81 FR 15596 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of the Exchange

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 56 (March 23, 2016)

[Federal Register Volume 81, Number 56 (Wednesday, March 23, 2016)]
[Notices]
[Pages 15596-15599]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06514]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77394; File No. SR-BatsEDGX-2016-02]


 Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change Related 
to Fees for Use of the Exchange

March 17, 2016.
    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 March 17, 2016, Bats EDGX Exchange, Inc. f/k/a EDGX Exchange, 
Inc. (the ``Exchange'' or ``EDGX'') 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 the proposed rule change as 
one establishing or changing a member due, fee, or other charge imposed 
by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 
19b-4(f)(2) thereunder,\4\ which renders the proposed rule change 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend the fee schedule applicable 
to Members \5\ and non-members of the Exchange pursuant to EDGX Rules 
15.1(a) and (c) (``Fee Schedule'') to: (i) Increase the rebate for 
Retail Orders \6\ that yield fee code ZA; (ii) delete the Retail Order 
Tier under footnote 4; (iii) amend or delete various Add Volume Tiers 
under footnote 1; and (iv) amend the Tape B Step Up Tier under footnote 
2.
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    \5\ The term ``Member'' is defined as ``any registered broker or 
dealer that has been admitted to membership in the Exchange.'' See 
Exchange Rule 1.5(n).
    \6\ A ``Retail Order'' is ``an order that: (i) Is an agency 
order or riskless principal order that meets the criteria of FINRA 
Rule 5320.03 that originates from a natural person; (ii) is 
submitted to EDGX by a Member, provided that no change is made to 
the terms of the order; and (iii) does not originate from a trading 
algorithm or any other computerized methodology.'' See Exchange Rule 
11.24(a).
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    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 the 
Statutory Basis for, the Proposed Rule Change

1 Purpose
    The Exchange proposes to amend its Fee Schedule to: (i) Increase 
the rebate for Retail Orders that yield fee code ZA; (ii) delete the 
Retail Order Tier under footnote 4; (iii) amend or delete various Add 
Volume Tiers under footnote 1; and (iv) amend the Tape B Step Up Tier 
under footnote 2.
Fee Code ZA and the Retail Order Tier
    The Exchange proposes to increase the rebate for Retail Orders that 
yield fee code ZA and delete the Retail Order Tier under footnote 4.\7\ 
First, the Exchange proposes to increase the rebate for Retail Orders 
that yield fee code ZA from $0.0032 per share to $0.0034 per share. Fee 
code ZA is appended to Retail Orders that add liquidity on the 
Exchange. In a related change, the Exchange proposes to delete the 
Retail Order Tier under footnote 4.\8\ Currently, under the Retail 
Order Tier, a Retail Order that yields fee code ZA will receive a 
rebate of $0.0034 per share where that Member adds Retail Orders that 
average at least 0.07% of TCV.\9\ Going forward, Members would receive 
a receive rebate of $0.0034 per share for their Retail Orders that 
yield fee code ZA without having to satisfy certain add volume 
criteria. Providing all Retail Orders that yield fee code ZA a rebate 
of $0.0034 per share would mirror the rebate currently provided by the 
Nasdaq Stock Market LLC (``Nasdaq'').\10\
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    \7\ Footnote 4 would continue to note that Members will only be 
able to designate their orders as Retail Orders on either an order-
by-order basis using FIX ports or by designating certain of their 
FIX ports at the Exchange as ``Retail Order Ports.''
    \8\ As a result of deleting the Retail Order Tier under footnote 
4, the Exchange proposes to delete a reference to footnote 4 in the 
Standard Rates table of its Fee Schedule.
    \9\ As defined in the Exchange's Fee Schedule.
    \10\ See Nasdaq Price List--Trading Connectivity available at 
http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 
(offering a rebate of $0.0034 per share to add displayed designated 
retail liquidity).
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Add Volume Tiers--Footnote 1
    Currently, the Exchange determines the liquidity adding rebate that 
it will provide to Members using the Exchange's tiered pricing 
structure. Under such pricing structure, a Member will receive a rebate 
of anywhere between $0.0025 and $0.0035 per share executed, depending 
on the volume tier for which such Member qualifies. The Exchange 
currently offers thirteen separate Add Volume Tiers under footnote 1 of 
its Fee schedule which provide various enhanced rebates based on the 
Members satisfying certain monthly volume thresholds. The Exchange now 
proposes to amend or delete various tiers under footnote 1 in order to 
update, streamline, and simply its tiered pricing structure.
Tiers To Be Deleted
    First, the Exchange proposes to delete the Market Depth Tier 1 and 
Market

[[Page 15597]]

Depth Tier 2. Under the Market Depth Tier 1, a Member receives a rebate 
of $0.00325 per share when that Member adds an ADV \11\ of at least 
0.85% of the TCV; and adds an ADV of at least 4,000,000 shares as non-
displayed orders that yield fee code HA.\12\ Under the Market Depth 
Tier 2, a Member receives a rebate of $0.0029 per share when that 
Member adds an ADV of at least 10,000,000 shares; and adds an ADV of at 
least 1,000,000 shares as Non-displayed orders that yield fee code HA. 
The Exchange believes deleting the Market Depth Tier 1 and the Market 
Depth Tier 2 is reasonable as Members would be able to receive similar 
rebates by achieving other tiers without the additional requirement of 
adding a certain volume of non-displayed orders.
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    \11\ As defined in the Exchange's Fee Schedule.
    \12\ Fee code HA is appended to non-displayed orders that add 
liquidity.
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    In addition, the Exchange proposes to delete Mega Step-Up Tier 1, 
Mega Step-Up Tier 2, and Mega Step-Up Tier 3. Under Mega Step-Up Tier 
1, a Member receives a rebate of $0.0032 per share when they add: (i) 
An ADV of at least 0.12% of the TCV more than the Member's added ADV 
from February 2011; and (ii) an ADV of at least 0.35% of the TCV. Under 
Mega Step-Up Tier 2, a Member receives a rebate of $0.0030 per share 
when they add an ADV of at least 0.12% of the TCV more than the 
Member's added ADV from February 2011. Lastly, under Mega Step-Up Tier 
3, a Member receives a rebate of $0.0028 per share when they add an ADV 
of at least 0.065% of the TCV more than the Member's added ADV from 
February 2011. Each of these tiers require a Member add more liquidity 
than their added ADV from February 2011. The Exchange believes that 
each of these tiers have served their intended purpose of encouraging 
Members to increase their trading activity on the Exchange from a 
February 2011 baseline. In addition, the Exchange believes that these 
tiers have become outdated by utilizing a baseline ADV that is 
approximately five years old. Therefore, the Exchange proposes to 
delete Mega Step-Up Tier 1, Mega Step-Up Tier 2, and Mega Step-Up Tier 
3 from footnote 1 of its Fee Schedule.
Amendments to Mega Tiers 1, 2, and 3
    The Exchange also proposes to amend the rebate and/or required 
criteria for the Mega Tier 1, Mega Tier 2, and Mega Tier 3. The 
Exchange proposes to amend Mega Tiers 1 and 3 by decreasing the 
applicable rebate and simplifying the criteria required to meet the 
tier. Under Mega Tier 1, a Member currently receives a rebate of 
$0.0035 per share where they satisfy the following three criteria: (i) 
Add or route a combined ADV of at least 4,000,000 shares prior to 9:30 
a.m. or after 4:00 p.m.; (ii) add an ADV of at least 35,000,000 shares, 
including during both market hours and pre and post-trading hours; and 
(iii) has an ``added liquidity'' as a percentage of ``added plus 
removed liquidity'' of at least 85%. First, the Exchange proposes to 
simplify the criteria necessary to meet the tier by replacing the above 
three requirements with a single requirement that the Member add an ADV 
of at least 0.75% of TCV. Second, to reflect the simplified criteria, 
the Exchange proposes to decrease the rebate offered under Mega Tier 1 
from $0.0035 per share to $0.0032 per share.
    Under Mega Tier 3, a Member currently receives a rebate of $0.0032 
per share where they satisfy the following two criteria: (i) Add or 
route a combined ADV of at least 1,500,000 shares prior to 9:30 a.m. or 
after 4:00 p.m.; and (ii) add an ADV of at least 0.75% of the TCV, 
including during both market hours and pre and post-trading hours. 
