80 FR 53209 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 13.4 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 | 53209-53210 | |
| FR Document | 2015-21667 |
[Federal Register Volume 80, Number 170 (Wednesday, September 2, 2015)] [Notices] [Pages 53209-53210] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-21667] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75771; File No. SR-EDGA-2015-35] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 13.4 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, EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') 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 13.4(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 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 13.4(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 13.4(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 13.4(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 [[Page 53210]] 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-EDGA-2015-35 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 No. SR-EDGA-2015-35. 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-EDGA-2015-35 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. 2015-21667 Filed 9-1-15; 8:45 am] BILLING CODE 8011-01-P
![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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![53210 Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Notices
and open market and protects investors action is consistent with the protection Paper Comments
and the public interest because it of investors and the public interest. The
provides additional specificity, clarity Exchange has asked the Commission to • Send paper comments in triplicate
and transparency. waive the 30-day operative delay so that to Secretary, Securities and Exchange
the proposal may become operative Commission, 100 F Street NE.,
(B) Self-Regulatory Organization’s Washington, DC 20549–1090.
Statement on Burden on Competition immediately upon filing. The Exchange
believes that waiver of the 30-day All submissions should refer to File No.
The Exchange believes its proposed operative delay would benefit investors
rule change would not impose any SR–EDGA–2015–35. This file number
because it would enable the Exchange to should be included on the subject line
burden on competition that is not immediately enhance transparency and
necessary or appropriate in furtherance if email is used. To help the
to accommodate the reactivation of the Commission process and review your
of the purposes of the Act. To the NSX on or about August 31, 2015 as an
contrary, the Exchange believes the comments more efficiently, please use
operating participant for quotation and
proposal would enhance competition only one method. The Commission will
trading of Nasdaq-listed securities under
because including all of the exchanges post all comments on the Commission’s
the UTP Plan. The Commission believes
enhances transparency and enables Internet Web site (http://www.sec.gov/
that waiving the 30-day operative delay
investors to better assess the quality of rules/sro.shtml). Copies of the
is consistent with the protection of
the Exchange’s execution and routing submission, all subsequent
investors and the public interest
services. amendments, all written statements
because it will enable the Exchange’s
(C) Self-Regulatory Organization’s rules to accommodate the reactivation of with respect to the proposed rule
Statement on Comments on the the NSX and to identify, without delay, change that are filed with the
Proposed Rule Change Received From all of the specific network processor and Commission, and all written
Members, Participants or Others proprietary data feeds that the Exchange communications relating to the
The Exchange has not solicited, and utilizes for the handling, routing, and proposed rule change between the
does not intend to solicit, comments on execution of orders, and for performing Commission and any person, other than
this proposed rule change. The the regulatory compliance checks those that may be withheld from the
Exchange has not received any related to each of those functions. public in accordance with the
unsolicited written comments from Therefore, the Commission hereby provisions of 5 U.S.C. 552, will be
Members or other interested parties. waives the 30-day operative delay and available for Web site viewing and
designates the proposed rule change to printing in the Commission’s Public
III. Date of Effectiveness of the be operative upon filing with the Reference Room, 100 F Street NE.,
Proposed Rule Change and Timing for
Commission.12 Washington, DC 20549, on official
Commission Action
At any time within 60 days of the business days between the hours of
The Exchange has designated this rule 10:00 a.m. and 3:00 p.m. Copies of such
filing of the proposed rule change, the
filing as non-controversial under filing will also be available for
Commission may summarily
Section 19(b)(3)(A) of the Act 7 and inspection and copying at the principal
temporarily suspend such rule change if
paragraph (f)(6) of Rule 19b–4 office of the Exchange. All comments
thereunder.8 The proposed rule change it appears to the Commission that such
action is: (1) Necessary or appropriate in received will be posted without change;
effects a change that (A) does not
the public interest; (2) for the protection the Commission does not edit personal
significantly affect the protection of
investors or the public interest; (B) does of investors; or (3) otherwise in identifying information from
not impose any significant burden on furtherance of the purposes of the Act. submissions. You should submit only
competition; and (C) by its terms, does If the Commission takes such action, the information that you wish to make
not become operative for 30 days after Commission shall institute proceedings available publicly. All submissions
the date of the filing, or such shorter to determine whether the proposed rule should refer to File No. SR–EDGA–
time as the Commission may designate should be approved or disapproved. 2015–35 and should be submitted on or
if consistent with the protection of IV. Solicitation of Comments before September 23, 2015.
investors and the public interest; For the Commission, by the Division of
provided that the self-regulatory Interested persons are invited to Trading and Markets, pursuant to delegated
organization has given the Commission submit written data, views and authority.13
written notice of its intent to file the arguments concerning the foregoing, Robert W. Errett,
proposed rule change, along with a brief including whether the proposal is
description and text of the proposed Deputy Secretary.
consistent with the Act. Comments may
rule change, at least five business days [FR Doc. 2015–21667 Filed 9–1–15; 8:45 am]
be submitted by any of the following
prior to the date of filing of the methods: BILLING CODE 8011–01–P
proposed rule change, or such shorter
time as designated by the Commission.9 Electronic Comments
A proposed rule change filed under
• Use the Commission’s Internet
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after comment form (http://www.sec.gov/
the date of the filing. However, pursuant rules/sro.shtml); or
mstockstill on DSK4VPTVN1PROD with NOTICES
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–
EDGA–2015–35 on the subject line.
7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4. 12 For purposes only of waiving the operative date
9 The Exchange has fulfilled this requirement.
of this proposal, the Commission has considered
10 17 CFR 240.19b–4(f)(6).
the proposed rule’s impact on efficiency,
11 17 CFR 240.19b–4(f)(6)(iii). competition, and capital formation. 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-26 10:10:50
Document Modified: 2018-02-26 10:10:50
| 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 53209 |
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