80 FR 73024 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution and Routing

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 225 (November 23, 2015)

Page Range		73024-73025
FR Document		2015-29727

Federal Register, Volume 80 Issue 225 (Monday, November 23, 2015)

[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)]
[Notices]
[Pages 73024-73025]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-29727]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76459; File No. SR-BATS-2015-97)

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

November 17, 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 9, 2015, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange filed a proposal to amend Rule 11.13, Order Execution
and Routing, to adopt a new routing option to be known as ALLB.
The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to amend Rule 11.13, Order Execution and
Routing, to adopt a new routing option to be known as ALLB. As
proposed, ALLB would be a routing option under which the order checks
the System \5\ for available shares and is then sent to the EDGX
Exchange, Inc. (``EDGX''), BATS Y-Exchange, Inc. (``BYX''), and the
EDGA Exchange, Inc. (``EDGA'' collectively with the Exchange, EDGX, and
BYX, the ``BGM Affiliated Exchanges''). Specifically, an order subject
to the ALLB routing option would execute first against contra-side
displayed and non-displayed liquidity on the BATS Book \6\ at the
National Best Bid or Offer (``NBBO'') or better. Any remainder would
then be routed to EDGX, BYX, and/or EDGA in accordance with the System
routing table.\7\ If shares remain unexecuted after routing, they are
posted to the BATS Book, unless otherwise instructed by the User.\8\ In
such case, the User may instruct the Exchange to cancel the remaining
shares. ALLB is designed to comply with Rule 611 and all other
provisions of Regulation NMS.\9\
---------------------------------------------------------------------------

\5\ The term ``System'' is defined as ``the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away.'' See Exchange Rule
1.5(aa).
\6\ The term ``BATS Book'' is defined as ``the System's
electronic file of orders.'' See Exchange Rule 1.5(e).
\7\ The term ``System routing table'' refers to the proprietary
process for determining the specific trading venues to which the
System routes orders and the order in which it routes them. See
Exchange Rule 11.13(b)(3).
\8\ The term ``User'' is defined as ``any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc).
\9\ 17 CFR 242.611.
---------------------------------------------------------------------------

2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act \10\ in general, and furthers the objectives of section
6(b)(5) of the Act \11\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest. The proposed rule change
promotes just and equitable principles of trade because it would
provide Users with greater flexibility in routing orders consistent
with Regulation NMS without developing complicated order routing
strategies on their own. The Exchange believes that the proposed
routing option will also accomplish those ends by providing market
participants with an additional voluntary routing option that will
enable them to easily access liquidity available on all of the national
securities exchanges operated by BGM Affiliated Exchanges. The Exchange
expects the routing strategy will benefit firms that do not employ
routing or trading strategies under which the firm itself would rapidly
access liquidity provided on the multiple venues. ALLB would not
provide any advantage to Users when routing to the EDGA, EDGX, or BYX
as compared to other methods of routing or connectivity available to
Users by the Exchange.
---------------------------------------------------------------------------

\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

Lastly, the Exchange also notes that routing options enabling the
routing of orders between affiliated exchanges is not unique and that
the ALLB routing option is similar to routing options offered by other
exchange groups that permit routing between affiliates. Specifically,
the Nasdaq Stock Market LLC (``Nasdaq''), the Nasdaq OMX BX (``BX''),
Nasdaq OMX PSX (``PSX'') offer routing options that enable an order,
whether sent to Nasdaq, BX, or PSX, to check the Nasdaq, BX, and PSX
books for liquidity before optionally posting to the Nasdaq, BX, or PSX
book.\12\ In addition, the Exchange previously offered a variation of a
Destination Specific Order \13\ which routed to and executed by its
affiliate, BYX, known as the B2B routing.\14\ Therefore, the

[[Page 73025]]

Exchange believes the proposal removes impediments to and perfects the
mechanism of a free and open market and a national market system, and,
in general, protects investors and the public interest.
---------------------------------------------------------------------------

\12\ See Securities Exchange Act Release Nos. 63900 (February
14, 2011), 76 FR 9397 (February 17, 2011) (SR-Nasdaq-2011-026);
65470 (October 3, 2011), 76 FR 62489 (October 7, 2011) (SR-BX-2011-
048); and 65469 (October 3, 2011), 76 FR 62486 (October 7, 2011)
(SR-Phlx-2011-108) (Notices of Filing and Immediate Effectiveness to
adopt the CART, BCRT, and PCRT routing options on Nasdaq, BX, and
PSX respectively). See also Nasdaq Rule 4758(a)(1)(A)(xi); BX Rule
4758(a)(1)(A)(vii); and PSX Rule 3315(a)(1)(A)(vii).
\13\ See Exchange Rule 11.13(b)(3)(E).
\14\ See Securities Exchange Act Release No. 63146 (October 21,
2010), 75 FR 66170 (October 27, 2010) (SR-BATS-2010-030). The
Exchange notes that BYX offered similar routing capabilities to the
Exchange. See Securities Exchange Act Release No. 63299 (November
10, 2010), 75 FR 70325 (November 17, 2010) (SR-BYX-2010-005).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange provides routing services in a highly competitive market in
which participants may avail themselves of a wide variety of routing
options offered by self-regulatory organizations, alternative trading
systems, other broker-dealers, market participants' own proprietary
routing systems, and service bureaus. In such an environment, system
enhancements such as the changes proposed in this rule filing do not
burden competition, because they can succeed in attracting order flow
to the Exchange only if they offer investors higher quality and better
value than services offered by others. Encouraging competitors to
provide higher quality and better value is the essence of a well-
functioning competitive marketplace.
Lastly, ALLB would not provide any advantage to Users when routing
to the EDGA, EDGX, or BYX as compared to other methods of routing or
connectivity available to Users by the Exchange. Therefore, the
Exchange does not believe the proposed rule change will result in any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others

No comments were solicited or received on the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

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 for 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 \15\ and paragraph (f)(6) of
Rule 19b-4 thereunder.\16\ The Exchange has given the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange states that having this additional voluntary
routing option will give market participants greater flexibility in
routing orders and allow them to more easily access liquidity on BGM
Affiliated exchanges. In addition, the Exchange states that the
proposed rule change is similar to a routing option offered by other
exchanges and does not propose any new or unique functionality. Based
on the foregoing, the Commission believes that the waiver of the
operative delay is consistent with the protection of investors and the
public interest.\17\ Therefore, the Commission hereby waives the
operative delay and designates the proposal operative upon filing.
---------------------------------------------------------------------------

\17\ 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 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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File No. SR-BATS-2015-97 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. SR-BATS-2015-97. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-BATS-2015-97, and should be
submitted on or before December 14, 2015.
---------------------------------------------------------------------------

\18\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29727 Filed 11-20-15; 8:45 am]
BILLING CODE 8011-01-P

73024 Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices

For the Commission, by the Division of the proposed rule change and discussed in particular, in that it is designed to
Trading and Markets, pursuant to delegated any comments it received on the promote just and equitable principles of
authority.23 proposed rule change. The text of these trade, to foster cooperation and
Robert W. Errett, statements may be examined at the coordination with persons engaged in
Deputy Secretary. places specified in Item IV below. The facilitating transactions in securities, to
[FR Doc. 2015–29707 Filed 11–20–15; 8:45 am] Exchange has prepared summaries, set remove impediments to and perfect the
BILLING CODE 8011–01–P forth in sections A, B, and C below, of mechanism of a free and open market
the most significant parts of such and a national market system and, in
statements. general, to protect investors and the
SECURITIES AND EXCHANGE public interest. The proposed rule
A. Self-Regulatory Organization’s
COMMISSION change promotes just and equitable
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule principles of trade because it would
[Release No. 34–76459; File No. SR–BATS–
2015–97) Change provide Users with greater flexibility in
routing orders consistent with
Self-Regulatory Organizations; BATS 1. Purpose Regulation NMS without developing
Exchange, Inc.; Notice of Filing and The Exchange proposes to amend complicated order routing strategies on
Immediate Effectiveness of a Proposed Rule 11.13, Order Execution and their own. The Exchange believes that
Rule Change To Amend Rule 11.13, Routing, to adopt a new routing option the proposed routing option will also
Order Execution and Routing to be known as ALLB. As proposed, accomplish those ends by providing
ALLB would be a routing option under market participants with an additional
November 17, 2015. which the order checks the System 5 for voluntary routing option that will
Pursuant to section 19(b)(1) of the available shares and is then sent to the enable them to easily access liquidity
Securities Exchange Act of 1934 (the EDGX Exchange, Inc. (‘‘EDGX’’), BATS available on all of the national securities
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Y-Exchange, Inc. (‘‘BYX’’), and the exchanges operated by BGM Affiliated
notice is hereby given that on November EDGA Exchange, Inc. (‘‘EDGA’’ Exchanges. The Exchange expects the
9, 2015, BATS Exchange, Inc. (the collectively with the Exchange, EDGX, routing strategy will benefit firms that
‘‘Exchange’’ or ‘‘BATS’’) filed with the and BYX, the ‘‘BGM Affiliated do not employ routing or trading
Securities and Exchange Commission Exchanges’’). Specifically, an order strategies under which the firm itself
(‘‘Commission’’) the proposed rule subject to the ALLB routing option would rapidly access liquidity provided
change as described in Items I and II would execute first against contra-side on the multiple venues. ALLB would
below, which Items have been prepared displayed and non-displayed liquidity not provide any advantage to Users
by the Exchange. The Exchange has on the BATS Book 6 at the National Best when routing to the EDGA, EDGX, or
designated this proposal as a ‘‘non- Bid or Offer (‘‘NBBO’’) or better. Any BYX as compared to other methods of
controversial’’ proposed rule change remainder would then be routed to routing or connectivity available to
pursuant to section 19(b)(3)(A) of the EDGX, BYX, and/or EDGA in Users by the Exchange.
Act 3 and Rule 19b–4(f)(6)(iii) accordance with the System routing Lastly, the Exchange also notes that
thereunder,4 which renders it effective table.7 If shares remain unexecuted after routing options enabling the routing of
upon filing with the Commission. The routing, they are posted to the BATS orders between affiliated exchanges is
Commission is publishing this notice to Book, unless otherwise instructed by the not unique and that the ALLB routing
solicit comments on the proposed rule User.8 In such case, the User may option is similar to routing options
change from interested persons. instruct the Exchange to cancel the offered by other exchange groups that
remaining shares. ALLB is designed to permit routing between affiliates.
I. Self-Regulatory Organization’s
comply with Rule 611 and all other Specifically, the Nasdaq Stock Market
Statement of the Terms of the Substance
provisions of Regulation NMS.9 LLC (‘‘Nasdaq’’), the Nasdaq OMX BX
of the Proposed Rule Change
(‘‘BX’’), Nasdaq OMX PSX (‘‘PSX’’) offer
The Exchange filed a proposal to 2. Statutory Basis
routing options that enable an order,
amend Rule 11.13, Order Execution and The Exchange believes that its whether sent to Nasdaq, BX, or PSX, to
Routing, to adopt a new routing option proposal is consistent with section 6(b) check the Nasdaq, BX, and PSX books
to be known as ALLB. of the Act 10 in general, and furthers the for liquidity before optionally posting to
The text of the proposed rule change objectives of section 6(b)(5) of the Act 11 the Nasdaq, BX, or PSX book.12 In
is available at the Exchange’s Web site addition, the Exchange previously
at www.batstrading.com, at the 5 The term ‘‘System’’ is defined as ‘‘the electronic
offered a variation of a Destination
communications and trading facility designated by
principal office of the Exchange, and at the Board through which securities orders of Users Specific Order 13 which routed to and
the Commission’s Public Reference are consolidated for ranking, execution and, when executed by its affiliate, BYX, known as
Room. applicable, routing away.’’ See Exchange Rule the B2B routing.14 Therefore, the
1.5(aa).
II. Self-Regulatory Organization’s 6 The term ‘‘BATS Book’’ is defined as ‘‘the
12 See Securities Exchange Act Release Nos.
Statement of the Purpose of, and System’s electronic file of orders.’’ See Exchange 63900 (February 14, 2011), 76 FR 9397 (February
Statutory Basis for, the Proposed Rule Rule 1.5(e). 17, 2011) (SR-Nasdaq-2011–026); 65470 (October 3,
7 The term ‘‘System routing table’’ refers to the
Change 2011), 76 FR 62489 (October 7, 2011) (SR–BX–
proprietary process for determining the specific 2011–048); and 65469 (October 3, 2011), 76 FR
In its filing with the Commission, the trading venues to which the System routes orders 62486 (October 7, 2011) (SR–Phlx–2011–108)
Exchange included statements and the order in which it routes them. See (Notices of Filing and Immediate Effectiveness to
wgreen on DSK2VPTVN1PROD with NOTICES

