80 FR 51340 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 163 (August 24, 2015)
Federal Register Volume 80, Issue 163 (August 24, 2015)
| Page Range | 51340-51342 | |
| FR Document | 2015-20790 |
[Federal Register Volume 80, Number 163 (Monday, August 24, 2015)] [Notices] [Pages 51340-51342] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-20790] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75723; File No. SR-BATS-2015-60] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. August 18, 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 August 7, 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, 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 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 BATS Rules 15.1(a) and (c) (``Fee Schedule'') to remove fees for BATS Investor Pro and BATS Investor RT, as the Exchange will no longer make these products available as of August 29, 2015. --------------------------------------------------------------------------- \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 [[Page 51341]] 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 remove fees for BATS Investor Pro and BATS Investor RT, as the Exchange will no longer make these products available as of August 29, 2015. The Exchange currently maintains a revenue sharing program with Interactive Data Corporation, acting by and through its division, Interactive Data Desktop Solutions, and its subsidiary, Interactive Data Online Properties, Inc. (collectively ``IDC''), whereby the Exchange has agreed to make available, through IDC, private labeled versions of IDC's Market-Q and LiveCharts products (the ``Revenue Sharing Program'').\6\ Pursuant to an agreement (the ``Agreement'') between IDC and the Exchange, Market-Q has been marketed by the Exchange under the private label name ``BATS Investor Pro'' and LiveCharts has been marketed by the Exchange under the private label name ``BATS Investor RT'' (BATS Investor Pro and BATS Investor RT, collectively, the ``Private Labeled Products''). Under the Agreement, the current price schedule charges subscribers a monthly fee of $125.00 for BATS Investor Pro and a monthly fee of $24.95 for BATS Investor RT.\7\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release Nos. 70264 (August 27, 2013), 78 FR 54338 (September 3, 2013) (SR-BATS-2013-045); and 70687 (October 15, 2013), 78 FR 62921 (October 22, 2013) (SR-BATS-2013- 055). \7\ Under the Agreement, IDC determines the price schedule for the Private Labeled Products, and has the right to change the price schedule at any time in its sole discretion upon prior notice to BATS; provided, however, that such changes to the price schedule do not become effective unless and until the applicable fees set forth in the price schedule have been filed with and/or approved by the Commission through a proposed rule change submitted by the Exchange in accordance with the Act. --------------------------------------------------------------------------- Pursuant to and in accordance with the terms and conditions of the Agreement, on July 24, 2015, the Exchange provided written notice of termination of the Agreement to IDC, effective as of August 29, 2015. Therefore, inclusion of the Private Labeled Products within Exchange's Fee Schedule would no longer serve any legitimate purpose upon the Revenue Sharing Program being terminated by the Exchange. The Exchange is terminating the Revenue Share Program with IDC due to lack of interest from data recipients for the Private Labeled Products. Currently, there are no active clients for either Private Labeled Product. Implementation Date The Exchange proposes to implement these amendments to its Fee Schedule on August 31, 2015. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of section 6 of the Act,\8\ in general, and furthers the objectives of section 6(b)(4),\9\ 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 because it would delete fees for products that are to be discontinued by the Exchange, thereby eliminating investor confusion. In addition, the Exchange has no subscribers to either of the Private Labeled Products, neither of the Private Labeled Products is a core product offering by the Exchange, and the Exchange is not required by the Act to offer such products. The proposed rule change will not permit unfair discrimination among customers, brokers, or dealers because the Private Labeled Products will no longer be offered by the Exchange. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f. \9\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Lastly, the Exchange also believes that the proposed amendment to its Fee Schedule is reasonable and non-discriminatory because it will apply uniformly to all members. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe its proposed amendments to its Fee Schedule would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will terminate the Revenue Sharing Program with IDC, as well as the fees for the products offered thereunder from its fee schedule, effective as of August 29, 2015, and is not designed to have a competitive impact. Therefore, the Exchange does not believe the proposed rule change will have any effect on competition. 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 \10\ and paragraph (f) of Rule 19b-4 thereunder.\11\ 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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 rule-comments@sec.gov. Please include File Number SR-BATS-2015-60 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BATS-2015-60. 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 [[Page 51342]] 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 also will 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-BATS-2015-60, and should be submitted on or before September 14, 2015. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-20790 Filed 8-21-15; 8:45 am] BILLING CODE 8011-01-P
![51340 Federal Register / Vol. 80, No. 163 / Monday, August 24, 2015 / Notices
SROs where CROs authorize issuance of to be appropriate and publishes its 2015–35, and should be submitted on or
complaints and approve settlements. reasons for so finding or (ii) as to which before September 14, 2015.
Finally, making technical the self-regulatory organization For the Commission, by the Division of
amendments and correcting a consents, the Commission will: Trading and Markets, pursuant to delegated
typographical error in Rules 476, 8120, (A) by order approve or disapprove authority.27
9001, 9110, 9217, 9232, 9310 and 9810 such proposed rule change, or Robert W. Errett,
removes impediments to and perfects (B) institute proceedings to determine Deputy Secretary.
the mechanism of a free and open whether the proposed rule change
[FR Doc. 2015–20792 Filed 8–21–15; 8:45 am]
market by removing confusion that may should be disapproved.
BILLING CODE 8011–01–P
result from having incorrect or IV. Solicitation of Comments
redundant material in the Exchange’s
rulebook. The Exchange believes that Interested persons are invited to
submit written data, views, and SECURITIES AND EXCHANGE
eliminating incorrect or redundant COMMISSION
material would not be inconsistent with arguments concerning the foregoing,
the public interest and the protection of including whether the proposed rule [Release No. 34–75723; File No. SR–BATS–
investors because investors will not be change is consistent with the Act. 2015–60]
harmed and in fact would benefit from Comments may be submitted by any of
the following methods: Self-Regulatory Organizations; BATS
increased transparency, thereby
Exchange, Inc.; Notice of Filing and
reducing potential confusion. Removing Electronic Comments Immediate Effectiveness of a Proposed
such references will also remove
impediments to and perfects the • Use the Commission’s Internet Rule Change Related to Fees for Use
comment form (http://www.sec.gov/ of BATS Exchange, Inc.
mechanism of a free and open market by
ensuring that persons subject to the rules/sro.shtml); or
August 18, 2015.
• Send an email to rule-comments@
Exchange’s jurisdiction, regulators, and Pursuant to section 19(b)(1) of the
sec.gov. Please include File Number SR–
the investing public can more easily Securities Exchange Act of 1934 (the
NYSE–2015–35 on the subject line.
navigate and understand the Exchange’s ‘‘Act’’),1 and Rule 19b–4 thereunder,2
rulebook. The Exchange believes that Paper Comments notice is hereby given that on August 7,
eliminating incorrect or redundant • Send paper comments in triplicate 2015, BATS Exchange, Inc. (the
material would not be inconsistent with to Brent J. Fields, Secretary, Securities ‘‘Exchange’’ or ‘‘BATS’’) filed with the
the public interest and the protection of and Exchange Commission, 100 F Street Securities and Exchange Commission
investors because investors will not be NE., Washington, DC 20549–1090. (‘‘Commission’’) the proposed rule
harmed and in fact would benefit from All submissions should refer to File change as described in Items I, II and III
increased transparency, thereby below, which Items have been prepared
Number SR–NYSE–2015–35. This file
reducing potential confusion. Removing by the Exchange. The Exchange has
number should be included on the
such references will also further the goal designated the proposed rule change as
subject line if email is used. To help the
of transparency and add clarity to the one establishing or changing a member
Commission process and review your
Exchange’s rules. due, fee, or other charge imposed by the
comments more efficiently, please use
Exchange under section 19(b)(3)(A)(ii)
B. Self-Regulatory Organization’s only one method. The Commission will
of the Act 3 and Rule 19b–4(f)(2)
Statement on Burden on Competition post all comments on the Commission’s
thereunder,4 which renders the
The Exchange does not believe that Internet Web site (http://www.sec.gov/
proposed rule change effective upon
the proposed rule change will impose rules/sro.shtml). Copies of the
filing with the Commission. The
any burden on competition that is not submission, all subsequent Commission is publishing this notice to
necessary or appropriate in furtherance amendments, all written statements solicit comments on the proposed rule
of the purposes of the Act. The with respect to the proposed rule change from interested persons.
