80 FR 53207 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.26 Relating to the Reactivation of NSX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 170 (September 2, 2015)
Federal Register Volume 80, Issue 170 (September 2, 2015)
| Page Range | 53207-53209 | |
| FR Document | 2015-21669 |
[Federal Register Volume 80, Number 170 (Wednesday, September 2, 2015)] [Notices] [Pages 53207-53209] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-21669] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75769; File No. SR-BATS-2015-65] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.26 Relating to the Reactivation of NSX August 27, 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 18, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.26(a) regarding the public disclosure of the sources of data that the Exchange utilizes when performing: (i) Order handling; (ii) order routing; and (iii) related compliance processes to reflect reactivation of the National Stock Exchange, Inc. (``NSX'') on or about August 31, 2015. 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 [[Page 53208]] 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 update Rule 11.26(a) regarding the public disclosure of the sources of data that the Exchange utilizes when performing: (i) Order handling; (ii) order routing; and (iii) related compliance processes to reflect reactivation of the NSX on or about August 31, 2015. The NSX informed the UTP Securities Information Processor (``UTP SIP'') that, subject to regulatory approval, it is projecting to reactivate its status as an operating participant for quotation and trading of Nasdaq-listed securities under the Unlisted Trading Privileges (``UTP'') Plan on or about August 31, 2015. Specifically, the Exchange proposes to amend Rule 11.26(a) to include the NSX by stating it will utilize NSX market data from the CQS/UQDF for purposes of order handling, routing, and related compliance processes. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\5\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\6\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f. \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that its proposal to update Exchange Rule 11.26(a) to include NSX would ensure that rule correctly identifies and publicly states on a market-by-market basis all of the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. The proposed rule change also removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional specificity, clarity and transparency. (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes its proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes the proposal would enhance competition because including all of the exchanges enhances transparency and enables investors to better assess the quality of the Exchange's execution and routing services. (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 Exchange has designated this rule filing as non-controversial under Section 19(b)(3)(A) of the Act \7\ and paragraph (f)(6) of Rule 19b-4 thereunder.\8\ The proposed rule change effects a change that (A) does not significantly affect the protection of investors or the public interest; (B) does not impose any significant burden on competition; and (C) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest; provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission.\9\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4. \9\ The Exchange has fulfilled this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\11\ the Commission may 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. The Exchange believes that waiver of the 30-day operative delay would benefit investors because it would enable the Exchange to immediately enhance transparency and to accommodate the reactivation of the NSX on or about August 31, 2015 as an operating participant for quotation and trading of Nasdaq-listed securities under the UTP Plan. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will enable the Exchange's rules to accommodate the reactivation of the NSX and to identify, without delay, all of the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.\12\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the operative date of this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission may summarily temporarily suspend such rule change if it appears to the Commission that such action is: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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 No. SR-BATS-2015-65 on the subject line. [[Page 53209]] 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 No. SR-BATS-2015-65. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing 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 No. SR-BATS-2015-65 and should be submitted on or before September 23, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-21669 Filed 9-1-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Notices 53207
with a brief description and text of the including whether the proposal is SECURITIES AND EXCHANGE
proposed rule change, at least five consistent with the Act. Comments may COMMISSION
business days prior to the date of filing be submitted by any of the following
[Release No. 34–75769; File No. SR–BATS–
of the proposed rule change, or such methods: 2015–65]
shorter time as designated by the
Commission.9 Electronic Comments
Self-Regulatory Organizations; BATS
A proposed rule change filed under • Use the Commission’s Internet Exchange, Inc.; Notice of Filing and
Rule 19b–4(f)(6) 10 normally does not comment form (http://www.sec.gov/ Immediate Effectiveness of a Proposed
become operative prior to 30 days after rules/sro.shtml); or Rule Change To Amend Rule 11.26
the date of the filing. However, pursuant Relating to the Reactivation of NSX
to Rule 19b4(f)(6)(iii),11 the Commission • Send an email to rule-comments@
may designate a shorter time if such sec.gov. Please include File No. SR– August 27, 2015.
action is consistent with the protection EDGX–2015–39 on the subject line. Pursuant to Section 19(b)(1) of the
of investors and the public interest. The Paper Comments Securities Exchange Act of 1934 (the
Exchange has asked the Commission to ‘‘Act’’),1 and Rule 19b–4 thereunder,2
waive the 30-day operative delay so that • Send paper comments in triplicate notice is hereby given that on August
the proposal may become operative to Secretary, Securities and Exchange 18, 2015, BATS Exchange, Inc. (the
immediately upon filing. The Exchange Commission, 100 F Street NE., ‘‘Exchange’’ or ‘‘BATS’’) filed with the
believes that waiver of the 30-day Washington, DC 20549–1090. Securities and Exchange Commission
operative delay would benefit investors (‘‘Commission’’) the proposed rule
because it would enable the Exchange to All submissions should refer to File No.