First, the Exchange proposes to simplify the criteria necessary to meet 
the tier by replacing the above two requirements with a single 
requirement that the Member add an ADV of at least 0.45% of TCV. 
Second, to reflect the tier's simplified criteria, the Exchange 
proposes to decrease the rebate offered by Mega Tier 3 from $0.0032 per 
share to $0.0031 per share.
    The Exchange also proposes to increase the criteria necessary to 
achieve Mega Tier 2. Under Mega Tier 2, a Member currently receives a 
rebate of $0.0032 per share where they: (i) Add or route a combined ADV 
of at least 4,000,000 shares prior to 9:30 a.m. or after 4:00 p.m.; and 
(ii) adds an ADV of at least 0.20% of the TCV, including during both 
market hours and pre and post-trading hours. The Exchange proposes to 
amend the second requirement under Mega Tier 2 by increasing the add 
ADV from at least 0.20% of the TCV to at least 0.65% of TCV, including 
during both market hours and pre and post-trading hours. The Exchange 
believes the amendment to Mega Tier 2 is reasonable because increasing 
the criteria necessary to meet the tier reflects the amount of the 
rebate provided as compared to that necessary to achieve the next best 
tier, Mega Tier 1.
Amendments to the Ultra Tier, Super Tier, Growth Tier, and Investor 
Tier
    The Exchange also proposes to amend the Ultra Tier, Super Tier, 
Growth Tier, and Investor Tier by altering the tiers' rebate and/or 
required criteria in order to incorporate a tiered rebate structure 
that is in relation to the Member's added ADV of at least a certain 
percentage of TCV. First, under the Ultra Tier, a Member receives a 
rebate of $0.0031 per share where they add an ADV of at least 0.50% of 
the TCV. The Exchange proposes to ease the criteria necessary to meet 
the tier by reducing the add ADV requirement to be at least 0.30% of 
TCV, rather than 0.50% of TCV. To reflect the easing of the tier's 
required criteria, the Exchange also proposes to decrease the rebate 
offered by the Ultra Tier from $0.0031 per share to $0.0030 per share.
    Under the Super Tier, a Member receives a rebate of $0.0028 per 
share where they add an ADV of at least 10,000,000 shares. The Exchange 
proposes to amend the tier to require that the Member add an ADV of at 
least 0.15% of the TCV, rather than 10,000,000 shares.
    Under the Growth Tier, a Member receives a rebate of $0.0025 per 
share where they add an ADV of at least 5,000,000 shares. The Exchange 
proposes to amend the tier to require that the Member add an ADV of at 
least 0.08% of the TCV, rather than 5,000,000 shares.
    Lastly, under the Investor Tier, a Member receives a rebate of 
$0.0032 per share where they satisfy the following two criteria: (i) 
Adds an ADV of at least 0.15% of the TCV; and (ii) has an ``added 
liquidity'' as a percentage of ``added plus removed liquidity'' of at 
least 85%. The Exchange proposes to amend the second requirement under 
the Investor Tier by increasing the add ADV from at least 0.15% of the 
TCV to at least 0.20% of TCV.
Tape B Step Up Tier
    Under the Tape B Step Up Tier, Member's orders yielding fee codes B 
\13\ or 4 \14\ receive a rebate of $0.0027 per share where that Member 
adds an ADV of at least 600,000 shares in Tape B securities more than 
the Member's added ADV in Tape B Securities from August 2013. First the 
Exchange proposes to rename the Tape B Step Up Tier as the Tape B 
Volume Tier. Second, the Exchange proposes to update the criteria 
necessary to achieve the tier by removing the requirement that the 
Member add an ADV of at least 600,000 shares in Tape B securities more 
than the Member's added ADV in Tape B Securities from August 2013. 
Instead,

[[Page 15598]]

the Exchange would require that the Member add an ADV of at least 0.02% 
of TCV in Tape B securities. The Exchange believes that the tier's 
current criteria has served its intended purpose of encouraging Members 
to increase their trading activity on the Exchange in Tape B securities 
from an August 2013 baseline. In addition, the Exchange believes that 
this tier has become outdated by utilizing a baseline that is 
approximately two and a half years old and that the proposed criteria 
reflects a volume requirement reasonably related to the amount of the 
available rebate.
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    \13\ Fee code B is appended to orders in Tape B securities that 
add liquidity.
    \14\ Fee code 4 is appended to orders in Tape B securities that 
add liquidity during the pre and post market.
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Implementation Date
    The Exchange proposes to implement this amendment to its Fee 
Schedule immediately.\15\
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    \15\ The Exchange initially filed the proposed fee change on 
March 1, 2016 (SR-EDGX-2016-15). On March 9, 2016, the Exchange 
withdrew SR-EDGX-2016-15 and submitted SR-EDGX-2016-17. On March 17, 
2016, the Exchange withdrew SR-EDGX-2016-17 and submitted this 
filing.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\16\ in general, and 
furthers the objectives of Section 6(b)(4),\17\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its Members and other persons using its 
facilities. The Exchange also notes that it operates in a highly-
competitive market in which market participants can readily direct 
order flow to competing venues if they deem fee levels at a particular 
venue to be excessive. The proposed rule change reflects a competitive 
pricing structure designed to incent market participants to direct 
their order flow to the Exchange. The Exchange believes that the 
proposed tier is equitable and non-discriminatory in it would apply 
uniformly to all Members. The Exchange believes the rates remain 
competitive with those charged by other venues and, therefore, 
reasonable and equitably allocated to Members.
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    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(4).
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    Volume-based rebates such as that proposed herein have been widely 
adopted by equities exchanges and are equitable because they are open 
to all Members on an equal basis and provide additional benefits or 
discounts that are reasonably related to: (i) The value to an 
exchange's market quality; (ii) associated higher levels of market 
activity, such as higher levels of liquidity provision and/or growth 
patterns; and (iii) introduction of higher volumes of orders into the 
price and volume discovery processes. The Exchange believes that the 
proposed tier revisions are a reasonable, fair and equitable, and not 
unfairly discriminatory allocation of fees and rebates because they 
will provide Members with an additional incentive to reach certain 
thresholds on the Exchange.
    In particular, the Exchange believes the proposed revisions to 
footnote 1 are equitable, reasonable, and not unfairly discriminatory 
as they are designed to amend or delete various tiers resulting in an 
updated, streamlined, and simplified tiered pricing structure. As noted 
above, the Exchange currently offers thirteen separate tiers under 
footnote 1 of its Fee Schedule. Under the proposed rule change, the 
number of tiers offered under footnote 1 would decrease by nearly 50% 
from thirteen to seven. The Exchange believes that is reasonable to 
delete Mega Step-Up Tiers 1, 2, and 3 because it believes each of these 
tiers have served their intended purpose of encouraging Members to 
increase their trading activity on the Exchange from a February 2011 
baseline. In addition, the Exchange believes that these tiers have 
become outdated by utilizing a baseline ADV that is approximately five 
years old. In addition, the Exchange believes deleting the Market Depth 
Tier 1 and the Market Depth Tier 2 is equitable, reasonable, and not 
unfairly discriminatory as Members would be able to receive similar 
rebates by achieving other tiers without the additional requirement of 
adding a certain volume of non-displayed orders.\18\
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    \18\ See Mega Tier 2 under footnote 1 of the Fee Schedule 
(offering a rebate of $0.0032 per share), and the Super Tier under 
footnote 1 of the Fee Schedule (offering a rebate of $0.0028 per 
share).
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    In addition, the Exchange believes its proposed changes to Mega 
Tier 1 and 3 are equitable, reasonable, and not unfairly discriminatory 
as they are designed to decrease the applicable rebate to reflect the 
proposed simplification of the criteria required to meet the tiers. The 
Exchange also believes the amendment to Mega Tier 2 is equitable, 
reasonable, and not unfairly discriminatory as increasing the criteria 
necessary to meet the tier reflects the amount of the rebate provided 
as compared to that necessary to achieve the next best tier, Mega Tier 
1. In addition, the proposed amendments to the Ultra Tier, Super Tier, 
Growth Tier, and Investor Tier are designed to incorporate a rebate 
structure that is in relation to the Member's added ADV of at least a 
certain percentage of TCV. The Exchange believes that these incentives 
are reasonable, fair and equitable because the liquidity from each of 
these proposals also benefits all investors by deepening the Exchange's 
liquidity pool, offering additional flexibility for all investors to 
enjoy cost savings, supporting the quality of price discovery, 
promoting market transparency and improving investor protection. Such 
pricing programs thereby reward a Member's growth pattern and such 
increased volume increase potential revenue to the Exchange, and will 
allow the Exchange to continue to provide and potentially expand the 
incentive programs operated by the Exchange.
    The Exchange also believes that its proposed revision to the Tape B 
Step Up Tier is also equitable, reasonable and not unfairly 
discriminatory. The tier as currently constructed has served its 
intended purpose of encouraging Members to increase their trading 
activity on the Exchange in Tape B securities from an August 2013 
baseline. In addition, the Exchange believes that this tier has become 
outdated by utilizing a baseline that is approximately two and a half 
years old. The Exchange also believes the proposed amendment to the 
Tape B Step Up Tier is a reasonable means to encourage Members to 
increase their liquidity in Tape B securities. The Exchange also 
believes providing a rebate of $0.0027 per share where a Member's Tape 
B ADV as a percentage of TCV is equal to or greater than 0.02% is also 
equitable and reasonable. Such pricing rewards a Member's growth 
pattern in Tape B securities and such increased volume, in turn, 
results in increased potential revenue to the Exchange, allowing the 
Exchange to continue to provide and potentially expand the incentive 
programs operated by the Exchange.
    Lastly, the Exchange believes that increasing the rebate for Retail 
Orders that yield fee code ZA and delete the Retail Order Tier under 
footnote 4 represents an equitable allocation of reasonable dues, fees, 
and other charges because providing a uniform rebate for Retail Orders 
would encourage Members to send additional Retail Orders that add 
liquidity to the Exchange without having to meet certain volume 
requirements. The increased liquidity benefits all investors by 
deepening the Exchange's liquidity pool, offering additional 
flexibility for all investors to enjoy cost savings, supporting the 
quality of price discovery, promoting market transparency and improving 
investor protection. Lastly, the proposed rebate