proposed rule change is not intended to change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s
address competitive issues but rather to
communications relating to the Statement of the Terms of Substance of
enable the Exchange to directly
proposed rule change between the the Proposed Rule Change
investigate and initiate disciplinary
actions following and facilitate the Commission and any person, other than The Exchange filed a proposal to
reintegration of certain regulatory those that may be withheld from the amend the fee schedule applicable to
functions from FINRA. public in accordance with the Members 5 and non-members of the
provisions of 5 U.S.C. 552, will be Exchange pursuant to BATS Rules
C. Self-Regulatory Organization’s available for Web site viewing and 15.1(a) and (c) (‘‘Fee Schedule’’) to
Statement on Comments on the printing in the Commission’s Public remove fees for BATS Investor Pro and
Proposed Rule Change Received From Reference Room, 100 F Street NE., BATS Investor RT, as the Exchange will
Members, Participants, or Others Washington, DC 20549 on official no longer make these products available
No written comments were solicited business days between the hours of as of August 29, 2015.
or received with respect to the proposed 10:00 a.m. and 3:00 p.m. Copies of such The text of the proposed rule change
rule change. filing also will be available for is available at the Exchange’s Web site
inspection and copying at the principal
III. Date of Effectiveness of the office of the Exchange. All comments 27 17 CFR 200.30–3(a)(12).
Proposed Rule Change and Timing for
tkelley on DSK3SPTVN1PROD with NOTICES
received will be posted without change; 1 15 U.S.C. 78s(b)(1).
Commission Action the Commission does not edit personal 2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
Within 45 days of the date of identifying information from
4 17 CFR 240.19b–4(f)(2).
publication of this notice in the Federal submissions. You should submit only 5 The term ‘‘Member’’ is defined as ‘‘any
Register or within such longer period information that you wish to make registered broker or dealer that has been admitted
up to 90 days (i) as the Commission may available publicly. All submissions to membership in the Exchange.’’ See Exchange
designate if it finds such longer period should refer to File Number SR–NYSE– Rule 1.5(n).
VerDate Sep<11>2014 16:48 Aug 21, 2015 Jkt 235001 PO 00000 Frm 00145 Fmt 4703 Sfmt 4703 E:\FR\FM\24AUN1.SGM 24AUN1](https://thefederalregister.org/doc/80_FR_51503/page/1.svg)
![51342 Federal Register / Vol. 80, No. 163 / Monday, August 24, 2015 / Notices
Internet Web site (http://www.sec.gov/ proposed rule change as described in which are the fees and credits that the
rules/sro.shtml). Copies of the Items I, II, and III below, which Items Exchange is charged by the primary
submission, all subsequent have been prepared by the self- listing market that receives the order.
amendments, all written statements regulatory organization. The In a recent rule filing, the NYSE
with respect to the proposed rule Commission is publishing this notice to modified its fee structure for equities
change that are filed with the solicit comments on the proposed rule transaction by decreasing the level of
Commission, and all written change from interested persons. rebate that it provides to its members
communications relating to the that provide liquidity from $0.0015 per
I. Self-Regulatory Organization’s
proposed rule change between the share to $0.0014 per share.5 In order to
Statement of the Terms of Substance of
Commission and any person, other than maintain the same relationship between
the Proposed Rule Change
those that may be withheld from the the rate that the Exchange charges for a
public in accordance with the The Exchange proposes to amend the PO+ Order and the rebate provided by
provisions of 5 U.S.C. 552, will be NYSE Arca Equities Schedule of Fees the destination venue, the Exchange is
available for Web site viewing and and Charges for Exchange Services also amending the per share credit for
printing in the Commission’s Public (‘‘Fee Schedule’’) to modify the credits PO+ Orders routed to the NYSE that
Reference Room, 100 F Street NE., the Exchange provides for routing provide liquidity to the NYSE to
Washington, DC 20549, on official certain orders to the New York Stock $0.0014 per share. The Exchange
business days between the hours of Exchange LLC (‘‘NYSE’’). The text of the proposes corresponding changes to the
10:00 a.m. and 3:00 p.m. Copies of the proposed rule change is available on the Basic Rate pricing section of the Fee
filing also will be available for Exchange’s Web site at www.nyse.com, Schedule.
inspection and copying at the principal at the principal office of the Exchange, The proposed changes are not
office of the Exchange. All comments and at the Commission’s Public otherwise intended to address any other
received will be posted without change; Reference Room. issues, and the Exchange is not aware of
the Commission does not edit personal II. Self-Regulatory Organization’s any problems that ETP Holders would
identifying information from Statement of the Purpose of, and have in complying with the proposed
submissions. You should submit only Statutory Basis for, the Proposed Rule changes.
