80 FR 54638 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.21(d), Relating to the Routing of Retail Orders

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 175 (September 10, 2015)

Page Range		54638-54640
FR Document		2015-22739
Federal Register, Volume 80 Issue 175 (Thursday, September 10, 2015)
[Federal Register Volume 80, Number 175 (Thursday, September 10, 2015)]
[Notices]
[Pages 54638-54640]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-22739]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75824; File No. SR-EDGX-2015-40]


Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 11.21(d), Relating to the Routing of Retail Orders

September 3, 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 31, 2015, EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
has designated this proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend Rule 11.21(d) to state that 
unless otherwise instructed by the Member,\5\ a Retail Order \6\ will 
be identified as Retail when routed to an away Trading Center, 
including an exchange that operates a retail liquidity program.
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    \5\ The term ``Member'' is defined as ``any registered broker or 
dealer that has been admitted to membership in the Exchange. A 
Member will have the status of a ``member'' of the Exchange as that 
term is defined in Section 3(a)(3) of the Act. Membership may be 
granted to a sole proprietor, partnership, corporation, limited 
liability company or other organization which is a registered broker 
or dealer pursuant to Section 15 of the Act, and which has been 
approved by the Exchange.'' See Exchange Rule 1.5(n).
    \6\ The term ``Retail Order'' ``(i) is an agency order or 
riskless principal order that meets the criteria of FINRA Rule 
5320.03 that originates from a natural person; (ii) is submitted to 
EDGX by a Member, provided that no change is made to the terms of 
the order; and (iii) does not originate from a trading algorithm or 
any other computerized methodology.'' See Exchange Rule 11.21(a).
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    The text of the proposed rule change is available at the Exchange's 
Web site at www.batstrading.com, at the principal office of the 
Exchange, and at

[[Page 54639]]

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
    Exchange Rule 11.21 defines a Retail Order and sets forth the 
attestation requirements \7\ that Members must complete prior to 
sending Retail Orders to the Exchange. Rule 11.21(d) also provides that 
Members may designate orders as Retail Orders on an order-by-order 
basis or a port level basis by designating particular FIX ports as 
Retail Order Ports.\8\ Going forward, the Exchange proposes to identify 
Retail Orders as Retail when they are routed to an away Trading Center, 
including an exchange that operates a retail liquidity program.\9\ As 
amended, Rule 11.21(d) would state that, unless otherwise instructed by 
the Member, a Retail Order will be identified as Retail when routed to 
an away Trading Center. As stated above, Members may designate their 
orders as Retail in accordance with Rule 11.21(b) for purposes of order 
handling on the EDGX Book. Under the proposed rule change, Members 
would be able to instruct the Exchange to remove such Retail 
designation from their Retail Orders when such orders are routed to an 
away Trading Center.
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    \7\ Members must submit a signed written attestation, in a form 
prescribed by the Exchange, that they have implemented policies and 
procedures that are reasonably designed to ensure that substantially 
all orders designated by the Member as a ``Retail Order'' comply 
with the above requirements. See Exchange Rule 11.21(b).
    \8\ See Securities Exchange Act Release No. 68554 (December 31, 
2012), 78 FR 966 (January 7, 2013) (SR-EDGX-2012-48) (Notice of 
Filing and Immediate Effectiveness).
    \9\ Currently, BATS Y-Exchange, Inc. (``BYX''), the New York 
Stock Exchange, Inc. (``NYSE''), NYSE MKT LLC (``NYSE MKT''), NYSE 
Arca, Inc. (``NYSE Arca''), and the Nasdaq Stock Market OMX BX LLC 
(``Nasdaq OMX BX'') operate retail liquidity programs. See BYX Rule 
11.24, NYSE Rule 107C, NYSE MKT--Equities Rule 107C, NYSE Arca 
Equities Rule 7.44, and Nasdaq OMX BX Rule 4780. These exchange's 
also require their members to submit a signed written attestation, 
in a form prescribed by that exchange, that they have implemented 
policies and procedures that are reasonably designed to ensure that 
substantially all orders designated by the member as a ``Retail 
Order'' as defined by that exchange. Id. Each exchange would be 
required to file a proposed rule change with the Commission to amend 
its definition of ``Retail Order.'' To the extent the Exchange 
routes an order identified as Retail to participate in an exchange's 
retail liquidity program, it will ensure that it does so in 
compliance with that exchange's rules governing its retail liquidity 
program, including that the order satisfies that exchange's 
definition of ``Retail Order.''
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Implementation Date
    The Exchange proposes to implement the proposed rule change on or 
about September 10, 2015.\10\
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    \10\ The Exchange understands that implementation of the 
proposed rule change on September 10, 2015 is contingent upon the 
Commission waiving the 30-day operative delay. 17 CFR 240.19b-
4(f)(6)(iii).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\11\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\12\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, and to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system. The proposal promotes just and equitable 
principles of trade because enabling Members to identify their Retail 
Orders as Retail when they are routed to an away Trading Center, 
including exchanges that operate a retail liquidity program, would 
allow those orders to receive the best execution quality and potential 
price improvement. The proposal also promotes transparency by 
disseminating additional order information. In addition, providing 
Members the ability to elect that their routed Retail Order not be 
identified as Retail [sic] provides Member flexibility with regard to 
the handling of their Retail Orders by permitting them to elect that 
their Retail Order not be identified as Retail when routed to an away 
Trading Center.
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    \11\ 15 U.S.C. 78f.
    \12\ 15 U.S.C. 78f(b)(5).
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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. The Exchange believes the 
proposal would enhance competition for retail order flow by enabling 
Members to identify their Retail Orders as Retail when they are routed 
to an away Trading Center, including exchanges that operate a retail 
liquidity program.

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 filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ 
Because the proposed rule change does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) 
thereunder.\15\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to 
give the Commission written notice of the Exchange's intent to file 
the proposed rule change, along with a brief description and text of 
the proposed rule change, at least five business days prior to the 
date of filing of the proposed rule change, or such shorter time as 
designated by the Commission. The Exchange has satisfied this 
requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of filing. However, 
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange has asked the Commission to waive the 
30-day operative delay so that the proposal may become operative 
immediately upon filing. Waiver of the 30-day operative delay would 
permit the Exchange to identify Retail Orders as Retail when routed to 
an away Trading Center, including exchanges that operate a retail 
liquidity program, enabling the orders to receive potential price 
improvement. Based on the foregoing, the Commission believes that 
waiving the 30-day operative delay is consistent with the protection of

[[Page 54640]]

investors and the public interest.\16\ The Commission hereby grants the 
Exchange's request and designates the proposal operative upon filing.
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    \16\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-EDGX-2015-40 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGX-2015-40. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.
    All submissions should refer to File Number SR-EDGX-2015-40 and 
should be submitted on or before October 1, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22739 Filed 9-9-15; 8:45 am]
BILLING CODE 8011-01-P
54638 Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices

will not know at the time of order entry Electronic Comments SECURITIES AND EXCHANGE
what the market for such a security COMMISSION
would be at the selected Effective Start • Use the Commission’s Internet
Time. comment form (http://www.sec.gov/ [Release No. 34–75824; File No. SR–EDGX–
rules/sro.shtml); or 2015–40]
B. Self-Regulatory Organization’s
• Send an email to rule-comments@ Self-Regulatory Organizations; EDGX
Statement on Burden on Competition
sec.gov. Please include File No. SR– Exchange, Inc.; Notice of Filing and
The Exchange believes its proposed EDGA–2015–36 on the subject line. Immediate Effectiveness of a Proposed
rule change would not impose any Paper Comments Rule Change To Amend Rule 11.21(d),
burden on competition that is not Relating to the Routing of Retail
necessary or appropriate in furtherance • Send paper comments in triplicate Orders
of the purposes of the Act. The to Secretary, Securities and Exchange
September 3, 2015.
Exchange believes the proposal to start Commission, 100 F Street NE.,
the Pre-Opening Session at 7:00 a.m. Pursuant to Section 19(b)(1) of the
Washington, DC 20549–1090.
Eastern Time would enhance Securities Exchange Act of 1934 (the
competition by enabling the Exchange All submissions should refer to File No. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
SR–EDGA–2015–36. This file number notice is hereby given that on August
to directly compete with NYSE Arca
should be included on the subject line 31, 2015, EDGX Exchange, Inc. (the
and Nasdaq for order flow and
if email is used. To help the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
executions starting at 7:00 a.m., rather
Commission process and review your Securities and Exchange Commission
than 8:00 a.m. In addition, the proposed
comments more efficiently, please use (‘‘Commission’’) the proposed rule
Effective Start Time instruction will
only one method. The Commission will change as described in Items I and II
enable the Exchange to provide similar below, which Items have been prepared
functionality as NYSE Arca. The fact post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ by the Exchange. The Exchange has
that the extending the Pre-Opening designated this proposal as a ‘‘non-
Session and Effective Start Time are rules/sro.shtml). Copies of the
submission, all subsequent controversial’’ proposed rule change
themselves a response to the pursuant to Section 19(b)(3)(A) of the
competition provided by other markets amendments, all written statements
Act 3 and Rule 19b–4(f)(6)(iii)
is evidence of its pro-competitive with respect to the proposed rule
thereunder,4 which renders it effective
nature. change that are filed with the upon filing with the Commission. The
Commission, and all written Commission is publishing this notice to
C. Self-Regulatory Organization’s communications relating to the
Statement on Comments on the solicit comments on the proposed rule
proposed rule change between the change from interested persons.
Proposed Rule Change Received From Commission and any person, other than
Members, Participants, or Others those that may be withheld from the I. Self-Regulatory Organization’s
public in accordance with the Statement of the Terms of Substance of
The Exchange has not solicited, and the Proposed Rule Change
does not intend to solicit, comments on provisions of 5 U.S.C. 552, will be
this proposed rule change. The available for Web site viewing and The Exchange filed a proposal to
Exchange has not received any printing in the Commission’s Public amend Rule 11.21(d) to state that unless
unsolicited written comments from Reference Room, 100 F Street NE., otherwise instructed by the Member,5 a
Members or other interested parties. Washington, DC 20549, on official Retail Order 6 will be identified as Retail
business days between the hours of when routed to an away Trading Center,
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such including an exchange that operates a
Proposed Rule Change and Timing for filing will also be available for retail liquidity program.
Commission Action inspection and copying at the principal The text of the proposed rule change
office of the Exchange. All comments is available at the Exchange’s Web site
Within 45 days of the date of at www.batstrading.com, at the
publication of this notice in the Federal received will be posted without change;
the Commission does not edit personal principal office of the Exchange, and at
Register or within such longer period (i)
as the Commission may designate up to identifying information from
1 15 U.S.C. 78s(b)(1).
90 days of such date if it finds such submissions. You should submit only 2 17 CFR 240.19b–4.
longer period to be appropriate and information that you wish to make 3 15 U.S.C. 78s(b)(3)(A).

publishes its reasons for so finding or available publicly. All submissions 4 17 CFR 240.19b–4(f)(6)(iii).

(ii) as to which the Exchange consents, should refer to File No. SR–EDGA– 5 The term ‘‘Member’’ is defined as ‘‘any

the Commission will: (a) By order 2015–36 and should be submitted on or registered broker or dealer that has been admitted
to membership in the Exchange. A Member will
approve or disapprove such proposed before October 1, 2015. have the status of a ‘‘member’’ of the Exchange as
rule change, or (b) institute proceedings For the Commission, by the Division of that term is defined in Section 3(a)(3) of the Act.
to determine whether the proposed rule Trading and Markets, pursuant to delegated Membership may be granted to a sole proprietor,
change should be disapproved. partnership, corporation, limited liability company
authority.24 or other organization which is a registered broker
IV. Solicitation of Comments Robert W. Errett, or dealer pursuant to Section 15 of the Act, and
which has been approved by the Exchange.’’ See
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Deputy Secretary. Exchange Rule 1.5(n).
Interested persons are invited to [FR Doc. 2015–22747 Filed 9–9–15; 8:45 am] 6 The term ‘‘Retail Order’’ ‘‘(i) is an agency order
submit written data, views and or riskless principal order that meets the criteria of
BILLING CODE 8011–01–P
arguments concerning the foregoing, FINRA Rule 5320.03 that originates from a natural
including whether the proposal is person; (ii) is submitted to EDGX by a Member,
provided that no change is made to the terms of the
consistent with the Act. Comments may order; and (iii) does not originate from a trading
be submitted by any of the following algorithm or any other computerized methodology.’’
methods: 24 17 CFR 200.30–3(a)(12). See Exchange Rule 11.21(a).

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Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices 54639

the Commission’s Public Reference would state that, unless otherwise enhance competition for retail order
Room. instructed by the Member, a Retail flow by enabling Members to identify
Order will be identified as Retail when their Retail Orders as Retail when they
II. Self-Regulatory Organization’s
routed to an away Trading Center. As are routed to an away Trading Center,
Statement of the Purpose of, and
stated above, Members may designate including exchanges that operate a retail
Statutory Basis for, the Proposed Rule liquidity program.
their orders as Retail in accordance with
Change
Rule 11.21(b) for purposes of order C. Self-Regulatory Organization’s
In its filing with the Commission, the handling on the EDGX Book. Under the Statement on Comments on the
Exchange included statements proposed rule change, Members would Proposed Rule Change Received From
concerning the purpose of and basis for be able to instruct the Exchange to Members, Participants, or Others
the proposed rule change and discussed remove such Retail designation from
any comments it received on the their Retail Orders when such orders are The Exchange has not solicited, and
proposed rule change. The text of these routed to an away Trading Center. does not intend to solicit, comments on
statements may be examined at the this proposed rule change. The
Implementation Date Exchange has not received any
places specified in Item IV below. The
Exchange has prepared summaries, set The Exchange proposes to implement unsolicited written comments from
forth in Sections A, B, and C below, of the proposed rule change on or about Members or other interested parties.
the most significant parts of such September 10, 2015.10 III. Date of Effectiveness of the
statements. 2. Statutory Basis Proposed Rule Change and Timing for
A. Self-Regulatory Organization’s Commission Action
The Exchange believes that the
Statement of the Purpose of, and proposed rule change is consistent with The Exchange has filed the proposed
Statutory Basis for, the Proposed Rule Section 6(b) of the Act,11 in general, and rule change pursuant to Section
Change furthers the objectives of Section 6(b)(5) 19(b)(3)(A)(iii) of the Act 13 and Rule
of the Act,12 in particular, in that it is 19b–4(f)(6) thereunder.14 Because the
1. Purpose proposed rule change does not: (i)
designed to prevent fraudulent and
Exchange Rule 11.21 defines a Retail manipulative acts and practices, to Significantly affect the protection of
Order and sets forth the attestation promote just and equitable principles of investors or the public interest; (ii)
requirements 7 that Members must trade, and to remove impediments to impose any significant burden on
complete prior to sending Retail Orders and perfect the mechanism of a free and competition; and (iii) become operative
to the Exchange. Rule 11.21(d) also open market and a national market for 30 days from the date on which it
provides that Members may designate system. The proposal promotes just and was filed, or such shorter time as the
orders as Retail Orders on an order-by- equitable principles of trade because Commission may designate, the
