80 FR 53353 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees a Market Data Product Known as BYX Book Viewer

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 171 (September 3, 2015)

Page Range		53353-53358
FR Document		2015-21871

Federal Register, Volume 80 Issue 171 (Thursday, September 3, 2015)

[Federal Register Volume 80, Number 171 (Thursday, September 3, 2015)]
[Notices]
[Pages 53353-53358]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-21871]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75786; File No. SR-BYX-2015-36]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees a Market Data Product Known as BYX Book Viewer

August 28, 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 24, 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, 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.
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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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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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 the Market Data section of
its fee schedule to adopt fees for a market data product called BYX
Book Viewer.
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

[[Page 53354]]

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 the Market Data section of its fee
schedule to adopt fees for a market data product called BYX Book
Viewer. BYX Book Viewer is a data feed that disseminates, on a real-
time basis, the aggregated two-side quotations for up to five (5) price
levels for all displayed orders for securities traded on the Exchange
and for which the Exchanges reports quotes under the Consolidated Tape
Association (``CTA'') Plan or the Nasdaq/UTP Plan. BYX Book Viewer also
contains the last ten (10) trades including time of trade, price and
share quantity.\5\ BYX Book Viewer is currently available via
www.batstrading.com without charge.
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\5\ See Securities Exchange Act Release No. 75717 (August 18,
2015) (SR-BYX-2015-35) (Notice of Filing and Immediate Effectiveness
of a Proposed Rule Change to Amend Rule 11.22 to Describe the Market
Data Product BYX Book Viewer).
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The Exchange now proposes to amend its fee schedule to incorporate
fees for distribution of BYX Book Viewer to subscribers.\6\ BYX Book
Viewer will remain available via www.batstrading.com for viewing
without charge. The proposed fees include the following, each of which
are described in detail below: (i) Distribution Fees for both Internal
and External Distributors; \7\ (ii) Usage Fees for both Professional
\8\ and Non-Professional \9\ Users; \10\ (iii) an Enterprise Fee; \11\
and (iv) a Digital Media Enterprise Fee.
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\6\ The Exchange notes that its affiliated exchanges, EDGX
Exchange, Inc. (``EDGX''), EDGA Exchange, Inc. (``EDGA'') and BATS
Exchange, Inc. (``BZX'', together with the Exchange, EDGX and EDGA,
the ``BATS Exchanges''), also intent to file proposed rule changes
with Commission to adopt similar fees for their respective Book
Viewer market data product.
\7\ A ``Distributor'' is defined as ``any entity that receives
the Exchange Market Data product directly from the Exchange or
indirectly through another entity and then distributes it internally
or externally to a third party.'' See the Exchange Fee Schedule
available at http://batstrading.com/support/fee_schedule/byx/. An
``Internal Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to
one or more Users within the Distributor's own entity.'' Id. An
``External Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to a
third party or one or more Users outside the Distributor's own
entity.'' Id.
\8\ A ``Professional User'' is defined as ``any User other than
a Non-Professional User.'' See the Exchange Fee Schedule available
at http://batstrading.com/support/fee_schedule/byx/.
\9\ A ``Non-Professional User'' is defined as ``a natural person
who is not: (i) Registered or qualified in any capacity with the
Commission, the Commodity Futures Trading Commission, any state
securities agency, any securities exchange or association, or any
commodities or futures contract market or association; (ii) engaged
as an ``investment adviser'' as that term is defined in Section
[202(a)(11)] of the Investment Advisers Act of 1940 (whether or not
registered or qualified under that Act); or (iii) employed by a bank
or other organization exempt from registration under federal or
state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt.'' Id.
\10\ The Exchange notes that User fees as well as the
distinctions based on professional and non-professional users have
been previously filed with or approved by the Commission by the BATS
Exchanges and the Nasdaq Stock Market LLC (``Nasdaq''). See
Securities Exchange Act Release No. 59582 (March 16, 2009), 74 FR
12423 (March 24, 2009) (Order approving SR-Nasdaq-2008-102). See
also See Securities Exchange Act Release Nos. 74285 (February 18,
2015), 80 FR 9828 (February 24, 2015) (SR-BATS-2015-11); 74283
(February 18, 2015), 80 FR 9809 (February 24, 2015) (SR-EDGA-2015-
09); 74282 (February 17, 2015), 80 FR 9487 (February 23, 2015) (SR-
EDGX-2015-09); and 74284 (February 18, 2015), 80 FR 9792 (February
24, 2015) (SR-BYX-2015-09) (``Initial BATS One Feed Fee Filings'').
\11\ The Exchange notes that Enterprise fees have been
previously filed with or approved by the Commission by the Exchange,
EDGA, EDGX, BZX, Nasdaq, NYSE, and the CTA/CQ Plans. See Nasdaq Rule
7047. Securities Exchange Act Release Nos. 71507 (February 7, 2014),
79 FR 8763 (February 13, 2014) (SR-NASDAQ-2014-011); 70211 (August
15, 2013), 78 FR 51781 (August 21, 2013) (SR-NYSE-2013-58); and
70010 (July 19, 2013) (File No. SR-CTA/CQ-2013-04). See also the
Initial BATS One Feed Fee Filings, supra note 10.
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Distribution Fees. As proposed, each Internal Distributor that
receives BYX Book Viewer shall pay a fee of $500 per month. The
Exchange does not propose to charge any User fees for BYX Book Viewer
where the data is received and subsequently internally distributed to
Professional or Non-Professional Users. In addition, the Exchange
proposes to charge External Distributors that receives BYX Book Viewer
a fee of $2,500 per month.
User Fees. The Exchange proposes to charge those who receive BYX
Book Viewer from External Distributors different fees for both their
Professional Users and Non-Professional Users. The Exchange will assess
a monthly fee for Professional Users of $3.00 per User. Non-
Professional Users will be assessed a monthly fee of $0.10 per User.
The Exchange does not propose to charge per User fees to Internal
Distributors.
External Distributors that receives BYX Book Viewer would be
required to count every Professional User and Non-Professional User to
which they provide BYX Book Viewer, the requirements for which are
identical to that currently in place for the BATS One Feed.\12\ Thus,
the External Distributor's count will include every person and device
that accesses the data regardless of the purpose for which the
individual or device uses the data. External Distributors must report
all Professional and Non-Professional Users in accordance with the
following:
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\12\ See the Initial BATS One Feed Fee Filings, supra note 10.
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In connection with an External Distributor's distribution
of BYX Book Viewer, the Distributor should count as one User each
unique User that the Distributor has entitled to have access to BYX
Book Viewer. However, where a device is dedicated specifically to a
single individual, the Distributor should count only the individual and
need not count the device.
The External Distributor should identify and report each
unique User. If a User uses the same unique method to gain access to
BYX Book Viewer, the Distributor should count that as one User.
However, if a unique User uses multiple methods to gain access to BYX
Book Viewer (e.g., a single User has multiple passwords and user
identifications), the External Distributor should report all of those
methods as an individual User.
External Distributors should report each unique individual
person who receives access through multiple devices as one User so long
as each device is dedicated specifically to that individual.
If an External Distributor entitles one or more
individuals to use the same device, the External Distributor should
include only the individuals, and not the device, in the count.
Each External Distributor will receive a credit against its monthly
Distributor Fee for BYX Book Viewer equal to the amount of its monthly
Usage Fees up to a maximum of the Distributor Fee for BYX Book Viewer.
For example, an External Distributor will be subject to a $2,500
monthly Distributor Fee where they receive BYX Book Viewer. If that
External Distributor reports User quantities totaling $2,500 or more of
monthly usage of BYX Book Viewer, it will pay no net Distributor Fee,
whereas if that same External Distributor were to report User
quantities totaling $1,000 of monthly usage, it will pay a net of
$1,500 for the Distributor Fee. External Distributors will remain
subject to the per User fees discussed above.
Enterprise Fee. The Exchange also proposes to establish a $20,000
per month Enterprise Fee that will permit a recipient firm who receives
BYX Book Viewer from an External Distributor to