information that you wish to make Change
available publicly. All submissions 2. Statutory Basis
should refer to File Number SR–BATS– In its filing with the Commission, the
The Exchange believes that the
2015–60, and should be submitted on or self-regulatory organization included
proposed rule change is consistent with
before September 14, 2015. statements concerning the purpose of,
section 6(b) of the Act,6 in general, and
and basis for, the proposed rule change
For the Commission, by the Division of and discussed any comments it received furthers the objectives of sections 6(b)(4)
Trading and Markets, pursuant to delegated
on the proposed rule change. The text and (5) of the Act,7 in particular,
authority.12 because it provides for the equitable
of those statements may be examined at
Robert W. Errett, allocation of reasonable dues, fees, and
the places specified in Item IV below.
Deputy Secretary. The Exchange has prepared summaries, other charges among its members,
[FR Doc. 2015–20790 Filed 8–21–15; 8:45 am] set forth in sections A, B, and C below, issuers and other persons using its
BILLING CODE 8011–01–P of the most significant parts of such facilities and does not unfairly
statements. discriminate between customers,
issuers, brokers or dealers.
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s The Exchange believes that the
COMMISSION Statement of the Purpose of, and the proposed changes to routing credits for
Statutory Basis for, the Proposed Rule PO+ Orders that provide liquidity to the
[Release No. 34–75722; File No. SR– Change
NYSEARCA–2015–70] NYSE are reasonable because the
1. Purpose Exchange’s credits for routing an order
Self-Regulatory Organizations; NYSE that does not rest on the Exchange’s
The Exchange proposes to amend the order book, but rather is designed to
Arca, Inc.; Notice of Filing and
Fee Schedule to modify the Tier 1 and route to the primary listing market on
Immediate Effectiveness of Proposed
Tier 2 credits the Exchange provides for arrival, are closely related to the NYSE’s
Rule Change Amending the NYSE Arca
routing PO+ Orders 4 to the NYSE and rebates for its members for providing
Equities Schedule of Fees and
make corresponding changes in the liquidity, and the proposed change is
Charges for Exchange Services To
Basic Rate pricing. consistent with the recent change to the
Modify the Credits the Exchange A PO+ Order is designed to route to
Provides for Routing Certain Orders to NYSE Price List to lower its rebate for
the primary listing market of the
the New York Stock Exchange LLC providing liquidity. While the proposed
security underlying the order (i.e.,
change would result in a decrease in the
August 18, 2015. NYSE, NASDAQ, etc.) immediately
per share credit for PO+ Orders routed
Pursuant to section 19(b)(1) 1 of the upon arrival and the order therefore
does not rest on the Exchange’s order to the NYSE that provide liquidity to the
Securities Exchange Act of 1934 (the NYSE, the rebate that the Exchange
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 book. Because PO+ Orders do not rest
on the Exchange’s book, the Exchange would provide to ETP Holders is
notice is hereby given that, on August competitive with the rate that NYSE
3, 2015, NYSE Arca, Inc. (the charges fees or provides credits for those
orders based on the fees or credits of the provides to its members for providing
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with liquidity and would maintain the same
tkelley on DSK3SPTVN1PROD with NOTICES
the Securities and Exchange destination primary listing market,
relationship between the rebate provide
Commission (the ‘‘Commission’’) the
4 A PO+ Order is a Primary Only Order (i.e., a
5 See Securities Exchange Act Release No. 75353
12 17
market or limit order that is to be routed to the
CFR 200.30–3(a)(12). primary market) that is entered for participation in (July 2, 2015), 80 FR 39468 (July 9, 2015) (SR–
1 15 U.S.C.78s(b)(1). NYSE–2015–30).
the primary market, other than for participation in
2 15 U.S.C. 78a. 6 15 U.S.C. 78f(b).
the primary market opening or primary market re-
3 17 CFR 240.19b–4. opening. See NYSE Arca Equities Rule 7.31(f)(1)(C). 7 15 U.S.C. 78f(b)(4) and (5).
VerDate Sep<11>2014 16:48 Aug 21, 2015 Jkt 235001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 E:\FR\FM\24AUN1.SGM 24AUN1](https://thefederalregister.org/doc/80_FR_51503/page/3.svg)
Document Created: 2015-12-15 10:54:34
Document Modified: 2015-12-15 10:54:34
| 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 51340 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR