80 FR 65823 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rules 1.5(r) and 11.1 and Adopt New Rule 11.1(a)(1)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 207 (October 27, 2015)

Page Range		65823-65824
FR Document		2015-27220

Federal Register, Volume 80 Issue 207 (Tuesday, October 27, 2015)

[Federal Register Volume 80, Number 207 (Tuesday, October 27, 2015)]
[Notices]
[Pages 65823-65824]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27220]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76206; File No. SR-BYX-2015-38]


Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Amend Rules 1.5(r) and 11.1 and Adopt New Rule 11.1(a)(1)

October 21, 2015.
    On September 1, 2015, BATS Y-Exchange, Inc. (the ``Exchange'' or 
``BYX'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend rules related to the Pre-Opening Session, 
including revising: (1) Exchange Rule 1.5(r) to state that the Pre-
Opening Session will start at 7:00 a.m. rather than 8:00 a.m. Eastern 
Time and (2) Exchange Rule 11.1(a) regarding the hours of trading and 
trading days of the Exchange to account for the Pre-Opening Session 
starting at 7:00 a.m. Eastern Time. The Exchange also proposes to adopt 
new Exchange Rule 11.1(a)(1) to define Effective Start Time, an order 
instruction that would allow Members \3\ to indicate a time upon which 
their order may become eligible

[[Page 65824]]

for execution. The proposed rule change was published for comment in 
the Federal Register on September 10, 2015.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 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).
    \4\ See Securities Exchange Act Release No. 75831 (September 3, 
2015), 80 FR 54631 (SR-BYX-2015-38).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
Commission is extending this 45-day time period. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change so that it has sufficient time 
to consider the proposed rule change.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates December 9, 2015, as the date by which the 
Commission shall either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File 
Number SR-BYX-2015-38).
---------------------------------------------------------------------------

    \6\ Id.
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Brent J. Fields,
Secretary.
 [FR Doc. 2015-27220 Filed 10-26-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices 65823

SUPPLEMENTARY INFORMATION: The SECURITIES AND EXCHANGE disapproved. The Commission is
following individuals appointed as COMMISSION extending this 45-day time period. The
members of the NRC PRB are Commission finds that it is appropriate
[Release No. 34–76211; File No. SR–EDGX–
responsible for making 2015–41]
to designate a longer period within
recommendations to the appointing and which to take action on the proposed
awarding authorities on performance Self-Regulatory Organizations; EDGX rule change so that it has sufficient time
appraisal ratings and performance Exchange, Inc.; Notice of Designation to consider the proposed rule change.
awards for Senior Executives and Senior of a Longer Period for Commission Accordingly, the Commission,
Level System employees: Action on a Proposed Rule Change To pursuant to Section 19(b)(2) of the Act,6
Amend Rules 1.5(s), 11.1(a)(1), 11.6 designates December 9, 2015, as the date
Victor M. McCree, Executive Director
and 11.8 by which the Commission shall either
for Operations
approve or disapprove or institute
Margaret M. Doane, General Counsel October 21, 2015. proceedings to determine whether to
Glenn M. Tracy, Deputy Executive On September 3, 2015, EDGX disapprove the proposed rule change
Director for Materials, Waste, Exchange, Inc. (the ‘‘Exchange’’ or (File Number SR–EDGX–2015–41).
Research, State, Tribal, Compliance, ‘‘EDGX’’) filed with the Securities and
For the Commission, by the Division of
Administration, and Human Capital, Exchange Commission (‘‘Commission’’),
Trading and Markets, pursuant to delegated
Office of the Executive Director for pursuant to Section 19(b)(1) of the authority.7
Operations Securities Exchange Act of 1934
Brent J. Fields,
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
Cynthia A. Carpenter, Director, Office of proposed rule change to amend rules Secretary.
Administration related to the Pre-Opening Session, [FR Doc. 2015–27215 Filed 10–26–15; 8:45 am]
Catherine Haney, Director, Office of including revising: (1) Exchange Rule BILLING CODE 8011–01–P
Nuclear Material Safety and 1.5(s) to state that the Pre-Opening
Safeguards Session will start at 7:00 a.m. rather
than 8:00 a.m. Eastern Time and (2) SECURITIES AND EXCHANGE
Michael R. Johnson, Deputy Executive COMMISSION
Director for Reactor and Preparedness Exchange Rule 11.1(a)(1) regarding the
Programs, Office of the Executive hours of trading and trading days of the [Release No. 34–76206; File No. SR–BYX–
Director for Operations Exchange to account for the Pre- 2015–38]
Opening Session starting at 7:00 a.m.
Nader L. Mamish, Director, Office of Self-Regulatory Organizations; BATS
Eastern Time. The Exchange also
International Programs Y-Exchange, Inc.; Notice of
proposes to adopt a new order
Cynthia D. Pederson, Regional instruction, Effective Start Time, Designation of a Longer Period for
Administrator, Region III including revising: (1) Exchange Rule Commission Action on a Proposed
Michael F. Weber, Director, Office of 11.6 to define Effective Start Time as an Rule Change To Amend Rules 1.5(r)
Nuclear Regulatory Research order instruction that would allow and 11.1 and Adopt New Rule 11.1(a)(1)
William M. Dean, Director, Office of Members 3 to indicate a time upon October 21, 2015.
Nuclear Reactor Regulation which their order may become eligible
On September 1, 2015, BATS Y-
for execution and (2) Exchange Rule
Maureen E. Wylie, Chief Financial Exchange, Inc. (the ‘‘Exchange’’ or
11.8 to identify the order types that may
Officer ‘‘BYX’’) filed with the Securities and
utilize an Effective Start Time order
The following individuals will serve Exchange Commission (‘‘Commission’’),
instruction. The proposed rule change
as members of the NRC PRB Panel that pursuant to Section 19(b)(1) of the
was published for comment in the
was established to review appraisals Securities Exchange Act of 1934
Federal Register on September 10,
and make recommendations to the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
2015.4
appointing and awarding authorities for Section 19(b)(2) of the Act 5 provides proposed rule change to amend rules
NRC PRB members: that, within 45 days of the publication related to the Pre-Opening Session,
of notice of the filing of a proposed rule including revising: (1) Exchange Rule
Jennifer L. Uhle, Director, Office of New 1.5(r) to state that the Pre-Opening
Reactors change, or within such longer period up
to 90 days as the Commission may Session will start at 7:00 a.m. rather
Marian L. Zobler, Associate General designate if it finds such longer period than 8:00 a.m. Eastern Time and (2)
Counsel for Hearings, Enforcement to be appropriate and publishes its Exchange Rule 11.1(a) regarding the
and Administration, Office of the reasons for so finding or as to which the hours of trading and trading days of the
General Counsel self-regulatory organization consents, Exchange to account for the Pre-
Brian E. Holian, Director, Office of the Commission shall either approve the Opening Session starting at 7:00 a.m.
Nuclear Security and Incident proposed rule change, disapprove the Eastern Time. The Exchange also
Response proposed rule change, or institute proposes to adopt new Exchange Rule
proceedings to determine whether the 11.1(a)(1) to define Effective Start Time,
All appointments are made pursuant
proposed rule change should be an order instruction that would allow
to Section 4314 of Chapter 43 of Title
Members 3 to indicate a time upon
5 of the United States Code.
1 15 U.S.C. 78s(b)(1). which their order may become eligible
Dated at Rockville, Maryland, this 10th day 2 17 CFR 240.19b–4.
tkelley on DSK3SPTVN1PROD with NOTICES