[[Page 53355]]

receive the data for an unlimited number of Professional and Non-
Professional Users. For example, if a recipient firm had 15,000
Professional Users who each receive BYX Book Viewer at $3.00 per month,
then that recipient firm will pay $45,000 per month in Professional
Users fees. Under the proposed Enterprise Fee, the recipient firm will
pay a flat fee of $20,000 for an unlimited number of Professional and
Non-Professional Users for BYX Book Viewer. A recipient firm must pay a
separate Enterprise Fee for each External Distributor that controls the
display of BYX Book Viewer if it wishes such User to be covered by an
Enterprise Fee rather than by per User fees. A recipient firm that pays
the Enterprise Fee will not have to report its number of such Users on
a monthly basis. However, every six months, a recipient firm must
provide the Exchange with a count of the total number of natural person
users of each product, including both Professional and Non-Professional
Users. Lastly, the proposed Enterprise Fee would be counted towards the
Distributor Fee credit described above, under which an External
Distributor receives a credit towards its Distributor Fee equal to the
amount of its monthly BYX Book Viewer User fees.
Digital Media Enterprise Fee. The Exchange proposes to adopt a
Digital Media Enterprise Fee of $5,000 per month for BYX Book Viewer.
As an alternative to proposed User fees discussed above, a recipient
firm may purchase a monthly Digital Media Enterprise license to receive
BYX Book Viewer from an External Distributor to distribute to an
unlimited number of Professional and Non-Professional Users for viewing
via television, Web sites, and mobile devices for informational and
non-trading purposes only without having to account for the extent of
access to the data or the report the number of Users to the Exchange.
Lastly, the proposed Digital Media Enterprise Fee would be counted
towards the Distributor Fee credit described above, under which an
External Distributor receives a credit towards its Distributor Fee
equal to the amount of its monthly BYX Book Viewer User fees.
Implementation Date
The Exchange proposes to implement the proposed changes to its fee
schedule on September 8, 2015.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\13\ in general, and
furthers the objectives of Section 6(b)(4),\14\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other recipients of
Exchange data. The Exchange believes that the proposed rates are
equitable and non-discriminatory in that they apply uniformly to all
recipients of Exchange data. The Exchange believes the proposed fees
are competitive with those charged by other venues and, therefore,
reasonable and equitably allocated to recipients. Lastly, the Exchange
also believes that the proposed fees are reasonable and non-
discriminatory because they will apply uniformly to all recipients of
Exchange data.
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\13\ 15 U.S.C. 78f.
\14\ 15 U.S.C. 78f(b)(4).
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The Exchange also believes that the proposed rule change is
consistent with Section 11(A) of the Act \15\ in that it supports (i)
fair competition among brokers and dealers, among exchange markets, and
between exchange markets and markets other than exchange markets and
(ii) the availability to brokers, dealers, and investors of information
with respect to quotations for and transactions in securities.
Furthermore, the proposed rule change is consistent with Rule 603 of
Regulation NMS,\16\ which provides that any national securities
exchange that distributes information with respect to quotations for or
transactions in an NMS stock do so on terms that are not unreasonably
discriminatory. In adopting Regulation NMS, the Commission granted
self-regulatory organizations and broker-dealers increased authority
and flexibility to offer new and unique market data to the public. It
was believed that this authority would expand the amount of data
available to consumers, and also spur innovation and competition for
the provision of market data.
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\15\ 15 U.S.C. 78k-1.
\16\ See 17 CFR 242.603.
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In addition, the proposed fees would not permit unfair
discrimination because all of the Exchange's customers and market data
vendors will be subject to the proposed fees on an equivalent basis.
BYX Book Viewer is distributed and purchased on a voluntary basis, in
that neither the Exchange nor market data distributors are required by
any rule or regulation to make this data available. Accordingly,
Distributors and Users can discontinue use at any time and for any
reason, including due to an assessment of the reasonableness of fees
charged. Firms have a wide variety of alternative market data products
from which to choose, such as similar proprietary data products offered
by other exchanges and consolidated data. Moreover, the Exchange is not
required to make any proprietary data products available or to offer
any specific pricing alternatives to any customers.
In addition, the fees that are the subject of this rule filing are
constrained by competition. As explained below in the Exchange's
Statement on Burden on Competition, the existence of alternatives to
BYX Book Viewer further ensures that the Exchange cannot set
unreasonable fees, or fees that are unreasonably discriminatory, when
vendors and subscribers can elect such alternatives. That is, the
Exchange competes with other exchanges (and their affiliates) that
provide similar market data products. If another exchange (or its
affiliate) were to charge less to distribute its similar product than
the Exchange charges to consolidate and distribute BYX Book Viewer,
prospective Users likely would not subscribe to, or would cease
subscribing to, BYX Book Viewer.
The Exchange notes that the Commission is not required to undertake
a cost-of-service or rate-making approach. The Exchange believes that,
even if it were possible as a matter of economic theory, cost-based
pricing for non-core market data would be so complicated that it could
not be done practically.\17\
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\17\ The Exchange believes that cost-based pricing would be
impractical because it would create enormous administrative burdens
for all parties, including the Commission, to cost-regulate a large
number of participants and standardize and analyze extraordinary
amounts of information, accounts, and reports. In addition, it is
impossible to regulate market data prices in isolation from prices
charged by markets for other services that are joint products. Cost-
based rate regulation would also lead to litigation and may distort
incentives, including those to minimize costs and to innovate,
leading to further waste. Under cost-based pricing, the Commission
would be burdened with determining a fair rate of return, and the
industry could experience frequent rate increases based on
escalating expense levels. Even in industries historically subject
to utility regulation, cost-based ratemaking has been discredited.
As such, the Exchange believes that cost-based ratemaking would be
inappropriate for proprietary market data and inconsistent with
Congress's direction that the Commission use its authority to foster
the development of the national market system, and that market
forces will continue to provide appropriate pricing discipline. See
Appendix C to NYSE's comments to the Commission's 2000 Concept
Release on the Regulation of Market Information Fees and Revenues,
which can be found on the Commission's Web site at http://www.sec.gov/rules/concept/s72899/buck1.htm. See also Securities
Exchange Act Release No. 73816 (December 11, 2014), 79 FR 75200
(December 17, 2014) (SR-NYSE-2014-64) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Establish an
Access Fee for the NYSE Best Quote and Trades Data Feed, Operative
December 1, 2014).

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[[Page 53356]]

Distributor Fee. The Exchange believes that the proposed
Distributor Fees are also reasonable, equitably allocated, and not
unreasonably discriminatory. The fees for Members and non-Members are
uniform except with respect to reasonable distinctions with respect to
internal and external distribution.\18\ The Exchange believes that the
Distributor Fees for BYX Book Viewer are reasonable and fair in light
of alternatives offered by other market centers. For example, BYX Book
Viewer provides investors with alternative market data and competes
with similar market data product currently offered by the New York
Stock Exchange, Inc. (``NYSE'') and the Nasdaq Stock Market LLC
(``Nasdaq'').\19\ Specifically, the NYSE charges an access fee of
$5,000 per month for NYSE OpenBook,\20\ which is higher than the
External Distributor fee proposed herein for BYX Book Viewer.
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\18\ The Exchange notes that distinctions based on external
versus internal distribution have been previously filed with the
Commission by Nasdaq, Nasdaq OMX BX, and Nasdaq OMX PSX. See Nasdaq
Rule 019(b); see also Securities Exchange Act Release No. 62876
(September 9, 2010), 75 FR 56624 (September 16, 2010) (SR-PHLX-2010-
120); Securities Exchange Act Release No. 62907 (September 14,
2010), 75 FR 57314 (September 20, 2010) (SR-NASDAQ-2010-110);
Securities Exchange Act Release No. 63442 (December 6, 2010), 75 FR
77029 (December 10, 2010) (SR-BX-2010-081). See also the Initial
BATS One Feed Fee Filings, supra note 10.
\19\ See Nasdaq Rule 7023(a)(1)(C) (describing Nasdaq TotalView
is a depth-of-book data feed that includes all orders and quotes
from all Nasdaq members displayed in the Nasdaq Market Center as
well as the aggregate size of such orders and quotes at each price
level in the execution functionality of the Nasdaq Market Center).
See also Nasdaq Book Viewer, a description of which is available at
https://data.nasdaq.com/Book Viewer.aspx (last visited July 29,
2015). See NYSE OpenBook available at http://www.nyxdata.com/openbook (last visited July 29, 2015) (providing real-time view of
the NYSE limit order book).
\20\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/. Nasdaq charges distribution fees ranging
from $300 for 1-10 subscribers to $75,000 for more than $250 [sic]
subscribers. See Nasdaq Rule 7023(b)(4).
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User Fees. The Exchange believes that implementing the Professional
and Non-Professional User fees for BYX Book Viewer are equitable and
reasonable because they will result in greater availability to
Professional and Non-Professional Users. Moreover, introducing a modest
Non-Professional User fee for BYX Book Viewer is reasonable because it
provides an additional method for retail investors to access BYX Book
Viewer data by providing the same data that is available to
Professional Users. The Exchange believes that the proposed fees are
equitable and not unfairly discriminatory because they will be charged
uniformly to recipient firms and Users. The fee structure of
differentiated Professional and Non-Professional fees is utilized by
the Exchange for the BATS One Feed and has long been used by other
exchanges for their proprietary data products, and by the Nasdaq UTP
and the CTA and CQ Plans in order to reduce the price of data to retail
investors and make it more broadly available.\21\ Offering BYX Book
Viewer to Non-Professional Users with the same data available to
Professional Users results in greater equity among data recipients.
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\21\ See the Initial BATS One Feed Fee Filings, supra note 10.
See also, e.g., Securities Exchange Act Release No. 20002, File No.
S7-433 (July 22, 1983) (establishing nonprofessional fees for CTA
data); Nasdaq Rules 7023(b), 7047.
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In addition, the proposed fees are reasonable when compared to
similar fees for comparable products offered by the NYSE and Nasdaq.
Specifically, NYSE offers NYSE OpenBook for a monthly fee of $60.00 per
professional subscriber and $15 per non-professional subscriber.\22\
Nasdaq offers Nasdaq BookViewer for the same fees as Nasdaq TotalView,
which is a monthly fee of $70.00 per professional subscriber and $14
per non-professional subscriber.\23\ The Exchange's proposed per User
Fees for BYX Book Viewer are less than the NYSE and Nasdaq fees.
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\22\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/.
\23\ See Nasdaq Rule 7023(b)(2).
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Enterprise Fee. The proposed Enterprise Fee for BYX Book Viewer is
equitable and reasonable as the fees proposed are less than the
enterprise fees currently charged for Nasdaq Book Viewer, which is
subject to the exact same fees as Nasdaq TotalView. Nasdaq charges an
enterprise fee of $100,000 per month for Nasdaq TotalView,\24\ which is
far greater than the proposed Enterprise Fee of $20,000 per month for
BYX Book Viewer. In addition, the Enterprise Fee proposed by the
Exchange could result in a fee reduction for recipient firms with a
large number of Professional and Non-Professional Users. If a recipient
firm has a smaller number of Professional Users of BYX Book Viewer,
then it may continue using the per User structure and benefit from the
per User Fee reductions. By reducing prices for recipient firms with a
large number of Professional and Non-Professional Users, the Exchange
believes that more firms may choose to receive and to distribute BYX
Book Viewer, thereby expanding the distribution of this market data for
the benefit of investors.
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\24\ See Nasdaq Rule 7023(c)(2) (stating that a distributor that
is also a broker-dealer pays a monthly fee of $100,000 for the right
to provide Nasdaq TotalView and for display usage for internal
distribution, or for external distribution to both professional and
non-professional subscribers with whom the firm has a brokerage
relationship.) Nasdaq also charges an enterprise fee of $25,000 to
provide Nasdaq TotalView to an unlimited number of non-professional
subscribers only. See Nasdaq Rule 7023(c)(1).
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The Exchange further believes that the proposed Enterprise Fee is
reasonable because it will simplify reporting for certain recipients
that have large numbers of Professional and Non-Professional Users.
Firms that pay the proposed Enterprise Fee will not have to report the
number of Users on a monthly basis as they currently do, but rather
will only have to count natural person users every six months, which is
a significant reduction in administrative burden. Finally, the Exchange
believes that it is equitable and not unfairly discriminatory to
establish an Enterprise Fee because it reduces the Exchange's costs and
the Distributor's administrative burdens in tracking and auditing large
numbers of Users.
Digital Media Enterprise Fee. The Exchange believes that the
proposed Digital Media Enterprise Fee for BYX Book Viewer provides for
an equitable allocation of reasonable fees among recipients of the data
and is not designed to permit unfair discrimination among customers,
brokers, or dealers. In establishing the Digital Media Enterprise Fee,
the Exchange recognizes that there is demand for a more seamless and
easier-to-administer data distribution model that takes into account
the expanded variety of media and communication devices that investors
utilize today. The Exchange believes the Digital Media Enterprise Fee
will be easy to administer because data recipients that purchase it
would not be required to differentiate between Professional and Non-
Professional Users, account for the extent of access to the data, or
report the number of Users. This is a significant reduction on a
recipient firm's administrative burdens and is a significant value to
investors. For example, a television broadcaster could display BYX Book
Viewer data during market-related programming and on its Web site or
allow viewers to view the data via their mobile devices, creating a
more seamless distribution model that will allow investors more choice
in how they receive and view market data, all without having to account
for and/or measure who accesses the data and how often they do so.
The proposed Digital Media Enterprise Fee is equitable and
reasonable because it will also enable