order basis or a port level basis by enabling Members to identify their proposed rule change has become
designating particular FIX ports as Retail Orders as Retail when they are effective pursuant to Section 19(b)(3)(A)
Retail Order Ports.8 Going forward, the routed to an away Trading Center, of the Act and Rule 19b–4(f)(6)
Exchange proposes to identify Retail including exchanges that operate a retail thereunder.15
Orders as Retail when they are routed to A proposed rule change filed under
liquidity program, would allow those
an away Trading Center, including an Rule 19b–4(f)(6) normally does not
orders to receive the best execution
exchange that operates a retail liquidity become operative for 30 days after the
quality and potential price
program.9 As amended, Rule 11.21(d) date of filing. However, Rule 19b–
improvement. The proposal also
4(f)(6)(iii) permits the Commission to
promotes transparency by disseminating
7 Members must submit a signed written designate a shorter time if such action
additional order information. In
attestation, in a form prescribed by the Exchange, is consistent with the protection of
that they have implemented policies and addition, providing Members the ability
investors and the public interest. The
procedures that are reasonably designed to ensure to elect that their routed Retail Order Exchange has asked the Commission to
that substantially all orders designated by the not be identified as Retail [sic] provides waive the 30-day operative delay so that
Member as a ‘‘Retail Order’’ comply with the above Member flexibility with regard to the
requirements. See Exchange Rule 11.21(b). the proposal may become operative
8 See Securities Exchange Act Release No. 68554 handling of their Retail Orders by immediately upon filing. Waiver of the
(December 31, 2012), 78 FR 966 (January 7, 2013) permitting them to elect that their Retail 30-day operative delay would permit
(SR–EDGX–2012–48) (Notice of Filing and Order not be identified as Retail when the Exchange to identify Retail Orders
Immediate Effectiveness). routed to an away Trading Center.
9 Currently, BATS Y-Exchange, Inc. (‘‘BYX’’), the as Retail when routed to an away
New York Stock Exchange, Inc. (‘‘NYSE’’), NYSE B. Self-Regulatory Organization’s Trading Center, including exchanges
MKT LLC (‘‘NYSE MKT’’), NYSE Arca, Inc. (‘‘NYSE Statement on Burden on Competition that operate a retail liquidity program,
Arca’’), and the Nasdaq Stock Market OMX BX LLC enabling the orders to receive potential
(‘‘Nasdaq OMX BX’’) operate retail liquidity The Exchange believes its proposed
programs. See BYX Rule 11.24, NYSE Rule 107C, price improvement. Based on the
rule change would not impose any
NYSE MKT—Equities Rule 107C, NYSE Arca foregoing, the Commission believes that
burden on competition that is not
Equities Rule 7.44, and Nasdaq OMX BX Rule 4780. waiving the 30-day operative delay is
These exchange’s also require their members to necessary or appropriate in furtherance
consistent with the protection of
submit a signed written attestation, in a form of the purposes of the Act. The
prescribed by that exchange, that they have Exchange believes the proposal would 13 15 U.S.C. 78s(b)(3)(A)(iii).
implemented policies and procedures that are
14 17 CFR 240.19b–4(f)(6).
reasonably designed to ensure that substantially all
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orders designated by the member as a ‘‘Retail liquidity program, including that the order satisfies 15 In addition, Rule 19b–4(f)(6)(iii) requires the

Order’’ as defined by that exchange. Id. Each that exchange’s definition of ‘‘Retail Order.’’ Exchange to give the Commission written notice of
10 The Exchange understands that
exchange would be required to file a proposed rule the Exchange’s intent to file the proposed rule
change with the Commission to amend its implementation of the proposed rule change on change, along with a brief description and text of
definition of ‘‘Retail Order.’’ To the extent the September 10, 2015 is contingent upon the the proposed rule change, at least five business days
Exchange routes an order identified as Retail to Commission waiving the 30-day operative delay. 17 prior to the date of filing of the proposed rule
participate in an exchange’s retail liquidity CFR 240.19b–4(f)(6)(iii). change, or such shorter time as designated by the
11 15 U.S.C. 78f.
program, it will ensure that it does so in compliance Commission. The Exchange has satisfied this
with that exchange’s rules governing its retail 12 15 U.S.C. 78f(b)(5). requirement.

VerDate Sep<11>2014 17:28 Sep 09, 2015 Jkt 235001 PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 E:\FR\FM\10SEN1.SGM 10SEN1
Document Created: 2015-12-15 10:03:46
Document Modified: 2015-12-15 10:03:46
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 54638