80 FR 46369 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.13, Order Execution and Routing

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 149 (August 4, 2015)

Page Range		46369-46371
FR Document		2015-19017

Federal Register, Volume 80 Issue 149 (Tuesday, August 4, 2015)

[Federal Register Volume 80, Number 149 (Tuesday, August 4, 2015)]
[Notices]
[Pages 46369-46371]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-19017]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75547; File No. SR-BYX-2015-33]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule
11.13, Order Execution and Routing

July 29, 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 July 21, 2015, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') 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.
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\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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange filed a proposal to amend Rule 11.13, Order Execution
and Routing, to: (i) Delete references to the ROOC routing option; and
(ii) update routing options IOCM and ICMT to reflect a recent proposed
rule change by EDGX Exchange, Inc. (``EDGX'') in which EDGX replaced
the MidPoint Match Order with the MidPoint Peg Order.\5\
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\5\ See Securities Exchange Act Release No. 75479 (July 17,
2015) (SR-EDGX-2015-33).
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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

[[Page 46370]]

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 Rule 11.13, Order Execution and
Routing, to: (i) Delete references to the ROOC routing option; and (ii)
update routing options IOCM and ICMT to reflect a recent proposed rule
change by EDGX in which EDGX replaced the MidPoint Match Order with the
MidPoint Peg Order.\6\
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\6\ See supra note 5.
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ROOC Routing Option
Under Rule 11.13(b)(3)(N), an order utilizing the ROOC routing
option is designated by the User \7\ to participate in the opening, re-
opening (following a halt, suspension, or pause), or closing process of
a primary listing market (BATS BZX, NYSE, Nasdaq, NYSE MKT, or NYSE
Arca) if received before the opening/re-opening/closing time of such
market. If shares remain unexecuted after attempting to execute in the
opening, re-opening, or closing process, they are either posted to the
BATS Book,\8\ executed, or routed to destinations on the System \9\
routing table.\10\
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\7\ The term ``User'' is defined as ``any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
\8\ The term ``BATS Book is defined as ``the System's electronic
file of orders.'' Rule 1.5(e).
\9\ 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.'' Rule 1.5(aa).
\10\ The term ``System routing table'' refers to the proprietary
process for determining the specific trading venues to which the
System routes orders and the order in which it routes them. Rule
11.13(b)(3). The ROOC routing option does not route to the reopening
process for BATS BZX. Rule 11.13(b)(3)(N).
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Because few Users elect the ROOC routing option, the Exchange has
determined that the current demand does not warrant the infrastructure
and ongoing maintenance expenses required to support the product.
Therefore, the Exchange proposes to delete the ROOC routing option
under 11.13(b)(3)(N). Users seeking to route orders to participate in
the opening, re-opening, or closing process of a primary listing market
may use alternative methods, such as connecting to those markets
directly or through a third party service provider, or electing another
routing option offered by the Exchange that enables a User to post an
order to certain primary listing markets.\11\
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\11\ See e.g., Rule 11.13(b)(3)(J) (describing the INET routing
option under which an order checks the System for available shares
and then is sent to Nasdaq. If shares remain unexecuted after
routing, they are posted on the Nasdaq book, unless otherwise
instructed by the User), Rule 11.13(b)(3)(K) (describing the RDOT
routing option under which an order checks the System for available
shares and then is sent to destinations on the System routing table.
If shares remain unexecuted after routing, they are sent to the NYSE
and can be re-routed by the NYSE. Any remainder will be posted to
the NYSE, unless otherwise instructed by the User), and
11.13(b)(3)(L) (describing the RDOX routing option under which an
order checks the System for available shares, is then sent to the
NYSE and can be re-routed by the NYSE. If shares remain unexecuted
after routing, they are posted on the NYSE book, unless otherwise
instructed by the User).
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IOCM and ICMT Routing Options
The Exchange also proposes to amend Rules 11.13(b)(3)(O) and (P) to
update routing options IOCM and ICMT to reflect a recent rule change by
EDGX in which EDGX replaced the MidPoint Match Order with the MidPoint
Peg Order.\12\ Rule 11.13(b)(3)(O) describes IOCM as a routing option
under which an order checks the System for available shares and then is
sent, as a MidPoint Match Order with a Time-in-Force of IOC \13\ to
EDGX. Similarly, Rule 11.13(b)(3)(P) describes ICMT as a routing option
under which an order checks the System for available shares, then is
sent to destinations on the System routing table and then is sent, as a
MidPoint Match Order with a Time-in-Force of IOC to EDGX. Under ICMT,
if shares remain unexecuted after routing, they are posted to the BATS
Book, unless otherwise instructed by the User.
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\12\ See supra note 5.
\13\ See Rule 11.9(q)(1).b [sic]
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On July 8, 2015, EDGX filed a proposed rule change with the
Commission for immediate effectiveness to, among other things, replace
the MidPoint Match Order with the MidPoint Peg Order.\14\ Therefore,
the Exchange proposes to update the description of the IOCM and ICMT
routing options to replace references to the MidPoint Match Order with
the MidPoint Peg Order.
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\14\ See supra note 5.
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Implementation Date
The Exchange intends to implement the proposed changes to the
descriptions of the IOCM and ICMT routing option immediately.\15\ The
Exchange will alert Users via a Trading Notice of the date upon which
it will discontinue the ROOC routing option.
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\15\ Implementation of the proposed rule change immediately upon
filing is contingent upon the Commission granting a waiver of the
30-day operative delay. 17 CFR 240.19b-4(f)(6)(iii).
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \16\ in general, and furthers the objectives of Section
6(b)(5) of the Act \17\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
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The Exchange does not believe that this proposal will permit unfair
discrimination among customers, brokers, or dealers because the ROOC
routing option will no longer be available and the updates to the IOCM
and ICMT routing options would apply to all Users equally. The Exchange
has few Users electing the ROOC routing option and has determined that
the current demand does not warrant the infrastructure and ongoing
maintenance expense required to support the product. Routing through
the Exchange is voluntary and alternative routing options offered by
the Exchange as well as other methods remain available to Users that
wish to route orders to participate in the opening, re-opening, or
closing process of the primary listing market.\18\ In addition, the
ROOC routing option is not a core product offering by the Exchange, nor
is the Exchange required by the Act to offer such a product. The
proposed updates to routing options IOCM and ICMT are in response to a
recent rule change by EDGX in which EDGX replaced the MidPoint Match
Order with the MidPoint Peg Order.\19\ The proposal is intended to
accurately describe how orders utilizing the IOCM or ICMT routing
options are to be handled by the Exchange in light of the EDGX proposed
rule change mentioned above. Therefore, the Exchange believes the
proposed rule change would make its rules clearer and less confusing
for investors; thereby removing impediments to and perfecting the
mechanism of a free and open market and a national market system, and,
in

[[Page 46371]]

general, protecting investors and the public interest.
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\18\ See supra note 11 and accompanying text.
\19\ See supra note 5.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposal will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. The proposed rule change is not designed to
address any competitive issues but rather avoid investor confusion by
eliminating the ROOC routing option that is to be discontinued by the
Exchange as well as update the IOCM and ICMT routing options in
response to a recent proposed rule change by EDGX.\20\
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\20\ Id.
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(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.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)
thereunder.\21\
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\21\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to
give the Commission written notice of the Exchange's 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. The Exchange has satisfied this
requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. Waiver of the 30-day
operative delay would allow the Exchange to modify its rules in a
timely manner by: (i) Eliminating a rule that accounts for a service
the Exchange intends to discontinue; and (ii) updating its rules to
accurately describe how orders utilizing those routing options function
in light of the recent proposed rule change by EDGX, thereby avoiding
potential investor confusion during the operative delay period. Based
on the foregoing, the Commission believes the waiver of the operative
delay is consistent with the protection of investors and the public
interest.\22\ The Commission hereby grants the waiver and designates
the proposal operative upon filing.
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\22\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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. 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 Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-BYX-2015-33 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-BYX-2015-33. 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-BYX-2015-33 and should be
submitted on or before August 25, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19017 Filed 8-3-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices 46369

registration in such form as the estimated cost burden to $449 to SECURITIES AND EXCHANGE
Commission prescribes. Form N–8A (17 account for the effects of inflation. COMMISSION
CFR 274.10) is the form for notification Therefore, we estimate that the total
of registration that the Commission has [Release No. 34–75547; File No. SR–BYX–
annual cost burden to associated with
adopted under section 8(a). The purpose 2015–33]
preparing and filing notifications of
of such notification of registration registration on Form N–8A is about Self-Regulatory Organizations; BATS
provided on Form N–8A is to notify the $41,308. Y-Exchange, Inc.; Notice of Filing and
Commission of the existence of Immediate Effectiveness of a Proposed
investment companies required to be Estimates of average burden hours
and costs are made solely for the Rule Change to Rule 11.13, Order
registered under the Investment Execution and Routing
Company Act and to enable the purposes of the Paperwork Reduction
Commission to administer the Act, and are not derived from a July 29, 2015.
provisions of the Investment Company comprehensive or even representative Pursuant to Section 19(b)(1) of the
Act with respect to those companies. survey or study of the costs of Securities Exchange Act of 1934 (the
After an investment company has filed Commission rules and forms. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
its notification of registration under Compliance with the collection of notice is hereby given that on July 21,
section 8(a), the company is then subject information requirements of Form N–8A 2015, BATS Y-Exchange, Inc. (the
to the provisions of the Investment is mandatory. Responses to the ‘‘Exchange’’ or ‘‘BYX’’) filed with the
Company Act which govern certain collection of information will not be Securities and Exchange Commission
aspects of its organization and activities, kept confidential. An agency may not (‘‘Commission’’) the proposed rule
such as the composition of its board of conduct or sponsor, and a person is not change as described in Items I and II
directors and the issuance of senior required to respond to, a collection of below, which Items have been prepared
securities. Form N–8A requires an information unless it displays a by the Exchange. The Exchange has
investment company to provide its currently valid OMB control number. designated this proposal as a ‘‘non-
name, state of organization, form of controversial’’ proposed rule change
Written comments are invited on: (a)
organization, classification, the name pursuant to Section 19(b)(3)(A) of the
Whether the collection of information is
and address of each investment adviser Act3 and Rule 19b–4(f)(6)(iii)
of the investment company, the current necessary for the proper performance of
thereunder,4 which renders it effective
value of its total assets, and certain the functions of the Commission,
upon filing with the Commission. The
other information readily available to including whether the information has
Commission is publishing this notice to
the investment company. If the practical utility; (b) the accuracy of the solicit comments on the proposed rule
investment company is filing a Commission’s estimate of the burden of change from interested persons.
registration statement as required by the collection of information; (c) ways to
Section 8(b) of the Investment Company enhance the quality, utility, and clarity I. Self-Regulatory Organization’s
Act concurrently with its notification of of the information collected; and (d) Statement of the Terms of Substance of
registration, Form N–8A requires only ways to minimize the burden of the the Proposed Rule Change
that the registrant file the cover page collection of information on The Exchange filed a proposal to
(giving its name, address, and agent for respondents, including through the use amend Rule 11.13, Order Execution and
service of process) and sign the form in of automated collection techniques or Routing, to: (i) Delete references to the
order to effect registration. other forms of information technology. ROOC routing option; and (ii) update
Based on recent filings of notifications Consideration will be given to routing options IOCM and ICMT to
of registration on Form N–8A, we comments and suggestions submitted in reflect a recent proposed rule change by
estimate that about 92 investment writing within 60 days of this EDGX Exchange, Inc. (‘‘EDGX’’) in
companies file such notifications each publication. which EDGX replaced the MidPoint
year. An investment company must only Match Order with the MidPoint Peg
Please direct your written comments
file a notification of registration on Order.5
to Pamela Dyson, Director/Chief The text of the proposed rule change
Form N–8A once. The currently Information Officer, Securities and
approved average hour burden per is available at the Exchange’s Web site
Exchange Commission, C/O Remi at www.batstrading.com, at the
investment company of preparing and
Pavlik-Simon, 100 F Street NE., principal office of the Exchange, and at
filing a notification of registration on
Washington, DC 20549; or send an email the Commission’s Public Reference
Form N–8A is one hour. Based on the
Commission staff’s experience with the to: PRA_Mailbox@sec.gov. Room.
requirements of Form N–8A and with Dated: July 28, 2015. II. Self-Regulatory Organization’s
disclosure documents generally—and Robert W. Errett, Statement of the Purpose of, and
considering that investment companies Deputy Secretary. Statutory Basis for, the Proposed Rule
that are filing notifications of [FR Doc. 2015–18887 Filed 8–3–15; 8:45 am] Change
registration on Form N–8A
simultaneously with the registration BILLING CODE 8011–01–P In its filing with the Commission, the
statement under the Investment Exchange included statements
Company Act are only required by Form concerning the purpose of and basis for
N–8A to file a signed cover page—we the proposed rule change and discussed
any comments it received on the
tkelley on DSK3SPTVN1PROD with NOTICES

continue to believe that this estimate is
appropriate. Therefore, we estimate that 1 15 U.S.C. 78s(b)(1).
the total annual hour burden to prepare 2 17 CFR 240.19b–4.
and file notifications of registration on 3 15 U.S.C. 78s(b)(3)(A).
Form N–8A is 92 hours. The currently 4 17 CFR 240.19b–4(f)(6)(iii).
approved cost burden of Form N–8A is 5 See Securities Exchange Act Release No. 75479

$443 per filing. We are updating the (July 17, 2015) (SR–EDGX–2015–33).

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46370 Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices

proposed rule change. The text of these such as connecting to those markets Exchange will alert Users via a Trading
statements may be examined at the directly or through a third party service Notice of the date upon which it will
places specified in Item IV below. The provider, or electing another routing discontinue the ROOC routing option.
Exchange has prepared summaries, set option offered by the Exchange that
forth in Sections A, B, and C below, of enables a User to post an order to 2. Statutory Basis
the most significant parts of such certain primary listing markets.11 The Exchange believes that its
statements. proposal is consistent with Section 6(b)
IOCM and ICMT Routing Options
(A) Self-Regulatory Organization’s The Exchange also proposes to amend of the Act 16 in general, and furthers the
Statement of the Purpose of, and Rules 11.13(b)(3)(O) and (P) to update objectives of Section 6(b)(5) of the Act 17
Statutory Basis for, the Proposed Rule routing options IOCM and ICMT to in particular, in that it is designed to
Change reflect a recent rule change by EDGX in promote just and equitable principles of
which EDGX replaced the MidPoint trade, to foster cooperation and
1. Purpose
Match Order with the MidPoint Peg coordination with persons engaged in
The Exchange proposes to amend facilitating transactions in securities, to
Order.12 Rule 11.13(b)(3)(O) describes
Rule 11.13, Order Execution and remove impediments to and perfect the
IOCM as a routing option under which
Routing, to: (i) Delete references to the mechanism of a free and open market
an order checks the System for available
ROOC routing option; and (ii) update and a national market system and, in
shares and then is sent, as a MidPoint
routing options IOCM and ICMT to general, to protect investors and the
Match Order with a Time-in-Force of
reflect a recent proposed rule change by public interest.
IOC 13 to EDGX. Similarly, Rule
EDGX in which EDGX replaced the
11.13(b)(3)(P) describes ICMT as a The Exchange does not believe that
MidPoint Match Order with the
routing option under which an order this proposal will permit unfair
MidPoint Peg Order.6
checks the System for available shares, discrimination among customers,
ROOC Routing Option then is sent to destinations on the brokers, or dealers because the ROOC
Under Rule 11.13(b)(3)(N), an order System routing table and then is sent, as routing option will no longer be
utilizing the ROOC routing option is a MidPoint Match Order with a Time- available and the updates to the IOCM
designated by the User 7 to participate in in-Force of IOC to EDGX. Under ICMT, and ICMT routing options would apply
the opening, re-opening (following a if shares remain unexecuted after to all Users equally. The Exchange has
halt, suspension, or pause), or closing routing, they are posted to the BATS few Users electing the ROOC routing
process of a primary listing market Book, unless otherwise instructed by the option and has determined that the
(BATS BZX, NYSE, Nasdaq, NYSE User. current demand does not warrant the
MKT, or NYSE Arca) if received before On July 8, 2015, EDGX filed a infrastructure and ongoing maintenance
the opening/re-opening/closing time of proposed rule change with the expense required to support the
such market. If shares remain Commission for immediate effectiveness product. Routing through the Exchange
unexecuted after attempting to execute to, among other things, replace the is voluntary and alternative routing
in the opening, re-opening, or closing MidPoint Match Order with the options offered by the Exchange as well
process, they are either posted to the MidPoint Peg Order.14 Therefore, the as other methods remain available to
BATS Book,8 executed, or routed to Exchange proposes to update the Users that wish to route orders to
destinations on the System 9 routing description of the IOCM and ICMT participate in the opening, re-opening,
table.10 routing options to replace references to or closing process of the primary listing
Because few Users elect the ROOC the MidPoint Match Order with the market.18 In addition, the ROOC routing
routing option, the Exchange has MidPoint Peg Order. option is not a core product offering by
determined that the current demand Implementation Date the Exchange, nor is the Exchange
does not warrant the infrastructure and required by the Act to offer such a
The Exchange intends to implement
ongoing maintenance expenses required product. The proposed updates to
the proposed changes to the
to support the product. Therefore, the routing options IOCM and ICMT are in
descriptions of the IOCM and ICMT
Exchange proposes to delete the ROOC response to a recent rule change by
routing option immediately.15 The
routing option under 11.13(b)(3)(N). EDGX in which EDGX replaced the
Users seeking to route orders to 11 See e.g., Rule 11.13(b)(3)(J) (describing the MidPoint Match Order with the
participate in the opening, re-opening, INET routing option under which an order checks MidPoint Peg Order.19 The proposal is
or closing process of a primary listing the System for available shares and then is sent to intended to accurately describe how
market may use alternative methods, Nasdaq. If shares remain unexecuted after routing, orders utilizing the IOCM or ICMT
they are posted on the Nasdaq book, unless
otherwise instructed by the User), Rule routing options are to be handled by the
6 See supra note 5. 11.13(b)(3)(K) (describing the RDOT routing option Exchange in light of the EDGX proposed
7 The term ‘‘User’’ is defined as ‘‘any Member or under which an order checks the System for rule change mentioned above.
Sponsored Participant who is authorized to obtain available shares and then is sent to destinations on
access to the System pursuant to Rule 11.3.’’ See the System routing table. If shares remain
Therefore, the Exchange believes the
Exchange Rule 1.5(cc). unexecuted after routing, they are sent to the NYSE proposed rule change would make its
8 The term ‘‘BATS Book is defined as ‘‘the and can be re-routed by the NYSE. Any remainder rules clearer and less confusing for
System’s electronic file of orders.’’ Rule 1.5(e). will be posted to the NYSE, unless otherwise investors; thereby removing
9 The term ‘‘System’’ is defined as ‘‘the electronic instructed by the User), and 11.13(b)(3)(L)
communications and trading facility designated by (describing the RDOX routing option under which impediments to and perfecting the
the Board through which securities orders of Users an order checks the System for available shares, is mechanism of a free and open market
are consolidated for ranking, execution and, when then sent to the NYSE and can be re-routed by the and a national market system, and, in
tkelley on DSK3SPTVN1PROD with NOTICES

applicable, routing away.’’ Rule 1.5(aa). NYSE. If shares remain unexecuted after routing,
10 The term ‘‘System routing table’’ refers to the they are posted on the NYSE book, unless otherwise
instructed by the User). Commission granting a waiver of the 30-day
proprietary process for determining the specific
12 See supra note 5. operative delay. 17 CFR 240.19b–4(f)(6)(iii).
trading venues to which the System routes orders 16 15 U.S.C. 78f(b).
13 See Rule 11.9(q)(1).b [sic]
and the order in which it routes them. Rule
14 See supra note 5. 17 15 U.S.C. 78f(b)(5).
11.13(b)(3). The ROOC routing option does not
18 See supra note 11 and accompanying text.
route to the reopening process for BATS BZX. Rule 15 Implementation of the proposed rule change

11.13(b)(3)(N). immediately upon filing is contingent upon the 19 See supra note 5.

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Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices 46371

general, protecting investors and the to accurately describe how orders communications relating to the
public interest. utilizing those routing options function proposed rule change between the
in light of the recent proposed rule Commission and any person, other than
(B) Self-Regulatory Organization’s
change by EDGX, thereby avoiding those that may be withheld from the
Statement on Burden on Competition
potential investor confusion during the public in accordance with the
The Exchange does not believe that operative delay period. Based on the provisions of 5 U.S.C. 552, will be
the proposal will impose any burden on foregoing, the Commission believes the available for Web site viewing and
competition not necessary or waiver of the operative delay is printing in the Commission’s Public
appropriate in furtherance of the consistent with the protection of Reference Room, 100 F Street NE.,
purposes of the Act. The proposed rule investors and the public interest.22 The Washington, DC 20549, on official
change is not designed to address any Commission hereby grants the waiver business days between the hours of
competitive issues but rather avoid and designates the proposal operative 10:00 a.m. and 3:00 p.m. Copies of the
investor confusion by eliminating the upon filing. filing will also be available for
ROOC routing option that is to be At any time within 60 days of the inspection and copying at the principal
discontinued by the Exchange as well as filing of the proposed rule change, the office of the Exchange. All comments
update the IOCM and ICMT routing Commission summarily may received will be posted without change;
options in response to a recent proposed temporarily suspend such rule change if the Commission does not edit personal
rule change by EDGX.20 it appears to the Commission that such identifying information from
(C) Self-Regulatory Organization’s action is necessary or appropriate in the submissions. You should submit only
Statement on Comments on the public interest, for the protection of information that you wish to make
Proposed Rule Change Received From investors, or otherwise in furtherance of available publicly. All submissions
Members, Participants or Others the purposes of the Act. If the should refer to File Number SR–BYX–
Commission takes such action, the 2015–33 and should be submitted on or
The Exchange has neither solicited Commission shall institute proceedings before August 25, 2015.
nor received written comments on the to determine whether the proposed rule
proposed rule change. For the Commission, by the Division of
should be approved or disapproved. Trading and Markets, pursuant to delegated
III. Date of Effectiveness of the IV. Solicitation of Comments authority.23
Proposed Rule Change and Timing for Robert W. Errett,
Commission Action Interested persons are invited to
Deputy Secretary.
submit written data, views, and
Because the proposed rule change arguments concerning the foregoing, [FR Doc. 2015–19017 Filed 8–3–15; 8:45 am]
does not (i) significantly affect the including whether the proposed rule BILLING CODE 8011–01–P
protection of investors or the public change is consistent with the Act.
interest; (ii) impose any significant Comments may be submitted by any of
burden on competition; and (iii) become SECURITIES AND EXCHANGE
the following methods:
operative for 30 days from the date on COMMISSION
which it was filed, or such shorter time Electronic Comments
Proposed Collection; Comment
as the Commission may designate, the • Use the Commission’s Internet
proposed rule change has become Request
comment form (http://www.sec.gov/
effective pursuant to Section 19(b)(3)(A) rules/sro.shtml); or Upon Written Request, Copies Available
of the Act and Rule 19b–4(f)(6) • Send an email to rule-comments@ From: Securities and Exchange
thereunder.21 sec.gov. Please include File Number SR– Commission, Office of FOIA Services,
A proposed rule change filed BYX–2015–33 on the subject line. 100 F Street NE., Washington, DC
pursuant to Rule 19b–4(f)(6) under the 20549–2736.
Act normally does not become operative Paper Comments
Extension:
for 30 days after the date of its filing. • Send paper comments in triplicate Rule 22e–3. SEC File No. 270–603, OMB
However, Rule 19b–4(f)(6)(iii) permits to Brent J. Fields, Secretary, Securities Control No. 3235–0658.
the Commission to designate a shorter and Exchange Commission, 100 F Street
time if such action is consistent with the NE., Washington, DC 20549–1090. Notice is hereby given that, under the
protection of investors and the public Paperwork Reduction Act of 1995 (44
All submissions should refer to File
interest. The Exchange has asked the U.S.C. 3501–3520), the Securities and
Number SR–BYX–2015–33. This file
Commission to waive the 30-day Exchange Commission (the
number should be included on the
operative delay so that the proposal may ‘‘Commission’’) has submitted to the
subject line if email is used. To help the
become operative immediately upon Office of Management and Budget a
Commission process and review your
filing. Waiver of the 30-day operative request for extension of the previously
comments more efficiently, please use approved collection of information
delay would allow the Exchange to only one method. The Commission will discussed below.
modify its rules in a timely manner by: post all comments on the Commission’s Section 22(e) of the Investment
(i) Eliminating a rule that accounts for Internet Web site (http://www.sec.gov/ Company Act [15 U.S.C. 80a–22(e)]
a service the Exchange intends to rules/sro.shtml). Copies of the (‘‘Act’’) generally prohibits funds,
discontinue; and (ii) updating its rules submission, all subsequent including money market funds, from
amendments, all written statements suspending the right of redemption, and
20 Id.
with respect to the proposed rule from postponing the payment or
21 In addition, Rule 19b–4(f)(6)(iii) requires the
tkelley on DSK3SPTVN1PROD with NOTICES

change that are filed with the satisfaction upon redemption of any
Exchange to give the Commission written notice of
the Exchange’s intent to file the proposed rule Commission, and all written redeemable security for more than seven
change, along with a brief description and text of days. The provision was designed to
the proposed rule change, at least five business days 22 For purposes only of waiving the 30-day
prevent funds and their investment
prior to the date of filing of the proposed rule operative delay, the Commission has also
change, or such shorter time as designated by the considered the proposed rule’s impact on advisers from interfering with the
Commission. The Exchange has satisfied this efficiency, competition, and capital formation. See
requirement. 15 U.S.C. 78c(f). 23 17 CFR 200.30–3(a)(12).

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Document Created: 2015-12-18 14:51:32
Document Modified: 2015-12-18 14:51:32

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 46369