80_FR_55879 80 FR 55700 - In the Matter of BATS Global Markets, Inc.; BOX Options Exchange LLC; KCG Holdings, Inc.; Miami International Securities Exchange, LLC; Susquehanna International Group, LLP; Order Granting Petitions for Review and Scheduling Filing of Statements

80 FR 55700 - In the Matter of BATS Global Markets, Inc.; BOX Options Exchange LLC; KCG Holdings, Inc.; Miami International Securities Exchange, LLC; Susquehanna International Group, LLP; Order Granting Petitions for Review and Scheduling Filing of Statements

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 179 (September 16, 2015)

Page Range55700-55701
FR Document2015-23240

Federal Register, Volume 80 Issue 179 (Wednesday, September 16, 2015) 
[Federal Register Volume 80, Number 179 (Wednesday, September 16, 2015)]
[Notices]
[Pages 55700-55701]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-23240]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 75885]


In the Matter of BATS Global Markets, Inc.; BOX Options Exchange 
LLC; KCG Holdings, Inc.; Miami International Securities Exchange, LLC; 
Susquehanna International Group, LLP; Order Granting Petitions for 
Review and Scheduling Filing of Statements

September 10, 2015.
    This matter comes before the Commission on petition to review the 
approval, through delegated authority, of the Options Clearing 
Corporation's (``OCC'') plan for raising additional capital (``Capital 
Plan'') to support its function as a systemically important financial 
market utility. On January 26, 2015, the Commission issued a notice of 
filing of the proposed rule change regarding the Capital Plan.\1\ After 
consideration of the record in the proposed rule change, the Division 
of Trading and Markets, for the Commission pursuant to delegated 
authority, issued an order approving

[[Page 55701]]

(``Approval Order'') the Capital Plan on March 6, 2015.\2\
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    \1\ Securities Exchange Act Release No. 74136 (January 26, 
2015), 80 FR 5171 (January 30, 2015) (SR-OCC-2015-02).
    \2\ Order Approving Proposed Rule Change Concerning a Proposed 
Capital Plan for Raising Additional Capital That Would Support the 
Options Clearing Corporation's Function as a Systemically Important 
Financial Market Utility, Securities Exchange Act Release No. 74452 
(March 6, 2015), 80 FR 13058 (March 12, 2015) (SR-OCC-2015-02). The 
Capital Plan was previously filed as an advance notice pursuant to 
Section 806(e)(1) of the Payment, Clearing, and Settlement 
Supervision Act of 2010. See 12 U.S.C. 5465(e)(1). The Commission 
issued a notice of no objection to the advance notice on February 
26, 2015. See Securities Exchange Act Release No. 74387 (February 
26, 2015), 80 FR 12215 (March 6, 2015) (SR-OCC-2014-813).
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    BATS Global Markets, Inc. (``BATS''), BOX Options Exchange LLC 
(``BOX''), KCG Holdings, Inc. (``KCG''), Miami International Securities 
Exchange, LLC (``MIAX''), and Susquehanna International Group, LLP 
(``SIG'') (collectively ``Petitioners'') each filed petitions for 
review of the Approval Order, challenging the action taken by delegated 
authority.\3\
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    \3\ Under Commission Rule of Practice 430 any aggrieved party 
may seek review of an action made by delegated authority. See 17 CFR 
201.430.
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    The Commission finds that the Petitioners are aggrieved by the 
Approval Order and pursuant to Rule 431 of the Rules of Practice, the 
Petitioners' petitions for review of the Approval Order are granted. 
Further, the Commission hereby establishes that any party or other 
person may file a written statement in support of or in opposition to 
the Approval Order on or before October 7, 2015. This will provide an 
opportunity for the Commission to receive additional comment and 
information to help it more fully assess the issues raised. The 
Commission has issued a separate order addressing the automatic 
stay.\4\
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    \4\ See Order Discontinuing the Automatic Stay, Securities 
Exchange Act Release No. 75886 (September 10, 2015).
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    For the reasons stated above, it is hereby:
    Ordered that the petitions of BATS, BOX, KCG, MIAX, and SIG for 
review of the staff's action in approving by delegated authority File 
No. SR-OCC-2015-02 \5\ are GRANTED; and
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    \5\ See supra note 2.
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    It is further ordered that any party or other person may file a 
statement in support of or in opposition to the action made pursuant to 
delegated authority on or before October 7, 2015.
    The order approving such proposed rule change shall remain in 
effect.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-23240 Filed 9-15-15; 8:45 am]
 BILLING CODE P

55700 Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 6(b)(4) of the Act 8 in that it provides for C. Self-Regulatory Organization’s those that may be withheld from the the equitable allocation of reasonable Statement on Comments on the public in accordance with the dues, fees and other charges among Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be members and issuers and other persons Members, Participants or Others available for Web site viewing and using any facility or system which the No written comments were either printing in the Commission’s Public Exchange operates or controls, and it solicited or received. Reference Room, 100 F Street NE., does not unfairly discriminate between Washington, DC 20549, on official III. Date of Effectiveness of the business days between the hours of customers, issuers, brokers or dealers. Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of such The Exchange believes that the Commission Action proposed reduction in port fees under filing also will be available for Rules 7015(b) and (g) to their pre-FPGA The foregoing rule change has become inspection and copying at the principal upgrade levels is reasonable because effective pursuant to Section office of the Exchange. All comments NASDAQ is removing the upgraded 19(b)(3)(A)(ii) of the Act.9 received will be posted without change; At any time within 60 days of the the Commission does not edit personal hardware from the ports, the cost of filing of the proposed rule change, the which was the basis for increasing the identifying information from Commission summarily may submissions. You should submit only fees. In addition, applying the lower temporarily suspend such rule change if fees will allow NASDAQ to keep the fee information that you wish to make it appears to the Commission that such available publicly. All submissions in line with its realized capital and action is: (i) Necessary or appropriate in should refer to File Number SR– operating expenditures, which will be the public interest; (ii) for the protection NASDAQ–2015–110 and should be lower going forward based on the of investors; or (iii) otherwise in submitted on or before October 7, 2015. operation of the ports with the pre- furtherance of the purposes of the Act. upgrade hardware. The Exchange If the Commission takes such action, the For the Commission, by the Division of believes that the proposed reduction of Commission shall institute proceedings Trading and Markets, pursuant to delegated the fees to their prior levels is both to determine whether the proposed rule authority.10 equitably allocated and not unfairly should be approved or disapproved. discriminatory because it will apply Robert W. Errett, IV. Solicitation of Comments uniformly to all market participants that Deputy Secretary. Interested persons are invited to subscribe to FIX Ports under Rule [FR Doc. 2015–23212 Filed 9–15–15; 8:45 am] submit written data, views and 7015(b), and OUCH and RASH Ports BILLING CODE 8011–01–P arguments concerning the foregoing, under Rule 7015(g) based on the number including whether the proposed rule of such ports subscribed. Accordingly, change is consistent with the Act. market participants will be assessed the SECURITIES AND EXCHANGE Comments may be submitted by any of fees in place prior to the increase and the following methods: COMMISSION will have the same hardware supported by those fees. Electronic Comments [Release No. 75885] • Use the Commission’s Internet B. Self-Regulatory Organization’s In the Matter of BATS Global Markets, comment form (http://www.sec.gov/ Statement on Burden on Competition rules/sro.shtml); or Inc.; BOX Options Exchange LLC; KCG NASDAQ does not believe that the • Send an email to rule-comments@ Holdings, Inc.; Miami International proposed rule change will result in any sec.gov. Please include File Number SR– Securities Exchange, LLC; NASDAQ–2015–110 on the subject line. Susquehanna International Group, burden on competition that is not LLP; Order Granting Petitions for necessary or appropriate in furtherance Paper Comments Review and Scheduling Filing of of the purposes of the Act, as amended. • Send paper comments in triplicate Statements The Exchange believes that the proposal to Secretary, Securities and Exchange is irrelevant to competition because it is Commission, 100 F Street NE., September 10, 2015. not driven by, and will have no impact Washington, DC 20549–1090. This matter comes before the on, competition. Specifically, the All submissions should refer to File Commission on petition to review the Exchange is reverting fees to their prior, Number SR–NASDAQ–2015–110. This approval, through delegated authority, lower levels in light of the Exchange file number should be included on the of the Options Clearing Corporation’s removing upgraded hardware that was subject line if email is used. To help the (‘‘OCC’’) plan for raising additional the basis for the fee increase. Reverting Commission process and review your capital (‘‘Capital Plan’’) to support its the fees to their lower levels will keep comments more efficiently, please use function as a systemically important the fees assessed in line with the only one method. The Commission will financial market utility. On January 26, Exchange’s expenditures at this juncture post all comments on the Commission’s 2015, the Commission issued a notice of associated with offering the ports. As Internet Web site (http://www.sec.gov/ filing of the proposed rule change such, the Exchange does not believe the rules/sro.shtml). Copies of the regarding the Capital Plan.1 After proposed change will have any impact submission, all subsequent consideration of the record in the amendments, all written statements asabaliauskas on DSK7TPTVN1PROD with NOTICES on competition, as market participants proposed rule change, the Division of will be assessed the same fee for their with respect to the proposed rule Trading and Markets, for the ports with the same hardware that was change that are filed with the Commission pursuant to delegated in place prior to the fee increase. Commission, and all written authority, issued an order approving communications relating to the proposed rule change between the 10 17CFR 200.30–3(a)(12). Commission and any person, other than 1 SecuritiesExchange Act Release No. 74136 (January 26, 2015), 80 FR 5171 (January 30, 2015) 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A)(ii). (SR–OCC–2015–02). VerDate Sep<11>2014 18:18 Sep 15, 2015 Jkt 235001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\16SEN1.SGM 16SEN1

Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 55701 (‘‘Approval Order’’) the Capital Plan on SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s March 6, 2015.2 COMMISSION Statement of the Purpose of, and the BATS Global Markets, Inc. (‘‘BATS’’), Statutory Basis for, the Proposed Rule BOX Options Exchange LLC (‘‘BOX’’), [Release No. 34–75888; File No. SR– Change KCG Holdings, Inc. (‘‘KCG’’), Miami NYSEArca–2015–74] 1. Purpose International Securities Exchange, LLC (‘‘MIAX’’), and Susquehanna The Commission has approved listing Self-Regulatory Organizations; NYSE International Group, LLP (‘‘SIG’’) and trading on the Exchange of shares Arca, Inc.; Notice of Filing of Proposed (collectively ‘‘Petitioners’’) each filed (‘‘Shares’’) of the Market Vectors Short Rule Regarding a Change to the High Yield Municipal Index ETF petitions for review of the Approval Reference Index Relating to the Market Order, challenging the action taken by (‘‘Fund’’) under NYSE Arca Equities Vectors Short High Yield Municipal Rule 5.2(j)(3), which governs the listing delegated authority.3 Index ETF The Commission finds that the and trading of Investment Company Petitioners are aggrieved by the September 10, 2015. Units (‘‘Units’’).4 Shares of the Fund are Approval Order and pursuant to Rule currently listed and traded on the Pursuant to Section 19(b)(1) 1 of the Exchange. 431 of the Rules of Practice, the Securities Exchange Act of 1934 The Fund is a series of the Market Petitioners’ petitions for review of the (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Vectors ETF Trust. Van Eck Associates Approval Order are granted. Further, the notice is hereby given that, on August Corporation is the investment adviser Commission hereby establishes that any 26, 2015, NYSE Arca, Inc. (‘‘Exchange’’ (‘‘Adviser’’) for the Fund. Van Eck party or other person may file a written or ‘‘NYSE Arca’’) filed with the Securities Corporation is the Fund’s statement in support of or in opposition Securities and Exchange Commission distributor (‘‘Distributor’’). Van Eck to the Approval Order on or before Associates Corporation also is the October 7, 2015. This will provide an (‘‘Commission’’) the proposed rule change as described in Items I and II administrator for the Fund (the opportunity for the Commission to ‘‘Administrator’’). The Bank of New receive additional comment and below, which Items have been prepared by the self-regulatory organization. The York Mellon is the custodian of the information to help it more fully assess Fund’s assets and provides transfer the issues raised. The Commission has Commission is publishing this notice to agency and fund accounting services to issued a separate order addressing the solicit comments on the proposed rule the Fund. automatic stay.4 change from interested persons. As described in the Release, the For the reasons stated above, it is investment objective of the Fund is to I. Self-Regulatory Organization’s hereby: seek to replicate as closely as possible, Statement of the Terms of Substance of Ordered that the petitions of BATS, before fees and expenses, the price and the Proposed Rule Change BOX, KCG, MIAX, and SIG for review of yield performance of the Barclays the staff’s action in approving by The Exchange proposes to reflect a Municipal High Yield Short Duration delegated authority File No. SR–OCC– change to the reference index relating to Index (the ‘‘Short High Yield Index’’ or 2015–02 5 are GRANTED; and the Market Vectors Short High Yield ‘‘Index’’).5 The Index is a market size It is further ordered that any party or Municipal Index ETF. Shares of the weighted index composed of publicly other person may file a statement in Fund are currently listed and traded on traded municipal bonds that cover the support of or in opposition to the action the Exchange under NYSE Arca Equities U.S. dollar denominated high yield made pursuant to delegated authority on Rule 5.2(j)(3). The text of the proposed short-term tax-exempt bond market. The or before October 7, 2015. majority of the Index’s constituents are rule change is available on the The order approving such proposed from the revenue sector, with some Exchange’s Web site at www.nyse.com, rule change shall remain in effect. constituents being from the general at the principal office of the Exchange, By the Commission. obligation sector. The revenue sector is and at the Commission’s Public Robert W. Errett, divided into industry sectors that Reference Room. Deputy Secretary. 4 See Securities Exchange Act Release No. 71232 [FR Doc. 2015–23240 Filed 9–15–15; 8:45 am] II. Self-Regulatory Organization’s (January 3, 2014), 79 FR 1662 (January 9, 2014 (SR– Statement of the Purpose of, and NYSEArca–2013–118) (order approving listing and BILLING CODE P Statutory Basis for, the Proposed Rule trading of shares of the Market Vectors Short High 2 Order Approving Proposed Rule Change Change Yield Municipal Index ETF) (‘‘Order’’). See also, Securities Exchange Act Release No. 70871 Concerning a Proposed Capital Plan for Raising (November 14, 2013), 78 FR 69503 (November 19, Additional Capital That Would Support the Options In its filing with the Commission, the 2013) (SR–NYSEArca–2013–118) (notice of Clearing Corporation’s Function as a Systemically self-regulatory organization included proposed rule change relating to listing and trading Important Financial Market Utility, Securities statements concerning the purpose of, of shares of the Market Vectors Short High Yield Exchange Act Release No. 74452 (March 6, 2015), and basis for, the proposed rule change Municipal Index ETF) (‘‘Notice’’ and, together with 80 FR 13058 (March 12, 2015) (SR–OCC–2015–02). the Order, the ‘‘Release’’). The Capital Plan was previously filed as an advance and discussed any comments it received 5 As described in the Release, the Exchange notice pursuant to Section 806(e)(1) of the Payment, on the proposed rule change. The text submitted a proposed rule change to permit listing Clearing, and Settlement Supervision Act of 2010. of those statements may be examined at and trading of Shares of the Fund because the Index See 12 U.S.C. 5465(e)(1). The Commission issued a did not meet all of the ‘‘generic’’ listing notice of no objection to the advance notice on the places specified in Item IV below. asabaliauskas on DSK7TPTVN1PROD with NOTICES requirements of Commentary .02(a) to NYSE Arca February 26, 2015. See Securities Exchange Act The Exchange has prepared summaries, Equities Rule 5.2(j)(3) applicable to the listing of Release No. 74387 (February 26, 2015), 80 FR 12215 set forth in sections A, B, and C below, Units based on fixed income securities indexes. The (March 6, 2015) (SR–OCC–2014–813). 3 Under Commission Rule of Practice 430 any of the most significant parts of such Index met all such requirements except for those set forth in Commentary .02(a)(2). Commentary aggrieved party may seek review of an action made statements. .02(a)(2) to NYSE Arca Equities Rule 5.2(j)(3) by delegated authority. See 17 CFR 201.430. provides that components that in the aggregate 4 See Order Discontinuing the Automatic Stay, 1 15 account for at least 75% of the weight of the index Securities Exchange Act Release No. 75886 U.S.C. 78s(b)(1). or portfolio each shall have a minimum original 2 15 U.S.C. 78a. (September 10, 2015). principal amount outstanding of $100 million or 5 See supra note 2. 3 17 CFR 240.19b–4. more. VerDate Sep<11>2014 18:18 Sep 15, 2015 Jkt 235001 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\16SEN1.SGM 16SEN1


Document Created: 2018-02-26 10:16:50
Document Modified: 2018-02-26 10:16:50
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 55700 
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