change as described in Items I and II
immediately enhance transparency and SR–EDGX–2015–39. This file number
below, which Items have been prepared
to accommodate the reactivation of the should be included on the subject line
by the Exchange. The Exchange has
NSX on or about August 31, 2015 as an if email is used. To help the
designated this proposal as a ‘‘non-
operating participant for quotation and Commission process and review your
controversial’’ proposed rule change
trading of Nasdaq-listed securities under comments more efficiently, please use
pursuant to Section 19(b)(3)(A) of the
the UTP Plan. The Commission believes only one method. The Commission will
Act 3 and Rule 19b–4(f)(6)(iii)
that waiving the 30-day operative delay post all comments on the Commission’s
thereunder,4 which renders it effective
is consistent with the protection of Internet Web site (http://www.sec.gov/
upon filing with the Commission. The
investors and the public interest rules/sro.shtml). Copies of the
Commission is publishing this notice to
because it will enable the Exchange’s submission, all subsequent
solicit comments on the proposed rule
rules to accommodate the reactivation of amendments, all written statements
change from interested persons.
the NSX and to identify, without delay, with respect to the proposed rule
all of the specific network processor and change that are filed with the I. Self-Regulatory Organization’s
proprietary data feeds that the Exchange Commission, and all written Statement of the Terms of Substance of
utilizes for the handling, routing, and communications relating to the the Proposed Rule Change
execution of orders, and for performing proposed rule change between the The Exchange filed a proposal to
the regulatory compliance checks Commission and any person, other than amend Rule 11.26(a) regarding the
related to each of those functions. those that may be withheld from the public disclosure of the sources of data
Therefore, the Commission hereby public in accordance with the that the Exchange utilizes when
waives the 30-day operative delay and provisions of 5 U.S.C. 552, will be performing: (i) Order handling; (ii) order
designates the proposed rule change to available for Web site viewing and routing; and (iii) related compliance
be operative upon filing with the printing in the Commission’s Public processes to reflect reactivation of the
Commission.12 Reference Room, 100 F Street NE., National Stock Exchange, Inc. (‘‘NSX’’)
At any time within 60 days of the Washington, DC 20549, on official on or about August 31, 2015.
filing of the proposed rule change, the business days between the hours of The text of the proposed rule change
Commission may summarily 10:00 a.m. and 3:00 p.m. Copies of such is available at the Exchange’s Web site
temporarily suspend such rule change if filing will also be available for at www.batstrading.com, at the
it appears to the Commission that such inspection and copying at the principal principal office of the Exchange, and at
action is: (1) Necessary or appropriate in office of the Exchange. All comments the Commission’s Public Reference
the public interest; (2) for the protection received will be posted without change; Room.
of investors; or (3) otherwise in the Commission does not edit personal
furtherance of the purposes of the Act. identifying information from II. Self-Regulatory Organization’s
If the Commission takes such action, the submissions. You should submit only Statement of the Purpose of, and
Commission shall institute proceedings information that you wish to make Statutory Basis for, the Proposed Rule
to determine whether the proposed rule available publicly. All submissions Change
should be approved or disapproved. should refer to File No. SR–EDGX– In its filing with the Commission, the
2015–39 and should be submitted on or Exchange included statements
IV. Solicitation of Comments
before September 23, 2015. concerning the purpose of and basis for
Interested persons are invited to the proposed rule change and discussed
For the Commission, by the Division of
submit written data, views and any comments it received on the
Trading and Markets, pursuant to delegated
mstockstill on DSK4VPTVN1PROD with NOTICES
arguments concerning the foregoing, authority.13 proposed rule change. The text of these
9 The Robert W. Errett, statements may be examined at the
Exchange has fulfilled this requirement.
10 17 CFR 240.19b–4(f)(6). Deputy Secretary. places specified in Item IV below. The
11 17 CFR 240.19b–4(f)(6)(iii).
[FR Doc. 2015–21666 Filed 9–1–15; 8:45 am] 1 15
12 For purposes only of waiving the operative date U.S.C. 78s(b)(1).
BILLING CODE 8011–01–P 2 17 CFR 240.19b–4.
of this proposal, the Commission has considered
3 15 U.S.C. 78s(b)(3)(A).
the proposed rule’s impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6)(iii).
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![Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Notices 53209
Paper Comments SECURITIES AND EXCHANGE Exchange has prepared summaries, set
COMMISSION forth in Sections A, B, and C below, of
• Send paper comments in triplicate the most significant parts of such
to Secretary, Securities and Exchange [Release No. 34–75771; File No. SR–EDGA–
statements.
