80_FR_66039 80 FR 65832 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, 14.11, and 14.12 and Adopt Rule 11.1(a)(1)

80 FR 65832 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, 14.11, and 14.12 and Adopt Rule 11.1(a)(1)

SECURITIES AND EXCHANGE COMMISSION

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

Page Range65832-65833
FR Document2015-27222

Federal Register, Volume 80 Issue 207 (Tuesday, October 27, 2015) 
[Federal Register Volume 80, Number 207 (Tuesday, October 27, 2015)]
[Notices]
[Pages 65832-65833]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27222]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76204; File No. SR-BATS-2015-69]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, 14.11, and 14.12 
and Adopt Rule 11.1(a)(1)

October 21, 2015.
    On September 1, 2015, BATS Exchange, Inc. (the ``Exchange'' or 
``BATS'') 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 a.m. rather than 8 a.m. Eastern Time; 
(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 a.m. Eastern Time; and (3) Exchange Rules 11.23, 14.6, 14.11, and 
14.12 to make related changes. The

[[Page 65833]]

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 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. 75832 (September 3, 
2015), 80 FR 54614 (SR-BATS-2015-69).
---------------------------------------------------------------------------

    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-BATS-2015-69).
---------------------------------------------------------------------------

    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

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

Brent J. Fields,
Secretary.
[FR Doc. 2015-27222 Filed 10-26-15; 8:45 am]
BILLING CODE 8011-01-P

65832 Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices definition not a broker or dealer in unsolicited written comments from Commission and any person, other than securities, and does not place more than members or other interested parties. those that may be withheld from the 390 orders in listed options per day on public in accordance with the III. Date of Effectiveness of the average during a calendar month for its provisions of 5 U.S.C. 552, will be Proposed Rule Change and Timing for own beneficial account(s). This available for Web site viewing and Commission Action printing in the Commission’s Public limitation does not apply to participants whose behavior is substantially similar The foregoing rule change has become Reference Room, 100 F Street NE., to that of market professionals, effective pursuant to Section Washington, DC 20549 on official including Professional Customers, who 19(b)(3)(A)(ii) of the Act,17 and business days between the hours of will generally submit a higher number subparagraph (f)(2) of Rule 19b–4 10:00 a.m. and 3:00 p.m. Copies of such of orders (many of which do not result thereunder,18 because it establishes a filing also will be available for in executions) than Priority Customers. due, fee, or other charge imposed by ISE inspection and copying at the principal Similarly, while Market Maker orders Gemini. office of the Exchange. All comments may receive higher or lower rebates At any time within 60 days of the received will be posted without change; depending on the tier achieved, the filing of such proposed rule change, the the Commission does not edit personal Exchange does not believe that this is Commission summarily may identifying information from unfairly discriminatory as it reflects the temporarily suspend such rule change if submissions. You should submit only different mix of benefits and obligations it appears to the Commission that such information that you wish to make applicable to Market Makers that trade action is necessary or appropriate in the available publicly. All submissions on the Exchange. Market Makers public interest, for the protection of should refer to File Number SR– currently receive tiered rebates based on investors, or otherwise in furtherance of ISEGemini–2015–21, and should be their volume executed on the Exchange, the purposes of the Act. If the submitted on or before November 17, without the additional requirement that Commission takes such action, the 2015. those orders improve the NBBO. As Commission shall institute proceedings