80 FR 73026 - Self-Regulatory Organizations; BATS Y-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)
Federal Register Volume 80, Issue 225 (November 23, 2015)
| Page Range | 73026-73027 | |
| FR Document | 2015-29712 |
[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)] [Notices] [Pages 73026-73027] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29712] [[Page 73026]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76457; File No. SR-BYX-2015-46] Self-Regulatory Organizations; BATS Y-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 Y-Exchange, Inc. (the ``Exchange'' or ``BYX'') 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 Exchange, Inc. (``BZX''), and the EDGA Exchange, Inc. (``EDGA'' collectively with the Exchange, EDGX, and BZX, 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, BZX, 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 BZX 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, BZX 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 Exchange believes the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system, and, in [[Page 73027]] 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 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 it offered similar routing capabilities to BZX. 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 BZX 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BYX-2015-46 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-BYX-2015-46. 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-BYX-2015-46, and should be submitted on or before December 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-29712 Filed 11-20-15; 8:45 am] BILLING CODE 8011-01-P
![73026 Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s public interest. The proposed rule
COMMISSION Statement of the Purpose of, and change promotes just and equitable
Statutory Basis for, the Proposed Rule principles of trade because it would
[Release No. 34–76457; File No. SR–BYX– Change provide Users with greater flexibility in
2015–46] 1. Purpose routing orders consistent with
Regulation NMS without developing
Self-Regulatory Organizations; BATS The Exchange proposes to amend complicated order routing strategies on
Y-Exchange, Inc.; Notice of Filing and Rule 11.13, Order Execution and their own. The Exchange believes that
Immediate Effectiveness of a Proposed Routing, to adopt a new routing option the proposed routing option will also
Rule Change To Amend Rule 11.13, to be known as ALLB. As proposed, accomplish those ends by providing
Order Execution and Routing ALLB would be a routing option under
market participants with an additional
which the order checks the System 5 for
November 17, 2015. voluntary routing option that will
available shares and is then sent to the
Pursuant to Section 19(b)(1) of the enable them to easily access liquidity
EDGX Exchange, Inc. (‘‘EDGX’’), BATS
Securities Exchange Act of 1934 (the Exchange, Inc. (‘‘BZX’’), and the EDGA available on all of the national securities
‘‘Act’’),1 and Rule 19b-4 thereunder,2 Exchange, Inc. (‘‘EDGA’’ collectively exchanges operated by BGM Affiliated
notice is hereby given that on November with the Exchange, EDGX, and BZX, the Exchanges. The Exchange expects the
9, 2015, BATS Y-Exchange, Inc. (the ‘‘BGM Affiliated Exchanges’’). routing strategy will benefit firms that
‘‘Exchange’’ or ‘‘BYX’’) filed with the Specifically, an order subject to the do not employ routing or trading
Securities and Exchange Commission ALLB routing option would execute first strategies under which the firm itself
(‘‘Commission’’) the proposed rule against contra-side displayed and non- would rapidly access liquidity provided
change as described in Items I and II displayed liquidity on the BATS Book 6 on the multiple venues. ALLB would
below, which Items have been prepared at the National Best Bid or Offer not provide any advantage to Users
by the Exchange. The Exchange has (‘‘NBBO’’) or better. Any remainder, when routing to the EDGA, EDGX, or
designated this proposal as a ‘‘non- would then be routed to EDGX, BZX, BZX as compared to other methods of
controversial’’ proposed rule change and/or EDGA in accordance with the routing or connectivity available to
pursuant to Section 19(b)(3)(A) of the System routing table.7 If shares remain Users by the Exchange.
Act 3 and Rule 19b–4(f)(6)(iii) unexecuted after routing, they are Lastly, the Exchange also notes that
thereunder,4 which renders it effective posted to the BATS Book, unless routing options enabling the routing of
upon filing with the Commission. The otherwise instructed by the User.8 In orders between affiliated exchanges is
Commission is publishing this notice to such case, the User may instruct the not unique and that the ALLB routing
solicit comments on the proposed rule Exchange to cancel the remaining option is similar to routing options
change from interested persons. shares. ALLB is designed to comply offered by other exchange groups that