of October, 2015. 3 The term ‘‘Member’’ is defined as ‘‘any 6 Id.
For the U.S. Nuclear Regulatory registered broker or dealer that has been admitted 7 17 CFR 200.30–3(a)(31).
Commission. to membership in the Exchange.’’ See Exchange 1 15 U.S.C. 78s(b)(1).
Miriam L. Cohen, Rule 1.5(n). 2 17 CFR 240.19b–4.
4 See Securities Exchange Act Release No. 75834 3 The term ‘‘Member’’ is defined as ‘‘any
Secretary, Executive Resources Board.
(September 3, 2015), 80 FR 54617 (SR–EDGX–2015– registered broker or dealer that has been admitted
[FR Doc. 2015–27390 Filed 10–26–15; 8:45 am] 41). to membership in the Exchange.’’ See Exchange
BILLING CODE 7590–01–P 5 15 U.S.C. 78s(b)(2). Rule 1.5(n).

VerDate Sep<11>2014 18:24 Oct 26, 2015 Jkt 238001 PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1

65824 Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices

for execution. The proposed rule change Securities and Exchange Commission routed on behalf of introduced retail
was published for comment in the (‘‘Commission’’) the proposed rule accounts that are carried on a fully
Federal Register on September 10, change as described in Items I and II disclosed basis, as further described
2015.4 below, which Items have been prepared below.
Section 19(b)(2) of the Act 5 provides by the Exchange. The Exchange has The Exchange established the Retail
that, within 45 days of the publication designated this proposal as a ‘‘non- Program in an attempt to attract retail
of notice of the filing of a proposed rule controversial’’ proposed rule change order flow to the Exchange by
change, or within such longer period up pursuant to Section 19(b)(3)(A) of the potentially providing price
to 90 days as the Commission may Act 3 and Rule 19b–4(f)(6) thereunder,4 improvement to such order flow. Under
designate if it finds such longer period which renders it effective upon filing the Retail Program, Retail Member
to be appropriate and publishes its with the Commission. The Commission Organizations 6 (‘‘RMOs’’) are permitted
reasons for so finding or as to which the is publishing this notice to solicit to submit Retail Orders.7 All Exchange
self-regulatory organization consents, comments on the proposed rule change Users 8 are permitted members to submit
the Commission shall either approve the from interested persons. Retail Price Improvement Orders (‘‘RPI
proposed rule change, disapprove the Orders’’),9 which are designed to
I. Self-Regulatory Organization’s provide potential price improvement for
proposed rule change, or institute Statement of the Terms of the Substance
proceedings to determine whether the Retail Orders in the form of non-
of the Proposed Rule Change displayed interest that is better than the
proposed rule change should be
disapproved. The Commission is The Exchange filed a proposal to national best bid that is a Protected
extending this 45-day time period. The amend Rule 11.24, which governs the Quotation (‘‘Protected NBB’’) or the
Commission finds that it is appropriate Exchange’s Retail Price Improvement national best offer that is a Protected
to designate a longer period within Program (‘‘Retail Program’’), to Quotation (‘‘Protected NBO’’, and
which to take action on the proposed distinguish between retail orders routed together with the Protected NBB, the
rule change so that it has sufficient time on behalf of other broker-dealers and ‘‘Protected NBBO’’).10 In addition,
to consider the proposed rule change. retail orders that are routed on behalf of RMOs may optionally designate Retail
Accordingly, the Commission, introduced retail accounts that are Orders to be identified as Retail on the
pursuant to Section 19(b)(2) of the Act,6 carried on a fully disclosed basis, as Exchange’s proprietary data feeds.11
designates December 9, 2015, as the date further described below. Exchange Rule 11.24(b)(1) currently
The text of the proposed rule change states that ‘‘[t]o qualify as a Retail
by which the Commission shall either
is available at the Exchange’s Web site Member Organization, a Member must
approve or disapprove or institute
at www.batstrading.com, at the conduct a retail business or handle
proceedings to determine whether to