Commission, 100 F Street NE., 2015–35]
Washington, DC 20549–1090. (A) Self-Regulatory Organization’s
Self-Regulatory Organizations; EDGA Statement of the Purpose of, and
All submissions should refer to File No. Exchange, Inc.; Notice of Filing and Statutory Basis for, the Proposed Rule
SR–BATS–2015–65. This file number Immediate Effectiveness of a Proposed Change
should be included on the subject line Rule Change To Amend Rule 13.4
Relating to the Reactivation of NSX 1. Purpose
if email is used. To help the
Commission process and review your The Exchange proposes to update
August 27, 2015. Rule 13.4(a) regarding the public
comments more efficiently, please use Pursuant to Section 19(b)(1) of the
only one method. The Commission will disclosure of the sources of data that the
Securities Exchange Act of 1934 (the Exchange utilizes when performing: (i)
post all comments on the Commission’s ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Order handling; (ii) order routing; and
Internet Web site (http://www.sec.gov/ notice is hereby given that on August (iii) related compliance processes to
rules/sro.shtml). Copies of the 18, 2015, EDGA Exchange, Inc. (the reflect reactivation of the NSX on or
submission, all subsequent ‘‘Exchange’’ or ‘‘EDGA’’) filed with the about August 31, 2015. The NSX
amendments, all written statements Securities and Exchange Commission informed the UTP Securities
with respect to the proposed rule (‘‘Commission’’) the proposed rule Information Processor (‘‘UTP SIP’’) that,
change that are filed with the change as described in Items I and II subject to regulatory approval, it is
Commission, and all written below, which Items have been prepared projecting to reactivate its status as an
communications relating to the by the Exchange. The Exchange has operating participant for quotation and
proposed rule change between the designated this proposal as a ‘‘non- trading of Nasdaq-listed securities under
Commission and any person, other than controversial’’ proposed rule change the Unlisted Trading Privileges (‘‘UTP’’)
those that may be withheld from the pursuant to Section 19(b)(3)(A) of the Plan on or about August 31, 2015.
public in accordance with the Act 3 and Rule 19b–4(f)(6)(iii) Specifically, the Exchange proposes to
provisions of 5 U.S.C. 552, will be thereunder,4 which renders it effective amend Rule 13.4(a) to include the NSX
available for Web site viewing and upon filing with the Commission. The by stating it will utilize NSX market
printing in the Commission’s Public Commission is publishing this notice to data from the CQS/UQDF for purposes
Reference Room, 100 F Street NE., solicit comments on the proposed rule of order handling, routing, and related
Washington, DC 20549, on official change from interested persons. compliance processes.
business days between the hours of I. Self-Regulatory Organization’s 2. Statutory Basis
10:00 a.m. and 3:00 p.m. Copies of such Statement of the Terms of Substance of The Exchange believes that the
filing will also be available for the Proposed Rule Change proposed rule change is consistent with
inspection and copying at the principal The Exchange filed a proposal to Section 6(b) of the Act,5 in general, and
office of the Exchange. All comments amend Rule 13.4(a) regarding the public furthers the objectives of Section 6(b)(5)
received will be posted without change; disclosure of the sources of data that the of the Act,6 in particular, in that it is
the Commission does not edit personal Exchange utilizes when performing: (i) designed to prevent fraudulent and
identifying information from Order handling; (ii) order routing; and manipulative acts and practices, to
submissions. You should submit only (iii) related compliance processes to promote just and equitable principles of
information that you wish to make reflect reactivation of the National Stock trade, to foster cooperation and
available publicly. All submissions Exchange, Inc. (‘‘NSX’’) on or about coordination with persons engaged in
should refer to File No. SR–BATS– August 31, 2015. regulating, clearing, settling, processing
2015–65 and should be submitted on or The text of the proposed rule change information with respect to, and
before September 23, 2015. is available at the Exchange’s Web site facilitating transactions in securities, to
at www.batstrading.com, at the remove impediments to and perfect the
For the Commission, by the Division of
principal office of the Exchange, and at mechanism of a free and open market
Trading and Markets, pursuant to delegated
the Commission’s Public Reference and a national market system, and, in
authority.13
Room. general, to protect investors and the
Robert W. Errett, public interest.
Deputy Secretary. II. Self-Regulatory Organization’s The Exchange believes that its
Statement of the Purpose of, and proposal to update Exchange Rule
[FR Doc. 2015–21669 Filed 9–1–15; 8:45 am]
Statutory Basis for, the Proposed Rule 13.4(a) to include NSX would ensure
BILLING CODE 8011–01–P
Change that rule correctly identifies and
In its filing with the Commission, the publicly states on a market-by-market
Exchange included statements basis all of the specific network
concerning the purpose of and basis for processor and proprietary data feeds
the proposed rule change and discussed that the Exchange utilizes for the
any comments it received on the handling, routing, and execution of
mstockstill on DSK4VPTVN1PROD with NOTICES
proposed rule change. The text of these orders, and for performing the
statements may be examined at the regulatory compliance checks related to
places specified in Item IV below. The each of those functions. The proposed
rule change also removes impediments
1 15 U.S.C. 78s(b)(1). to and perfects the mechanism of a free
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). 5 15 U.S.C. 78f.
13 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6)(iii). 6 15 U.S.C. 78f(b)(5).
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Document Created: 2018-02-26 10:10:37
Document Modified: 2018-02-26 10:10:37
| 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 53207 |
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