For the Commission, by the Division of such, the Exchange believes that it is not to determine whether the proposed rule Trading and Markets, pursuant to delegated unfairly discriminatory to provide should be approved or disapproved. authority.19 potentially higher rebates to other Brent J. Fields, IV. Solicitation of Comments market participants that have Secretary. demonstrated a high level of Interested persons are invited to [FR Doc. 2015–27224 Filed 10–26–15; 8:45 am] commitment to the Exchange by submit written data, views, and BILLING CODE 8011–01–P entering orders that improve the NBBO. arguments concerning the foregoing, including whether the proposed rule B. Self-Regulatory Organization’s change is consistent with the Act. Statement on Burden on Competition SECURITIES AND EXCHANGE Comments may be submitted by any of COMMISSION In accordance with Section 6(b)(8) of the following methods: the Act,16 the Exchange does not believe [Release No. 34–76204; File No. SR–BATS– that the proposed rule change will Electronic Comments 2015–69] impose any burden on intermarket or • Use the Commission’s Internet intramarket competition that is not comment form (http://www.sec.gov/ Self-Regulatory Organizations; BATS necessary or appropriate in furtherance rules/sro.shtml); or Exchange, Inc.; Notice of Designation of the purposes of the Act. The • Send an email to rule-comments@ of a Longer Period for Commission proposed fee change is designed to sec.gov. Please include File Number SR– Action on a Proposed Rule Change To provide more attractive rebates to ISE ISEGemini–2015–21 on the subject line. Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, Gemini members, and will compete 14.11, and 14.12 and Adopt Rule Paper Comments 11.1(a)(1) with rebate programs offered by competitor exchanges such as BATS. • Send paper comments in triplicate October 21, 2015. The Exchange operates in a highly to Brent J. Fields, Secretary, Securities On September 1, 2015, BATS competitive market in which market and Exchange Commission, 100 F Street Exchange, Inc. (the ‘‘Exchange’’ or participants can readily direct their NE., Washington, DC 20549–1090. ‘‘BATS’’) filed with the Securities and order flow to competing venues. In such All submissions should refer to File Exchange Commission (‘‘Commission’’), an environment, the Exchange must Number SR–ISEGemini–2015–21. This pursuant to Section 19(b)(1) of the continually review, and consider file number should be included on the Securities Exchange Act of 1934 adjusting, its fees and rebates to remain subject line if email is used. To help the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a competitive with other exchanges. For Commission process and review your proposed rule change to amend rules the reasons described above, the comments more efficiently, please use related to the Pre-Opening Session, Exchange believes that the proposed fee only one method. The Commission will including revising: (1) Exchange Rule changes reflect this competitive post all comments on the Commission’s 1.5(r) to state that the Pre-Opening environment. Internet Web site (http://www.sec.gov/ Session will start at 7 a.m. rather than rules/sro.shtml). Copies of the 8 a.m. Eastern Time; (2) Exchange Rule C. Self-Regulatory Organization’s submission, all subsequent 11.1(a) regarding the hours of trading Statement on Comments on the amendments, all written statements and trading days of the Exchange to Proposed Rule Change Received From with respect to the proposed rule account for the Pre-Opening Session Members, Participants, or Others tkelley on DSK3SPTVN1PROD with NOTICES change that are filed with the starting at 7 a.m. Eastern Time; and (3) The Exchange has not solicited, and Commission, and all written Exchange Rules 11.23, 14.6, 14.11, and does not intend to solicit, comments on communications relating to the 14.12 to make related changes. The this proposed rule change. The proposed rule change between the Exchange has not received any 19 17 CFR 200.30–3(a)(12). 17 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1). 16 15 U.S.C. 78f(b)(8). 18 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 18:24 Oct 26, 2015 Jkt 238001 PO 00000 Frm 00146 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1

Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices 65833 Exchange also proposes to adopt new SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s Exchange Rule 11.1(a)(1) to define COMMISSION Statement of the Purpose of, and Effective Start Time, an order Statutory Basis for, the Proposed Rule instruction that would allow Members 3 [Release No. 34–76208; File No. SR– Change to indicate a time upon which their NYSEMKT–2015–78] 1. Purpose order may become eligible for Self-Regulatory Organizations; NYSE The purpose of this filing is to execution. The proposed rule change increase the credits available to was published for comment in the MKT LLC; Notice of Filing and participants that achieve Tier 2 of the Federal Register on September 10, Immediate Effectiveness of Proposed ACE Program as described below. 2015.4 Rule Change Modifying the NYSE Section I.E. of the Fee Schedule Section 19(b)(2) of the Act 5 provides Amex Options Fee Schedule Related to describes the ACE Program,4 which the Amex Customer Engagement features five tiers expressed as a that, within 45 days of the publication Program percentage of total industry Customer of notice of the filing of a proposed rule change, or within such longer period up October 21, 2015. equity and ETF option average daily to 90 days as the Commission may volume (‘‘ADV’’).5 Order Flow Providers Pursuant to Section 19(b)(1) 1 of the (‘‘OFPs’’) receive per contract credits designate if it finds such longer period Securities Exchange Act of 1934 (the solely for Electronic Customer volume to be appropriate and publishes its ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 that the OFP, as agent, submits to the reasons for so finding or as to which the notice is hereby given that, on October self-regulatory organization consents, Exchange.6 The ACE Program offers the 15, 2015, NYSE MKT LLC (the following two methods for OFPs to the Commission shall either approve the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with receive credits: proposed rule change, disapprove the the Securities and Exchange 1. By calculating, on a monthly basis, proposed rule change, or institute Commission (the ‘‘Commission’’) the the average daily Customer contract proceedings to determine whether the proposed rule change as described in volume an OFP executes Electronically proposed rule change should be Items I, II, and III below, which Items on the Exchange as a percentage of total disapproved. The Commission is have been prepared by the self- average daily industry Customer equity extending this 45-day time period. The regulatory organization. The and ETF options volume; 7 or Commission finds that it is appropriate Commission is publishing this notice to 2. By calculating, on a monthly basis, to designate a longer period within solicit comments on the proposed rule the average daily contract volume an which to take action on the proposed change from interested persons. OFP executes Electronically in all rule change so that it has sufficient time participant types (i.e., Customer, Firm, to consider the proposed rule change. I. Self-Regulatory Organization’s Broker-Dealer, NYSE Amex Options Statement of the Terms of the Substance Market Maker, Non-NYSE Amex Accordingly, the Commission, of the Proposed Rule Change Options Market Maker, and Professional pursuant to Section 19(b)(2) of the Act,6 Customer) on the Exchange, as a designates December 9, 2015, as the date The Exchange proposes to modify the percentage of total average daily by which the Commission shall either NYSE Amex Options Fee Schedule industry Customer equity and ETF approve or disapprove or institute (‘‘Fee Schedule’’) related to the Amex option volume,8 with the further proceedings to determine whether to Customer Engagement (‘‘ACE’’) requirement that a specified percentage disapprove the proposed rule change Program. The Exchange proposes to of the minimum volume required to (File Number SR–BATS–2015–69). implement the fee change effective qualify for the Tier must be Customer October 15, 2015. The text of the volume. For the Commission, by the Division of proposed rule change is available on the Upon reaching a higher tier, an OFP Trading and Markets, pursuant to delegated Exchange’s Web site at www.nyse.com, would receive for all eligible Customer authority.7 at the principal office of the Exchange, Brent J. Fields, and at the Commission’s Public 4 See NYSE Amex Options Fee Schedule, Secretary. Reference Room. available here, https://www.theice.com/publicdocs/ nyse/markets/amex-options/NYSE_Amex_Options_ [FR Doc. 2015–27222 Filed 10–26–15; 8:45 am] II. Self-Regulatory Organization’s Fee_Schedule.pdf. BILLING CODE 8011–01–P 5 In calculating ADV, the Exchange utilizes Statement of the Purpose of, and monthly reports published by the OCC for equity Statutory Basis for, the Proposed Rule options and ETF options that show cleared volume Change by account type. See OCC Monthly Statistics Reports, available here, http://www.theocc.com/ In its filing with the Commission, the webapps/monthly-volume-reports (including for equity options and ETF options volume, subtotaled self-regulatory organization included by exchange, along with OCC total industry statements concerning the purpose of, volume). The Exchange calculates the total OCC and basis for, the proposed rule change volume for equity and ETF options that clear in the and discussed any comments it received Customer account type and divide this total by the number of trading days for that month (i.e., any day on the proposed rule change. The text the Exchange is open for business). For example, in 3 The term ‘‘Member’’ is defined as ‘‘any of those statements may be examined at a month having 21 trading days where there were the places specified in Item IV below. 252,000,000 equity option and ETF option contracts registered broker or dealer that has been admitted that cleared in the Customer account type, the to membership in the Exchange.’’ See Exchange The Exchange has prepared summaries, calculated ADV would be 12,000,000 (252,000,000/ tkelley on DSK3SPTVN1PROD with NOTICES Rule 1.5(n). set forth in sections A, B, and C below, 21 = 12,000,000). 4 See Securities Exchange Act Release No. 75832 of the most significant parts of such 6 Electronic Customer volume is volume executed (September 3, 2015), 80 FR 54614 (SR–BATS–2015– statements. electronically through the Exchange System, on behalf of an individual or organization that is not 69). a Broker-Dealer and who does not meet the 5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). definition of a Professional Customer. 6 Id. 2 15 U.S.C. 78a. 7 See supra n. 5 7 17 CFR 200.30–3(a)(31). 3 17 CFR 240.19b–4. 8 Id. VerDate Sep<11>2014 18:24 Oct 26, 2015 Jkt 238001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1


Document Created: 2015-12-14 15:36:16
Document Modified: 2015-12-14 15:36:16
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 65832 
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR