80 FR 62588 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 200 (October 16, 2015)
Federal Register Volume 80, Issue 200 (October 16, 2015)
| Page Range | 62588-62590 | |
| FR Document | 2015-26328 |
[Federal Register Volume 80, Number 200 (Friday, October 16, 2015)] [Notices] [Pages 62588-62590] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-26328] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76120; File No. SR-BATS-2015-83] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. October 9, 2015. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 1, 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 the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to BATS Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``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 The Exchange proposes to modify the fee schedule applicable to the Exchange's options platform (``BATS Options'') effective immediately, in order to: (i) Increase the fees for certain logical ports; and (ii) provide for separate fees based upon the number of logical ports utilized. A logical port represents a port established by the Exchange within the Exchange's system for trading and billing purposes. Each logical port established is specific to a Member or non-member and grants that Member or non-member the ability to operate a specific application, such as FIX order entry or PITCH data receipt. The Exchange's Multicast PITCH data feed is available from two primary feeds, identified as the ``A feed'' and the ``C feed'', which contain the same information but differ only in the way such feeds are received. The Exchange also offers two redundant fees, identified as the ``B feed'' and the ``D feed.'' The Exchange also offers a bulk-quoting interface which allows Users \6\ of BATS Options to submit and update multiple bids and offers in one message through logical ports enabled for bulk-quoting.\7\ The bulk-quoting application for BATS Options is a particularly useful feature for Users that provide quotations in many different options. --------------------------------------------------------------------------- \6\ A User on BATS Options is either a member of BATS Options or a sponsored participant who is authorized to obtain access to the Exchange's system pursuant to BATS Rule 11.3. \7\ See Securities Exchange Act Release Nos. 65133 (August 15, 2011), 76 FR 52032 (August 19, 2011) (SR-BATS-2011-029) and 65307 (September 9, 2011), 76 FR 57092 (September 15, 2011) (SR-BATS-2011- 034). --------------------------------------------------------------------------- Logical ports, including Multicast PITCH Spin Server and GRP ports, which are used to request and receive a retransmission of data from the Exchange, are currently subject to a fee of $400 per month per port and ports with bulk quoting capabilities are charged $1,500 per month per port. These fees are set and do not currently vary based on the number of ports purchased. In addition, logical port fees are limited to logical ports in the Exchange's primary data center and no logical port fees are assessed for redundant secondary data center ports. The Exchange assesses the monthly per logical port fees for all of a Member and non-Member's logical ports. The Exchange now proposes to increase the fees for logical ports (including Multicast PITCH Spin Server and GRP ports) from $400 per port per month to $550 per port per month for the first five ports. Multicast PITCH Spin Server Ports and GRP Ports would now be subject to a fee of $550 per month for a set of primary ports (A or C feed). The Exchange will continue to offer for free the ports necessary to receive the Exchange's redundant Multicast ``B feed'' and ``D feed'', as well as all ports made available in the Exchange's secondary data center. Accordingly, this proposal only applies to ports used to receive an Exchange primary Multicast PITCH feeds at the Exchange's primary data center. Other than as described below, the Exchange does not propose to amend the monthly fee for ports with bulk quoting capabilities. Where a User subscribes to more than five ports, the Exchange proposes to charge for each port in excess of five $650 per logical port per month and $2,000 per month for logical ports with bulk quoting capabilities. For example, if a User subscribes to seven logical ports, it would pay $550 per port per month for ports one through five and [[Page 62589]] $650 per port per month for ports six and seven.. Except for bulk quoting ports, which will be separately evaluated, the Exchange will sum logical ports across all classifications in order to determine applicable fees. For example, if a User subscribes to five logical ports and one logical port with bulk quoting capabilities, that User would be charged $550 per port per month for each logical port and $1,500 per month for the port with bulk quoting capabilities. That User would not be charged the increased fees for its sixth ports. However, should that User subscribe to six logical ports and one logical port with bulk quoting capabilities, that User would be charged $550 per port per month for logical ports one through five, $650 per month for its sixth logical port, and $1,500 per month for the port with bulk quoting capabilities. Implementation Date The Exchange proposes to implement these amendments to its fee schedule effective immediately. 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 of the Act.