81_FR_2285 81 FR 2275 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc.

81 FR 2275 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 10 (January 15, 2016)

Page Range2275-2276
FR Document2016-00640

Federal Register, Volume 81 Issue 10 (Friday, January 15, 2016)
[Federal Register Volume 81, Number 10 (Friday, January 15, 2016)]
[Notices]
[Pages 2275-2276]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-00640]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76863; File No. SR-BATS-2015-120]


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

January 11, 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 December 29, 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, II 
and III 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 BATS Rules 
15.1(a) and (c). The change to the fee schedule pursuant to this 
proposal is effective upon filing.
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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).
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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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to modify its fee schedule applicable to the 
Exchange's options platform to modify the criteria necessary to meet 
the Customer \6\ Step-Up Volume Tier under footnote 1. The Exchange 
currently offers a total of eight Customer Penny Pilot Add Volume Tiers 
under footnote 1 that provide enhanced rebates for Customer orders in 
Penny Pilot Securities that add liquidity under fee code PY.\7\ Under 
the Customer Step-Up Volume Tier, the Member would receive a rebate of 
$0.53 per contract where they have an Options Step-Up Add TCV \8\ in 
Customer orders from September 2015 baseline equal to or greater than 
0.40%. The Exchange proposes to ease the criteria necessary to qualify 
for the Customer Step-Up Volume Tier by requiring an Options Step-Up 
Add TCV in Customer orders from September 2015 baseline equal to or 
greater than 0.35%. The Exchange proposes to implement this amendment 
to its fee schedule on January 4, 2016.
---------------------------------------------------------------------------

    \6\ As defined in the Exchange's fee schedule available at 
http://www.batsoptions.com/support/fee_schedule/bzx/.
    \7\ Fee code PY is appended to Customer orders that add 
liquidity in Penny Pilot Securities. Id. Penny Pilot Securities is 
defined in the Exchange's fee schedule. Id. Orders yielding fee code 
PY receive a rebate of $0.25 per share, absent achieving a tier and 
receiving an increased rebate under footnote 1.
    \8\ As defined in the Exchange's fee schedule available at 
http://www.batsoptions.com/support/fee_schedule/bzx/.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder that are applicable to a national securities exchange, and, 
in particular, with the requirements of Section 6 of the Act. 
Specifically, the Exchange believes that the proposed rule change is 
consistent with Section 6(b)(4) of the Act, in that it provides for the 
equitable allocation of reasonable dues, fees and other charges among 
members and other persons using any facility or system which the 
Exchange operates or controls. 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 levels to be 
excessive.
    Volume-based rebates such as those currently maintained on the 
Exchange

[[Page 2276]]

have been widely adopted by equities and options 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 
the value to an exchange's market quality associated with higher levels 
of market activity, such as higher levels of liquidity provision and/or 
growth patterns, and introduction of higher volumes of orders into the 
price and volume discovery processes. Easing the criteria for the 
Customer Step-Up Volume Tier is intended to incentivize Members to send 
additional orders to the Exchange in an effort to qualify for the 
enhanced rebate available by the respective tier.
    The Exchange believes that this change is reasonable, fair and 
equitable and non-discriminatory, for the reasons set forth with 
respect to volume-based pricing generally and because such change will 
either incentivize participants to further contribute to market quality 
on the Exchange or will allow the Exchange to earn additional revenue 
that can be used to offset the addition of new pricing incentives. The 
Exchange also believes that the proposed rebate remains consistent with 
pricing previously offered by the Exchange as well as competitors of 
the Exchange and does not represent a significant departure from the 
Exchange's general pricing structure.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed amendment to its fee schedule 
would not 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 change to the Exchange's 
tiered pricing structure burdens competition, but instead, enhances 
competition as it is intended to increase the competitiveness of the 
Exchange by easing the criteria necessary to qualify for the Customer 
Step-Up Volume tier. Also, the Exchange believes that the decrease to 
the tier's threshold contributes to, rather than burdens competition, 
as such change is intended to incentivize participants to increase 
their participation on the Exchange.

(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 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 \9\ and paragraph (f) of Rule 19b-4 
thereunder.\10\ 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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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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 No. SR-BATS-2015-120 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-2015-120. 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 will also 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-2015-120 and should be 
submitted on or before February 5, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Robert W. Errett,
Deputy Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2016-00640 Filed 1-14-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                 Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Notices                                                      2275

                                                  (collectively, ‘‘Aggregate Fee                          ‘‘Act’’),1 and Rule 19b–4 thereunder,2                 (A) Self-Regulatory Organization’s
                                                  Disclosure’’). For any Fund that                        notice is hereby given that on December                Statement of the Purpose of, and
                                                  employs an Excluded Subadvisor, the                     29, 2015, BATS Exchange, Inc. (the                     Statutory Basis for, the Proposed Rule
                                                  Fund will provide separate disclosure of                ‘‘Exchange’’ or ‘‘BATS’’) filed with the               Change
                                                  any fees paid to the Excluded                           Securities and Exchange Commission                     1. Purpose
                                                  Subadvisor.                                             (‘‘Commission’’) the proposed rule
                                                     4. Applicants agree that any order                                                                             The Exchange proposes to modify its
                                                                                                          change as described in Items I, II and III
                                                  granting the requested relief will be                                                                          fee schedule applicable to the
                                                                                                          below, which Items have been prepared
                                                  subject to the terms and conditions                                                                            Exchange’s options platform to modify
                                                                                                          by the Exchange. The Exchange has                      the criteria necessary to meet the
                                                  stated in the application. Such terms                   designated the proposed rule change as
                                                  and conditions provide for, among other                                                                        Customer 6 Step-Up Volume Tier under
                                                                                                          one establishing or changing a member                  footnote 1. The Exchange currently
                                                  safeguards, appropriate disclosure to                   due, fee, or other charge imposed by the
                                                  Fund shareholders and notification                                                                             offers a total of eight Customer Penny
                                                                                                          Exchange under Section 19(b)(3)(A)(ii)                 Pilot Add Volume Tiers under footnote
                                                  about sub-advisory changes and
                                                                                                          of the Act 3 and Rule 19b–4(f)(2)                      1 that provide enhanced rebates for
                                                  enhanced Board oversight to protect the
                                                  interests of the Funds’ shareholders.                   thereunder,4 which renders the                         Customer orders in Penny Pilot
                                                     5. Section 6(c) of the Act provides that             proposed rule change effective upon                    Securities that add liquidity under fee
                                                  the Commission may exempt any                           filing with the Commission. The                        code PY.7 Under the Customer Step-Up
                                                  person, security, or transaction or any                 Commission is publishing this notice to                Volume Tier, the Member would receive
                                                  class or classes of persons, securities, or             solicit comments on the proposed rule                  a rebate of $0.53 per contract where they
                                                  transactions from any provisions of the                 change from interested persons.                        have an Options Step-Up Add TCV 8 in
                                                  Act, or any rule thereunder, if such                                                                           Customer orders from September 2015
                                                                                                          I. Self-Regulatory Organization’s                      baseline equal to or greater than 0.40%.
                                                  relief is necessary or appropriate in the               Statement of the Terms of Substance of
                                                  public interest and consistent with the                                                                        The Exchange proposes to ease the
                                                                                                          the Proposed Rule Change                               criteria necessary to qualify for the
                                                  protection of investors and purposes
                                                  fairly intended by the policy and                          The Exchange filed a proposal to                    Customer Step-Up Volume Tier by
                                                  provisions of the Act. Applicants                                                                              requiring an Options Step-Up Add TCV
                                                                                                          amend the fee schedule applicable to
                                                  believe that the requested relief meets                                                                        in Customer orders from September
                                                                                                          Members 5 and non-members of the
                                                  this standard because, as further                                                                              2015 baseline equal to or greater than
                                                                                                          Exchange pursuant to BATS Rules
                                                  explained in the application, the                                                                              0.35%. The Exchange proposes to
                                                                                                          15.1(a) and (c). The change to the fee                 implement this amendment to its fee
                                                  Advisory Agreements will remain                         schedule pursuant to this proposal is
                                                  subject to shareholder approval, while                                                                         schedule on January 4, 2016.
                                                                                                          effective upon filing.
                                                  the role of the Subadvisors is                                                                                 2. Statutory Basis
                                                  substantially similar to that of                           The text of the proposed rule change
                                                                                                          is available at the Exchange’s Web site                   The Exchange believes that the
                                                  individual portfolio managers, so that
                                                                                                          at www.batstrading.com, at the                         proposed rule change is consistent with
                                                  requiring shareholder approval of
                                                                                                          principal office of the Exchange, and at               the requirements of the Act and the
                                                  Subadvisory Agreements would impose
                                                                                                          the Commission’s Public Reference                      rules and regulations thereunder that
                                                  unnecessary delays and expenses on the
                                                                                                          Room.                                                  are applicable to a national securities
                                                  Funds. Applicants believe that the
                                                                                                                                                                 exchange, and, in particular, with the
                                                  requested relief from the Disclosure
                                                                                                          II. Self-Regulatory Organization’s                     requirements of Section 6 of the Act.
                                                  Requirements meets this standard
                                                                                                          Statement of the Purpose of, and                       Specifically, the Exchange believes that
                                                  because it will improve the Advisor’s
                                                                                                          Statutory Basis for, the Proposed Rule                 the proposed rule change is consistent
                                                  ability to negotiate fees paid to the
                                                                                                          Change                                                 with Section 6(b)(4) of the Act, in that
                                                  Subadvisors that are more advantageous
                                                                                                                                                                 it provides for the equitable allocation
                                                  for the Funds.                                            In its filing with the Commission, the               of reasonable dues, fees and other
                                                    For the Commission, by the Division of                Exchange included statements                           charges among members and other
                                                  Investment Management, under delegated                  concerning the purpose of and basis for                persons using any facility or system
                                                  authority.                                              the proposed rule change and discussed                 which the Exchange operates or
                                                  Robert W. Errett,                                       any comments it received on the                        controls. The Exchange notes that it
                                                  Deputy Secretary.                                       proposed rule change. The text of these                operates in a highly competitive market
                                                  [FR Doc. 2016–00662 Filed 1–14–16; 8:45 am]             statements may be examined at the                      in which market participants can
                                                  BILLING CODE 8011–01–P                                  places specified in Item IV below. The                 readily direct order flow to competing
                                                                                                          Exchange has prepared summaries, set                   venues if they deem fee levels to be
                                                                                                          forth in Sections A, B, and C below, of                excessive.
                                                  SECURITIES AND EXCHANGE                                 the most significant parts of such                        Volume-based rebates such as those
                                                  COMMISSION                                              statements.                                            currently maintained on the Exchange
                                                  [Release No. 34–76863; File No. SR–BATS–
                                                                                                                                                                    6 As defined in the Exchange’s fee schedule
                                                  2015–120]
                                                                                                                                                                 available at http://www.batsoptions.com/support/
                                                                                                                                                                 fee_schedule/bzx/.
                                                  Self-Regulatory Organizations; BATS                                                                               7 Fee code PY is appended to Customer orders
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  Exchange, Inc.; Notice of Filing and                      1 15 U.S.C. 78s(b)(1).                               that add liquidity in Penny Pilot Securities. Id.
                                                  Immediate Effectiveness of a Proposed                     2 17 CFR 240.19b–4.                                  Penny Pilot Securities is defined in the Exchange’s
                                                  Rule Change Related to Fees for Use                       3 15 U.S.C. 78s(b)(3)(A)(ii).                        fee schedule. Id. Orders yielding fee code PY
                                                                                                                                                                 receive a rebate of $0.25 per share, absent achieving
                                                  of BATS Exchange, Inc.                                    4 17 CFR 240.19b–4(f)(2).
                                                                                                                                                                 a tier and receiving an increased rebate under
                                                                                                            5 The term ‘‘Member’’ is defined as ‘‘any
                                                                                                                                                                 footnote 1.
                                                  January 11, 2016.                                       registered broker or dealer that has been admitted        8 As defined in the Exchange’s fee schedule
                                                    Pursuant to Section 19(b)(1) of the                   to membership in the Exchange.’’ See Exchange          available at http://www.batsoptions.com/support/
                                                  Securities Exchange Act of 1934 (the                    Rule 1.5(n).                                           fee_schedule/bzx/.



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                                                  2276                           Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Notices

                                                  have been widely adopted by equities                    competition, as such change is intended                 change that are filed with the
                                                  and options exchanges and are equitable                 to incentivize participants to increase                 Commission, and all written
                                                  because they are open to all Members on                 their participation on the Exchange.                    communications relating to the
                                                  an equal basis and provide additional                                                                           proposed rule change between the
                                                                                                          (C) Self-Regulatory Organization’s
                                                  benefits or discounts that are reasonably                                                                       Commission and any person, other than
                                                                                                          Statement on Comments on the
                                                  related to the value to an exchange’s                                                                           those that may be withheld from the
                                                  market quality associated with higher                   Proposed Rule Change Received From
                                                                                                                                                                  public in accordance with the
                                                  levels of market activity, such as higher               Members, Participants or Others
                                                                                                                                                                  provisions of 5 U.S.C. 552, will be
                                                  levels of liquidity provision and/or                      The Exchange has not solicited, and                   available for Web site viewing and
                                                  growth patterns, and introduction of                    does not intend to solicit, comments on                 printing in the Commission’s Public
                                                  higher volumes of orders into the price                 this proposed rule change. The                          Reference Room, 100 F Street NE.,
                                                  and volume discovery processes. Easing                  Exchange has not received any written                   Washington, DC 20549, on official
                                                  the criteria for the Customer Step-Up                   comments from members or other                          business days between the hours of
                                                  Volume Tier is intended to incentivize                  interested parties.                                     10:00 a.m. and 3:00 p.m. Copies of such
                                                  Members to send additional orders to                                                                            filing will also be available for
                                                                                                          III. Date of Effectiveness of the
                                                  the Exchange in an effort to qualify for                                                                        inspection and copying at the principal
                                                                                                          Proposed Rule Change and Timing for
                                                  the enhanced rebate available by the                                                                            office of the Exchange. All comments
                                                                                                          Commission Action
                                                  respective tier.                                                                                                received will be posted without change;
                                                     The Exchange believes that this                         The foregoing rule change has become                 the Commission does not edit personal
                                                  change is reasonable, fair and equitable                effective pursuant to Section 19(b)(3)(A)               identifying information from
                                                  and non-discriminatory, for the reasons                 of the Act 9 and paragraph (f) of Rule                  submissions. You should submit only
                                                  set forth with respect to volume-based                  19b–4 thereunder.10 At any time within                  information that you wish to make
                                                  pricing generally and because such                      60 days of the filing of the proposed rule              available publicly. All submissions
                                                  change will either incentivize                          change, the Commission summarily may                    should refer to File No. SR–BATS–
                                                  participants to further contribute to                   temporarily suspend such rule change if                 2015–120 and should be submitted on
                                                  market quality on the Exchange or will                  it appears to the Commission that such                  or before February 5, 2016.
                                                  allow the Exchange to earn additional                   action is necessary or appropriate in the
                                                  revenue that can be used to offset the                  public interest, for the protection of                    For the Commission, by the Division of
                                                                                                                                                                  Trading and Markets, pursuant to delegated
                                                  addition of new pricing incentives. The                 investors, or otherwise in furtherance of               authority.11
                                                  Exchange also believes that the                         the purposes of the Act.
                                                                                                                                                                  Robert W. Errett,
                                                  proposed rebate remains consistent with
                                                  pricing previously offered by the                       IV. Solicitation of Comments                            Deputy Secretary.
                                                  Exchange as well as competitors of the                    Interested persons are invited to                     [FR Doc. 2016–00640 Filed 1–14–16; 8:45 am]
                                                  Exchange and does not represent a                       submit written data, views, and                         BILLING CODE 8011–01–P
                                                  significant departure from the                          arguments concerning the foregoing,
                                                  Exchange’s general pricing structure.                   including whether the proposed rule
                                                                                                          change is consistent with the Act.                      SECURITIES AND EXCHANGE
                                                  (B) Self-Regulatory Organization’s                                                                              COMMISSION
                                                                                                          Comments may be submitted by any of
                                                  Statement on Burden on Competition
                                                                                                          the following methods:
                                                     The Exchange believes the proposed                                                                           [Release No. 34–76869; File No. SR–
                                                  amendment to its fee schedule would                     Electronic Comments                                     NYSEArca–2015–86]
                                                  not impose any burden on competition                      • Use the Commission’s Internet                       Self-Regulatory Organizations; NYSE
                                                  that is not necessary or appropriate in                 comment form (http://www.sec.gov/                       Arca, Inc.; Order Granting Approval of
                                                  furtherance of the purposes of the Act.                 rules/sro.shtml); or                                    Proposed Rule Change, and Notice of
                                                  The Exchange does not believe that the                    • Send an email to rule-comments@
                                                                                                                                                                  Filing and Order Granting Accelerated
                                                  proposed change represents a significant                sec.gov. Please include File No. SR–
                                                                                                                                                                  Approval of Amendment Nos. 1 and 3
                                                  departure from previous pricing offered                 BATS–2015–120 on the subject line.
                                                                                                                                                                  Thereto, Relating to Auctions for Pillar,
                                                  by the Exchange or pricing offered by
                                                                                                          Paper Comments                                          the Exchange’s New Trading
                                                  the Exchange’s competitors.
                                                                                                             • Send paper comments in triplicate                  Technology Platform
                                                  Additionally, Members may opt to
                                                  disfavor the Exchange’s pricing if they                 to Secretary, Securities and Exchange                   January 11, 2016.
                                                  believe that alternatives offer them                    Commission, 100 F Street NE.,
                                                  better value. Accordingly, the Exchange                 Washington, DC 20549–1090.                              I. Introduction
                                                  does not believe that the proposed                      All submissions should refer to File No.                  On September 22, 2015, NYSE Arca,
                                                  change will impair the ability of                       SR–BATS–2015–120. This file number                      Inc. (‘‘Exchange’’ or ‘‘Arca’’) filed with
                                                  Members or competing venues to                          should be included on the subject line                  the Securities and Exchange
                                                  maintain their competitive standing in                  if email is used. To help the                           Commission (‘‘Commission’’), pursuant
                                                  the financial markets. The Exchange                     Commission process and review your                      to Section 19(b)(1) of the Securities
                                                  does not believe that the proposed                      comments more efficiently, please use                   Exchange Act of 1934 (‘‘Act’’) 1 and Rule
                                                  change to the Exchange’s tiered pricing                 only one method. The Commission will                    19b-4 thereunder,2 a proposed rule
                                                  structure burdens competition, but                      post all comments on the Commission’s                   change to adopt new equity trading
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  instead, enhances competition as it is                  Internet Web site (http://www.sec.gov/                  rules relating to auctions for Pillar, the
                                                  intended to increase the                                rules/sro.shtml). Copies of the                         Exchange’s new trading technology
                                                  competitiveness of the Exchange by                      submission, all subsequent                              platform. The proposed rule change was
                                                  easing the criteria necessary to qualify                amendments, all written statements                      published for comment in the Federal
                                                  for the Customer Step-Up Volume tier.                   with respect to the proposed rule
                                                  Also, the Exchange believes that the                                                                              11 17 CFR 200.30–3(a)(12).
                                                  decrease to the tier’s threshold                          9 15 U.S.C. 78s(b)(3)(A).                               1 15 U.S.C. 78s(b)(1).
                                                  contributes to, rather than burdens                       10 17 CFR 240.19b–4(f).                                 2 17 CFR 240.19b–4.




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Document Created: 2018-02-02 12:32:08
Document Modified: 2018-02-02 12:32:08
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 2275 

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