principal office of the Exchange, and at retail orders on behalf of another broker-
disapprove the proposed rule change
the Commission’s Public Reference dealer.’’ 12 Rather than stating that one
(File Number SR–BYX–2015–38).
Room. way to qualify as an RMO is to ‘‘handle’’
For the Commission, by the Division of retail orders on behalf of another broker-
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
Statement of the Purpose of, and dealer, the Exchange proposes to state
authority.7
Statutory Basis for, the Proposed Rule that a Member may qualify as an RMO
Brent J. Fields, if it ‘‘routes’’ retail orders on behalf of
Secretary. Change
another broker-dealer. The Exchange
[FR Doc. 2015–27220 Filed 10–26–15; 8:45 am] In its filing with the Commission, the believes that providing routing services
BILLING CODE 8011–01–P Exchange included statements on behalf of other broker-dealers with
concerning the purpose of and basis for retail order flow was the intended
the proposed rule change and discussed meaning of the provision and that the
SECURITIES AND EXCHANGE any comments it received on the term ‘‘handle’’ is vague. Thus, the
COMMISSION proposed rule change. The text of these Exchange believes that the description
statements may be examined at the
[Release No. 34–76207; File No. SR–BYX– places specified in Item IV below. The 6 A Retail Member Organization is a Member (or
2015–45]
Exchange has prepared summaries, set a division thereof) that has been approved by the
forth in Sections A, B, and C below, of Exchange under Rule 11.24 to submit Retail Orders.
Self-Regulatory Organizations; BATS 7 A Retail Order is an agency order that originates
Y-Exchange, Inc.; Notice of Filing and the most significant parts of such
from a natural person and is submitted to the
Immediate Effectiveness of a Proposed statements. Exchange by a RMO, provided that no change is
Rule Change To Amend Rule 11.24, made to the terms of the order with respect to price
A. Self-Regulatory Organization’s or side of market and the order does not originate
Retail Price Improvement Program Statement of the Purpose of, and from a trading algorithm or any computerized
Statutory Basis for, the Proposed Rule methodology.
October 21, 2015. 8 A ‘‘User’’ is defined ‘‘as any member or
Change
Pursuant to Section 19(b)(1) of the sponsored participant who is authorized to obtain
Securities Exchange Act of 1934 (the 1. Purpose access to the System.’’ See Rule 1.5(cc).
9 A ‘‘Retail Price Improvement Order’’ is defined
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange proposes to amend in Rule 11.24(a)(3) as an order that consists of non-
notice is hereby given that on October Rule 11.24, which governs the displayed interest on the Exchange that is priced
14, 2015, BATS Y-Exchange, Inc. (the Exchange’s Retail Program,5 to better than the Protected NBB or Protected NBO by
‘‘Exchange’’ or ‘‘BYX’’) filed with the distinguish between orders routed on at least $0.001 and that is identified as such. See
Rule 11.24(a)(3).
behalf of other broker-dealers and orders 10 The term Protected Quotation is defined in
tkelley on DSK3SPTVN1PROD with NOTICES

4 See Securities Exchange Act Release No. 75831
Rule 1.5(t) and has the same meaning as is set forth
(September 3, 2015), 80 FR 54631 (SR–BYX–2015– 3 15 U.S.C. 78s(b)(3)(A). in Regulation NMS Rule 600(b)(58). The terms
38). 4 17 CFR 240.19b–4(f)(6). Protected NBB and Protected NBO are defined in
5 15 U.S.C. 78s(b)(2).
5 In November 2012, the Commission approved Rule 1.5(s). The Protected NBB is the best-priced
6 Id.
the RPI Program on a pilot basis. See Securities protected bid and the Protected NBO is the best-
7 17 CFR 200.30–3(a)(31). priced protected offer.
Exchange Act Release No. 68303 (November 27,
1 15 U.S.C. 78s(b)(1). 11 See Rule 11.24(i).
2012), 77 FR 71652 (December 3, 2012) (SR–BYX–
2 17 CFR 240.19b–4. 2012–019). 12 Emphasis added.

VerDate Sep<11>2014 18:24 Oct 26, 2015 Jkt 238001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1

Document Created: 2015-12-14 15:36:46
Document Modified: 2015-12-14 15:36:46

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 65823