80 FR 55882 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees To Adopt a Tape B Volume Tier
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 180 (September 17, 2015)
Federal Register Volume 80, Issue 180 (September 17, 2015)
| Page Range | 55882-55883 | |
| FR Document | 2015-23286 |
[Federal Register Volume 80, Number 180 (Thursday, September 17, 2015)] [Notices] [Pages 55882-55883] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-23286] [[Page 55882]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75902; File No. SR-BATS-2015-74] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees To Adopt a Tape B Volume Tier September 11, 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 September 9, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, 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. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange filed a proposal to amend its fees and rebates applicable to Members \5\ of the Exchange pursuant to Rule 15.1(a) and (c) (``Fee Schedule'') to adopt a Tape B Volume Tier. --------------------------------------------------------------------------- \5\ A Member is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, the Exchange offers a rebate of $0.0020 per share as the standard rebate for orders with fee code B, which applies to orders that add liquidity to the Exchange in Tape B securities. The Exchange also offers various tiers that provide Members with the opportunity to earn higher rebates by meeting certain volume metrics, including the Cross-Asset Tape B Tier which provides a $0.0031 per share rebate to a Member's orders with a fee code of B for which the Member: (1) Has a Tape B Step-Up Add TCV \6\ from February 2015 that is equal to or greater than 0.06%; and (2) has an Options Market Maker Add TCV \7\ that is equal to or greater than 0.75% on the BATS Options. --------------------------------------------------------------------------- \6\ As provided in the fee schedule, for purposes of BATS Equities pricing, ``Tape B Step-Up Add TCV'' means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV. \7\ As provided in the fee schedule, for purposes of BATS Equities pricing, ``Options Market Maker Add TCV'' for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of TCV, using the definitions of ADAV, Market Maker and TCV as provided under the Exchange's fee schedule for BATS Options. --------------------------------------------------------------------------- The Exchange is proposing to adopt a new tier in footnote 13 titled ``Tape B Volume Tier.'' Under the Tape B Volume Tier, the Exchange is proposing to provide a $0.0027 per share rebate to a Member's orders with a fee code of B for which the Member's Tape B ADAV as a percentage of TCV is equal to or greater than 0.08%. As is the case with any other rebates on the fee schedule, to the extent that a Member qualifies for higher rebates than those provided under the proposed Tape B Volume Tier, the higher rebates shall apply. Implementation Date The Exchange proposes to implement this amendment to its Fee Schedule immediately.\8\ --------------------------------------------------------------------------- \8\ The Exchange initially filed the proposed fee change on August 31, 2015 (SR-BATS-2015-66). On September 2, 2015, the Exchange withdrew that filing and submitted filing SR-BATS-2015-70. On that same day, the Exchange withdrew SR-BATS-2015-70 and submitted SR-BATS-2015-72. On September 9, 2015, the Exchange withdrew SR-BATS-2015-72 and submitted this filing. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\9\ in general, and furthers the objectives of Section 6(b)(4),\10\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Volume-based rebates and fees such as the proposed Tape B Volume Tier have been widely adopted by equities and options exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value to an exchange's market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. The Exchange believes that the proposal to add a Tape B Volume Tier is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and rebates because it will provide Members with an additional incentive to reach certain thresholds on both [sic] the Exchange in Tape B securities. Such pricing programs thereby reward a Member's growth pattern in Tape B securities and such increased volume increases potential revenue to the Exchange, and will allow the Exchange to continue to provide and potentially expand the incentive programs operated by the Exchange. Further, the proposed changes will result in Members receiving either the same or an increased rebate than they would currently receive. The Exchange also notes that the proposed Tape B Volume Tier is similar to pricing tier already employed by the Exchange as well as on [[Page 55883]] other exchanges, including EDGX Exchange, Inc. (``EDGX''), which maintains a Tape B Step Up tier to incentivize added liquidity in Tape B securities.\11\ --------------------------------------------------------------------------- \11\ See EDGX fee schedule, footnote 2. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe its proposed amendments to its Fee Schedule would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed changes represent a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange's competitors. Additionally, Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed change will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. The Exchange does not believe that the proposed new tier would burden competition, but instead, enhances competition, as they [sic] are intended to increase the competitiveness of and draw additional volume to the Exchange. As stated above, the Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if the deem fee structures to be unreasonable or excessive. The proposed changes are generally intended to enhance the rebates for liquidity added to the Exchange, which is intended to draw additional liquidity to the Exchange. The Exchange does not believe the proposed tier would burden intramarket competition as they [sic] would apply to all Members uniformly. 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4 thereunder.\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 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 proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BATS-2015-74 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BATS-2015-74. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing 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-BATS-2015-74, and should be submitted on or before October 8, 2015. --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ Brent J. Fields, Secretary. [FR Doc. 2015-23286 Filed 9-16-15; 8:45 am] BILLING CODE 8011-01-P
![55882 Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices
SECURITIES AND EXCHANGE places specified in Item IV below. The 2. Statutory Basis
COMMISSION Exchange has prepared summaries, set The Exchange believes that the
forth in Sections A, B, and C below, of proposed rule change is consistent with
[Release No. 34–75902; File No. SR–BATS–
2015–74]
the most significant parts of such the objectives of Section 6 of the Act,9
statements. in general, and furthers the objectives of
Self-Regulatory Organizations; BATS A. Self-Regulatory Organization’s Section 6(b)(4),10 in particular, as it is
Exchange, Inc.; Notice of Filing and Statement of the Purpose of, and designed to provide for the equitable
Immediate Effectiveness of a Proposed Statutory Basis for, the Proposed Rule allocation of reasonable dues, fees and
Rule Change Related to Fees To Adopt Change other charges among its Members and
a Tape B Volume Tier other persons using its facilities. The
1. Purpose Exchange also notes that it operates in
September 11, 2015.
Pursuant to Section 19(b)(1) of the Currently, the Exchange offers a a highly-competitive market in which
Securities Exchange Act of 1934 (the rebate of $0.0020 per share as the market participants can readily direct
‘‘Act’’),1 and Rule 19b–4 thereunder,2 standard rebate for orders with fee code order flow to competing venues if they
notice is hereby given that on B, which applies to orders that add deem fee levels at a particular venue to
September 9, 2015, BATS Exchange, liquidity to the Exchange in Tape B be excessive. The proposed rule change
Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed securities. The Exchange also offers reflects a competitive pricing structure
with the Securities and Exchange various tiers that provide Members with designed to incent market participants
Commission (‘‘Commission’’) the the opportunity to earn higher rebates to direct their order flow to the
proposed rule change as described in by meeting certain volume metrics, Exchange. The Exchange believes that
Items I, II, and III below, which Items including the Cross-Asset Tape B Tier the proposed rates are equitable and
have been prepared by the Exchange. which provides a $0.0031 per share non-discriminatory in that they apply
The Exchange has designated the rebate to a Member’s orders with a fee uniformly to all Members. The
proposed rule change as one code of B for which the Member: (1) Has Exchange believes the fees and credits
establishing or changing a member due, a Tape B Step-Up Add TCV 6 from remain competitive with those charged
fee, or other charge imposed by the February 2015 that is equal to or greater by other venues and therefore continue
Exchange under Section 19(b)(3)(A)(ii) than 0.06%; and (2) has an Options to be reasonable and equitably allocated
of the Act 3 and Rule 19b–4(f)(2) Market Maker Add TCV 7 that is equal to Members.
thereunder,4 which renders the to or greater than 0.75% on the BATS Volume-based rebates and fees such
proposed rule change effective upon Options. as the proposed Tape B Volume Tier
filing with the Commission. The The Exchange is proposing to adopt a have been widely adopted by equities
Commission is publishing this notice to new tier in footnote 13 titled ‘‘Tape B and options exchanges and are equitable
solicit comments on the proposed rule Volume Tier.’’ Under the Tape B because they are open to all Members on
change from interested persons. Volume Tier, the Exchange is proposing an equal basis and provide additional
to provide a $0.0027 per share rebate to benefits or discounts that are reasonably
I. Self-Regulatory Organization’s related to the value to an exchange’s
Statement of the Terms of the Substance a Member’s orders with a fee code of B
for which the Member’s Tape B ADAV market quality associated with higher
of the Proposed Rule Change levels of market activity, such as higher
as a percentage of TCV is equal to or
The Exchange filed a proposal to levels of liquidity provision and/or
greater than 0.08%. As is the case with
amend its fees and rebates applicable to growth patterns, and introduction of
any other rebates on the fee schedule, to
Members 5 of the Exchange pursuant to higher volumes of orders into the price
the extent that a Member qualifies for
Rule 15.1(a) and (c) (‘‘Fee Schedule’’) to and volume discovery processes.
higher rebates than those provided
adopt a Tape B Volume Tier. The Exchange believes that the
under the proposed Tape B Volume
The text of the proposed rule change proposal to add a Tape B Volume Tier
Tier, the higher rebates shall apply.
is available at the Exchange’s Web site is a reasonable, fair and equitable, and
at www.batstrading.com, at the Implementation Date not unfairly discriminatory allocation of
principal office of the Exchange, and at fees and rebates because it will provide
the Commission’s Public Reference The Exchange proposes to implement
Members with an additional incentive
Room. this amendment to its Fee Schedule
to reach certain thresholds on both [sic]
immediately.8
II. Self-Regulatory Organization’s the Exchange in Tape B securities. Such
Statement of the Purpose of, and 6 As provided in the fee schedule, for purposes of
pricing programs thereby reward a
Statutory Basis for, the Proposed Rule BATS Equities pricing, ‘‘Tape B Step-Up Add TCV’’
Member’s growth pattern in Tape B
Change means ADAV in Tape B securities as a percentage securities and such increased volume
of TCV in the relevant baseline month subtracted increases potential revenue to the
In its filing with the Commission, the from current ADAV in Tape B securities as a Exchange, and will allow the Exchange
Exchange included statements percentage of TCV.
to continue to provide and potentially
7 As provided in the fee schedule, for purposes of
concerning the purpose of and basis for expand the incentive programs operated
BATS Equities pricing, ‘‘Options Market Maker Add
the proposed rule change and discussed TCV’’ for purposes of equities pricing means ADAV by the Exchange. Further, the proposed
any comments it received on the resulting from Market Maker orders as a percentage changes will result in Members
proposed rule change. The text of these of TCV, using the definitions of ADAV, Market receiving either the same or an
statements may be examined at the Maker and TCV as provided under the Exchange’s
fee schedule for BATS Options. increased rebate than they would
tkelley on DSK3SPTVN1PROD with NOTICES
1 15
8 The Exchange initially filed the proposed fee currently receive. The Exchange also
U.S.C. 78s(b)(1).
2 17
change on August 31, 2015 (SR–BATS–2015–66). notes that the proposed Tape B Volume
CFR 240.19b–4. On September 2, 2015, the Exchange withdrew that
3 15 U.S.C. 78s(b)(3)(A)(ii). Tier is similar to pricing tier already
filing and submitted filing SR–BATS–2015–70. On
4 17 CFR 240.19b–4(f)(2).
that same day, the Exchange withdrew SR–BATS–
employed by the Exchange as well as on
5 A Member is defined as ‘‘any registered broker 2015–70 and submitted SR–BATS–2015–72. On
9 15 U.S.C. 78f.
or dealer that has been admitted to membership in September 9, 2015, the Exchange withdrew SR–
the Exchange.’’ See Exchange Rule 1.5(n). BATS–2015–72 and submitted this filing. 10 15 U.S.C. 78f(b)(4).
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![Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices 55883
other exchanges, including EDGX of the Act 12 and paragraph (f) of Rule submissions. You should submit only
Exchange, Inc. (‘‘EDGX’’), which 19b–4 thereunder.13 At any time within information that you wish to make
maintains a Tape B Step Up tier to 60 days of the filing of the proposed rule available publicly. All submissions
incentivize added liquidity in Tape B change, the Commission summarily may should refer to File Number SR–BATS–
securities.11 temporarily suspend such rule change if 2015–74, and should be submitted on or
it appears to the Commission that such before October 8, 2015.
B. Self-Regulatory Organization’s
action is necessary or appropriate in the For the Commission, by the Division of
Statement on Burden on Competition
public interest, for the protection of Trading and Markets, pursuant to delegated
The Exchange does not believe its investors, or otherwise in furtherance of authority.14
proposed amendments to its Fee the purposes of the Act. Brent J. Fields,
Schedule would impose any burden on Secretary.
IV. Solicitation of Comments
competition that is not necessary or [FR Doc. 2015–23286 Filed 9–16–15; 8:45 am]
appropriate in furtherance of the Interested persons are invited to
submit written data, views, and BILLING CODE 8011–01–P
purposes of the Act. The Exchange does
not believe that the proposed changes arguments concerning the foregoing,
represent a significant departure from including whether the proposed rule
change is consistent with the Act. SECURITIES AND EXCHANGE
previous pricing offered by the COMMISSION
Exchange or pricing offered by the Comments may be submitted by any of
Exchange’s competitors. Additionally, the following methods:
Members may opt to disfavor the [Release No. 34–75899; File No. SR–NSCC–
Electronic Comments 2015–803])
Exchange’s pricing if they believe that
alternatives offer them better value. • Use the Commission’s Internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations;
Accordingly, the Exchange does not National Securities Clearing
believe that the proposed change will rules/sro.shtml); or
impair the ability of Members or • Send an email to rule-comments@ Corporation; Notice of Filing of
sec.gov. Please include File Number SR– Advance Notice To Enhance NSCC’s
competing venues to maintain their Margining Methodology as Applied to
competitive standing in the financial BATS–2015–74 on the subject line.
Family-Issued Securities of Certain
markets. Paper Comments NSCC Members
The Exchange does not believe that • Send paper comments in triplicate
the proposed new tier would burden September 11, 2015.
to Brent J. Fields, Secretary, Securities
competition, but instead, enhances and Exchange Commission, 100 F Street Pursuant to section 806(e)(1) of title
competition, as they [sic] are intended NE., Washington, DC 20549–1090. VIII of the Dodd-Frank Wall Street
to increase the competitiveness of and All submissions should refer to File Reform and Consumer Protection Act
draw additional volume to the Number SR–BATS–2015–74. This file entitled the Payment, Clearing, and
Exchange. As stated above, the number should be included on the Settlement Supervision Act of 2010 1
Exchange notes that it operates in a subject line if email is used. To help the (‘‘Clearing Supervision Act’’) and Rule
highly competitive market in which Commission process and review your 19b–4(n)(1)(i) 2 under the Securities
market participants can readily direct comments more efficiently, please use Exchange Act of 1934 (‘‘Act’’), notice is
order flow to competing venues if the only one method. The Commission will hereby given that on August 14, 2015,
deem fee structures to be unreasonable post all comments on the Commission’s National Securities Clearing Corporation
or excessive. The proposed changes are Internet Web site (http://www.sec.gov/ (‘‘NSCC’’) filed with the Securities and
generally intended to enhance the rules/sro.shtml). Copies of the Exchange Commission (‘‘Commission’’)
rebates for liquidity added to the submission, all subsequent the advance notice SR–NSCC–2015–803
Exchange, which is intended to draw amendments, all written statements (‘‘Advance Notice’’) as described in
additional liquidity to the Exchange. with respect to the proposed rule Items I and II below, which Items have
The Exchange does not believe the change that are filed with the been prepared by NSCC.3 The
proposed tier would burden intramarket Commission, and all written Commission is publishing this notice to
competition as they [sic] would apply to communications relating to the solicit comments on the Advance Notice
all Members uniformly. proposed rule change between the from interested persons.
C. Self-Regulatory Organization’s Commission and any person, other than
I. Clearing Agency’s Statement of the
Statement on Comments on the those that may be withheld from the
Terms of Substance of the Advance
Proposed Rule Change Received From public in accordance with the
Notice
Members, Participants, or Others provisions of 5 U.S.C. 552, will be
available for Web site viewing and This Advance Notice consists of
The Exchange has not solicited, and printing in the Commission’s Public amendments to NSCC’s Rules &
does not intend to solicit, comments on Reference Room, 100 F Street NE., Procedures (‘‘Rules’’) in order to
this proposed rule change. The Washington, DC 20549 on official enhance NSCC’s margining
Exchange has not received any business days between the hours of methodology as applied to family-issued
unsolicited written comments from 10:00 a.m. and 3:00 p.m. Copies of such
Members or other interested parties. filing also will be available for 14 17 CFR 200.30–3(a)(12).
III. Date of Effectiveness of the inspection and copying at the principal 1 12 U.S.C. 5465(e)(1).
tkelley on DSK3SPTVN1PROD with NOTICES
Proposed Rule Change and Timing for office of the Exchange. All comments 2 17 CFR 240.19b–4(n)(1)(i).
Commission Action received will be posted without change; 3 On August 14, 2015, NSCC filed this Advance
the Commission does not edit personal Notice as a proposed rule change (SR–NSCC–2015–
The foregoing rule change has become identifying information from 003) with the Commission pursuant to section
effective pursuant to Section 19(b)(3)(A) 19(b)(1) of the Act, 15 U.S.C. 78s(b)(1), and Rule
19b–4, 17 CFR 240.19b–4. A copy of the proposed
12 15 U.S.C. 78s(b)(3)(A). rule change is available at http://www.dtcc.com/
11 See EDGX fee schedule, footnote 2. 13 17 CFR 240.19b–4(f). legal/sec-rule-filings.aspx.
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Document Created: 2015-12-15 09:34:04
Document Modified: 2015-12-15 09:34:04
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 55882 |
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