Exchange Rule 11.13(b)(3). adopt the CART, BCRT, and PCRT routing options
concerning the purpose of and basis for 8 The term ‘‘User’’ is defined as ‘‘any Member or
on Nasdaq, BX, and PSX respectively). See also
Sponsored Participant who is authorized to obtain Nasdaq Rule 4758(a)(1)(A)(xi); BX Rule
23 17 CFR 200.30–3(a)(12). access to the System pursuant to Rule 11.3.’’ See 4758(a)(1)(A)(vii); and PSX Rule 3315(a)(1)(A)(vii).
1 15 U.S.C. 78s(b)(1). Exchange Rule 1.5(cc). 13 See Exchange Rule 11.13(b)(3)(E).
2 17 CFR 240.19b–4. 9 17 CFR 242.611. 14 See Securities Exchange Act Release No. 63146
3 15 U.S.C. 78s(b)(3)(A). 10 15 U.S.C. 78f(b).
(October 21, 2010), 75 FR 66170 (October 27, 2010)
4 17 CFR 240.19b–4(f)(6)(iii). 11 15 U.S.C. 78f(b)(5). (SR–BATS–2010–030). The Exchange notes that

VerDate Sep<11>2014 14:25 Nov 20, 2015 Jkt 238001 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1

Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73025

Exchange believes the proposal removes proposed rule change has become • Send an email to rule-comments@
impediments to and perfects the effective pursuant to section 19(b)(3)(A) sec.gov. Please include File No. SR–
mechanism of a free and open market of the Act 15 and paragraph (f)(6) of Rule BATS–2015–97 on the subject line.
and a national market system, and, in 19b–4 thereunder.16 The Exchange has
general, protects investors and the given the Commission written notice of Paper Comments
public interest. its intent to file the proposed rule • Send paper comments in triplicate
B. Self-Regulatory Organization’s change, along with a brief description to Secretary, Securities and Exchange
Statement on Burden on Competition and text of the proposed rule change at
Commission, 100 F Street NE.,
least five business days prior to the date
The Exchange does not believe that Washington, DC 20549–1090.
of filing of the proposed rule change, or
the proposed rule change will result in such shorter time as designated by the All submissions should refer to File No.
any burden on competition that is not Commission. SR–BATS–2015–97. This file number
necessary or appropriate in furtherance The Exchange has asked the should be included on the subject line
of the purposes of the Act, as amended. Commission to waive the 30-day if email is used. To help the
The Exchange provides routing services operative delay so that the proposal may Commission process and review your
in a highly competitive market in which become operative immediately upon
participants may avail themselves of a comments more efficiently, please use
filing. The Exchange states that having only one method. The Commission will
wide variety of routing options offered this additional voluntary routing option
by self-regulatory organizations, post all comments on the Commission’s
will give market participants greater Internet Web site (http://www.sec.gov/
alternative trading systems, other flexibility in routing orders and allow
broker-dealers, market participants’ own rules/sro.shtml). Copies of the
them to more easily access liquidity on submission, all subsequent
proprietary routing systems, and service
BGM Affiliated exchanges. In addition, amendments, all written statements
bureaus. In such an environment,
the Exchange states that the proposed with respect to the proposed rule
system enhancements such as the
rule change is similar to a routing
changes proposed in this rule filing do change that are filed with the
option offered by other exchanges and
not burden competition, because they Commission, and all written
does not propose any new or unique
can succeed in attracting order flow to communications relating to the
functionality. Based on the foregoing,
the Exchange only if they offer investors proposed rule change between the
the Commission believes that the waiver
higher quality and better value than Commission and any person, other than
of the operative delay is consistent with
services offered by others. Encouraging those that may be withheld from the
the protection of investors and the
competitors to provide higher quality public in accordance with the
and better value is the essence of a well- public interest.17 Therefore, the
Commission hereby waives the provisions of 5 U.S.C. 552, will be
functioning competitive marketplace. available for Web site viewing and
Lastly, ALLB would not provide any operative delay and designates the
proposal operative upon filing. printing in the Commission’s Public
advantage to Users when routing to the
At any time within 60 days of the Reference Room, 100 F Street NE.,
EDGA, EDGX, or BYX as compared to
other methods of routing or connectivity filing of the proposed rule change, the Washington, DC 20549 on official
available to Users by the Exchange. Commission summarily may business days between the hours of
Therefore, the Exchange does not temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such
believe the proposed rule change will it appears to the Commission that such filing also will be available for
result in any burden on intermarket action is necessary or appropriate in the inspection and copying at the principal
competition that is not necessary or public interest, for the protection of office of the Exchange. All comments
appropriate in furtherance of the investors; or otherwise in furtherance of received will be posted without change;
purposes of the Act. the purposes of the Act. If the the Commission does not edit personal
Commission takes such action, the identifying information from
C. Self-Regulatory Organization’s Commission shall institute proceedings
Statement on Comments on the submissions. You should submit only
to determine whether the proposed rule information that you wish to make
Proposed Rule Change Received from should be approved or disapproved.
Members, Participants, or Others available publicly. All submissions
IV. Solicitation of Comments should refer to File No. SR–BATS–
No comments were solicited or 2015–97, and should be submitted on or
received on the proposed rule change. Interested persons are invited to before December 14, 2015.
III. Date of Effectiveness of the submit written data, views, and
arguments concerning the foregoing, For the Commission, by the Division of
Proposed Rule Change and Timing for Trading and Markets, pursuant to delegated
Commission Action including whether the proposed rule
change is consistent with the Act. authority.18
Because the proposed rule change Comments may be submitted by any of Robert W. Errett,
does not: (i) Significantly affect the the following methods: Deputy Secretary.
protection of investors or the public
Electronic Comments [FR Doc. 2015–29727 Filed 11–20–15; 8:45 am]
interest; (ii) impose any significant
BILLING CODE 8011–01–P
burden on competition; and (iii) become • Use the Commission’s Internet
operative for 30 days from the date on comment form (http://www.sec.gov/
which it was filed, or such shorter time rules/sro.shtml); or
wgreen on DSK2VPTVN1PROD with NOTICES

as the Commission may designate if
consistent with the protection of 15 15 U.S.C. 78s(b)(3)(A).
investors and the public interest, the 16 17 CFR 240.19b–4.
17 For purposes only of waiving the 30-day

BYX offered similar routing capabilities to the operative delay, the Commission has also
Exchange. See Securities Exchange Act Release No. considered the proposed rule’s impact on
63299 (November 10, 2010), 75 FR 70325 efficiency, competition, and capital formation. See
(November 17, 2010) (SR–BYX–2010–005). 15 U.S.C. 78c(f). 18 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 14:25 Nov 20, 2015 Jkt 238001 PO 00000 Frm 00081 Fmt 4703 Sfmt 9990 E:\FR\FM\23NON1.SGM 23NON1

Document Created: 2018-03-01 11:17:17
Document Modified: 2018-03-01 11:17:17

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 73024