80 FR 65279 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution and Routing

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 206 (October 26, 2015)

Page Range		65279-65280
FR Document		2015-27068

Federal Register, Volume 80 Issue 206 (Monday, October 26, 2015)

[Federal Register Volume 80, Number 206 (Monday, October 26, 2015)]
[Notices]
[Pages 65279-65280]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-27068]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76197; File No. SR-BATS-2015-87]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 11.13, Order Execution and Routing

October 20, 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 October 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 this proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(6) thereunder,\4\ which renders it effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange filed a proposal to amend Rule 11.13, Order Execution
and Routing, to enable Users \5\ to designate their orders for
participation in the re-opening (following a halt, suspension, or
pause) of a primary listing market other than the Exchange (NYSE,
Nasdaq, NYSE MKT, or NYSE Arca) if received before the re-opening time
of such market.
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\5\ The term ``User'' is defined as ``any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
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The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at 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 amend Rule 11.13, Order Execution and
Routing, to enable Users to designate their orders for participation in
the re-opening (following a halt, suspension, or pause) of a primary
listing market other than the Exchange (NYSE, Nasdaq, NYSE MKT, or NYSE
Arca) if received before the re-opening time of such market. The
Exchange currently offers the ROOC routing option, under which Users
may designate their orders for participation in the opening or closing
process, in addition to the re-opening (following a halt, suspension,
or pause), of a primary listing market other than the Exchange, if
received before the opening/re-opening/closing time of such market.\6\
However, some Users only wish that their orders be routed to
participate in the primary market's re-opening process, and not its
opening or closing processes. Therefore, the Exchange proposes to
enable Users to designate their orders for participation in the re-
opening of a primary listing market.
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\6\ See Exchange Rule 11.13(b)(3)(N).
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The proposed optionality would operate like the current ROOC
routing option, but for routing to the primary listing market's opening
or closing process. Lastly, like the ROOC routing option, any remaining
shares will either be posted to the BATS Book,\7\ executed, or routed
to destinations on the System routing table.\8\ Should no halt,
suspension, or pause occur on the primary listing market, such orders
would remain on the BATS Book, executed, or routed to destinations on
the System routing table.
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\7\ The term ``BATS Book'' is defined as ``the System's
electronic file of orders.'' See Exchange Rule 1.5(e).
\8\ The term ``System routing table'' refers to the proprietary
process for determining the specific options exchanges to which the
System routes orders and the order in which it routes them. See
Exchange Rule 11.13(b)(3).
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \9\ in general, and furthers the objectives of Section
6(b)(5) of the Act \10\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, 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. Certain Users whose orders
are resting on the BATS Book may wish that their order only be routed
to the primary market's re-opening process following a halt, suspension
or pause, and not the primary market's opening or closing processes.
The proposed rule change promotes just and equitable principles of
trade because it would provide such Users with additional flexibility
where they wish that their order only be eligible to route to the
primary listing market to participate in the re-opening process
following a halt, suspension or pause. In addition, and as discussed
above, the proposed rule change is similar to the Exchange's current
ROOC routing option.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposal will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. The Exchange believes that its proposal would
increase competition because it offers Users an alternative means to
route orders to the primary listing market to participate in the re-
opening following a halt, suspension, or pause as if they entered
orders on that market directly.

[[Page 65280]]

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 \11\ and paragraph (f)(6) of Rule
19b-4 thereunder.\12\ 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.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4.
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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 rule-comments@sec.gov. Please include
File Number SR-BATS-2015-87 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-2015-87. 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-2015-87, and should be
submitted on or before November 16, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-27068 Filed 10-23-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices 65279

office of the Exchange. All comments or pause) of a primary listing market option, any remaining shares will either
received will be posted without change; other than the Exchange (NYSE, Nasdaq, be posted to the BATS Book,7 executed,
the Commission does not edit personal NYSE MKT, or NYSE Arca) if received or routed to destinations on the System
identifying information from before the re-opening time of such routing table.8 Should no halt,
submissions. You should submit only market. suspension, or pause occur on the
information that you wish to make The text of the proposed rule change primary listing market, such orders
available publicly. All submissions is available at the Exchange’s Web site would remain on the BATS Book,
should refer to File Number SR–MIAX– at www.batstrading.com, at the executed, or routed to destinations on
2015–59, and should be submitted on or principal office of the Exchange, and at the System routing table.
before November 16, 2015. the Commission’s Public Reference
Room. 2. Statutory Basis
For the Commission, by the Division of
Trading and Markets, pursuant to delegated The Exchange believes that its
II. Self-Regulatory Organization’s
authority. 7 proposal is consistent with Section 6(b)
Statement of the Purpose of, and
Brent J. Fields, of the Act 9 in general, and furthers the
Statutory Basis for, the Proposed Rule
Secretary. Change objectives of Section 6(b)(5) of the Act 10
[FR Doc. 2015–27072 Filed 10–23–15; 8:45 am] in particular, in that it is designed to
BILLING CODE 8011–01–P
In its filing with the Commission, the promote just and equitable principles of
Exchange included statements trade, to foster cooperation and
concerning the purpose of and basis for coordination with persons engaged in
SECURITIES AND EXCHANGE the proposed rule change and discussed facilitating transactions in securities, to
COMMISSION any comments it received on the remove impediments to and perfect the
proposed rule change. The text of these mechanism of a free and open market
[Release No. 34–76197; File No. SR–BATS– statements may be examined at the
2015–87] and a national market system and, in
places specified in Item IV below. The general, to protect investors and the
Self-Regulatory Organizations; BATS Exchange has prepared summaries, set public interest. Certain Users whose
Exchange, Inc.; Notice of Filing and forth in Sections A, B, and C below, of orders are resting on the BATS Book
Immediate Effectiveness of a Proposed the most significant parts of such may wish that their order only be routed
Rule Change To Amend Rule 11.13, statements. to the primary market’s re-opening
Order Execution and Routing A. Self-Regulatory Organization’s process following a halt, suspension or
October 20, 2015. Statement of the Purpose of, and pause, and not the primary market’s
Statutory Basis for, the Proposed Rule opening or closing processes. The
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the Change proposed rule change promotes just and
‘‘Act’’),1 and Rule 19b–4 thereunder,2 equitable principles of trade because it
1. Purpose would provide such Users with
notice is hereby given that on October
9, 2015, BATS Exchange, Inc. (the The Exchange proposes to amend additional flexibility where they wish
‘‘Exchange’’ or ‘‘BATS’’) filed with the Rule 11.13, Order Execution and that their order only be eligible to route
Securities and Exchange Commission Routing, to enable Users to designate to the primary listing market to
(‘‘Commission’’) the proposed rule their orders for participation in the re- participate in the re-opening process
change as described in Items I, II, and opening (following a halt, suspension, following a halt, suspension or pause. In
III below, which Items have been or pause) of a primary listing market addition, and as discussed above, the
prepared by the Exchange. The other than the Exchange (NYSE, Nasdaq, proposed rule change is similar to the
Exchange has designated this proposal NYSE MKT, or NYSE Arca) if received Exchange’s current ROOC routing
as a ‘‘non-controversial’’ proposed rule before the re-opening time of such option.
change pursuant to Section 19(b)(3)(A) market. The Exchange currently offers
the ROOC routing option, under which B. Self-Regulatory Organization’s
of the Act 3 and Rule 19b–4(f)(6) Statement on Burden on Competition
thereunder,4 which renders it effective Users may designate their orders for
upon filing with the Commission. The participation in the opening or closing The Exchange does not believe that
Commission is publishing this notice to process, in addition to the re-opening the proposal will impose any burden on
solicit comments on the proposed rule (following a halt, suspension, or pause), competition not necessary or
change from interested persons. of a primary listing market other than appropriate in furtherance of the
the Exchange, if received before the purposes of the Act. The Exchange
I. Self-Regulatory Organization’s opening/re-opening/closing time of such
Statement of the Terms of the Substance believes that its proposal would
market.6 However, some Users only increase competition because it offers
of the Proposed Rule Change wish that their orders be routed to Users an alternative means to route
The Exchange filed a proposal to participate in the primary market’s re- orders to the primary listing market to
amend Rule 11.13, Order Execution and opening process, and not its opening or participate in the re-opening following a
Routing, to enable Users 5 to designate closing processes. Therefore, the halt, suspension, or pause as if they
their orders for participation in the re- Exchange proposes to enable Users to entered orders on that market directly.
opening (following a halt, suspension, designate their orders for participation
asabaliauskas on DSK5VPTVN1PROD with NOTICES

in the re-opening of a primary listing 7 The term ‘‘BATS Book’’ is defined as ‘‘the
7 17 CFR 200.30–3(a)(12). market. System’s electronic file of orders.’’ See Exchange
1 15 U.S.C. 78s(b)(1).
The proposed optionality would Rule 1.5(e).
2 17 CFR 240.19b–4.
operate like the current ROOC routing 8 The term ‘‘System routing table’’ refers to the
3 15 U.S.C. 78s(b)(3)(A). proprietary process for determining the specific
option, but for routing to the primary
4 17 CFR 240.19b–4(f)(6). options exchanges to which the System routes
5 The term ‘‘User’’ is defined as ‘‘any Member or
listing market’s opening or closing orders and the order in which it routes them. See
Sponsored Participant who is authorized to obtain process. Lastly, like the ROOC routing Exchange Rule 11.13(b)(3).
9 15 U.S.C. 78f(b).
access to the System pursuant to Rule 11.3.’’ See
Exchange Rule 1.5(cc). 6 See Exchange Rule 11.13(b)(3)(N). 10 15 U.S.C. 78f(b)(5).

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65280 Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices

C. Self-Regulatory Organization’s Paper Comments individuals who may serve as members
Statement on Comments on the • Send paper comments in triplicate of that Agency’s Performance Review
Proposed Rule Change Received From to Brent J. Fields, Secretary, Securities Board (PRB). The following individuals
Members, Participants, or Others and Exchange Commission, 100 F Street have been designated to serve on the FY
The Exchange has neither solicited NE., Washington, DC 20549–1090. 2016 Performance Review Board for the
nor received written comments on the U.S. Small Business Administration.
All submissions should refer to File
proposed rule change. Number SR–BATS–2015–87. This file 1. Delorice Ford, (Chair), Assistant
number should be included on the Administrator for Hearings and
III. Date of Effectiveness of the Appeals
Proposed Rule Change and Timing for subject line if email is used. To help the
Commission process and review your 2. Isabella Guzman, Deputy Chief of
Commission Action Staff
comments more efficiently, please use
The Exchange has designated this rule 3. James Rivera, Associate
only one method. The Commission will
filing as non-controversial under Administrator for Disaster
post all comments on the Commission’s
Section 19(b)(3)(A) of the Act 11 and Assistance
Internet Web site (http://www.sec.gov/
paragraph (f)(6) of Rule 19b–4 4. Erin Andrew, Assistant Administrator
rules/sro.shtml). Copies of the
thereunder.12 The proposed rule change for Women’s Business Ownership
submission, all subsequent 5. Eugene Cornelius, Deputy Associate
effects a change that (A) does not amendments, all written statements Administrator for Field Operations
significantly affect the protection of with respect to the proposed rule 6. Francisco Marrero, District Director,
investors or the public interest; (B) does change that are filed with the South Florida
not impose any significant burden on Commission, and all written 7. Linda Rusche, Director of Financial
competition; and (C) by its terms, does communications relating to the Assistance
not become operative for 30 days after proposed rule change between the 8. Nicolas Maduros, Chief of Staff
the date of the filing, or such shorter Commission and any person, other than
time as the Commission may designate Dated: October 15, 2015.
those that may be withheld from the
if consistent with the protection of public in accordance with the Maria Contreras-Sweet,
investors and the public interest; provisions of 5 U.S.C. 552, will be Administrator.
provided that the self-regulatory available for Web site viewing and [FR Doc. 2015–26665 Filed 10–23–15; 8:45 am]
organization has given the Commission printing in the Commission’s Public BILLING CODE P
written notice of its intent to file the Reference Room, 100 F Street NE.,
proposed rule change, along with a brief Washington, DC 20549 on official
description and text of the proposed business days between the hours of DEPARTMENT OF STATE
rule change, at least five business days 10:00 a.m. and 3:00 p.m. Copies of such [Public Notice 9327]
prior to the date of filing of the filing also will be available for
proposed rule change, or such shorter inspection and copying at the principal Advisory Committee on International
time as designated by the Commission. office of the Exchange. All comments Economic Policy; Notice of Open
At any time within 60 days of the received will be posted without change; Meeting
filing of the proposed rule change, the the Commission does not edit personal
Commission may summarily identifying information from The Advisory Committee on
temporarily suspend such rule change if submissions. You should submit only International Economic Policy (ACIEP)
it appears to the Commission that such information that you wish to make will meet from 2:00 until 5:00 p.m., on
action is: (1) Necessary or appropriate in available publicly. All submissions Tuesday, November 10, 2015, in
the public interest; (2) for the protection should refer to File Number SR–BATS– Washington, DC at the State
of investors; or (3) otherwise in 2015–87, and should be submitted on or Department, 2201 C Street NW., in
furtherance of the purposes of the Act. before November 16, 2015. Conference Room 4477. The meeting
If the Commission takes such action, the will be hosted by the Assistant Secretary
For the Commission, by the Division of
Commission shall institute proceedings Trading and Markets, pursuant to delegated
of State for Economic and Business
to determine whether the proposed rule authority.13 Affairs, Charles H. Rivkin and
should be approved or disapproved. Brent J. Fields,
Committee Chair Paul R. Charron. The
ACIEP serves the U.S. government in a
IV. Solicitation of Comments Secretary.
solely advisory capacity, and provides
[FR Doc. 2015–27068 Filed 10–23–15; 8:45 am]
Interested persons are invited to advice concerning topics in
submit written data, views, and BILLING CODE 8011–01–P international economic policy. It is
arguments concerning the foregoing, expected that the ACIEP subcommittees
including whether the proposed rule will provide updates on their work.
change is consistent with the Act. SMALL BUSINESS ADMINISTRATION This meeting is open to public
Comments may be submitted by any of participation, though seating is limited.
the following methods: Senior Executive Service: Performance Entry to the building is controlled. To
Review Board Members obtain pre-clearance for entry, members
Electronic Comments of the public planning to attend should
AGENCY: U.S. Small Business
• Use the Commission’s Internet no later than Tuesday, November 3,
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Administration.
comment form (http://www.sec.gov/ ACTION: Notice of Members for the FY
provide their full name and professional
rules/sro.shtml); or 2016 Performance Review Board. affiliation to Alan Krill by email:
• Send an email to rule-comments@ KrillA@state.gov. Requests for
sec.gov. Please include File Number SR– SUMMARY: Title 5 U.S.C. 4314(c)(4) reasonable accommodation should be
BATS–2015–87 on the subject line. requires each agency to publish made to Alan Krill before Tuesday,
notification of the appointment of November 3. Requests made after that
11 15 U.S.C. 78s(b)(3)(A). date will be considered, but might not
12 17 CFR 240.19b–4. 13 17 CFR 200.30–3(a)(12). be possible to fulfill.

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Document Created: 2018-02-27 08:55:56
Document Modified: 2018-02-27 08:55:56

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 65279