\8\ Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\9\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f. \9\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange operates in a highly competitive market in which exchanges offer connectivity services as a means to facilitate the trading activities of members and other participants. Accordingly, fees charged for connectivity are constrained by the active competition for the order flow of such participants as well as demand for market data from the Exchange. If a particular exchange charges excessive fees for connectivity, affected members will opt to terminate their connectivity arrangements with that exchange, and adopt a possible range of alternative strategies, including routing to the applicable exchange through another participant or market center or taking that exchange's data indirectly. Accordingly, the exchange charging excessive fees would stand to lose not only connectivity revenues but also revenues associated with the execution of orders routed to it by affected members, and, to the extent applicable, market data revenues. The Exchange believes that this competitive dynamic imposes powerful restraints on the ability of any exchange to charge unreasonable fees for connectivity. The Exchange believes that the proposal to increase fees for logical ports is equitably allocated, reasonable, and not unfairly discriminatory in that the proposal will help the Exchange to cover increasing infrastructure costs associated with offering and maintaining logical ports connections. The Exchange notes its proposal to increase the fee for logical ports equals that currently charged by the New York Stock Exchange, Inc. (``NYSE'') and NYSE Arca, Inc. (``NYSE Arca'').\10\ In addition, the Exchange believes that charging different fees based on the number of ports a User subscribes to is also equitably allocated, reasonable, and not unfairly discriminatory because proposed fees based on the number of ports subscribed to would encourage Users to become more efficient with, and reduce the number of ports used, thereby resulting in a corresponding increase in the efficiency that the Exchange would be able to realize with respect to managing its own infrastructure. Lastly, the Exchange notes that the NYSE and NYSE Arca also previously charged different fees based on the number of ports subscribed to.\11\ --------------------------------------------------------------------------- \10\ See File Nos. SR-NYSE-2015-43 (filed September 23, 2015), and SR-NYSEArca-2015-87 (filed September 22, 2015) (proposing a fee of $550 per port per month). In addition, the charge on the NASDAQ Stock Market LLC (``NASDAQ'') for a FIX Trading Port is $550 per port per month. See NASDAQ Rule 7015. A separate charge for Pre- Trade Risk Management ports also is applicable, which ranges from $400 to $600 and is capped at $25,000 per firm per month. See NASDAQ Rule 7016. \11\ See File Nos. SR-NYSE-2015-43 (filed September 23, 2015), and SR-NYSEArca-2015-87 (filed September 22, 2015). --------------------------------------------------------------------------- Lastly, the Exchange also believes that the proposed amendments to its fee schedule are non-discriminatory because they will apply uniformly to all Members. All Members that voluntarily select various service options will be charged the same amount for the same services. All Members have the option to select any connectivity option, and there is no differentiation among Members with regard to the fees charged for the services offered by the Exchange. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes its proposed amendments to its fee schedule would not 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 change represents 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 believes that fees for connectivity are constrained by the robust competition for order flow among exchanges and non-exchange markets. Further, excessive fees for connectivity, including logical port fees, would serve to impair an exchange's ability to compete for order flow rather than burdening competition. The Exchange also does not believe the proposed rule change would impact intramarket competition as it would apply to all Members and non-Members equally. 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 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 is effective upon filing pursuant to Section 19(b)(3)(A)\12\ of the Act and subparagraph (f)(2) of Rule 19b- 4\13\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 [[Page 62590]] Commission shall institute proceedings under Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 No. SR-BATS-2015-83 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 No. SR-BATS-2015-83. 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 No. SR-BATS-2015-83, and should be submitted on or before November 6, 2015. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-26328 Filed 10-15-15; 8:45 am] BILLING CODE 8011-01-P
![62588 Federal Register / Vol. 80, No. 200 / Friday, October 16, 2015 / Notices
Commission also continues to believe solicit comments on the proposed rule identified as the ‘‘B feed’’ and the ‘‘D
that the rule does not unfairly change from interested persons. feed.’’ The Exchange also offers a bulk-
discriminate between issuers, consistent quoting interface which allows Users 6
I. Self-Regulatory Organization’s
with Section 6(b)(5) of the Act.30 of BATS Options to submit and update
Statement of the Terms of the Substance
Finally, the Commission believes that multiple bids and offers in one message
of the Proposed Rule Change
the proposal does not impose any through logical ports enabled for bulk-
burden on competition not necessary or The Exchange filed a proposal to quoting.7 The bulk-quoting application
appropriate in furtherance of the amend the fee schedule applicable to for BATS Options is a particularly
purposes of the Act, consistent with Members 5 and non-members of the useful feature for Users that provide
Section 6(b)(8) of the Act.31 Exchange pursuant to BATS Rules quotations in many different options.