I. Self-Regulatory Organization’s with Rule 611 and all other provisions permit routing between affiliates.
Statement of the Terms of the Substance of Regulation NMS.9 Specifically, the Nasdaq Stock Market
of the Proposed Rule Change 2. Statutory Basis LLC (‘‘Nasdaq’’), the Nasdaq OMX BX
The Exchange filed a proposal to The Exchange believes that its (‘‘BX’’), Nasdaq OMX PSX (‘‘PSX’’) offer
amend Rule 11.13, Order Execution and proposal is consistent with Section 6(b) routing options that enable an order,
Routing, to adopt a new routing option of the Act 10 in general, and furthers the whether sent to Nasdaq, BX, or PSX, to
to be known as ALLB. objectives of Section 6(b)(5) of the Act 11 check the Nasdaq, BX, and PSX books
The text of the proposed rule change in particular, in that it is designed to for liquidity before optionally posting to
is available at the Exchange’s Web site promote just and equitable principles of the Nasdaq, BX, or PSX book.12 In
at www.batstrading.com, at the trade, to foster cooperation and addition, BZX previously offered a
principal office of the Exchange, and at coordination with persons engaged in variation of a Destination Specific
the Commission’s Public Reference facilitating transactions in securities, to Order 13 which routed to and executed
Room. remove impediments to and perfect the by its affiliate, BYX, known as the B2B
mechanism of a free and open market routing.14 Therefore, the Exchange
II. Self-Regulatory Organization’s believes the proposal removes
Statement of the Purpose of, and and a national market system and, in
general, to protect investors and the impediments to and perfects the
Statutory Basis for, the Proposed Rule
mechanism of a free and open market
Change 5 The term ‘‘System’’ is defined as ‘‘the electronic and a national market system, and, in
In its filing with the Commission, the communications and trading facility designated by
Exchange included statements the Board through which securities orders of Users 12 See Securities Exchange Act Release Nos.
are consolidated for ranking, execution and, when
concerning the purpose of and basis for applicable, routing away.’’ See Exchange Rule
63900 (February 14, 2011), 76 FR 9397 (February
the proposed rule change and discussed 17, 2011) (SR–Nasdaq–2011–026); 65470 (October
1.5(aa).
3, 2011), 76 FR 62489 (October 7, 2011) (SR–BX–
any comments it received on the 6 The term ‘‘BATS Book’’ is defined as ‘‘the
2011–048); and 65469 (October 3, 2011), 76 FR
proposed rule change. The text of these System’s electronic file of orders.’’ See Exchange 62486 (October 7, 2011) (SR–Phlx–2011–108)
statements may be examined at the Rule 1.5(e). (Notices of Filing and Immediate Effectiveness to
7 The term ‘‘System routing table’’ refers to the
places specified in Item IV below. The adopt the CART, BCRT, and PCRT routing options
proprietary process for determining the specific on Nasdaq, BX, and PSX respectively). See also
Exchange has prepared summaries, set trading venues to which the System routes orders Nasdaq Rule 4758(a)(1)(A)(xi); BX Rule
forth in Sections A, B, and C below, of and the order in which it routes them. See 4758(a)(1)(A)(vii); and PSX Rule 3315(a)(1)(A)(vii).
wgreen on DSK2VPTVN1PROD with NOTICES
the most significant parts of such Exchange Rule 11.13(b)(3). 13 See Exchange Rule 13(b)(3)(E).
8 The term ‘‘User’’ is defined as ‘‘any Member or
statements. 14 See Securities Exchange Act Release No. 63146
Sponsored Participant who is authorized to obtain (October 21, 2010), 75 FR 66170 (October 27, 2010)
access to the System pursuant to Rule 11.3.’’ See (SR–BATS–2010–030). The Exchange notes it
1 15 U.S.C. 78s(b)(1). Exchange Rule 1.5(cc). offered similar routing capabilities to BZX. See
2 17 CFR 240.19b–4. 9 17 CFR 242.611.
Securities Exchange Act Release No. 63299
3 15 U.S.C. 78s(b)(3)(A). 10 15 U.S.C. 78f(b).
(November 10, 2010), 75 FR 70325 (November 17,
4 17 CFR 240.19b–4(f)(6)(iii). 11 15 U.S.C. 78f(b)(5). 2010) (SR–BYX–2010–005).
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![Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73027
general, protects investors and the its intent to file the proposed rule Commission, 100 F Street NE.,
public interest. change, along with a brief description Washington, DC 20549–1090.
and text of the proposed rule change at
B. Self-Regulatory Organization’s All submissions should refer to File No.
least five business days prior to the date
Statement on Burden on Competition SR–BYX–2015–46. This file number
of filing of the proposed rule change, or
The Exchange does not believe that such shorter time as designated by the should be included on the subject line
the proposed rule change will result in Commission. if email is used. To help the
any burden on competition that is not The Exchange has asked the Commission process and review your
necessary or appropriate in furtherance Commission to waive the 30-day comments more efficiently, please use
of the purposes of the Act, as amended. operative delay so that the proposal may only one method. The Commission will
The Exchange provides routing services become operative immediately upon post all comments on the Commission’s
in a highly competitive market in which filing. The Exchange states that having Internet Web site (http://www.sec.gov/
participants may avail themselves of a this additional voluntary routing option rules/sro.shtml). Copies of the
wide variety of routing options offered will give market participants greater submission, all subsequent
by self-regulatory organizations, flexibility in routing orders and allow amendments, all written statements
alternative trading systems, other them to more easily access liquidity on with respect to the proposed rule
broker-dealers, market participants’ own BGM Affiliated exchanges. In addition, change that are filed with the
proprietary routing systems, and service the Exchange states that the proposed Commission, and all written
bureaus. In such an environment, rule change is similar to a routing communications relating to the
system enhancements such as the option offered by other exchanges and proposed rule change between the
changes proposed in this rule filing do does not propose any new or unique Commission and any person, other than
not burden competition, because they functionality. Based on the foregoing,
those that may be withheld from the
can succeed in attracting order flow to the Commission believes that the waiver
public in accordance with the
the Exchange only if they offer investors of the operative delay is consistent with
provisions of 5 U.S.C. 552, will be
higher quality and better value than the protection of investors and the
services offered by others. Encouraging public interest.17 Therefore, the available for Web site viewing and
competitors to provide higher quality Commission hereby waives the printing in the Commission’s Public
and better value is the essence of a well- operative delay and designates the Reference Room, 100 F Street NE.,
functioning competitive marketplace. proposal operative upon filing. Washington, DC 20549 on official
Lastly, ALLB would not provide any At any time within 60 days of the business days between the hours of
advantage to Users when routing to the filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of such
EDGA, EDGX, or BZX as compared to Commission summarily may filing also will be available for
other methods of routing or connectivity temporarily suspend such rule change if inspection and copying at the principal
available to Users by the Exchange. it appears to the Commission that such office of the Exchange. All comments
Therefore, the Exchange does not action is necessary or appropriate in the received will be posted without change;
believe the proposed rule change will public interest, for the protection of the Commission does not edit personal
result in any burden on intermarket investors; or otherwise in furtherance of identifying information from
competition that is not necessary or the purposes of the Act. If the submissions. You should submit only
appropriate in furtherance of the Commission takes such action, the information that you wish to make
purposes of the Act. Commission shall institute proceedings available publicly. All submissions
to determine whether the proposed rule should refer to File No. SR–BYX–2015–
C. Self-Regulatory Organization’s
should be approved or disapproved. 46, and should be submitted on or
Statement on Comments on the
Proposed Rule Change Received From IV. Solicitation of Comments before December 14, 2015.
Members, Participants, or Others Interested persons are invited to For the Commission, by the Division of
No comments were solicited or submit written data, views, and Trading and Markets, pursuant to delegated
received on the proposed rule change. arguments concerning the foregoing, authority.18
including whether the proposed rule Robert W. Errett,
III. Date of Effectiveness of the
change is consistent with the Act. Deputy Secretary.
Proposed Rule Change and Timing for
Comments may be submitted by any of
Commission Action [FR Doc. 2015–29712 Filed 11–20–15; 8:45 am]
the following methods:
Because the proposed rule change BILLING CODE 8011–01–P
does not: (i) Significantly affect the Electronic Comments
protection of investors or the public • Use the Commission’s Internet
interest; (ii) impose any significant comment form (http://www.sec.gov/
burden on competition; and (iii) become rules/sro.shtml); or
operative for 30 days from the date on • Send an email to rule-
which it was filed, or such shorter time comments@sec.gov. Please include File
as the Commission may designate if No. SR–BYX–2015–46 on the subject
consistent with the protection of line.
investors and the public interest, the Paper Comments
proposed rule change has become
• Send paper comments in triplicate
wgreen on DSK2VPTVN1PROD with NOTICES
effective pursuant to Section 19(b)(3)(A)
of the Act 15 and paragraph (f)(6) of Rule to Secretary, Securities and Exchange
19b-4 thereunder.16 The Exchange has
17 For purposes only of waiving the 30-day
given the Commission written notice of operative delay, the Commission has also
considered the proposed rule’s impact on
15 15 U.S.C. 78s(b)(3)(A). efficiency, competition, and capital formation. See
16 17 CFR 240.19b–4. 15 U.S.C. 78c(f). 18 17 CFR 200.30–3(a)(12).
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Document Created: 2018-03-01 11:18:29
Document Modified: 2018-03-01 11:18:29
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 73026 |
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