[[Page 15599]]

of $0.0034 per share for all Retail Orders is reasonable because it 
mirrors the rebate currently provided by Nasdaq.\19\
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    \19\ See Nasdaq Price List--Trading Connectivity available at 
http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 
(offering a rebate of $0.0034 per share to add displayed designated 
retail liquidity).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe the proposed amendment to its Fee 
Schedule would impose any burden on competition that is not necessary 
or appropriate in furtherance of the purposes of the Act. The Exchange 
does not believe that the proposed change represents a significant 
departure from previous pricing offered by the Exchange or pricing 
offered by the Exchange's competitors. Additionally, Members may opt to 
disfavor the Exchange's pricing if they believe that alternatives offer 
them better value. Accordingly, the Exchange does not believe that the 
proposed change will impair the ability of Members or competing venues 
to maintain their competitive standing in the financial markets.
    The Exchange does not believe that the proposed tier revisions 
would burden competition, but instead, enhances competition, as they 
are intended to increase the competitiveness of and draw additional 
volume to the Exchange. As stated above, the Exchange notes that it 
operates in a highly competitive market in which market participants 
can readily direct order flow to competing venues if they deem fee 
structures to be unreasonable or excessive. The proposed changes are 
generally intended to update, simplify, and streamline the Exchange's 
tiered pricing structure, which the Exchange designed to attract 
additional liquidity. The Exchange believes that the proposed tier 
revisions will allow the Exchange to compete more ably with other 
execution venues by drawing additional volume to the Exchange, thereby 
making it a more desirable destination venue for its customers. The 
Exchange does not believe the proposed tier revisions would burden 
intramarket competition as they would apply to all Members uniformly.
    Regarding the Retail Orders, the Exchange believes that its 
proposal to provide a uniform rebate to all Retail Orders will increase 
intermarket competition for Retail Orders because the proposed would 
mirror the rebate currently provided by Nasdaq.\20\ The Exchange 
believes that its proposal would neither increase nor decrease 
intramarket competition because the rebate would apply uniformly to all 
Members.
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    \20\ See Nasdaq Price List--Trading Connectivity available at 
http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 
(offering a rebate of $0.0034 per share to add displayed designated 
retail liquidity).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from Members or other interested 
parties.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \21\ and paragraph (f) of Rule 19b-4 
thereunder.\22\ 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.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f).
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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 [email protected]. Please include 
File Number SR-BatsEDGX-2016-02 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 Number SR-BatsEDGX-2016-02. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing 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-BatsEDGX-2016-02, and should 
be submitted on or before April 13, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-06514 Filed 3-22-16; 8:45 am]
BILLING CODE 8011-01-P