatory Organization’s
Authority, Inc.; Notice of Filing and Statement of the Purpose of, and
• Use the Commission’s Internet Immediate Effectiveness of a Proposed Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Rule Change To Amend FINRA Rule Change
rules/sro.shtml); or 7650A Relating to Submission of
• Send an email to rule-comments@ Billing Disputes by FINRA/Nasdaq
1. Purpose
sec.gov. Please include File Number SR– Trade Reporting Facility Participants The FINRA/Nasdaq TRF is a facility
BATS–2015–51 on the subject line. of FINRA that is operated by The
July 6, 2015. NASDAQ OMX Group, Inc. (‘‘NASDAQ
Paper Comments
Pursuant to Section 19(b)(1) of the OMX’’). In connection with the
• Send paper comments in triplicate Securities Exchange Act of 1934 establishment of the FINRA/Nasdaq
to Brent J. Fields, Secretary, Securities (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 TRF, FINRA and NASDAQ OMX
and Exchange Commission, 100 F Street notice is hereby given that on July 1, entered into a limited liability company
NE., Washington, DC 20549–1090. 2015, Financial Industry Regulatory agreement (the ‘‘LLC Agreement’’).
All submissions should refer to File Authority, Inc. (‘‘FINRA’’) filed with the Under the LLC Agreement, FINRA, the
Number SR–BATS–2015–51. This file Securities and Exchange Commission ‘‘SRO Member,’’ has sole regulatory
number should be included on the (‘‘SEC’’ or ‘‘Commission’’) the proposed responsibility for the FINRA/Nasdaq
subject line if email is used. To help the rule change as described in Items I and TRF. NASDAQ OMX, the ‘‘Business
Commission process and review your II below, which Items have been Member,’’ is primarily responsible for
mstockstill on DSK4VPTVN1PROD with NOTICES
comments more efficiently, please use prepared by FINRA. FINRA has the management of the FINRA/Nasdaq
only one method. The Commission will designated the proposed rule change as TRF’s business affairs to the extent
post all comments on the Commission’s constituting a ‘‘non-controversial’’ rule those affairs are not inconsistent with
Internet Web site (http://www.sec.gov/ change under paragraph (f)(6) of Rule the regulatory and oversight functions of
rules/sro.shtml). Copies of the FINRA. As such, the Business Member
submission, all subsequent 15 17 CFR 200.30–3(a)(12). establishes pricing for use of the FINRA/
amendments, all written statements 1 15 U.S.C. 78s(b)(1).
with respect to the proposed rule 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6).
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Document Created: 2018-02-23 09:15:18
Document Modified: 2018-02-23 09:15:18
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