80 FR 41109 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 134 (July 14, 2015)
Federal Register Volume 80, Issue 134 (July 14, 2015)
| Page Range | 41109-41111 | |
| FR Document | 2015-17168 |
[Federal Register Volume 80, Number 134 (Tuesday, July 14, 2015)] [Notices] [Pages 41109-41111] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17168] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75390; File No. SR-EDGA-2015-26] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc. July 8, 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 26, 2015, EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the [[Page 41110]] Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b- 4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to EDGA Rules 15.1(a) and (c). Changes to the fee schedule pursuant to this proposal are effective upon filing. --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fee Schedule to modify its fees for physical connectivity. A physical port is utilized by a Member or non-Member to connect to the Exchange at the data centers where the Exchange's servers are located. The Exchange currently maintains a presence in two third-party data centers: (i) The primary data center where the Exchange's business is primarily conducted on a daily basis, and (ii) a secondary data center, which is predominantly maintained for business continuity purposes. The Exchange currently assesses the following physical connectivity fees for Members and non-Members on a monthly basis: $500 per physical port that connects to the System \6\ via 1 gigabyte copper circuit; $1,000 per physical port that connects to the System via 1 gigabyte fiber circuit; and $2,000 per physical port that connects to the System via 10 gigabyte fiber circuit. --------------------------------------------------------------------------- \6\ The term ``System'' is defined as ``the electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away.'' See Exchange Rule 1.5(cc). --------------------------------------------------------------------------- The Exchange now proposes to amend its physical connectivity fees to align the Exchange's fees with its affiliates.\7\ First, the Exchange proposes to amend its Fee Schedule to no longer distinguish between fiber and copper circuits. Therefore, it proposes to delete the charge of $500 per month per physical port that connects to the System via 1 gigabyte copper circuit and to assess a monthly fee of $2,000 per physical port that connects to the System via 1 gigabyte circuit regardless of the type of connection. Second, the Exchange proposes to increase the fee per physical port that connects to the System via 10 gigabyte circuit from $2,000 per month to $4,000 per month. The Exchange also proposes to replace the reference to ``fiber'' with ``physical port'' within the description of the 1 gigabyte and 10 gigabyte physical connectivity fees as it proposes to no longer distinguish between fiber and copper circuits within its Fee Schedule. --------------------------------------------------------------------------- \7\ The Exchange's affiliates are EDGX Exchange, Inc. (``EDGX''), BATS Y-Exchange, Inc. (``BYX'') and BATS Exchange, Inc. (``BZX'', together with the Exchange, EDGX and BYX, the ``BATS Exchanges''). The Exchange notes that each of its affiliates will also file proposed rule changes with Commission to adopt similar physical connectivity fees to be effective July 1, 2015. --------------------------------------------------------------------------- Lastly, to further align its physical connectivity fees with its affiliates, the Exchange proposes to pass through in full any hardware costs or connectivity fees incurred that are directly related to completing a cross-connect where the expense to the Exchange billed by a third party exceeds $1,000.\8\ The Exchange proposes to pass through the expense as an alternative to the flat installation fees charged by the Exchange's primary competitors. The Exchange does not anticipate that passing through these expenses will affect many of the Exchange's constituents, because the majority of cross-connect completions cost less than $1,000. For this reason, the Exchange proposes to pass- through the charges associated with cross-connect completions that cost more than $1,000 rather than to charge an installation fee for all completions regardless of their cost. --------------------------------------------------------------------------- \8\ See BZX fee schedule available at http://batstrading.com/support/fee_schedule/bzx/ and the BYX fee schedule available at http://batstrading.com/support/fee_schedule/byx/. --------------------------------------------------------------------------- Implementation Date The Exchange proposes to implement this amendment to its Fee Schedule on July 1, 2015. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\9\ in general, and furthers the objectives of Section 6(b)(4),\10\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposal represents an equitable allocation of reasonable dues, fees, and other charges as its fees for physical connectivity are reasonably constrained by competitive alternatives. If a particular exchange charges excessive fees for connectivity, affected Members and non-Members may opt to terminate their connectivity arrangements with that exchange, and adopt a possible range of alternative strategies, including routing to the applicable exchange through another participant or market center or taking that exchange's data indirectly. Accordingly, if the Exchange charges excessive fees, it would stand to lose not only connectivity revenues but also revenues associated with the execution of orders routed to it, and, to the extent applicable, market data revenues. The Exchange believes that this competitive dynamic imposes powerful restraints on the ability of any [[Page 41111]] exchange to charge unreasonable fees for connectivity. Furthermore, the proposed rule change is also an equitable allocation of reasonable dues, fees, and other charges as the Exchange believes that the increased fees obtained will enable it to cover its increased infrastructure costs associated with establishing physical ports to connect to the Exchange's Systems. The additional revenue from the increased fees will also enable the Exchange to continue to maintain and improve its market technology and services. The Exchange believes that the proposed fees for 1 gigabyte circuit of $2,000 per month and for 10 gigabyte circuit of $4,000 per month are reasonable in that they are less than analogous fees charged by the Nasdaq Stock Market LLC (``Nasdaq''), which are $2,500 per month for 1 gigabyte connectivity and range from $10,000--$15,000 per month for 10 gigabyte circuits.\11\ In addition, the Exchange proposed physical connectivity fees are designed to align the Exchange's fees with its affiliates.\12\ --------------------------------------------------------------------------- \11\ See Nasdaq Rule 7034(b). \12\ See supra note 7. --------------------------------------------------------------------------- The Exchange also believes that passing through the cross-connect related expenses in excess of $1,000 as an alternative to the flat installation fees is equitable and reasonable. The proposed pass through would be in lieu of the flat installation fees charged by the Exchange's primary competitors. The Exchange does not anticipate that passing through these expenses will affect many of the Exchange's constituents, because the majority of cross-connect completions cost less than $1,000. Finally, the Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all Members and non-Members. Members and non-Members will continue to choose whether they want more than one physical port and choose the method of connectivity based on their specific needs. All Exchange Members that voluntarily select various service options will be charged the same amount for the same services. As is true of all physical connectivity, all Members and non-Members have the option to select any connectivity option, and there is no differentiation with regard to the fees charged for the service. (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. As discussed above, the Exchange believes that fees for connectivity are constrained by the robust competition for order flow among exchanges and non-exchange markets. Further, excessive fees for connectivity, including port fee access, would serve to impair an exchange's ability to compete for order flow rather than burdening competition. The proposal to increase the fees for physical connectivity would bring the fees charged by the Exchange closer to similar fees charged for physical connectivity by other exchanges.\13\ In addition, the proposal to pass through cross- connect installation related expenses serves as an alternative to the flat installation fees charged by the Exchange's primary competitors. --------------------------------------------------------------------------- \13\ See supra note 11. --------------------------------------------------------------------------- Lastly, the proposed rule change does not impose any burden on intramarket competition as the fees are uniform for all Members and non-Members. The Exchange notes that Members and non-Members also have the ability to obtain access to these services without the need for an independent physical port connection, such as through alternative means of financial extranets and service bureaus that act as a conduit for orders entered by Members and non-Members. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-EDGA-2015-26 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-EDGA-2015-26. 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 identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-EDGA-2015-26 and should be submitted on or before August 4, 2015. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Brent J. Fields, Secretary. [FR Doc. 2015-17168 Filed 7-13-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 134 / Tuesday, July 14, 2015 / Notices 41109
competes with the other national subscriber would achieve through the rules/sro.shtml). Copies of the
securities exchanges that currently trade purchase. submission, all subsequent
equities, with electronic communication amendments, all written statements
Non-Substantive, Corrective Changes
networks, with quotes posted in with respect to the proposed rule
FINRA’s Alternative Display Facility, The proposed non-substantive, change that are filed with the
with alternative trading systems, and corrective changes to the fee schedule Commission, and all written
with securities firms that primarily will not have any impact on completion. communications relating to the
trade as principal with their customer The proposed changes are designed to proposed rule change between the
order flow. clarify the fee schedule and avoid Commission and any person, other than
In addition, EDGX Last Sale and potential investor confusion. those that may be withheld from the
EDGX Top compete with a number of public in accordance with the
C. Self-Regulatory Organization’s
alternative products. For instance, provisions of 5 U.S.C. 552, will be
Statement on Comments on the
EDGX Last Sale and EDGX Top do not available for Web site viewing and
Proposed Rule Change Received From
provide a complete picture of all trading printing in the Commission’s Public
Members, Participants, or Others
activity in a security. Rather, the other Reference Room, 100 F Street NE.,
national securities exchanges, the The Exchange has neither solicited Washington, DC 20549 on official
several TRFs of FINRA, and Electronic nor received written comments on the business days between the hours of
Communication Networks (‘‘ECN’’) that proposed rule change. 10:00 a.m. and 3:00 p.m. Copies of such
produce proprietary data all produce III. Date of Effectiveness of the filing also will be available for
trades and trade reports. Each is Proposed Rule Change and Timing for inspection and copying at the principal
currently permitted to produce last sale Commission Action office of the Exchange. All comments
information products, and many received will be posted without change;
The foregoing rule change has become the Commission does not edit personal
currently do, including Nasdaq and
effective pursuant to Section 19(b)(3)(A) identifying information from
NYSE. In addition, market participants
of the Act 31 and paragraph (f) of Rule submissions. You should submit only
can gain access to EDGX last sale prices
19b–4 thereunder.32 At any time within information that you wish to make
and top-of-book quotations, though
60 days of the filing of the proposed rule available publicly. All submissions
integrated with the prices of other
change, the Commission summarily may should refer to File Number SR–EDGX–
markets, on feeds made available
temporarily suspend such rule change if 2015–28, and should be submitted on or
through the SIPs.
it appears to the Commission that such before August 4, 2015.
In sum, the availability of a variety of
action is necessary or appropriate in the For the Commission, by the Division of
alternative sources of information
public interest, for the protection of Trading and Markets, pursuant to delegated
imposes significant competitive
investors, or otherwise in furtherance of authority.33
pressures on Exchange data products
the purposes of the Act. Brent J. Fields,
and the Exchange’s compelling need to
attract order flow imposes significant IV. Solicitation of Comments Secretary.
competitive pressure on the Exchange to Interested persons are invited to
[FR Doc. 2015–17175 Filed 7–13–15; 8:45 am]
act equitably, fairly, and reasonably in submit written data, views, and BILLING CODE 8011–01–P
setting the proposed data product fees. arguments concerning the foregoing,
The proposed data product fees are, in including whether the proposed rule
part, responses to that pressure. The SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION
Exchange believes that the proposed Comments may be submitted by any of
fees would reflect an equitable the following methods: [Release No. 34–75390; File No. SR–EDGA–
allocation of its overall costs to users of 2015–26]
its facilities. Electronic Comments
In addition, when establishing the • Use the Commission’s Internet Self-Regulatory Organizations; EDGA
proposed fees, the Exchange considered comment form (http://www.sec.gov/ Exchange, Inc.; Notice of Filing and
the competitiveness of the market for rules/sro.shtml); or Immediate Effectiveness of a Proposed
proprietary data and all of the • Send an email to rule-comments@ Rule Change Related to Fees for Use
implications of that competition. The sec.gov. Please include File Number SR– of EDGA Exchange, Inc.
Exchange believes that it has considered EDGX–2015–28 on the subject line. July 8, 2015.
all relevant factors and has not Pursuant to Section 19(b)(1) of the
considered irrelevant factors in order to Paper Comments
Securities Exchange Act of 1934 (the
establish fair, reasonable, and not • Send paper comments in triplicate ‘‘Act’’),1 and Rule 19b–4 thereunder,2
unreasonably discriminatory fees and an to Brent J. Fields, Secretary, Securities notice is hereby given that on June 26,
equitable allocation of fees among all and Exchange Commission, 100 F Street 2015, EDGA Exchange, Inc. (the
Users. The existence of alternatives to NE., Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
EDGX Last Sale and EDGX Top, All submissions should refer to File Securities and Exchange Commission
including existing similar feeds by other Number SR–EDGX–2015–28. This file (‘‘Commission’’) the proposed rule
exchanges, consolidated data, and number should be included on the change as described in Items I, II and III
proprietary data from other sources,
asabaliauskas on DSK5VPTVN1PROD with NOTICES
subject line if email is used. To help the below, which Items have been prepared
ensures that the Exchange cannot set Commission process and review your by the Exchange. The Exchange has
unreasonable fees, or fees that are comments more efficiently, please use designated the proposed rule change as
unreasonably discriminatory, when only one method. The Commission will one establishing or changing a member
vendors and subscribers can elect these post all comments on the Commission’s due, fee, or other charge imposed by the
alternatives or choose not to purchase a Internet Web site (http://www.sec.gov/
specific proprietary data product if its 33 17 CFR 200.30–3(a)(12).
cost to purchase is not justified by the 31 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
returns any particular vendor or 32 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 134 / Tuesday, July 14, 2015 / Notices 41111
exchange to charge unreasonable fees necessary or appropriate in furtherance arguments concerning the foregoing,
for connectivity. of the purposes of the Act. As discussed including whether the proposed rule
Furthermore, the proposed rule above, the Exchange believes that fees change is consistent with the Act.
change is also an equitable allocation of for connectivity are constrained by the Comments may be submitted by any of
reasonable dues, fees, and other charges robust competition for order flow among the following methods:
as the Exchange believes that the exchanges and non-exchange markets.
increased fees obtained will enable it to Further, excessive fees for connectivity, Electronic Comments
cover its increased infrastructure costs including port fee access, would serve • Use the Commission’s Internet
associated with establishing physical to impair an exchange’s ability to comment form (http://www.sec.gov/
ports to connect to the Exchange’s compete for order flow rather than rules/sro.shtml); or
Systems. The additional revenue from burdening competition. The proposal to • Send an email to rule-comments@
the increased fees will also enable the increase the fees for physical sec.gov. Please include File Number SR–
Exchange to continue to maintain and connectivity would bring the fees EDGA–2015–26 on the subject line.
improve its market technology and charged by the Exchange closer to
services. The Exchange believes that the similar fees charged for physical Paper Comments
proposed fees for 1 gigabyte circuit of connectivity by other exchanges.13 In • Send paper comments in triplicate
$2,000 per month and for 10 gigabyte addition, the proposal to pass through to Brent J. Fields, Secretary, Securities
circuit of $4,000 per month are cross-connect installation related and Exchange Commission, 100 F Street
reasonable in that they are less than expenses serves as an alternative to the NE., Washington, DC 20549–1090.
analogous fees charged by the Nasdaq flat installation fees charged by the
Stock Market LLC (‘‘Nasdaq’’), which Exchange’s primary competitors. All submissions should refer to File
are $2,500 per month for 1 gigabyte Lastly, the proposed rule change does Number SR–EDGA–2015–26. This file
connectivity and range from $10,000— not impose any burden on intramarket number should be included on the
$15,000 per month for 10 gigabyte competition as the fees are uniform for subject line if email is used. To help the
circuits.11 In addition, the Exchange all Members and non-Members. The Commission process and review your
proposed physical connectivity fees are Exchange notes that Members and non- comments more efficiently, please use
designed to align the Exchange’s fees Members also have the ability to obtain only one method. The Commission will
with its affiliates.12 access to these services without the post all comments on the Commission’s
The Exchange also believes that need for an independent physical port Internet Web site (http://www.sec.gov/
passing through the cross-connect connection, such as through alternative rules/sro.shtml). Copies of the
related expenses in excess of $1,000 as means of financial extranets and service submission, all subsequent
an alternative to the flat installation fees bureaus that act as a conduit for orders amendments, all written statements
is equitable and reasonable. The entered by Members and non-Members. with respect to the proposed rule
proposed pass through would be in lieu change that are filed with the
(C) Self-Regulatory Organization’s Commission, and all written
of the flat installation fees charged by
Statement on Comments on the communications relating to the
the Exchange’s primary competitors.
Proposed Rule Change Received From proposed rule change between the
The Exchange does not anticipate that
Members, Participants or Others Commission and any person, other than
passing through these expenses will
affect many of the Exchange’s The Exchange has not solicited, and those that may be withheld from the
constituents, because the majority of does not intend to solicit, comments on public in accordance with the
cross-connect completions cost less than this proposed rule change. The provisions of 5 U.S.C. 552, will be
$1,000. Exchange has not received any available for Web site viewing and
Finally, the Exchange believes that unsolicited written comments from printing in the Commission’s Public
the proposed rates are equitable and Members or other interested parties. Reference Room, 100 F Street NE.,
non-discriminatory in that they apply III. Date of Effectiveness of the Washington, DC 20549, on official
uniformly to all Members and non- Proposed Rule Change and Timing for business days between the hours of
Members. Members and non-Members Commission Action 10:00 a.m. and 3:00 p.m. Copies of the
will continue to choose whether they filing will also be available for
want more than one physical port and The foregoing rule change has become inspection and copying at the principal
choose the method of connectivity effective pursuant to Section 19(b)(3)(A) office of the Exchange. All comments
based on their specific needs. All of the Act 14 and paragraph (f) of Rule received will be posted without change;
Exchange Members that voluntarily 19b–4 thereunder.15 At any time within the Commission does not edit personal
select various service options will be 60 days of the filing of the proposed rule identifying information from
charged the same amount for the same change, the Commission summarily may submissions. You should submit only
services. As is true of all physical temporarily suspend such rule change if information that you wish to make
connectivity, all Members and non- it appears to the Commission that such available publicly. All submissions
Members have the option to select any action is necessary or appropriate in the should refer to File Number SR–EDGA–
connectivity option, and there is no public interest, for the protection of 2015–26 and should be submitted on or
differentiation with regard to the fees investors, or otherwise in furtherance of before August 4, 2015.
charged for the service. the purposes of the Act.
For the Commission, by the Division of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
(B) Self-Regulatory Organization’s Trading and Markets, pursuant to delegated
Statement on Burden on Competition authority.16
IV. Solicitation of Comments
Brent J. Fields,
The Exchange does not believe that Interested persons are invited to
Secretary.
the proposed rule change will impose submit written data, views, and
any burden on competition not [FR Doc. 2015–17168 Filed 7–13–15; 8:45 am]
13 See supra note 11. BILLING CODE 8011–01–P
11 See Nasdaq Rule 7034(b). 14 15 U.S.C. 78s(b)(3)(A).
12 See supra note 7. 15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-23 09:19:38
Document Modified: 2018-02-23 09:19:38
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 41109 |
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