[[Page 53357]]

recipient firms to more widely distribute data from BYX Book Viewer to
investors for informational purposes at a lower cost than is available
today. For example, a recipient firm may purchase an Enterprise license
in the amount of $20,000 per month for to receive BYX Book Viewer from
an External Distributor for an unlimited number of Professional and
Non-Professional Users, which is greater than the proposed Digital
Media Enterprise Fee. The Exchange also believes the amount of the
Digital Media Enterprise Fee is reasonable as compared to the existing
enterprise fees discussed above because the distribution of BYX Book
Viewer data is limited to television, Web sites, and mobile devices for
informational purposes only, while distribution of BYX Book Viewer data
pursuant to an Enterprise license contains no such limitation. The
Exchange also believes that the proposed Digital Media Enterprise Fee
is equitable and reasonable because it is less than similar fees
charged by other exchanges.\25\
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\25\ The Nasdaq Stock Market offers proprietary data products
for distribution over the internet and television under alternative
fee schedules that are subject to maximum fee of $50,000 per month.
See Nasdaq Rule 7039(b). The NYSE charges a Digit Media Enterprise
fee of $40,000 per month for the NYSE Trade Digital Media product.
See Securities Exchange Act Release No. 69272 (April 2, 2013), 78 FR
20983 (April 8, 2013) (SR-NYSE-2013-23).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange's ability to price BYX Book Viewer is constrained by: (i)
Competition among exchanges, other trading platforms, and Trade
Reporting Facilities (``TRF'') that compete with each other in a
variety of dimensions; (ii) the existence of inexpensive real-time
consolidated data and market-specific data and free delayed data; and
(iii) the inherent contestability of the market for proprietary data.
The Exchange and its market data products are subject to
significant competitive forces and the proposed fees represent
responses to that competition. To start, the Exchange competes
intensely for order flow. It competes with the other national
securities exchanges that currently trade equities, with electronic
communication networks, with quotes posted in FINRA's Alternative
Display Facility, with alternative trading systems, and with securities
firms that primarily trade as principal with their customer order flow.
In addition, BYX Book Viewer competes with a number of alternative
products. For instance, BYX Book Viewer does provide a complete picture
of all trading activity in a security. Rather, the other national
securities exchanges, the several TRFs of FINRA, and Electronic
Communication Networks (``ECN'') that produce proprietary data all
produce trades and trade reports. Each is currently permitted to
produce last sale information products, and many currently do,
including Nasdaq and NYSE. In addition, market participants can gain
access to BYX last sale and depth-of-book quotations, though integrated
with the prices of other markets, on feeds made available through the
SIPs.
In sum, the availability of a variety of alternative sources of
information imposes significant competitive pressures on Exchange data
products and the Exchange's compelling need to attract order flow
imposes significant competitive pressure on the Exchange to act
equitably, fairly, and reasonably in setting the proposed data product
fees. The proposed data product fees are, in part, responses to that
pressure. The Exchange believes that the proposed fees would reflect an
equitable allocation of its overall costs to users of its facilities.
In addition, when establishing the proposed fees, the Exchange
considered the competitiveness of the market for proprietary data and
all of the implications of that competition. The Exchange believes that
it has considered all relevant factors and has not considered
irrelevant factors in order to establish fair, reasonable, and not
unreasonably discriminatory fees and an equitable allocation of fees
among all Users. The existence of alternatives to BYX Book Viewer,
including existing similar feeds by other exchanges, consolidated data,
and proprietary data from other sources, ensures that the Exchange
cannot set unreasonable fees, or fees that are unreasonably
discriminatory, when vendors and subscribers can elect these
alternatives or choose not to purchase a specific proprietary data
product if its cost to purchase is not justified by the returns any
particular vendor or subscriber would achieve through the purchase.

(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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \26\ and paragraph (f) of Rule 19b-4
thereunder.\27\ 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.
---------------------------------------------------------------------------

\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 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 proposal 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 No. SR-BYX-2015-36 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-BYX-2015-36. 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

[[Page 53358]]

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-BYX-2015-36 and should be
submitted on or before September 24, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------

\28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21871 Filed 9-2-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices 53353

Estimated Annual Number of Survey III. Ordering Paragraphs SECURITIES AND EXCHANGE
Form Respondents: 320. COMMISSION
I. Introduction
Frequency of Survey form use:
[Release No. 34–75786; File No. SR–BYX–
Annual. On August 27, 2015, the Postal 2015–36]
Estimated Average Amount of Time Service filed notice that it has entered
for a Person to Respond to survey: 12 into an additional Global Expedited Self-Regulatory Organizations; BATS
minutes. Package Services 3 (GEPS 3) negotiated Y-Exchange, Inc.; Notice of Filing and
Estimated Annual Survey Burden: 109 service agreement (Agreement).1 Immediate Effectiveness of a Proposed
hours. Rule Change Related to Fees a Market
This survey form is used to survey To support its Notice, the Postal
Data Product Known as BYX Book
current and former Federal employees Service filed a copy of the Agreement,
Viewer
and applicants for Federal employment a copy of the Governors’ Decision
who have submitted allegations of authorizing the product, a certification August 28, 2015.
possible prohibited personnel practices of compliance with 39 U.S.C. 3633(a), Pursuant to Section 19(b)(1) of the
or other prohibited activity for and an application for non-public Securities Exchange Act of 1934 (the
investigation and possible prosecution treatment of certain materials. It also ‘‘Act’’),1 and Rule 19b–4 thereunder,2
by OSC, and whose matter has been filed supporting financial workpapers. notice is hereby given that on August
closed or otherwise resolved during the 24, 2015, BATS Y-Exchange, Inc. (the
prior fiscal year, on their experience II. Notice of Commission Action ‘‘Exchange’’ or ‘‘BYX’’) filed with the
with OSC. Specifically, the survey asks The Commission establishes Docket Securities and Exchange Commission
questions relating to whether the No. CP2015–131 for consideration of (‘‘Commission’’) the proposed rule
respondent was: (1) Apprised of his or change as described in Items I, II and III
matters raised by the Notice.
her rights; (2) successful at the OSC or below, which Items have been prepared
at the Merit Systems Protection Board; The Commission invites comments on by the Exchange. The Exchange has
and (3) satisfied with the treatment whether the Postal Service’s filing is designated the proposed rule change as
received at the OSC. consistent with 39 U.S.C. 3632, 3633, or one establishing or changing a member
Dated: August 25th, 2015.
3642, 39 CFR part 3015, and 39 CFR due, fee, or other charge imposed by the
part 3020, subpart B. Comments are due Exchange under Section 19(b)(3)(A)(ii)
Carolyn N. Lerner,
no later than September 4, 2015. The of the Act 3 and Rule 19b–4(f)(2)
Special Counsel.
public portions of the filing can be thereunder,4 which renders the
[FR Doc. 2015–21780 Filed 9–2–15; 8:45 am]
accessed via the Commission’s Web site proposed rule change effective upon
BILLING CODE 7405–01–P filing with the Commission. The
(http://www.prc.gov).
The Commission appoints Derrick D. Commission is publishing this notice to
solicit comments on the proposed rule
POSTAL REGULATORY COMMISSION Dennis to serve as Public Representative
change from interested persons.
in this docket.
[Docket No. CP2015–131; Order No. 2688] I. Self-Regulatory Organization’s
III. Ordering Paragraphs Statement of the Terms of Substance of
New Postal Product the Proposed Rule Change
It is ordered:
AGENCY: Postal Regulatory Commission. The Exchange filed a proposal to
1. The Commission establishes Docket
ACTION: Notice. No. CP2015–131 for consideration of the amend the Market Data section of its fee
matters raised by the Postal Service’s schedule to adopt fees for a market data
SUMMARY: The Commission is noticing a product called BYX Book Viewer.
recent Postal Service filing concerning Notice.
The text of the proposed rule change
an additional Global Expedited Package 2. Pursuant to 39 U.S.C. 505, Derrick is available at the Exchange’s Web site
Services 3 negotiated service agreement. D. Dennis is appointed to serve as an at www.batstrading.com, at the
This notice informs the public of the officer of the Commission to represent principal office of the Exchange, and at
filing, invites public comment, and the interests of the general public in this the Commission’s Public Reference
takes other administrative steps. proceeding (Public Representative). Room.
DATES: Comments are due: September 4, 3. Comments are due no later than
2015. II. Self-Regulatory Organization’s
September 4, 2015. Statement of the Purpose of, and
ADDRESSES: Submit comments Statutory Basis for, the Proposed Rule
4. The Secretary shall arrange for
electronically via the Commission’s Change
publication of this order in the Federal
Filing Online system at http://
www.prc.gov. Those who cannot submit Register. In its filing with the Commission, the
comments electronically should contact By the Commission. Exchange included statements
the person identified in the FOR FURTHER Shoshana M. Grove, concerning the purpose of and basis for
INFORMATION CONTACT section by the proposed rule change and discussed
Secretary.
telephone for advice on filing any comments it received on the
[FR Doc. 2015–21787 Filed 9–2–15; 8:45 am] proposed rule change. The text of these
alternatives.
BILLING CODE 7710–FW–P statements may be examined at the
FOR FURTHER INFORMATION CONTACT: places specified in Item IV below. The
tkelley on DSK3SPTVN1PROD with NOTICES

David A. Trissell, General Counsel, at Exchange has prepared summaries, set
202–789–6820. 1 Notice of United States Postal Service of Filing forth in Sections A, B, and C below, of
SUPPLEMENTARY INFORMATION: a Functionally Equivalent Global Expedited
1 15 U.S.C. 78s(b)(1).
Package Services 3 Negotiated Service Agreement
Table of Contents 2 17
and Application for Non-Public Treatment of CFR 240.19b–4.
I. Introduction Materials Filed Under Seal, August 27, 2015 3 15 U.S.C. 78s(b)(3)(A)(ii).

II. Notice of Commission Action (Notice). 4 17 CFR 240.19b–4(f)(2).

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Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices 53357

recipient firms to more widely trade as principal with their customer (C) Self-Regulatory Organization’s
distribute data from BYX Book Viewer order flow. Statement on Comments on the
to investors for informational purposes In addition, BYX Book Viewer Proposed Rule Change Received From
at a lower cost than is available today. competes with a number of alternative Members, Participants or Others
For example, a recipient firm may products. For instance, BYX Book The Exchange has neither solicited
purchase an Enterprise license in the nor received written comments on the
Viewer does provide a complete picture
amount of $20,000 per month for to proposed rule change.
of all trading activity in a security.
receive BYX Book Viewer from an
External Distributor for an unlimited Rather, the other national securities III. Date of Effectiveness of the
number of Professional and Non- exchanges, the several TRFs of FINRA, Proposed Rule Change and Timing for
Professional Users, which is greater than and Electronic Communication Commission Action
the proposed Digital Media Enterprise Networks (‘‘ECN’’) that produce The foregoing rule change has become
Fee. The Exchange also believes the proprietary data all produce trades and effective pursuant to Section 19(b)(3)(A)
amount of the Digital Media Enterprise trade reports. Each is currently of the Act 26 and paragraph (f) of Rule
Fee is reasonable as compared to the permitted to produce last sale 19b–4 thereunder.27 At any time within
existing enterprise fees discussed above information products, and many 60 days of the filing of the proposed rule
because the distribution of BYX Book currently do, including Nasdaq and change, the Commission summarily may
Viewer data is limited to television, NYSE. In addition, market participants temporarily suspend such rule change if
Web sites, and mobile devices for can gain access to BYX last sale and it appears to the Commission that such
informational purposes only, while depth-of-book quotations, though action is necessary or appropriate in the
distribution of BYX Book Viewer data integrated with the prices of other public interest, for the protection of
pursuant to an Enterprise license markets, on feeds made available investors, or otherwise in furtherance of
contains no such limitation. The through the SIPs. the purposes of the Act.
Exchange also believes that the In sum, the availability of a variety of IV. Solicitation of Comments
proposed Digital Media Enterprise Fee
alternative sources of information Interested persons are invited to
is equitable and reasonable because it is
imposes significant competitive submit written data, views and
less than similar fees charged by other
exchanges.25 pressures on Exchange data products arguments concerning the foregoing,
and the Exchange’s compelling need to including whether the proposal is
(B) Self-Regulatory Organization’s attract order flow imposes significant consistent with the Act. Comments may
Statement on Burden on Competition competitive pressure on the Exchange to be submitted by any of the following
The Exchange does not believe that act equitably, fairly, and reasonably in methods:
the proposed rule change will result in setting the proposed data product fees. Electronic Comments
any burden on competition that is not The proposed data product fees are, in
necessary or appropriate in furtherance part, responses to that pressure. The • Use the Commission’s Internet
of the purposes of the Act, as amended. Exchange believes that the proposed comment form (http://www.sec.gov/
The Exchange’s ability to price BYX fees would reflect an equitable rules/sro.shtml); or
• Send an email to rule-comments@
Book Viewer is constrained by: (i) allocation of its overall costs to users of
sec.gov. Please include File No. SR–
Competition among exchanges, other its facilities. BYX–2015–36 on the subject line.
trading platforms, and Trade Reporting In addition, when establishing the
Facilities (‘‘TRF’’) that compete with Paper Comments
proposed fees, the Exchange considered
each other in a variety of dimensions; • Send paper comments in triplicate
the competitiveness of the market for
(ii) the existence of inexpensive real- to Secretary, Securities and Exchange
proprietary data and all of the
time consolidated data and market- Commission, 100 F Street NE.,
specific data and free delayed data; and implications of that competition. The
Exchange believes that it has considered Washington, DC 20549–1090.
(iii) the inherent contestability of the All submissions should refer to File No.
market for proprietary data. all relevant factors and has not
considered irrelevant factors in order to SR–BYX–2015–36. This file number
The Exchange and its market data should be included on the subject line
products are subject to significant establish fair, reasonable, and not
unreasonably discriminatory fees and an if email is used. To help the
competitive forces and the proposed Commission process and review your
fees represent responses to that equitable allocation of fees among all
Users. The existence of alternatives to comments more efficiently, please use
competition. To start, the Exchange only one method. The Commission will
competes intensely for order flow. It BYX Book Viewer, including existing
post all comments on the Commission’s
competes with the other national similar feeds by other exchanges,
Internet Web site (http://www.sec.gov/
securities exchanges that currently trade consolidated data, and proprietary data
rules/sro.shtml). Copies of the
equities, with electronic communication from other sources, ensures that the submission, all subsequent
networks, with quotes posted in Exchange cannot set unreasonable fees, amendments, all written statements
FINRA’s Alternative Display Facility, or fees that are unreasonably with respect to the proposed rule
with alternative trading systems, and discriminatory, when vendors and change that are filed with the
with securities firms that primarily subscribers can elect these alternatives Commission, and all written
or choose not to purchase a specific communications relating to the
25 The Nasdaq Stock Market offers proprietary
tkelley on DSK3SPTVN1PROD with NOTICES

data products for distribution over the internet and
proprietary data product if its cost to proposed rule change between the
television under alternative fee schedules that are purchase is not justified by the returns Commission and any person, other than
subject to maximum fee of $50,000 per month. See any particular vendor or subscriber those that may be withheld from the
Nasdaq Rule 7039(b). The NYSE charges a Digit would achieve through the purchase.
Media Enterprise fee of $40,000 per month for the
public in accordance with the
NYSE Trade Digital Media product. See Securities
26 15 U.S.C. 78s(b)(3)(A).
Exchange Act Release No. 69272 (April 2, 2013), 78
FR 20983 (April 8, 2013) (SR–NYSE–2013–23). 27 17 CFR 240.19b–4(f).

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53358 Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices

provisions of 5 U.S.C. 552, will be including the status of CHFR’s business comments on the proposed rule change
available for Web site viewing and operations. from interested persons.
printing in the Commission’s Public Based on CHFR’s amended Form 10–
I. Self-Regulatory Organization’s
Reference Room, 100 F Street NE., K/A annual report filed for its fiscal year
Statement of the Terms of Substance of
Washington, DC 20549, on official ended December 31, 2014, CHFR is a
the Proposed Rule Change
business days between the hours of Nevada corporation based in Beijing,
10:00 a.m. and 3:00 p.m. Copies of such People’s Republic of China. The CME is filing the proposed rule
filing will also be available for company’s common stock is quoted on change that is limited to its business as
inspection and copying at the principal OTC Link operated by OTC Markets a derivatives clearing organization.
office of the Exchange. All comments Group, Inc. under the symbol ‘‘CHFR.’’ More specifically, the proposed rule
received will be posted without change; As of August 20, 2015, the company’s change would reduce the minimum IRS
the Commission does not edit personal common stock had six market makers Guaranty Fund Contribution of IRS
identifying information from and was eligible for the ‘‘piggyback’’ Clearing Members to $15,000,000 for all
submissions. You should submit only exception of Rule 15c2–11(f)(3). IRS Clearing Members (including
information that you wish to make The Commission is of the opinion that affiliates).
available publicly. All submissions the public interest and the protection of II. Self-Regulatory Organization’s
should refer to File No. SR–BYX–2015– investors require a suspension of trading Statement of the Purpose of, and
36 and should be submitted on or before in the securities of CHFR. Statutory Basis for, the Proposed Rule
September 24, 2015. Therefore, it is ordered, pursuant to Change
For the Commission, by the Division of Section 12(k) of the Securities Exchange
Act of 1934, that trading in the In its filing with the Commission,
Trading and Markets, pursuant to delegated
authority.28 securities of CHFR is suspended for the CME included statements concerning
period from 9:30 a.m. EDT on the purpose and basis for the proposed
Robert W. Errett,
September 1, 2015, through 11:59 p.m. rule change and discussed any
Deputy Secretary. comments it received on the proposed
[FR Doc. 2015–21871 Filed 9–2–15; 8:45 am]
EDT on September 15, 2015.
rule change. The text of these statements
BILLING CODE 8011–01–P By the Commission. may be examined at the places specified
Jill M. Peterson, in Item IV below. CME has prepared
Assistant Secretary. summaries, set forth in sections A, B,
SECURITIES AND EXCHANGE [FR Doc. 2015–21975 Filed 9–1–15; 11:15 am] and C below, of the most significant
COMMISSION BILLING CODE 8011–01–P aspects of such statements.

[File No. 500–1]
A. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE Statement of the Purpose of, and
In the Matter of China Fruits COMMISSION Statutory Basis for, the Proposed Rule
Corporation, Order of Suspension of Change
Trading [Release No. 34–75781; File No. SR–CME– CME is registered as a derivatives
2015–016]
clearing organization with the
September 1, 2015.
Self-Regulatory Organizations; Commodity Futures Trading
It appears to the Securities and Commission (‘‘CFTC’’) and currently
Exchange Commission (the Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate offers clearing services for many
‘‘Commission’’) that there is a lack of different futures and swaps products.
current and accurate information Effectiveness of Proposed Rule
Change To Reduce the Minimum IRS With this filing, CME proposes to make
concerning the securities of China Fruits rulebook changes that are limited to its
Corporation (‘‘CHFR’’) because, among Guaranty Fund Contribution of IRS
Clearing Members business clearing futures and swaps
other things, of questions regarding the under the exclusive jurisdiction of the
accuracy and completeness of CHFR’s August 28, 2015. CFTC. More specifically, the proposed
representations to investors and Pursuant to Section 19(b)(1) of the rules would reduce the minimum IRS
prospective investors in CHFR’s public Securities Exchange Act of 1934 (‘‘Act’’ Guaranty Fund Contribution of IRS
filings with the Commission and or ‘‘Exchange Act’’),1 and Rule 19b–4 Clearing Members to $15,000,000 for all
CHFR’s publicly-available press releases thereunder,2 notice is hereby given that IRS Clearing Members (including
and other public statements. on August 24, 2015, Chicago Mercantile affiliates).
In particular, CHFR is delinquent in Exchange Inc. (‘‘CME’’) filed with the CME periodically reviews its
filing its Form 10–Q quarterly report for Securities and Exchange Commission requirements for clearing membership
its second quarter ended June 30, 2015, (‘‘Commission’’) the proposed rule and has determined that it is
and CHFR does not appear to have change described in Items I, II and III appropriate to change the minimum
publicly responded to news reports below, which Items have been prepared contribution to $15,000,000 as the
concerning CHFR relating to, among primarily by CME. CME filed the current minimum, established at the
other things, (i) the whereabouts of Mr. proposal pursuant to Section 19(b)(3)(A) time of launch of the IRS clearing
Quan Long Chen, CHFR’s current or of the Act,3 and Rule 19b–4(f)(4)(ii) service to ensure a robust financial
former Chief Executive Officer, thereunder,4 so that the proposal was safeguards for IRS products, can be
President, sole director, and controlling effective upon filing with the reduced due to the growth of IRS
tkelley on DSK3SPTVN1PROD with NOTICES

shareholder; (ii) the status of any Commission. The Commission is clearing activity at CME and
investor funds that may have been publishing this notice to solicit corresponding growth of the IRS
collected by or through Mr. Chen in Guaranty Fund size.5 The change could
connection with CHFR; and, (iii) the 1 15 U.S.C. 78s(b)(1). also encourage more entities to apply for
financial condition of the company, 2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). 5 As of March 31, 2015, the IRS Guaranty Fund
28 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(4)(ii). was approximately $2.473 billion.

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Document Created: 2015-12-15 09:57:02
Document Modified: 2015-12-15 09:57:02

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 53353