15.1(a) and (c). Logical ports, including Multicast
V. Conclusion The text of the proposed rule change PITCH Spin Server and GRP ports,
is available at the Exchange’s Web site which are used to request and receive a
It is therefore ordered, pursuant to
at www.batstrading.com, at the retransmission of data from the
Section 19(b)(2) of the Act,32 that the
principal office of the Exchange, and at Exchange, are currently subject to a fee
proposed rule change (SR–NYSE–2015–
the Commission’s Public Reference of $400 per month per port and ports
36), be, and hereby is, approved.
Room. with bulk quoting capabilities are
For the Commission, by the Division of charged $1,500 per month per port.
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
Statement of the Purpose of, and These fees are set and do not currently
authority.33
Statutory Basis for, the Proposed Rule vary based on the number of ports
Brent J. Fields, purchased. In addition, logical port fees
Secretary.
Change
are limited to logical ports in the
[FR Doc. 2015–26336 Filed 10–15–15; 8:45 am] In its filing with the Commission, the Exchange’s primary data center and no
BILLING CODE 8011–01–P
Exchange included statements logical port fees are assessed for
concerning the purpose of and basis for redundant secondary data center ports.
the proposed rule change and discussed The Exchange assesses the monthly per
SECURITIES AND EXCHANGE any comments it received on the logical port fees for all of a Member and
COMMISSION proposed rule change. The text of these non-Member’s logical ports.
statements may be examined at the The Exchange now proposes to
[Release No. 34–76120; File No. SR–BATS–
places specified in Item IV below. The increase the fees for logical ports
2015–83] Exchange has prepared summaries, set (including Multicast PITCH Spin Server
forth in Sections A, B, and C below, of and GRP ports) from $400 per port per
Self-Regulatory Organizations; BATS the most significant parts of such month to $550 per port per month for
Exchange, Inc.; Notice of Filing and statements. the first five ports. Multicast PITCH
Immediate Effectiveness of a Proposed A. Self-Regulatory Organization’s Spin Server Ports and GRP Ports would
Rule Change Related to Fees for Use Statement of the Purpose of, and now be subject to a fee of $550 per
of BATS Exchange, Inc. Statutory Basis for, the Proposed Rule month for a set of primary ports (A or
Change C feed). The Exchange will continue to
October 9, 2015.
offer for free the ports necessary to
Pursuant to the provisions of Section 1. Purpose receive the Exchange’s redundant
19(b)(1) of the Securities Exchange Act The Exchange proposes to modify the Multicast ‘‘B feed’’ and ‘‘D feed’’, as
of 1934 (‘‘Act’’) 1 and Rule 19b–4 fee schedule applicable to the well as all ports made available in the
thereunder,2 notice is hereby given that Exchange’s options platform (‘‘BATS Exchange’s secondary data center.
on October 1, 2015, BATS Exchange, Options’’) effective immediately, in Accordingly, this proposal only applies
Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed order to: (i) Increase the fees for certain to ports used to receive an Exchange
with the Securities and Exchange logical ports; and (ii) provide for primary Multicast PITCH feeds at the
Commission (‘‘Commission’’) the separate fees based upon the number of Exchange’s primary data center. Other
proposed rule change as described in logical ports utilized. than as described below, the Exchange
Items I, II and III below, which Items A logical port represents a port does not propose to amend the monthly
have been prepared by the Exchange. established by the Exchange within the fee for ports with bulk quoting
The Exchange has designated the Exchange’s system for trading and capabilities.
proposed rule change as one billing purposes. Each logical port Where a User subscribes to more than
establishing or changing a member due, established is specific to a Member or five ports, the Exchange proposes to
fee, or other charge imposed by the non-member and grants that Member or charge for each port in excess of five
Exchange under Section 19(b)(3)(A)(ii) non-member the ability to operate a $650 per logical port per month and
of the Act 3 and Rule 19b–4(f)(2) specific application, such as FIX order $2,000 per month for logical ports with
thereunder,4 which renders the entry or PITCH data receipt. The bulk quoting capabilities. For example,
proposed rule change effective upon Exchange’s Multicast PITCH data feed is if a User subscribes to seven logical
filing with the Commission. The available from two primary feeds, ports, it would pay $550 per port per
Commission is publishing this notice to identified as the ‘‘A feed’’ and the ‘‘C month for ports one through five and
feed’’, which contain the same
srobinson on DSK5SPTVN1PROD with NOTICES
6 A User on BATS Options is either a member of
30 15 U.S.C. 78f(b)(5). information but differ only in the way
BATS Options or a sponsored participant who is
31 15 U.S.C. 78f(b)(8). such feeds are received. The Exchange authorized to obtain access to the Exchange’s
32 15 U.S.C. 78s(b)(2).
also offers two redundant fees, system pursuant to BATS Rule 11.3.
33 17 CFR 200.30–3(a)(12).
7 See Securities Exchange Act Release Nos. 65133
1 15 U.S.C. 78s(b)(1).
5 The term ‘‘Member’’ is defined as ‘‘any (August 15, 2011), 76 FR 52032 (August 19, 2011)
2 17 CFR 240.19b–4.
registered broker or dealer that has been admitted (SR–BATS–2011–029) and 65307 (September 9,
3 15 U.S.C. 78s(b)(3)(A)(ii).
to membership in the Exchange.’’ See Exchange 2011), 76 FR 57092 (September 15, 2011) (SR–
4 17 CFR 240.19b–4(f)(2). Rule 1.5(n). BATS–2011–034).
VerDate Sep<11>2014 18:54 Oct 15, 2015 Jkt 238001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\16OCN1.SGM 16OCN1](https://thefederalregister.org/doc/80_FR_62788/page/1.svg)
![62590 Federal Register / Vol. 80, No. 200 / Friday, October 16, 2015 / Notices
Commission shall institute proceedings 2015–83, and should be submitted on or and at the Commission’s Public
under Section 19(b)(2)(B) 14 of the Act to before November 6, 2015. Reference Room.
determine whether the proposed rule For the Commission, by the Division of II. Self-Regulatory Organization’s
change should be approved or Trading and Markets, pursuant to delegated Statement of the Purpose of, and
disapproved. authority.15
Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Robert W. Errett, Change
Deputy Secretary.
Interested persons are invited to [FR Doc. 2015–26328 Filed 10–15–15; 8:45 am]
In its filing with the Commission, the
submit written data, views, and self-regulatory organization included
BILLING CODE 8011–01–P
arguments concerning the foregoing, statements concerning the purpose of,
including whether the proposed rule and basis for, the proposed rule change
change is consistent with the Act. SECURITIES AND EXCHANGE and discussed any comments it received
Comments may be submitted by any of COMMISSION on the proposed rule change. The text
the following methods: of those statements may be examined at
[Release No. 34–76124; File No. SR– the places specified in Item IV below.
Electronic Comments NYSEArca–2015–91] The Exchange has prepared summaries,
• Use the Commission’s Internet Self-Regulatory Organizations; NYSE set forth in sections A, B, and C below,
comment form (http://www.sec.gov/ Arca, Inc.; Notice of Filing and of the most significant parts of such
rules/sro.shtml); or Immediate Effectiveness of Proposed statements.
• Send an email to rule-comments@ Rule Change, as Modified by A. Self-Regulatory Organization’s
sec.gov. Please include File No. SR– Amendment No. 1, Amending the Statement of the Purpose of, and
BATS–2015–83 on the subject line. Exchange’s Fee Schedule To Eliminate Statutory Basis for, the Proposed Rule
the Sponsor Fee In Connection With Change
Paper Comments Listing a New Derivative Securities
Product on the Exchange 1. Purpose
• Send paper comments in triplicate
Currently, the Exchange’s Schedule of
to Brent J. Fields, Secretary, Securities October 9, 2015.
Fees and Charges (‘‘Schedule’’) provides
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1)1 of the that, where a first time sponsor,
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 (the managing owner, general partner or
All submissions should refer to File No. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 equivalent (‘‘Sponsor’’) lists a new
SR–BATS–2015–83. This file number notice is hereby given that, on October Derivative Securities Product 5 on the
should be included on the subject line 5, 2015, NYSE Arca, Inc. (the Exchange, the Sponsor is charged a one-
if email is used. To help the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
time consulting charge of $20,000 (the
Commission process and review your the Securities and Exchange
‘‘Sponsor Fee’’). The Exchange
comments more efficiently, please use Commission (the ‘‘Commission’’) the
originally implemented the Sponsor Fee
only one method. The Commission will proposed rule change as described in
in 2009 to adequately compensate the
post all comments on the Commission’s Items I, II, and III below, which Items
Exchange for additional legal and
Internet Web site (http://www.sec.gov/ have been prepared by the self-
business resources to properly advise
rules/sro.shtml). Copies of the regulatory organization. On October 8,
new Sponsors through the listing
submission, all subsequent 2015, the Exchange filed Amendment
process.6
amendments, all written statements No. 1 to the proposed rule change.4 The
The Exchange proposes to amend the
with respect to the proposed rule Commission is publishing this notice to
Fee Schedule to eliminate the Sponsor
change that are filed with the solicit comments on the proposed rule
Fee. The Exchange has determined to
Commission, and all written change, as modified by Amendment No.
eliminate the Sponsor Fee to permit the
communications relating to the 1, from interested persons.
Exchange to better compete for listings
proposed rule change between the I. Self-Regulatory Organization’s of Derivative Securities Products with
Commission and any person, other than Statement of the Terms of Substance of other exchanges that do not impose a fee
those that may be withheld from the the Proposed Rule Change similar to the Sponsor Fee. Elimination
public in accordance with the The Exchange proposes to amend the of the Sponsor Fee would benefit
provisions of 5 U.S.C. 552, will be Exchange’s Schedule of Fees and Sponsors by providing a cost savings
available for Web site viewing and Charges (‘‘Fee Schedule’’) to eliminate and by permitting them to select their
printing in the Commission’s Public the $20,000 one-time consultation fee listing venue for a new Derivative
Reference Room, 100 F Street NE., when a first time sponsor, managing Securities Product based on level of
Washington, DC 20549 on official owner, general partner or equivalent is service and without consideration of
business days between the hours of listing a new Derivative Securities
10:00 a.m. and 3:00 p.m. Copies of such Product on the Exchange. The text of the
5 For the purposes of the Schedule, the term
filing also will be available for ‘‘Derivative Securities Products’’ includes securities
proposed rule change is available on the described in NYSE Arca Equities Rules 5.2(j)(3)
inspection and copying at the principal Exchange’s Web site at www.nyse.com, (Investment Company Units); 8.100 (Portfolio
office of the Exchange. All comments at the principal office of the Exchange, Depositary Receipts); 8.200 (Trust Issued Receipts);
received will be posted without change; 8.201 (Commodity-Based Trust Shares); 8.202
the Commission does not edit personal (Currency Trust Shares); 8.203 (Commodity Index
srobinson on DSK5SPTVN1PROD with NOTICES
15 17 CFR 200.30–3(a)(12). Trust Shares); 8.204 (Commodity Futures Trust
identifying information from 1 15 U.S.C. 78s(b)(1). Shares); 8.300 (Partnership Units); 8.500 (Trust
submissions. You should submit only 2 15 U.S.C. 78a.
Units); 8.600 (Managed Fund Shares), and 8.700
information that you wish to make 3 17 CFR 240.19b–4. (Managed Trust Securities).
available publicly. All submissions 4 In Amendment No. 1, the Exchange represented 6 See Securities Exchange Act Release No. 60184
should refer to File No. SR–BATS– that, notwithstanding the elimination of the (June 29, 2009), 74 FR 32209 (July 7, 2009) (SR–
Sponsor Fee (as defined herein), the Exchange will NYSEArca–2009–52) (notice of filing of proposed
continue to be able to fund its regulatory rule change to amend the schedule of fees and
14 15 U.S.C. 78s(b)(2)(B). obligations. changes for Exchange services).
VerDate Sep<11>2014 18:54 Oct 15, 2015 Jkt 238001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\16OCN1.SGM 16OCN1](https://thefederalregister.org/doc/80_FR_62788/page/3.svg)
Document Created: 2015-12-14 15:23:11
Document Modified: 2015-12-14 15:23:11
| 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 62588 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR