80 FR 78800 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 11.13(b)(4)(A) and 21.9(a)(3)(A), Amending Aggressive Re-Route Instruction
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 242 (December 17, 2015)
Federal Register Volume 80, Issue 242 (December 17, 2015)
| Page Range | 78800-78802 | |
| FR Document | 2015-31683 |
[Federal Register Volume 80, Number 242 (Thursday, December 17, 2015)] [Notices] [Pages 78800-78802] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-31683] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76623; File No. SR-BATS-2015-112] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 11.13(b)(4)(A) and 21.9(a)(3)(A), Amending Aggressive Re-Route Instruction December 11, 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 December 2, 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) 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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is proposing to amend the Aggressive Re-Route instruction under Exchange Rule 11.13(b)(4)(A) to route such orders where that order has been locked or crossed by other Trading Centers on the Exchange's cash equities trading platform (``BATS Equities''). Consistent with its practice of offering similar functionality for the Exchange's equity options trading platform (``BATS [[Page 78801]] Options'') as it does for BATS Equities, the Exchange also proposes to amend Rule 21.9(a)(3)(A) to make similar changes with respect to BATS Options. 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 With respect to BATS Equities, the Exchange currently allows Users to submit various types of limit orders to the Exchange that are processed pursuant to Exchange Rules 11.13(a) and 11.13(b), as set forth below. Rule 11.13(a) describes the process by which an incoming order would execute against the BATS Book for BATS Equities. To the extent an order has not been executed in its entirety against the BATS Book, Rule 11.13(b) then describes the process of routing marketable limit orders to one or more Trading Centers, including a description of how the Exchange treats any unfilled balance that returns to the Exchange following the first attempt to fill the order through the routing process. If not filled through routing, and based on the order instructions, the unfilled balance of the order may be posted to the BATS Book. Similarly, with respect to BATS Options, Rule 21.8 describes the process by which an incoming order would execute against the BATS Options Book.\5\ To the extent an order has not been executed in its entirety against the BATS Options Book, Rule 21.9(a)(1) then describes the process of routing marketable limit orders to one or more other options exchanges, including a description of how the Exchange treats any unfilled balance that returns to the Exchange following the first attempt to fill the order through the routing process. If not filled through routing, and based on the order instructions, the unfilled balance of the order may be posted to the BATS Options Book. --------------------------------------------------------------------------- \5\ As defined in Rule 16.1(a)(9). --------------------------------------------------------------------------- Under previous Exchange rules,\6\ to the extent the unfilled balance of an order had been posted to the BATS Book, should the order subsequently be locked or crossed by another accessible Trading Center, the System \7\ would route the order to the locking or crossing Trading Center if instructed to do so by the User (the ``RECYCLE Option''). The Exchange then filed a proposed rule change with the Commission for immediate effectiveness to modify the RECYCLE Option and rename it as the Aggressive and Super-Aggressive Re-Route instruction.\8\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release Nos. 59967 (May 21, 2009), 74 FR 25793 (May 29, 2009) (SR-BATS-2009-015) (proposing to allow the designation of an order as eligible for re-routing after being posted to the BATS Book if another Trading Center has locked or crossed the posted order); 62404 (June 30, 2010), 75 FR 39303 (July 8, 2010) (SR-BATS-2010-017) (naming the designation of an order as eligible for re-routing after being posted to the BATS Book if another Trading Center has locked or crossed the posted order as the RECYCLE routing option). \7\ As defined in Rule 1.5(aa), the System is 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. \8\ See Securities Exchange Act Release No. 73296 (October 3, 2014), 79 FR 61121 (October 9, 2014) (SR-BATS-2014-044) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rules 11.13 and Rule 21.9) (adopting the Aggressive Re-Route instruction). In SR-BATS-2014-044, the RECYCLE Option was renamed Super Aggressive Re-Route instruction, under which a routable order posted to the BATS Book routes to away Trading Centers to remove liquidity from such Trading Centers any time such order is locked or crossed. The Exchange subsequently expanded the Super Aggressive Re- Route instruction to provide that when any order with a Super Aggressive Re-Route instruction is locked by an incoming BATS Post Only Order or Partial Post Only at Limit Order that does not remove liquidity pursuant to Rule 11.9(c)(6) or Rule 11.9(c)(7), respectively, the Re-Route order is converted to an executable order when displayed shares become available on the opposite side of the market and will remove liquidity against such shares (``liquidity swap functionality''). See Securities Exchange Act Release No. 74738 (April 16, 2015), 80 FR 22600 (April 22, 2015) (SR-BATS-2015-09). Once amended, the only difference between the Aggressive and Super Aggressive Re-Route instructions would be that the liquidity swap functionality described above would be