80 FR 71879 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 221 (November 17, 2015)
Federal Register Volume 80, Issue 221 (November 17, 2015)
| Page Range | 71879-71880 | |
| FR Document | 2015-29222 |
[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)] [Notices] [Pages 71879-71880] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29222] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76418; File No. SR-BYX-2015-47] Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees November 10, 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 November 2, 2015, BATS Y-Exchange, Inc. (the ``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The 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 Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fees and rebates applicable to Members \5\ and non-members of the Exchange pursuant to Rule 15.1(a) and (c) (``Fee Schedule''). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer, or any person associated with a registered broker or dealer, that has been admitted to membership in the Exchange [sic]. A Member will have the status of a ``member'' of the Exchange as that term is defined in Section 3(a)(3) of the Act.'' 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 increase the fee for orders yielding fee code D, which results from an order routed to the New York Stock Exchange (``NYSE'') using Destination Specific, RDOT, RDOX, TRIM or SLIM routing strategy. The Exchange has previously provided a discounted fee for certain orders routed to the largest market centers measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each instance has been $0.0001 less per share for orders routed to such market centers by the Exchange than such market centers currently charge for removing liquidity (referred to by the Exchange as ``One Under'' pricing). NYSE is implementing certain pricing changes effective November 2, 2015, including modification from a fee to remove liquidity of $0.0027 per share to a fee of $0.00275 per share.\6\ Based on the changes in pricing at NYSE, the Exchange is proposing to increase its fee for orders executed at NYSE that yield fee code D so that the fee remains $0.0001 less per share for orders routed to NYSE. Specifically, the Exchange proposes to increase the fee charged for such orders from $0.0026 per share to $0.00265 per share. --------------------------------------------------------------------------- \6\ See NYSE Trader Update, Fee Changes Effective November 2, dated October 30, 2015, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Client_Notice_Fee_Change_11_2015.pdf. --------------------------------------------------------------------------- In addition to the change proposed above, the Exchange proposes to change certain references on the Fee Schedule in connection with the launch of the options exchange operated by the Exchange's affiliate, EDGX Exchange, Inc. (``EDGX Options''). First, the Exchange propose [sic] to modify references in the Unicast Access section under BATS Connect fees to refer to ``BZX Options'' instead of ``BATS Options''. Second, the Exchange proposes to add reference to EDGX Options in the list of Exchange affiliates to which such fees do not apply. Implementation Date The Exchange proposes to implement these amendments to its Fee Schedule immediately. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\7\ in general, and furthers the objectives of Section 6(b)(4),\8\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange believes that its proposal to increase the fee for Members' orders that yield fee code D from $0.0026 per share to $0.00265 per share represents an equitable allocation of reasonable dues, fees, and other charges among Members and other persons using its facilities in that they are designed to provide a reduced fee for orders routed to NYSE through Exchange routing strategies as compared to applicable fees for executions if such routed orders were instead executed directly by the Member at NYSE. Furthermore, the Exchange notes that routing through the Exchange is voluntary. Lastly, the Exchange also believes that the [[Page 71880]] proposed amendment is non-discriminatory because it applies uniformly to all Members. The Exchange also believes that the changes to add EDGX Options to the list of affiliates under Unicast Access and the re- naming of BATS Options as BZX Options is consistent with the Act. Such changes reflect and are in connection with the launch of EDGX Options but do not result in any material change to the Exchange's Fee Schedule or impose any new or different fee. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f. \8\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition These proposed rule changes do 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 any of these changes represent 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 changes will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. The Exchange believes that its proposal to charge a fee of $0.00265 per share for Members' orders that yield fee code D would increase intermarket competition because it offers customers an alternative means to route to NYSE at a discounted rate. The Exchange believes that its proposal would not burden intramarket competition because the proposed rate would apply uniformly to all Members. (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 unsolicited 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 has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and paragraph (f) of Rule 19b-4 thereunder.\10\ At any time within 60 days of the filing of the 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 Number SR-BYX-2015-47 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BYX-2015-47. 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 the filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BYX-2015-47 and should be submitted on or before December 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-29222 Filed 11-16-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices 71879
with respect to the proposed rule thereunder,4 which renders the certain pricing changes effective
change that are filed with the proposed rule change effective upon November 2, 2015, including
Commission, and all written filing with the Commission. The modification from a fee to remove
communications relating to the Commission is publishing this notice to liquidity of $0.0027 per share to a fee of
proposed rule change between the solicit comments on the proposed rule $0.00275 per share.6 Based on the
Commission and any person, other than change from interested persons. changes in pricing at NYSE, the
those that may be withheld from the Exchange is proposing to increase its fee
I. Self-Regulatory Organization’s
public in accordance with the for orders executed at NYSE that yield
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be fee code D so that the fee remains
the Proposed Rule Change
available for Web site viewing and $0.0001 less per share for orders routed
printing in the Commission’s Public The Exchange filed a proposal to to NYSE. Specifically, the Exchange
Reference Room on official business amend the fees and rebates applicable to proposes to increase the fee charged for
days between the hours of 10:00 a.m. Members 5 and non-members of the such orders from $0.0026 per share to
and 3:00 p.m. Copies of such filing also Exchange pursuant to Rule 15.1(a) and $0.00265 per share.
will be available for inspection and (c) (‘‘Fee Schedule’’). In addition to the change proposed
copying at the principal offices of the The text of the proposed rule change above, the Exchange proposes to change
Exchange. All comments received will is available at the Exchange’s Web site certain references on the Fee Schedule
be posted without change; the at www.batstrading.com, at the in connection with the launch of the
Commission does not edit personal principal office of the Exchange, and at options exchange operated by the
identifying information from the Commission’s Public Reference Exchange’s affiliate, EDGX Exchange,
submissions. You should submit only Room. Inc. (‘‘EDGX Options’’). First, the
information that you wish to make II. Self-Regulatory Organization’s Exchange propose [sic] to modify
available publicly. All submissions Statement of the Purpose of, and references in the Unicast Access section
should refer to File Number SR– Statutory Basis for, the Proposed Rule under BATS Connect fees to refer to
ISEGemini-2015–24, and should be Change ‘‘BZX Options’’ instead of ‘‘BATS
submitted on or before December 8, Options’’. Second, the Exchange
In its filing with the Commission, the proposes to add reference to EDGX
2015. Exchange included statements Options in the list of Exchange affiliates
For the Commission, by the Division of concerning the purpose of and basis for to which such fees do not apply.
Trading and Markets, pursuant to delegated the proposed rule change and discussed
authority.22 any comments it received on the Implementation Date
Robert W. Errett, proposed rule change. The text of these The Exchange proposes to implement
Deputy Secretary. statements may be examined at the these amendments to its Fee Schedule
[FR Doc. 2015–29215 Filed 11–16–15; 8:45 am] places specified in Item IV below. The immediately.
BILLING CODE 8011–01–P Exchange has prepared summaries, set
forth in Sections A, B, and C below, of 2. Statutory Basis
the most significant parts of such The Exchange believes that the
SECURITIES AND EXCHANGE statements. proposed rule change is consistent with
COMMISSION the objectives of Section 6 of the Act,7
(A) Self-Regulatory Organization’s
in general, and furthers the objectives of
[Release No. 34–76418; File No. SR–BYX– Statement of the Purpose of, and
Section 6(b)(4),8 in particular, as it is
2015–47] Statutory Basis for, the Proposed Rule
designed to provide for the equitable
Change
allocation of reasonable dues, fees and
Self-Regulatory Organizations; BATS
1. Purpose other charges among its Members and
Y-Exchange, Inc.; Notice of Filing and
The Exchange proposes to increase other persons using its facilities. The
Immediate Effectiveness of a Proposed
the fee for orders yielding fee code D, Exchange believes that its proposal to
Rule Change Related to Fees
which results from an order routed to increase the fee for Members’ orders that
November 10, 2015. the New York Stock Exchange (‘‘NYSE’’) yield fee code D from $0.0026 per share
Pursuant to Section 19(b)(1) of the using Destination Specific, RDOT, to $0.00265 per share represents an
Securities Exchange Act of 1934 (the RDOX, TRIM or SLIM routing strategy. equitable allocation of reasonable dues,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange has previously provided fees, and other charges among Members
notice is hereby given that on November a discounted fee for certain orders and other persons using its facilities in
2, 2015, BATS Y-Exchange, Inc. (the routed to the largest market centers that they are designed to provide a
‘‘Exchange’’ or ‘‘BYX’’) filed with the measured by volume (NYSE, NYSE Arca reduced fee for orders routed to NYSE
Securities and Exchange Commission and NASDAQ), which, in each instance through Exchange routing strategies as
(‘‘Commission’’) the proposed rule has been $0.0001 less per share for compared to applicable fees for
change as described in Items I, II and III orders routed to such market centers by executions if such routed orders were
below, which Items have been prepared the Exchange than such market centers instead executed directly by the
by the Exchange. The Exchange has currently charge for removing liquidity Member at NYSE. Furthermore, the
designated the proposed rule change as (referred to by the Exchange as ‘‘One Exchange notes that routing through the
one establishing or changing a member Under’’ pricing). NYSE is implementing Exchange is voluntary. Lastly, the
mstockstill on DSK4VPTVN1PROD with NOTICES
due, fee, or other charge imposed by the Exchange also believes that the
Exchange under Section 19(b)(3)(A)(ii) 4 17 CFR 240.19b–4(f)(2).
6 See NYSE Trader Update, Fee Changes Effective
of the Act 3 and Rule 19b–4(f)(2) 5 The term ‘‘Member’’ is defined as ‘‘any
registered broker or dealer, or any person associated November 2, dated October 30, 2015, available at
with a registered broker or dealer, that has been https://www.nyse.com/publicdocs/nyse/markets/
22 17 CFR 200.30–3(a)(12). admitted to membership in the Exchange [sic]. A nyse/NYSE_Client_Notice_Fee_Change_11_
1 15 U.S.C. 78s(b)(1). 2015.pdf.
Member will have the status of a ‘‘member’’ of the
2 17 CFR 240.19b–4. 7 15 U.S.C. 78f.
Exchange as that term is defined in Section 3(a)(3)
3 15 U.S.C. 78s(b)(3)(A)(ii). of the Act.’’ See Exchange Rule 1.5(n). 8 15 U.S.C. 78f(b)(4).
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![71880 Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices
proposed amendment is non- temporarily suspend such rule change if For the Commission, by the Division of
discriminatory because it applies it appears to the Commission that such Trading and Markets, pursuant to delegated
uniformly to all Members. The action is necessary or appropriate in the authority.11
Exchange also believes that the changes public interest, for the protection of Robert W. Errett,
to add EDGX Options to the list of investors, or otherwise in furtherance of Deputy Secretary.
affiliates under Unicast Access and the the purposes of the Act. [FR Doc. 2015–29222 Filed 11–16–15; 8:45 am]
re-naming of BATS Options as BZX BILLING CODE 8011–01–P
IV. Solicitation of Comments
Options is consistent with the Act. Such
changes reflect and are in connection Interested persons are invited to
with the launch of EDGX Options but do submit written data, views, and SECURITIES AND EXCHANGE
not result in any material change to the arguments concerning the foregoing, COMMISSION
Exchange’s Fee Schedule or impose any including whether the proposed rule
change is consistent with the Act. [Release No. 34–76412; File No. SR–
new or different fee. NYSEArca–2015–111]
Comments may be submitted by any of
(B) Self-Regulatory Organization’s the following methods:
Statement on Burden on Competition Self-Regulatory Organizations; NYSE
Electronic Comments Arca, Inc.; Notice of Filing and
These proposed rule changes do not Immediate Effectiveness of Proposed
impose any burden on competition that • Use the Commission’s Internet
comment form (http://www.sec.gov/ Rule Change Relating to the Listing
is not necessary or appropriate in and Trading of Shares of the
furtherance of the purposes of the Act. rules/sro.shtml); or
• Send an email to rule- RiverFront Strategic Income Fund
The Exchange does not believe that any Under NYSE Arca Equities Rule 8.600
of these changes represent a significant comments@sec.gov. Please include File
departure from previous pricing offered Number SR–BYX–2015–47 on the November 10, 2015.
by the Exchange or pricing offered by subject line. Pursuant to Section 19(b)(1) 1 of the
the Exchange’s competitors. Paper Comments Securities Exchange Act of 1934 (the
Additionally, Members may opt to • Send paper comments in triplicate ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
disfavor the Exchange’s pricing if they to Brent J. Fields, Secretary, Securities notice is hereby given that, on
believe that alternatives offer them and Exchange Commission, 100 F Street November 4, 2015, NYSE Arca, Inc. (the
better value. Accordingly, the Exchange NE., Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
does not believe that the proposed the Securities and Exchange
All submissions should refer to File
changes will impair the ability of Commission (the ‘‘Commission’’) the
Number SR–BYX–2015–47. This file
Members or competing venues to proposed rule change as described in
number should be included on the
maintain their competitive standing in Items I and II below, which Items have
subject line if email is used. To help the
the financial markets. The Exchange been prepared by the self-regulatory
Commission process and review your
believes that its proposal to charge a fee organization. The Commission is
comments more efficiently, please use
of $0.00265 per share for Members’ publishing this notice to solicit
only one method. The Commission will
orders that yield fee code D would comments on the proposed rule change
post all comments on the Commission’s
increase intermarket competition from interested persons.
Internet Web site (http://www.sec.gov/
because it offers customers an
rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
alternative means to route to NYSE at a
submission, all subsequent Statement of the Terms of Substance of
discounted rate. The Exchange believes
amendments, all written statements the Proposed Rule Change
that its proposal would not burden
with respect to the proposed rule The Exchange proposes to reflect a
intramarket competition because the
change that are filed with the change to the means of achieving the
proposed rate would apply uniformly to
Commission, and all written investment objective applicable to
all Members.
communications relating to the shares of the RiverFront Strategic
(C) Self-Regulatory Organization’s proposed rule change between the Income Fund, which has been approved
Statement on Comments on the Commission and any person, other than by the Securities and Exchange
Proposed Rule Change Received From those that may be withheld from the Commission (‘‘Commission’’), and is
Members, Participants or Others public in accordance with the currently listed and traded on the
The Exchange has not solicited, and provisions of 5 U.S.C. 552, will be Exchange, under NYSE Arca Equities
does not intend to solicit, comments on available for Web site viewing and Rule 8.600. The proposed rule change is
this proposed rule change. The printing in the Commission’s Public available on the Exchange’s Web site at
Exchange has not received any Reference Room, 100 F Street NE., www.nyse.com, at the principal office of
unsolicited written comments from Washington, DC 20549, on official the Exchange, and at the Commission’s
Members or other interested parties. business days between the hours of Public Reference Room.
10:00 a.m. and 3:00 p.m. Copies of the
III. Date of Effectiveness of the filing will also be available for II. Self-Regulatory Organization’s
Proposed Rule Change and Timing for inspection and copying at the principal Statement of the Purpose of, and
Commission Action office of the Exchange. All comments Statutory Basis for, the Proposed Rule
The foregoing rule change has become received will be posted without change; Change
mstockstill on DSK4VPTVN1PROD with NOTICES
effective pursuant to Section 19(b)(3)(A) the Commission does not edit personal In its filing with the Commission, the
of the Act 9 and paragraph (f) of Rule identifying information from self-regulatory organization included
19b–4 thereunder.10 At any time within submissions. You should submit only statements concerning the purpose of,
60 days of the filing of the proposed rule information that you wish to make
change, the Commission summarily may available publicly. All submissions 11 17 CFR 200.30–3(a)(12).
should refer to File Number SR–BYX– 1 15 U.S.C.78s(b)(1).
9 15 U.S.C. 78s(b)(3)(A). 2015–47 and should be submitted on or 2 15 U.S.C. 78a.
10 17 CFR 240.19b–4(f). before December 8, 2015. 3 17 CFR 240.19b–4.
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Document Created: 2015-12-14 14:00:52
Document Modified: 2015-12-14 14:00:52
| 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 71879 |
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