80 FR 71890 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Making Certain Representations Relating to the NYSE Best Quote & Trades Data Feed
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 221 (November 17, 2015)
Federal Register Volume 80, Issue 221 (November 17, 2015)
| Page Range | 71890-71892 | |
| FR Document | 2015-29216 |
[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)] [Notices] [Pages 71890-71892] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29216] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76402; File No. SR-NYSEARCA-2015-103] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Making Certain Representations Relating to the NYSE Best Quote & Trades Data Feed November 10, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on October 29, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to make certain representations relating to the NYSE Best Quote & Trades (NYSE BQT) data feed. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 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 those 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 NYSE Best Quotes and Trades (``NYSE BQT'') data feed, a market data product offered by the New York Stock Exchange LLC (``NYSE''), provides best bid and offer (``BBO'') and last sale information for the Exchange and its affiliates, NYSE and NYSE MKT LLC (``NYSE MKT'').\4\ Specifically, the NYSE BQT data feed consists of certain data elements from six market data feeds--NYSE Trades, NYSE BBO, NYSE Arca Trades, NYSE Arca BBO, NYSE MKT Trades, and NYSE MKT BBO.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 34-73553 (Nov. 6, 2014), 79 FR 67491 (Nov. 13, 2014) (SR-NYSE-2014-40) (``NYSE BQT Approval Order''). \5\ These data feeds are offered pursuant to preexisting and effective rules and fees filed with the Securities and Exchange Commission (``Commission''). This filing does not affect those rules or the fees associated with these underlying data feeds or the ability for the NYSE Arca, the NYSE or NYSE MKT to amend the data feeds or fees associated with those data feeds pursuant to separate rule filings. For NYSE Arca Trades, see Securities Exchange Act Release Nos. 59289 (Jan. 23, 2009), 74 FR 5711 (Jan. 30, 2009) (SR- NYSEArca-2009-06) and 59598 (Mar. 18, 2009), 74 FR 12919 (Mar. 25, 2009) (SR-NYSEArca-2009-05). For NYSE Arca BBO, see Securities Exchange Act Release No. 62188 (May 27, 2010), 75 FR 31484 (June 3, 2010) (SR-NYSEArca-2010-23). For NYSE Trades, see Securities Exchange Act Release Nos. 59290 (Jan. 23, 2009), 74 FR 5707 (Jan. 30, 2009) (SR-NYSE-2009-05) and 59606 (Mar. 19, 2009), 74 FR 13293 (Mar. 26, 2009) (SR-NYSE-2009-04). For NYSE BBO, see Securities Exchange Act Release No. 62181 (May 26, 2010), 75 FR 31488 (June 3, 2010) (SR-NYSE-2010-30). For NYSE MKT Trades and NYSE MKT BBO, see Securities Exchange Act Release No. 62187 (May 27, 2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010-35). --------------------------------------------------------------------------- While NYSE Arca, NYSE and NYSE MKT are the exclusive distributors of their BBO and Trades feeds from which the data elements are taken to create the NYSE BQT data feed, the NYSE represented that it would not have any unfair advantage over competing vendors with respect to obtaining data from NYSE, NYSE Arca and NYSE MKT.\6\ The NYSE represented that it would not be the exclusive distributor of the aggregated and consolidated information that comprises the NYSE BQT data feed and that it designed the NYSE BQT data feed so that it would not have a competitive advantage over a competing vendor with respect to the speed of access to those six underlying data feeds. In recognition that NYSE Arca is the source of its own market data, NYSE Arca represents that it will continue to make available the individual underlying feeds, NYSE Arca Trades and NYSE Arca BBO, and that the source for these feeds for use by NYSE to create the NYSE BQT data feed is the same as the source available to other vendors.\7\ --------------------------------------------------------------------------- \6\ See supra note 4 at 67492. \7\ NYSE MKT is filing a similar proposal regarding the NYSE BQT data feed (SR-NYSEMKT-2015-92). --------------------------------------------------------------------------- The Exchange notes that the proposed change is not otherwise intended to address any other issues, and the Exchange is not aware of any problems that member organizations or others would have in complying with the proposed rule change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) \8\ of the Act, in general, and furthers the objectives of Section 6(b)(5) \9\ of the Act, in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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, and it is not designed to permit unfair discrimination among customers, brokers, or dealers. This proposal is in keeping with those principles in that it promotes increased transparency through the dissemination [[Page 71891]] of the NYSE BQT data feed to those interested in receiving it. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- NYSE Arca is the source of its own market data, including the NYSE Arca market data that the NYSE includes in the NYSE BQT data feed. NYSE Arca represents that it will continue to make available the individual underlying NYSE Arca market data products, NYSE Arca Trades and NYSE Arca BBO, that are included in NYSE BQT, and that the source of the NYSE Arca market data the NYSE uses to create the NYSE BQT data feed is the same as the source available to other vendors. Thus, a vendor creating a product to compete with NYSE BQT could also obtain the six underlying data feeds in NYSE BQT and perform a similar aggregation and consolidation function to create the same data product with the same latency. The NYSE BQT data feed helps to protect a free and open market by providing vendors and subscribers with additional choices in receiving this type of market data, thus promoting competition and innovation. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\10\ the Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. As noted above, the NYSE BQT data feed represents aggregated and consolidated information of six existing market data feeds. Although NYSE Arca, the NYSE and NYSE MKT are the exclusive distributors of the six BBO and Trades feeds from which certain data elements are taken to create the NYSE BQT data feed, the NYSE may not be the exclusive distributor of the aggregated and consolidated information that comprises the NYSE BQT data feed. Any other market data recipient of the six BBO and Trades feeds would be able, if they chose, to create a data feed with the same information as the NYSE BQT data feed and distribute it to their clients on a level- playing field with respect to latency and cost as compared to the NYSE's product.\11\ --------------------------------------------------------------------------- \10\ 78 U.S.C. 78f(b)(8). \11\ See NYSE BQT Approval Order, supra note 4. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(iii). \13\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally does not become operative prior to 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. The Exchange notes that the NYSE BQT data feed has been the subject of prior rule filings and believes that waiver of the 30-day operative delay will provide more transparency and consistency with respect to the description of the NYSE BQT data feed. Based on the foregoing, the Commission believes that the waiver of the operative delay is appropriate and is consistent with the protection of investors and the public interest.\15\ The Commission hereby grants the waiver and designates the proposal operative upon filing. --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6). \15\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 Commission shall institute proceedings under Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \16\ 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 Number SR-NYSEARCA-2015-103 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-NYSEARCA-2015-103. 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 Section, 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 NYSE's principal office and on its Internet Web site at www.nyse.com. 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-NYSEARCA-2015-103 and should be [[Page 71892]] submitted on or before December 8, 2015. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-29216 Filed 11-16-15; 8:45 am] BILLING CODE 8011-01-P
![71890 Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices
Commission and any person, other than I. Self-Regulatory Organization’s While NYSE Arca, NYSE and NYSE
those that may be withheld from the Statement of the Terms of Substance of MKT are the exclusive distributors of
public in accordance with the the Proposed Rule Change their BBO and Trades feeds from which
provisions of 5 U.S.C. 552, will be The Exchange proposes to make the data elements are taken to create the
available for Web site viewing and certain representations relating to the NYSE BQT data feed, the NYSE
printing in the Commission’s Public NYSE Best Quote & Trades (NYSE BQT) represented that it would not have any
Reference Room, 100 F Street NE., data feed. The text of the proposed rule unfair advantage over competing
Washington, DC 20549, on official change is available on the Exchange’s vendors with respect to obtaining data
business days between the hours of Web site at www.nyse.com, at the from NYSE, NYSE Arca and NYSE
10:00 a.m. and 3:00 p.m. Copies of the principal office of the Exchange, and at MKT.6 The NYSE represented that it
filing also will be available for would not be the exclusive distributor
the Commission’s Public Reference
inspection and copying at the principal of the aggregated and consolidated
Room.