available to an order subject to the Super Aggressive Re-Route instruction and not available to an order subject to the Aggressive Re-Route instruction. --------------------------------------------------------------------------- The Aggressive Re-Route instruction subjects an order to the routing process after being posted to the BATS Book only if the order is subsequently crossed by another Trading Center (rather than if the order is locked or crossed). Further, a routable non-displayed limit order posted to the BATS Book that is crossed by another accessible Trading Center will be automatically routed to the crossing Trading Center. The Exchange proposes to modify the Aggressive Re-Route instruction to also provide that, where the order is locked by another accessible Trading Center, it would be automatically routed to the locking Trading Center. The proposed amendment would also apply to non- displayed orders with the Aggressive Re-Route instruction.\9\ --------------------------------------------------------------------------- \9\ In April 2015, the Aggressive Re-Route instruction was expanded to apply to non-displayed orders. See Securities Exchange Act Release No. 74738 (April 16, 2015), 80 FR 22600 (April 22, 2015) (SR-BATS-2015-09). --------------------------------------------------------------------------- In order to maintain consistency between the analogous Aggressive Re-Route instruction offered by BATS Equities and BATS Options, the Exchange proposes to modify the rules of BATS Options to conform to the changes described above related to the Aggressive Re-Route instruction. The proposed Aggressive Re-Route functionality for BATS Options is similar to the proposed functionality for BATS Equities, with the exception of language related to non-displayed orders. BATS Options does not have non-displayed orders, and thus, has omitted language regarding Re-Route functionality applicable to non-displayed orders. All other changes for BATS Equities, including the rationale and example described above, are identical for BATS Options. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act \10\ and furthers the objectives of Section 6(b)(5) of the Act \11\ because it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and, in general, to protect investors and the public interest. Specifically, the proposed changes are designed to provide Users with additional control over their orders in the context of a national market system where quotations may lock or cross orders posted to the BATS Book and to facilitate executions on the Exchange consistent with User instructions. Thus, the proposals are directly targeted at removing impediments to and [[Page 78802]] perfecting the mechanism of a free and open market and national market system. The proposed rule change also is designed to support the principles of Section 11A(a)(1) \12\ of the Act in that it seeks to assure fair competition among brokers and dealers and among exchange markets. Lastly, the Exchange notes that the proposed amendments to the Aggressive Re-Route instruction previously existed on the Exchange as the RECYCLE routing option.\13\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). \12\ 15 U.S.C. 78k-1(a)(1). \13\ See supra notes 6 and 8. --------------------------------------------------------------------------- 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. The Exchange believes that proposed amendment to the Aggressive Re-Route functionality encourages competition by increasing the likelihood of executions of orders that have been posted to the Exchange. The increased likelihood of an execution where the order is locked by a quotation on a Trading Center should attract additional order flow to the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \16\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \17\ 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 immediately upon filing. The Exchange stated that waiver of the operative delay will allow the Exchange to immediately provide Users with additional control over their orders in the context of a national market system where quotations may lock or cross orders posted to the BATS Book and to facilitate executions on the Exchange consistent with User instructions.\18\ The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\19\ --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6). \17\ 17 CFR 240.19b-4(f)(6)(iii). \18\ The Exchange further stated that it will provide Members with reasonable advance notice of the proposed rule change's implementation date. \19\ 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 change 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 rule-comments@sec.gov. Please include File Number SR-BATS-2015-112 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-BATS-2015-112. 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 Number SR-BATS-2015-112, and should be submitted on or before January 7, 2016. --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-31683 Filed 12-16-15; 8:45 am] BILLING CODE 8011-01-P
![78800 Federal Register / Vol. 80, No. 242 / Thursday, December 17, 2015 / Notices
markets at 3:00 p.m. (Chicago time). As trade, to remove impediments to and IV. Conclusion
such, the Exchange understands that perfect the mechanism of a free and It is therefore ordered, pursuant to
ICE is changing the trading hours for open market and a national market Section 19(b)(2) of the Act,12 that the
expiring EAFE futures contracts listed system, and, in general, to protect proposed rule change (File No. SR–
on ICE from 10:00 a.m. (Chicago time) investors and the public interest. CBOE–2015–104) be, and hereby is,
to 3:15 p.m. (Chicago time).5 Because The Commission believes that it is approved on an accelerated basis.
the MSCI EAFE Index will now be
consistent with the Act for the Exchange For the Commission, by the Division of
calculated and disseminated through
to change the trading hours for expiring Trading and Markets, pursuant to delegated
the close of trading on U.S. markets authority.13
EAFE options from a close of 10:00 a.m.
(until 3:00 p.m. (Chicago time)) and
(Chicago time) to 3:00 p.m. (Chicago Robert W. Errett,
because ICE is also changing the trading
hours for expiring EAFE futures (to time), because the MSCI EAFE Index Deputy Secretary.
close at 3:15 p.m. (Chicago time)), the will now be calculated and [FR Doc. 2015–31678 Filed 12–16–15; 8:45 am]
Exchange proposes to change the disseminated through the close of BILLING CODE 8011–01–P
closing time for trading in expiring trading at 3:00 p.m. (Chicago time) and
EAFE options from 10:00 a.m. (Chicago thus the current index value should be
time) to 3:00 p.m. (Chicago time) on widely available to market participants SECURITIES AND EXCHANGE
their expiration date. throughout the entire trading day. COMMISSION
The Exchange proposes to close Further, the proposed rule change will [Release No. 34–76623; File No. SR–BATS–
trading at 3:00 p.m. (Chicago time)— allow the trading hours of EAFE options 2015–112]
rather than at 3:15 p.m. (Chicago time), to continue to closely align with the
the time ICE ceases trading for expiring trading hours of expiring EAFE futures Self-Regulatory Organizations; BATS
EAFE futures contracts—because, contracts, which the Commission Exchange, Inc.; Notice of Filing and
according to the Exchange, on the last believes will afford investors and Immediate Effectiveness of a Proposed
day of trading, the closing prices of the market participants the ability to Rule Change to Rules 11.13(b)(4)(A)
component stocks, which are used to continue to hedge across markets. The and 21.9(a)(3)(A), Amending
derive the exercise settlement value of Commission also notes that the trading Aggressive Re-Route Instruction
the EAFE options, are known at 3:00 hours are consistent with the closing December 11, 2015.
p.m. (Chicago time) (or shortly times of other P.M.-settled contracts Pursuant to Section 19(b)(1) of the
thereafter).6 The Exchange further notes listed on the Exchange that underlie Securities Exchange Act of 1934 (the
that this proposed rule change is indexes that close when the U.S. equity ‘‘Act’’),1 and Rule 19b–4 thereunder,2
consistent with the closing times for markets close at 3:00 p.m. (Chicago notice is hereby given that on December
other expiring P.M.-settled contracts time).10 2, 2015, BATS Exchange, Inc. (the
that underlie indexes that close when
In addition, the Commission finds ‘‘Exchange’’ or ‘‘BATS’’) filed with the
the U.S. equity markets close at 3:00
good cause, pursuant to Section 19(b)(2) Securities and Exchange Commission
p.m. (Chicago time).7
of the Act,11 for approving the proposed (‘‘Commission’’) the proposed rule
The Exchange proposes to change the
rule change prior to the 45th day after change as described in Items I and II
trading hours for expiring EAFE options
publication of notice in the Federal below, which Items have been prepared
beginning with the December 2015
Register. The proposed rule change to by the Exchange. The Exchange has
expiration, which occurs on December
modify the trading hours of EAFE designated this proposal as a ‘‘non-
18, 2015. The Exchange is proposing to
options was published for a 15-day controversial’’ proposed rule change
have this change apply to all EAFE
comment period to ensure that the pursuant to Section 19(b)(3)(A) of the
options listed on or before the effective
public had an opportunity to review the Act 3 and Rule 19b–4(f)(6) thereunder,4
date of this filing and all EAFE options
proposal and no comments were which renders it effective upon filing
listed afterward.
received. The proposed rule change will with the Commission. The Commission
III. Discussion and Findings increase the trading hours during which is publishing this notice to solicit
After careful review, the Commission EAFE options may be traded, which the comments on the proposed rule change
finds that the proposed rule change is Commission believes should broaden from interested persons.
consistent with the requirements of the the trading and hedging opportunities I. Self-Regulatory Organization’s
Act and the rules and regulations for investors. Further, the Commission Statement of the Terms of the Substance
thereunder applicable to a national notes that the Exchange represents that of the Proposed Rule Change
securities exchange.8 In particular, the the change to the trading hours for
The Exchange is proposing to amend
Commission finds that the proposed EAFE futures will be implemented with
the Aggressive Re-Route instruction
rule change is consistent with Section the December 2015 expiration.
under Exchange Rule 11.13(b)(4)(A) to
6(b)(5) of the Act,9 which requires, Accordingly, the Commission believes route such orders where that order has
among other things, that the rules of a that accelerated approval will maintain been locked or crossed by other Trading
national securities exchange be consistency in the trading hours of Centers on the Exchange’s cash equities
designed to prevent fraudulent and EAFE options and EAFE futures trading platform (‘‘BATS Equities’’).
manipulative acts and practices, to contracts, which should enable cross- Consistent with its practice of offering
promote just and equitable principles of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
market competition and facilitate similar functionality for the Exchange’s
hedging opportunities. For these equity options trading platform (‘‘BATS
5 See Notice, supra note 3, at 73840. reasons, the Commission finds that good
6 Id.
7 Id.
cause exists for approving the proposed 12 15 U.S.C. 78s(b)(2).
8 In
rule change on an accelerated basis. 13 17 CFR 200.30–3(a)(12).
approving this proposal, the Commission has
1 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
2 17 CFR 240.19b–4.
efficiency, competition, and capital formation. See 10 See CBOE Rules 24.6.01, 24.6.03, 24.6.04 and
15 U.S.C. 78c(f). 24.9(e). 3 15 U.S.C. 78s(b)(3)(A).
9 15 U.S.C. 78f(b)(5). 11 15 U.S.C. 78s(b)(2). 4 17 CFR 240.19b–4(f)(6).
VerDate Sep<11>2014 16:53 Dec 16, 2015 Jkt 238001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\17DEN1.SGM 17DEN1](https://thefederalregister.org/doc/80_FR_79042/page/1.svg)
![78802 Federal Register / Vol. 80, No. 242 / Thursday, December 17, 2015 / Notices
perfecting the mechanism of a free and filing. However, Rule 19b–4(f)(6)(iii) 17 and Exchange Commission, 100 F Street
open market and national market permits the Commission to designate a NE., Washington, DC 20549–1090.
system. The proposed rule change also shorter time if such action is consistent All submissions should refer to File
is designed to support the principles of with the protection of investors and the Number SR–BATS–2015–112. This file
Section 11A(a)(1) 12 of the Act in that it public interest. The Exchange has asked number should be included on the
seeks to assure fair competition among the Commission to waive the 30-day subject line if email is used. To help the
brokers and dealers and among operative delay so that the proposal may Commission process and review your
exchange markets. Lastly, the Exchange become operative immediately upon comments more efficiently, please use
notes that the proposed amendments to filing. The Exchange stated that waiver only one method. The Commission will
the Aggressive Re-Route instruction of the operative delay will allow the post all comments on the Commission’s
previously existed on the Exchange as Exchange to immediately provide Users Internet Web site (http://www.sec.gov/
the RECYCLE routing option.13 with additional control over their orders rules/sro.shtml). Copies of the
in the context of a national market submission, all subsequent
B. Self-Regulatory Organization’s
system where quotations may lock or amendments, all written statements
Statement on Burden on Competition
cross orders posted to the BATS Book with respect to the proposed rule
The Exchange does not believe that and to facilitate executions on the change that are filed with the
the proposed rule change will result in Exchange consistent with User Commission, and all written
any burden on competition that is not instructions.18 The Commission communications relating to the
necessary or appropriate in furtherance believes the waiver of the operative proposed rule change between the
of the purposes of the Act. The delay is consistent with the protection Commission and any person, other than
Exchange believes that proposed of investors and the public interest. those that may be withheld from the
amendment to the Aggressive Re-Route Therefore, the Commission hereby public in accordance with the
functionality encourages competition by waives the operative delay and provisions of 5 U.S.C. 552, will be
increasing the likelihood of executions designates the proposal operative upon available for Web site viewing and
of orders that have been posted to the filing.19 printing in the Commission’s Public
Exchange. The increased likelihood of At any time within 60 days of the Reference Room, 100 F Street NE.,
an execution where the order is locked filing of the proposed rule change, the Washington, DC 20549 on official
by a quotation on a Trading Center Commission summarily may business days between the hours of
should attract additional order flow to temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such
the Exchange. it appears to the Commission that such filing also will be available for
action is necessary or appropriate in the inspection and copying at the principal
C. Self-Regulatory Organization’s office of the Exchange. All comments
Statement on Comments on the public interest, for the protection of
investors, or otherwise in furtherance of received will be posted without change;
Proposed Rule Change Received From the Commission does not edit personal
Members, Participants, or Others the purposes of the Act. If the
Commission takes such action, the identifying information from
The Exchange has neither solicited Commission shall institute proceedings submissions. You should submit only
nor received written comments on the to determine whether the proposed rule information that you wish to make
proposed rule change. change should be approved or available publicly. All submissions
disapproved. should refer to File Number SR–BATS–
III. Date of Effectiveness of the 2015–112, and should be submitted on
Proposed Rule Change and Timing for IV. Solicitation of Comments or before January 7, 2016.
Commission Action
Interested persons are invited to For the Commission, by the Division of
Because the proposed rule change submit written data, views, and Trading and Markets, pursuant to delegated
does not (i) significantly affect the arguments concerning the foregoing, authority.20
protection of investors or the public including whether the proposed rule Robert W. Errett,
interest; (ii) impose any significant change is consistent with the Act. Deputy Secretary.
burden on competition; and (iii) become Comments may be submitted by any of [FR Doc. 2015–31683 Filed 12–16–15; 8:45 am]
operative for 30 days from the date on the following methods: BILLING CODE 8011–01–P
which it was filed, or such shorter time
as the Commission may designate, it has Electronic Comments
become effective pursuant to Section • Use the Commission’s Internet SECURITIES AND EXCHANGE
19(b)(3)(A) of the Act 14 and Rule 19b– comment form (http://www.sec.gov/ COMMISSION
4(f)(6) thereunder.15 rules/sro.shtml); or
A proposed rule change filed • Send an email to rule-comments@ Submission for OMB Review;
pursuant to Rule 19b–4(f)(6) under the sec.gov. Please include File Number SR– Comment Request
Act 16 normally does not become BATS–2015–112 on the subject line. Upon Written Request Copies Available
operative for 30 days after the date of its Paper Comments From: Securities and Exchange
Commission, Office of FOIA Services,
12 15 U.S.C. 78k–1(a)(1). • Send paper comments in triplicate
100 F Street NE., Washington, DC
13 See supra notes 6 and 8. to Brent J. Fields, Secretary, Securities
20549–2736.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(6). As required under Rule 17 17 CFR 240.19b–4(f)(6)(iii). Extension:
19b–4(f)(6)(iii), the Exchange provided the 18 The Exchange further stated that it will provide Form T–4. OMB Control No. 3235–0107,
Commission with written notice of its intent to file Members with reasonable advance notice of the SEC File No. 270–124.
the proposed rule change, along with a brief proposed rule change’s implementation date. Notice is hereby given that, pursuant
description and the text of the proposed rule 19 For purposes only of waiving the 30-day
change, at least five business days prior to the date
to the Paperwork Reduction Act of 1995
operative delay, the Commission has also
of filing of the proposed rule change, or such considered the proposed rule’s impact on (44 U.S.C. 3501 et seq.), the Securities
shorter time as designated by the Commission. efficiency, competition, and capital formation. See
16 17 CFR 240.19b–4(f)(6). 15 U.S.C. 78c(f). 20 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 16:53 Dec 16, 2015 Jkt 238001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\17DEN1.SGM 17DEN1](https://thefederalregister.org/doc/80_FR_79042/page/3.svg)
Document Created: 2018-03-02 09:18:06
Document Modified: 2018-03-02 09:18:06
| 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 78800 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR