80 FR 60193 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Restructure and Amend Rule 11.17, Clearly Erroneous Executions
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 192 (October 5, 2015)
Federal Register Volume 80, Issue 192 (October 5, 2015)
| Page Range | 60193-60195 | |
| FR Document | 2015-25178 |
[Federal Register Volume 80, Number 192 (Monday, October 5, 2015)] [Notices] [Pages 60193-60195] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-25178] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76016; File No. SR-BYX-2015-40] Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Restructure and Amend Rule 11.17, Clearly Erroneous Executions September 29, 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 21, 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 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to restructure and amend Rule 11.17, Clearly Erroneous Executions, in order to conform to the rules of EDGA Exchange, Inc. (``EDGA'') and EDGX Exchange, Inc. (``EDGX'').\3\ --------------------------------------------------------------------------- \3\ See EDGA and EDGX Rule 11.15. --------------------------------------------------------------------------- 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 In early 2014, the Exchange and its affiliate, BATS Exchange, Inc. (``BZX''), received approval to effect a merger (the ``Merger'') of the Exchange's parent company, BATS Global Markets, Inc., with Direct Edge Holdings LLC, the indirect parent of EDGX and EDGA (together with BZX, BYX and EDGX, the ``BGM Affiliated Exchanges'').\4\ In the context of the Merger, the BGM Affiliated Exchanges are working to align their rules, retaining only intended differences between the BGM Affiliated Exchanges. Thus, the Exchange proposes to restructure and amend Rule 11.17, Clearly Erroneous Executions, in order to conform to the corresponding rules of EDGA and EDGX and provide a consistent rule set across each of the BGM Affiliated Exchanges.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 71375 (January 23, 2014), 79 FR 4771 (January 29, 2014) (SR-BATS-2013-059; SR-BYX-2013- 039). \5\ The Exchange notes that BZX intends to file an identical proposal with the Commission to restructure and amend its Rule 11.17, Clearly Erroneous Executions, to conform to EDGA and EDGX Rules 11.15. --------------------------------------------------------------------------- Background On September 10, 2010, the Commission approved, on a pilot basis, changes to BATS Rule 11.17 to provide for uniform treatment: (1) Of clearly erroneous \6\ execution reviews in multi-stock events involving twenty or more securities; and (2) in the event transactions occur that result in the issuance of an individual stock trading pause by the primary listing market and subsequent transactions that occur before the trading pause is in effect on the Exchange.\7\ The Exchange also adopted additional changes to Rule 11.17 that reduced the ability of the Exchange to deviate from the objective standards set forth in Rule 11.17,\8\ and in 2013, adopted a provision designed to address the operation of the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up- Limit Down Plan'' or the ``Plan'').\9\ In 2014, the Exchange adopted two additional provisions providing that: (i) A series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the ``Multi-Day Event''); and (ii) in the event of any disruption or malfunction in the operation of the electronic communications and trading facilities of an Exchange, another SRO, or responsible single plan processor in connection with the transmittal or receipt of a trading halt, an Officer, acting on his or her own motion, shall nullify any transaction that occurs after a trading halt has been declared by the primary listing market for a security and before such trading halt has officially ended according to the primary listing market.\10\ --------------------------------------------------------------------------- \6\ The terms of a transaction executed on the Exchange are ``clearly erroneous'' when there is an obvious error in any term, such as price, number of shares or other unit of trading, or identification of the security. A transaction made in clearly erroneous error and cancelled by both parties or determined by the Exchange to be clearly erroneous will be removed from the Consolidated Tape. See Exchange Rule 11.17(a). \7\ Securities Exchange Act Release No. 62886 (Sept. 10, 2010), 75 FR 56613 (Sept. 16, 2010) (SR-BATS-2010-016). \8\ Id. \9\ See Securities Exchange Act Release No. 68797 (Jan. 31, 2013), 78 FR 8635 (Feb. 6, 2013) (SR-BATS-2013-008); see also current BATS Rule 11.17(h). \10\ See Securities Exchange Act Release No. 72434 (June 19, 2014), 79 FR 36110 (June 25, 2014) (SR-BYX-2014-007). --------------------------------------------------------------------------- [[Page 60194]] Proposed Amendments to Rule 11.17 First, the Exchange proposes to add new subparagraph (h) to Rule 11.17 which would describe the process for nullifying trades in UTP Securities that are the subject of an initial public offering (``IPOs''). The provisions of proposed paragraph (h) are substantially similar to EDGA and EDGX Rules 11.15(h) and differs only to the extent to conform to existing phrasing and terminology within other provisions of Rule 11.17.\11\ --------------------------------------------------------------------------- \11\ The Exchange notes that EDGA and EDGX are to file rule changes with the Commission to proposes a series of ministerial changes to their Rules 11.15, Clearly Erroneous Executions, to conform with other provisions of BZX and BYX Rule 11.17 to ensure each of the BGM Affiliated Exchange have identical rule text with regard to the review and handling of clearly erroneous executions. This filing would include changes to EDGA and EDGX Rules 11.15(h) to mirror Exchange Rule 11.17(h) as proposed herein. --------------------------------------------------------------------------- Pursuant to Rule 12f-2 of the Securities Exchange Act of 1934,\12\ the Exchange may extend unlisted trading privileges to a security that is the subject of an IPO when at least one transaction in the subject security has been effected on the national securities exchange or association upon which the security is listed and the transaction has been reported pursuant to an effective transaction reporting plan. Under proposed paragraph (h), a clearly erroneous error may be deemed to have occurred in the opening transaction of the subject security if the execution price of the opening transaction on the Exchange is the lesser of $1.00 or 10% away from the opening price on the listing exchange or association. In such circumstances, the Officer of the Exchange or other senior level employee designee shall declare the opening transaction null and void or shall decline to take action in connection with the completed trade(s). Clearly erroneous executions of subsequent transactions of the subject security will be reviewed in the same manner as the procedure set forth in Exchange Rule 11.17(e)(1). Absent extraordinary circumstances, any such action of the Officer of the Exchange or other senior level employee designee pursuant to proposed subparagraph (h) shall be taken in a timely fashion, generally within thirty (30) minutes of the detection of the erroneous transaction. When extraordinary circumstances exist, any such action of the Officer of the Exchange or other senior level employee designee must be taken by no later than the start of Regular Trading Hours on the trading day following the date of execution(s) under review. Each party involved in the transaction shall be notified as soon as practicable by the Exchange, and the party aggrieved by the action may appeal such action in accordance with the provisions of Exchange Rule 11.17(e)(2). As stated above, proposed paragraph (h) is substantially similar to EDGA and EDGX Rules 11.15(h) and differs only to the extent to conform to existing phrasing and terminology within other provisions of Rule 11.17. --------------------------------------------------------------------------- \12\ 17 CFR 240.12f-2. --------------------------------------------------------------------------- The Exchange also proposes the following ministerial amendments to Rule 11.17 as a result of proposing new paragraph (h). First, the Exchange proposes to renumber current paragraph (h) as (i), current paragraph (i) as (j), and current paragraph (j) as (k). In addition, the Exchange proposes to update the references to these paragraph in the introductory section of Rule 11.17 to reflect these changes and the addition of proposed paragraph (h). Lastly, the Exchange proposes the following changes to further conform Rule 11.17 to EDGA and EDGX Rules 11.15:Amend paragraph (e)(1) to clarify that a determination made pursuant to this paragraph shall be made generally within thirty (30) minutes of receipt of the complaint, but in no case later than the start of Regular Trading Hours on the following trading day, rather than simply stating the following day. This proposed change would make paragraph (e)(1) identical to EDGA and EDGX Rule 11.15(e)(1). Amend paragraph (e)(2)(A) to define CRO as the ``Exchange's Chief Regulatory Officer''. This proposed change would make paragraph (e)(2)(A) identical to EDGA and EDGX Rule 11.15(e)(2)(A). Amend paragraph (e)(2)(F) to replace the term ``Officer'' with ``Official'' in order to use consistent terminology throughout Rule 11.17. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\13\ Specifically, the proposed change is consistent with Section 6(b)(5) of the Act,\14\ because it is designed to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system, and, in general, to protect investors and the public interest. As mentioned above, the proposed rule changes, combined with the planned filing for the BZX, EDGA, and EDGX, would allow the BGM Affiliated Exchanges to provide a consistent set of rules as it relates to clearly erroneous executions. Consistent rules, in turn, will simplify the regulatory requirements for Members of the Exchange that are also participants on EDGA, EDGX and/or BZX. The proposed rule change would provide greater harmonization between rules of similar purpose on the BGM Affiliated Exchanges, resulting in greater uniformity and less burdensome and more efficient regulatory compliance and understanding of Exchange Rules. As such, the proposed rule change would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national market system. Similarly, the Exchange also believes that, by harmonizing the rules across each BGM Affiliated Exchange, the proposal will enhance the Exchange's ability to fairly and efficiently regulate its Members, meaning that the proposed rule change is equitable and will promote fairness in the market place. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Finally, the Exchange believes that the non-substantive, ministerial changes discussed above will contribute to the protection of investors and the public interest by helping to avoid confusion with respect to Exchange Rules. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the act. To the contrary, allowing the Exchange to implement substantively identical rules across each of the BGM Affiliated Exchanges regarding clearly erroneous executions does not present any competitive issues, but rather is designed to provide greater harmonization among Exchange, BZX, EDGX, and EDGA rules of similar purpose. The proposed rule change should, therefore, result in less burdensome and more efficient regulatory compliance and understanding of Exchange Rules for common members of the BGM Affiliated Exchanges and an enhanced ability of the BGM Affiliated Exchanges to fairly and efficiently regulate Members. [[Page 60195]] 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 Exchange has designated this rule filing as non-controversial under Section 19(b)(3)(A) of the Act \15\ and paragraph (f)(6) of Rule 19b-4 thereunder.\16\ The proposed rule change effects a change that (A) does not significantly affect the protection of investors or the public interest; (B) does not impose any significant burden on competition; and (C) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest; provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission may summarily temporarily suspend such rule change if it appears to the Commission that such action is: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the 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-BYX-2015-40 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-BYX-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 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-BYX-2015-40, and should be submitted on or before October 26, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-25178 Filed 10-2-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / Notices 60193
communications relating to the I. Self-Regulatory Organization’s Background
proposed rule change between the Statement of the Terms of Substance of
Commission and any person, other than the Proposed Rule Change On September 10, 2010, the
those that may be withheld from the Commission approved, on a pilot basis,
The Exchange filed a proposal to changes to BATS Rule 11.17 to provide
public in accordance with the
restructure and amend Rule 11.17, for uniform treatment: (1) Of clearly
provisions of 5 U.S.C. 552, will be Clearly Erroneous Executions, in order
available for Web site viewing and erroneous 6 execution reviews in multi-
to conform to the rules of EDGA stock events involving twenty or more
printing in the Commission’s Public Exchange, Inc. (‘‘EDGA’’) and EDGX
Reference Room, 100 F Street NE., securities; and (2) in the event
Exchange, Inc. (‘‘EDGX’’).3 transactions occur that result in the
Washington, DC 20549, on official
The text of the proposed rule change issuance of an individual stock trading
business days between the hours of
is available at the Exchange’s Web site pause by the primary listing market and
10:00 a.m. and 3:00 p.m. Copies of the
at www.batstrading.com, at the subsequent transactions that occur
filing also will be available for principal office of the Exchange, and at
inspection and copying at the principal before the trading pause is in effect on
the Commission’s Public Reference the Exchange.7 The Exchange also
office of the Exchange. All comments Room. adopted additional changes to Rule
received will be posted without change;
II. Self-Regulatory Organization’s 11.17 that reduced the ability of the
the Commission does not edit personal
Statement of the Purpose of, and Exchange to deviate from the objective
identifying information from
Statutory Basis for, the Proposed Rule standards set forth in Rule 11.17,8 and
submissions. You should submit only
Change in 2013, adopted a provision designed
information that you wish to make
to address the operation of the Plan to
available publicly. All submissions In its filing with the Commission, the Address Extraordinary Market Volatility
should refer to File Number SR–NYSE– Exchange included statements Pursuant to Rule 608 of Regulation NMS
2015–40 and should besubmitted on or concerning the purpose of and basis for under the Act (the ‘‘Limit Up-Limit
before October 26, 2015. the proposed rule change and discussed Down Plan’’ or the ‘‘Plan’’).9 In 2014,
For the Commission, by the Division of any comments it received on the the Exchange adopted two additional
Trading and Markets, pursuant to delegated proposed rule change. The text of these provisions providing that: (i) A series of
authority.21 statements may be examined at the transactions in a particular security on
Robert W. Errett, places specified in Item IV below. The one or more trading days may be viewed
Exchange has prepared summaries, set as one event if all such transactions
Deputy Secretary.
forth in Sections A, B, and C below, of were effected based on the same
[FR Doc. 2015–25174 Filed 10–2–15; 8:45 am]
the most significant parts of such fundamentally incorrect or grossly
BILLING CODE 8011–01–P statements. misinterpreted issuance information
A. Self-Regulatory Organization’s resulting in a severe valuation error for
SECURITIES AND EXCHANGE Statement of the Purpose of, and all such transactions (the ‘‘Multi-Day
COMMISSION Statutory Basis for, the Proposed Rule Event’’); and (ii) in the event of any
Change disruption or malfunction in the
operation of the electronic
[Release No. 34–76016; File No. SR–BYX– 1. Purpose
2015–40]
communications and trading facilities of
In early 2014, the Exchange and its an Exchange, another SRO, or
Self-Regulatory Organizations; BATS affiliate, BATS Exchange, Inc. (‘‘BZX’’), responsible single plan processor in
Y-Exchange, Inc.; Notice of Filing and received approval to effect a merger (the connection with the transmittal or
Immediate Effectiveness of a Proposed ‘‘Merger’’) of the Exchange’s parent receipt of a trading halt, an Officer,
Rule Change To Restructure and company, BATS Global Markets, Inc., acting on his or her own motion, shall
Amend Rule 11.17, Clearly Erroneous with Direct Edge Holdings LLC, the nullify any transaction that occurs after
Executions indirect parent of EDGX and EDGA a trading halt has been declared by the
(together with BZX, BYX and EDGX, the primary listing market for a security and
September 29, 2015. ‘‘BGM Affiliated Exchanges’’).4 In the before such trading halt has officially
context of the Merger, the BGM ended according to the primary listing
Pursuant to Section 19(b)(1) of the
Affiliated Exchanges are working to market.10
Securities Exchange Act of 1934 (the
align their rules, retaining only intended
‘‘Act’’),1 and Rule 19b–4 thereunder,2
differences between the BGM Affiliated 6 The terms of a transaction executed on the
notice is hereby given that on Exchanges. Thus, the Exchange Exchange are ‘‘clearly erroneous’’ when there is an
September 21, 2015, BATS Y-Exchange, proposes to restructure and amend Rule obvious error in any term, such as price, number
Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed 11.17, Clearly Erroneous Executions, in
of shares or other unit of trading, or identification
with the Securities and Exchange of the security. A transaction made in clearly
order to conform to the corresponding erroneous error and cancelled by both parties or
Commission (‘‘Commission’’) the rules of EDGA and EDGX and provide determined by the Exchange to be clearly erroneous
proposed rule change as described in a consistent rule set across each of the will be removed from the Consolidated Tape. See
Items I, II, and III below, which items Exchange Rule 11.17(a).
BGM Affiliated Exchanges.5 7 Securities Exchange Act Release No. 62886
have been prepared by the Exchange.
(Sept. 10, 2010), 75 FR 56613 (Sept. 16, 2010) (SR–
mstockstill on DSK4VPTVN1PROD with NOTICES
The Commission is publishing this 3 See EDGA and EDGX Rule 11.15. BATS–2010–016).
notice to solicit comments on the 4 See Securities Exchange Act Release No. 71375 8 Id.
proposed rule change from interested (January 23, 2014), 79 FR 4771 (January 29, 2014) 9 See Securities Exchange Act Release No. 68797
persons. (SR–BATS–2013–059; SR–BYX–2013–039). (Jan. 31, 2013), 78 FR 8635 (Feb. 6, 2013) (SR–
5 The Exchange notes that BZX intends to file an BATS–2013–008); see also current BATS Rule
identical proposal with the Commission to 11.17(h).
21 17 CFR 200.30–3(a)(12). restructure and amend its Rule 11.17, Clearly 10 See Securities Exchange Act Release No. 72434
1 15 U.S.C. 78s(b)(1). Erroneous Executions, to conform to EDGA and (June 19, 2014), 79 FR 36110 (June 25, 2014) (SR–
2 17 CFR 240.19b–4. EDGX Rules 11.15. BYX–2014–007).
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![Federal Register / Vol. 80, No. 192 / Monday, October 5, 2015 / Notices 60195
C. Self-Regulatory Organization’s Paper Comments SECURITIES AND EXCHANGE
Statement on Comments on the COMMISSION
Proposed Rule Change Received From • Send paper comments in triplicate
Members, Participants, or Others to Brent J. Fields, Secretary, Securities
[Release No. 34–76024; File No. SR–CBOE–
and Exchange Commission 100 F Street 2015–080]
The Exchange has neither solicited NE., Washington, DC 20549–1090.
nor received written comments on the
proposed rule change. All submissions should refer to File Self-Regulatory Organizations;
Number SR–BYX–2015–40. This file Chicago Board Options Exchange,
III. Date of Effectiveness of the Incorporated; Notice of Filing and
number should be included on the
Proposed Rule Change and Timing for Immediate Effectiveness of a Proposed
Commission Action subject line if email is used. To help the
Rule Change Relating to Bandwidth
Commission process and review your
The Exchange has designated this rule comments more efficiently, please use September 29, 2015.
filing as non-controversial under only one method. The Commission will Pursuant to section 19(b)(1) 1 of the
Section 19(b)(3)(A) of the Act 15 and post all comments on the Commission’s Securities Exchange Act of 1934 (the
paragraph (f)(6) of Rule 19b–4 Internet Web site (http://www.sec.gov/ ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
thereunder.16 The proposed rule change rules/sro.shtml). Copies of the notice is hereby given that on
effects a change that (A) does not submission, all subsequent September 25, 2015, Chicago Board
significantly affect the protection of Options Exchange, Incorporated (the
amendments, all written statements
investors or the public interest; (B) does ‘‘Exchange’’ or ‘‘CBOE’’) filed with the
with respect to the proposed rule
not impose any significant burden on Securities and Exchange Commission
change that are filed with the
competition; and (C) by its terms, does (the ‘‘Commission’’) the proposed rule
not become operative for 30 days after Commission, and all written
communications relating to the change as described in Items I and II
the date of the filing, or such shorter below, which Items have been prepared
time as the Commission may designate proposed rule change between the
Commission and any person, other than by the self-regulatory organization. The
if consistent with the protection of Exchange has designated this proposal
investors and the public interest; those that may be withheld from the
public in accordance with the as a ‘‘non-controversial’’ proposed rule
provided that the self-regulatory change pursuant to section 19(b)(3)(A)
organization has given the Commission provisions of 5 U.S.C. 552, will be
of the Act 4 and Rule 19b–4(f)(6)(iii)
written notice of its intent to file the available for Web site viewing and
thereunder,5 which renders it effective
proposed rule change, along with a brief printing in the Commission’s Public
upon filing with the Commission. The
description and text of the proposed Reference Room, 100 F Street NE., Commission is publishing this notice to
rule change, at least five business days Washington, DC 20549 on official solicit comments on the proposed rule
prior to the date of filing of the business days between the hours of change from interested persons.
proposed rule change, or such shorter 10:00 a.m. and 3:00 p.m. Copies of such
time as designated by the Commission. filing also will be available for I. Self-Regulatory Organization’s
At any time within 60 days of the inspection and copying at the principal Statement of the Terms of Substance of
filing of the proposed rule change, the office of the Exchange. All comments the Proposed Rule Change
Commission may summarily received will be posted without change; The Exchange proposes to provide
temporarily suspend such rule change if the Commission does not edit personal that certain quote cancel messages are
it appears to the Commission that such identifying information from subject to bandwidth limitations. The
action is: (1) Necessary or appropriate in submissions. You should submit only text of the proposed rule change is
the public interest; (2) for the protection information that you wish to make available on the Exchange’s Web site
of investors; or (3) otherwise in available publicly. All submissions (http://www.cboe.com/AboutCBOE/
furtherance of the purposes of the Act. CBOELegalRegulatoryHome.aspx), at
should refer to File Number SR–BYX–
If the Commission takes such action, the the Exchange’s Office of the Secretary,
2015–40, and shouldbe submitted on or
Commission shall institute proceedings and at the Commission’s Public
before October 26, 2015.
to determine whether the proposed rule Reference Room.
should be approved or disapproved. For the Commission, by the Division of
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
IV. Solicitation of Comments authority.17 Statement of the Purpose of, and
Interested persons are invited to Robert W. Errett, Statutory Basis for, the Proposed Rule
submit written data, views, and Change
Deputy Secretary.
arguments concerning the foregoing, [FR Doc. 2015–25178 Filed 10–2–15; 8:45 am] In its filing with the Commission, the
including whether the proposed rule self-regulatory organization included
BILLING CODE 8011–01–P
change is consistent with the Act. statements concerning the purpose of,
Comments may be submitted by any of and basis for, the proposed rule change
the following methods: and discussed any comments it received
Electronic Comments on the proposed rule change. The text
of those statements may be examined at
• Use the Commission’s Internet the places specified in Item IV below.
mstockstill on DSK4VPTVN1PROD with NOTICES
comment form (http://www.sec.gov/ The Exchange has prepared summaries,
rules/sro.shtml); or set forth in sections A, B, and C below,
• Send an email to rule-comments@
sec.gov. Please include File Number SR– 1 15 U.S.C.78s(b)(1).
BYX–2015–40 on the subject line. 2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
15 15 U.S.C. 78s(b)(3)(A). 4 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4. 17 17 CFR 200.30–3(a)(12). 5 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2015-12-15 08:52:46
Document Modified: 2015-12-15 08:52:46
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