information that comprises the NYSE
office of the Exchange. All comments
II. Self-Regulatory Organization’s BQT data feed and that it designed the
received will be posted without change;
Statement of the Purpose of, and NYSE BQT data feed so that it would
the Commission does not edit personal Statutory Basis for, the Proposed Rule not have a competitive advantage over
identifying information from Change a competing vendor with respect to the
submissions. You should submit only speed of access to those six underlying
information that you wish to make In its filing with the Commission, the
self-regulatory organization included data feeds. In recognition that NYSE
available publicly. Arca is the source of its own market
statements concerning the purpose of,
All submissions should refer to File and basis for, the proposed rule change data, NYSE Arca represents that it will
Number SR–NASDAQ–2015–138 and and discussed any comments it received continue to make available the
should be submitted on or before on the proposed rule change. The text individual underlying feeds, NYSE Arca
December 8, 2015. Trades and NYSE Arca BBO, and that
of those statements may be examined at
the source for these feeds for use by
For the Commission, by the Division of the places specified in Item IV below.
NYSE to create the NYSE BQT data feed
Trading and Markets, pursuant to delegated The Exchange has prepared summaries,
is the same as the source available to
authority.18 set forth in sections A, B, and C below,
other vendors.7
Robert W. Errett, of the most significant parts of such The Exchange notes that the proposed
Deputy Secretary. statements. change is not otherwise intended to
[FR Doc. 2015–29230 Filed 11–16–15; 8:45 am] A. Self-Regulatory Organization’s address any other issues, and the
BILLING CODE 8011–01–P Statement of the Purpose of, and Exchange is not aware of any problems
Statutory Basis for, the Proposed Rule that member organizations or others
Change would have in complying with the
SECURITIES AND EXCHANGE proposed rule change.
1. Purpose
COMMISSION 2. Statutory Basis
The NYSE Best Quotes and Trades
(‘‘NYSE BQT’’) data feed, a market data The Exchange believes that the
[Release No. 34–76402; File No. SR– proposed rule change is consistent with
NYSEARCA–2015–103]
product offered by the New York Stock
Exchange LLC (‘‘NYSE’’), provides best Section 6(b) 8 of the Act, in general, and
bid and offer (‘‘BBO’’) and last sale furthers the objectives of Section
Self-Regulatory Organizations; NYSE 6(b)(5) 9 of the Act, in particular, in that
Arca, Inc.; Notice of Filing and information for the Exchange and its
affiliates, NYSE and NYSE MKT LLC it is designed to prevent fraudulent and
Immediate Effectiveness of Proposed manipulative acts and practices, to
Rule Change Making Certain (‘‘NYSE MKT’’).4 Specifically, the NYSE
BQT data feed consists of certain data promote just and equitable principles of
Representations Relating to the NYSE trade, to foster cooperation and
Best Quote & Trades Data Feed elements from six market data feeds—
NYSE Trades, NYSE BBO, NYSE Arca coordination with persons engaged in
November 10, 2015. Trades, NYSE Arca BBO, NYSE MKT facilitating transactions in securities, to
Trades, and NYSE MKT BBO.5 remove impediments to and perfect the
Pursuant to Section 19(b)(1) 1 of the mechanism of a free and open market
Securities Exchange Act of 1934 (the 4 See Securities Exchange Act Release No. 34– and a national market system and, in
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 73553 (Nov. 6, 2014), 79 FR 67491 (Nov. 13, 2014) general, to protect investors and the
notice is hereby given that, on October (SR–NYSE–2014–40) (‘‘NYSE BQT Approval public interest, and it is not designed to
29, 2015, NYSE Arca, Inc. (the Order’’). permit unfair discrimination among
5 These data feeds are offered pursuant to
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with preexisting and effective rules and fees filed with
customers, brokers, or dealers. This
the Securities and Exchange the Securities and Exchange Commission proposal is in keeping with those
Commission (the ‘‘Commission’’) the (‘‘Commission’’). This filing does not affect those principles in that it promotes increased
proposed rule change as described in rules or the fees associated with these underlying transparency through the dissemination
data feeds or the ability for the NYSE Arca, the
Items I and II below, which Items have NYSE or NYSE MKT to amend the data feeds or fees
been prepared by the self-regulatory associated with those data feeds pursuant to FR 13293 (Mar. 26, 2009) (SR–NYSE–2009–04). For
NYSE BBO, see Securities Exchange Act Release
organization. The Commission is separate rule filings. For NYSE Arca Trades, see
No. 62181 (May 26, 2010), 75 FR 31488 (June 3,
Securities Exchange Act Release Nos. 59289 (Jan.
mstockstill on DSK4VPTVN1PROD with NOTICES
publishing this notice to solicit 23, 2009), 74 FR 5711 (Jan. 30, 2009) (SR– 2010) (SR–NYSE–2010–30). For NYSE MKT Trades
comments on the proposed rule change NYSEArca–2009–06) and 59598 (Mar. 18, 2009), 74 and NYSE MKT BBO, see Securities Exchange Act
from interested persons. FR 12919 (Mar. 25, 2009) (SR–NYSEArca–2009–05). Release No. 62187 (May 27, 2010), 75 FR 31500
(June 3, 2010) (SR–NYSEAmex–2010–35).
For NYSE Arca BBO, see Securities Exchange Act
6 See supra note 4 at 67492.
18 17
Release No. 62188 (May 27, 2010), 75 FR 31484
CFR 200.30–3(a)(12). (June 3, 2010) (SR–NYSEArca–2010–23). For NYSE
7 NYSE MKT is filing a similar proposal regarding
1 15 U.S.C. 78s(b)(1). the NYSE BQT data feed (SR–NYSEMKT–2015–92).
Trades, see Securities Exchange Act Release Nos.
2 15 U.S.C. 78a. 8 15 U.S.C. 78f(b).
59290 (Jan. 23, 2009), 74 FR 5707 (Jan. 30, 2009)
3 17 CFR 240.19b–4. (SR–NYSE–2009–05) and 59606 (Mar. 19, 2009), 74 9 15 U.S.C. 78f(b)(5).
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![71892 Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices
submitted on or before December II. Self-Regulatory Organization’s routing (i.e., clearing fees, connectivity
8,2015. Statement of the Purpose of, and and other infrastructure costs,
For the Commission, by the Division of Statutory Basis for, the Proposed Rule membership fees, etc.) (collectively,
Trading and Markets, pursuant to delegated Change ‘‘Routing Costs’’). The Exchange then
authority.17 In its filing with the Commission, the monitors the fees charged as compared
Robert W. Errett, Exchange included statements to the costs of its routing services and
Deputy Secretary. concerning the purpose of and basis for adjusts its routing fees and/or sub-
[FR Doc. 2015–29216 Filed 11–16–15; 8:45 am] the proposed rule change and discussed categories to ensure that the Exchange’s
any comments it received on the fees do indeed result in a rough
BILLING CODE 8011–01–P
proposed rule change. The text of these approximation of overall Routing Costs,
statements may be examined at the and are not significantly higher or lower
SECURITIES AND EXCHANGE places specified in Item IV below. The in any area. The Exchange proposes to
COMMISSION Exchange has prepared summaries, set adopt routing fees for orders that are
routed by the Exchange to EDGX
[Release No. 34–76411; File No. SR–BATS– forth in Sections A, B, and C below, of
Options consistent with this approach.
2015–98] the most significant parts of such
The Exchange proposes to adopt fee
statements. codes RC and RD, which will apply to
Self-Regulatory Organizations; BATS
(A) Self-Regulatory Organization’s Customer 6 orders routed to EDGX
Exchange, Inc.; Notice of Filing and
Statement of the Purpose of, and Options in Penny Pilot Securities 7 and
Immediate Effectiveness of a Proposed
Statutory Basis for, the Proposed Rule non-Penny Pilot Securities, respectively.
Rule Change Related to Fees for BZX
Change Both fee code RC and fee code RD will
Options
yield no charge, as EDGX Options has
1. Purpose not proposed to charge a fee for
November 10, 2015.
Pursuant to Section 19(b)(1) of the The Exchange proposes to modify its Customer orders.8 The Exchange also
Securities Exchange Act of 1934 (the fee schedule applicable to the proposes to adopt fee codes RF and RG,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange’s options platform effective which will apply to Non-Customer
notice is hereby given that on November immediately, in order to: (i) Make orders 9 routed to EDGX Options in
2, 2015, BATS Exchange, Inc. (the certain changes, including the adoption Penny Pilot Securities and non-Penny
‘‘Exchange’’ or ‘‘BATS’’) filed with the of routing fees, in connection with the Pilot Securities, respectively. The
Securities and Exchange Commission launch of the options exchange operated Exchange proposes to charge $0.56 for
(‘‘Commission’’) the proposed rule by the Exchange’s affiliate EDGX orders yielding fee code RF and $0.96
change as described in Items I, II and III Exchange, Inc. (‘‘EDGX Options’’); and per contract for orders yielding fee code
below, which Items have been prepared (ii) to adopt and modify certain pricing RG, which in each case represents the
by the Exchange. The Exchange has tiers offered by the Exchange. base fee for a Non-Customer order (other
designated the proposed rule change as than market maker order) executed on
BZX Options References
one establishing or changing a member EDGX Options plus an additional fee to
due, fee, or other charge imposed by the At the outset, the Exchange proposes cover Routing Costs.10 Although the
Exchange under Section 19(b)(3)(A)(ii) to re-brand its options platform as BZX Exchange does not propose to charge a
of the Act 3 and Rule 19b–4(f)(2) Options, rather than BATS Options, as fee for Customer orders routed to EDGX
thereunder,4 which renders the it intends to use BATS Options to Options, the Exchange will incur
proposed rule change effective upon describe EDGX Options and BZX Routing Costs in connection with such
filing with the Commission. The Options collectively. In connection with routing. The Exchange notes, however,
Commission is publishing this notice to this change the Exchange proposes to: that Customer orders executed on EDGX
solicit comments on the proposed rule (i) Re-title the fee schedule; (ii) modify Options will receive rebates in certain
change from interested persons. the description of fee code OO, which circumstances that the Exchange does
refers to the Exchange’s opening not propose to pass back to Members.
I. Self-Regulatory Organization’s process; (iii) modify references in Accordingly, the Exchange anticipates
Statement of the Terms of Substance of footnote 5, which applies to the Quoting that the proposed fee structure will
the Proposed Rule Change Incentive Program (‘‘QIP’’); (iv) modify approximate the cost of routing
The Exchange filed a proposal to references in the Unicast Access section Customer orders to EDGX Options. The
amend the fee schedule applicable to under BATS Connect fees; and (v) Exchange also notes that the proposed
Members 5 and non-members of the modify references in the Options fees for fee codes RF and RG are higher
Exchange pursuant to BATS Rules Regulatory Fee section. In each instance than the fees charged by EDGX Options
15.1(a) and (c). the Exchange proposes to refer to BZX for market maker orders sent directly to
The text of the proposed rule change Options. With respect to the Unicast
is available at the Exchange’s Web site Access section, the Exchange also 6 ‘‘Customer’’ applies to any transaction identified
at www.batstrading.com, at the proposes to add reference to EDGX by a Member for clearing in the Customer range at
the OCC, excluding any transaction for a Broker
principal office of the Exchange, and at Options in the list of Exchange affiliates Dealer or a ‘‘Professional’’ as defined in Exchange
the Commission’s Public Reference to which such fees do not apply. Rule 16.1.
Room. 7 ‘‘Penny Pilot Securities’’ are those issues quoted
Routing to EDGX Options pursuant to Exchange Rule 21.5, Interpretation and
Policy .01.
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17 17 CFR 200.30–3(a)(12). As noted previously, the Exchange’s 8 See SR–EDGX–2015–54 filed October 30, 2015,
1 15 U.S.C. 78s(b)(1). current approach to routing fees is to set available at: http://cdn.batstrading.com/resources/
2 17 CFR 240.19b–4.
forth in a simple manner certain sub- regulation/rule_filings/approved/2015/SR-EDGX-
3 15 U.S.C. 78s(b)(3)(A)(ii).
categories of fees that approximate the 2015-54.pdf.
4 17 CFR 240.19b–4(f)(2). 9 The Exchange also proposes to adopt a
cost of routing to other options
5 The term ‘‘Member’’ is defined as ‘‘any definition of Non-Customer order, which would
registered broker or dealer that has been admitted
exchanges based on the cost of apply to any transaction that is not a Customer
to membership in the Exchange.’’ See Exchange transaction fees assessed by each venue order, as described below.
Rule 1.5(n). as well as costs to the Exchange for 10 See supra note 8.
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Document Created: 2015-12-14 14:01:07
Document Modified: 2015-12-14 14:01:07
| 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 71890 |
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