81 FR 25462 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 82 (April 28, 2016)
Federal Register Volume 81, Issue 82 (April 28, 2016)
| Page Range | 25462-25464 | |
| FR Document | 2016-09899 |
[Federal Register Volume 81, Number 82 (Thursday, April 28, 2016)] [Notices] [Pages 25462-25464] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-09899] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77691; File No. SR-BatsEDGX-2016-11] Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees April 22, 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 April 11, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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 amend the Investor Depth Tier under footnote 1. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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 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 $0.0034 per share executed, depending on the volume tier for which such Member qualifies. In January 2014, the Exchange adopted the Investor Depth Tier under footnote 1 of the Fee Schedule.\6\ Members who qualify for the Investor Depth Tier receive a rebate of $0.0033 per share where they: (i) Add an ADV \7\ of at least 0.15% of the TCV; \8\ (ii) have an ``added liquidity'' as a percentage of ``added plus removed liquidity'' of at least 85%; and (3) add an ADV of at least 500,000 share as Non-displayed \9\ orders that yield fee code HA.\10\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 76816 (January 4, 2016, 81 FR 987 (January 8, 2016) (SR-EDGX-2015-67). \7\ As defined in the Exchange's Fee Schedule available at http://batstrading.com/support/fee_schedule/edgx/. \8\ Id. \9\ See Exchange Rule 11.6(e)(2) for the definition of Non- Displayed. \10\ Fee code HA is appended to Non-displayed orders that add liquidity on the Exchange. See the Exchange's Fee Schedule available at http://batstrading.com/support/fee_schedule/edgx/. --------------------------------------------------------------------------- The Exchange now proposes to amend the Investor Depth Tier to: (i) Decrease the Member's added ADV threshold in Non-Displayed orders from 500,000 shares to 400,000 shares; and (ii) permit a Member's added ADV to include Non-Displayed orders that yield fee codes HI and/or MM, in addition to fee code HA. Fee code HI is appended to Non-Displayed orders that receive price improvement and add liquidity, and fee code MM is appended to Non-Displayed orders that add liquidity using MidPoint Peg Orders.\11\ Lowering the Member's ADV threshold would encourage Members who cannot meet the tier's current criteria to increase their volume on the Exchange in order to achieve the lower threshold. Also, permitting Non-Displayed orders that yield fee codes HI and/or MM, in addition to fee code HA, to be included as part of the Member's ADV would enable Members that utilize other types of Non- Displayed orders to be included as part of the Members added ADV for purposes to satisfying the Investor Depth Tier. In addition, lowering the ADV threshold, combined with the additional fee codes, necessary to achieve the tier should encourage Members to add displayed liquidity, as only the displayed liquidity in this tier is awarded the enhanced rebate. The remainder of the criteria required to meet the tier as well as the rate offered by the tier would remain unchanged. --------------------------------------------------------------------------- \11\ See Exchange Rule 11.8(d) for a description of MidPoint Peg orders. --------------------------------------------------------------------------- The Exchange proposes to implement this amendment to its Fee Schedule immediately.\12\ --------------------------------------------------------------------------- \12\ The Exchange initially filed the proposed change on April 1, 2016 (SR-BatsEDGX-2016-06). On April 11, 2016, the Exchange withdrew SR-BatsEDGX-2016-06 and submitted this filing). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\13\ in general, and furthers the objectives of Section 6(b)(4),\14\ 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 [[Page 25463]] 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 changes reflect a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed amendments to the Investor Depth Tier are equitable and non- discriminatory in they would apply uniformly to all Members. The Exchange believes the rate remains competitive with those charged by other venues and, therefore, reasonable and equitably allocated to Members. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- 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 proposal is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and rebates because it will provide Members with an additional incentive to reach certain thresholds on the Exchange. In particular, the Exchange believes the amendments to the Investor Depth Tier are a reasonable means to encourage Members to increase their liquidity on the Exchange. The Exchange further believes that the amendments to the Investor Depth Tier represent an equitable allocation of reasonable dues, fees, and other charges because the thresholds necessary to achieve the tier continue to encourage Members to add displayed liquidity to the EDGX Book \15\ each month, as only the displayed liquidity in this tier is awarded the rebate of $0.0033 per share. The amendments to the Investor Depth Tier also continue to recognizes the contribution that non-displayed liquidity provides to the marketplace, including: (i) Adding needed depth to the EDGX market; (ii) providing price support/depth of liquidity; and (iii) increasing diversity of liquidity to EDGX. Including Non-Displayed orders that yield fee codes HI and/or MM, in addition to fee code HA, would enable Members that utilize other types of Non-Displayed orders to be included as part of the Member's added ADV for purposes to satisfying the Investor Depth Tier. In addition, fee code MM and HI are both yielded on Non-Displayed orders that add liquidity--fee code MM for MidPoint Peg Orders and fee code HI for Non-Displayed orders that receive price improvement. The Exchange believes that Members utilizing Non-Displayed orders that add liquidity to the EDGX Book provide increased opportunities for Members to receive the benefit of price improvement, and the addition of fee codes HI and MM is a reasonable means by which to encourage the use of such orders. Combined with the addition of fee codes HI and MM, lowering the ADV threshold necessary to achieve the tier should encourage Members to add displayed liquidity, as only the displayed liquidity in this tier is awarded the enhanced rebate. The increased liquidity benefits all investors by deepening EDGX'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. --------------------------------------------------------------------------- \15\ The EDGX Book is the System's electronic file of orders. See Exchange Rule 1.5(d). --------------------------------------------------------------------------- The Exchange also notes that the criteria and rebate under the Investor Depth Tier continues to be equitable and reasonable as compared to other tiers offered by the Exchange. For example, under the Investor Tier Members may receive a rebate of $0.0032 per share where they (i) add an ADV of at least 0.15% of the TCV; and (ii) have an ``added liquidity'' as a percentage of ``added plus removed liquidity'' of at least 85%. These thresholds mirror the first two thresholds required to meet the Investor Depth Tier. However, in order to achieve the higher rebate of $0.0033 per share provided by the amended Investor Depth Tier, Members must also add an ADV of at least 400,000 share as Non-displayed orders that yield fee codes HA, HI, and/or MM. Therefore, the Exchange believes the Investor Depth Tier continues to be consistent with Section 6(b)(4) \16\ of the Act as the more stringent criteria correlates with the tier's higher rebate. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe its 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 amended tier would burden competition, but instead, enhances competition, as it is 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 change is generally intended to draw additional liquidity to the Exchange. The Exchange does not believe the amended tier would burden intramarket competition as it would apply to all Members uniformly. 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 \17\ and paragraph (f) of Rule 19b-4 thereunder.\18\ 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. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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. [[Page 25464]] Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BatsEDGX-2016-11 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-2016-11. 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-2016-11, and should be submitted on or before May 19, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-09899 Filed 4-27-16; 8:45 am] BILLING CODE 8011-01-P
![25462 Federal Register / Vol. 81, No. 82 / Thursday, April 28, 2016 / Notices
those that may be withheld from the solicit comments on the proposed rule liquidity’’ as a percentage of ‘‘added
public in accordance with the change from interested persons. plus removed liquidity’’ of at least 85%;
provisions of 5 U.S.C. 552, will be and (3) add an ADV of at least 500,000
I. Self-Regulatory Organization’s
available for Web site viewing and share as Non-displayed 9 orders that
Statement of the Terms of Substance of
printing in the Commission’s Public yield fee code HA.10
the Proposed Rule Change The Exchange now proposes to amend
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official The Exchange filed a proposal to the Investor Depth Tier to: (i) Decrease
business days between the hours of amend the fee schedule applicable to the Member’s added ADV threshold in
10:00 a.m. and 3:00 p.m. Copies of such Members 5 and non-members of the Non-Displayed orders from 500,000
filing also will be available for Exchange pursuant to EDGX Rules shares to 400,000 shares; and (ii) permit
inspection and copying at the principal 15.1(a) and (c) (‘‘Fee Schedule’’) to a Member’s added ADV to include Non-
office of the Exchange. All comments amend the Investor Depth Tier under Displayed orders that yield fee codes HI
received will be posted without change; footnote 1. and/or MM, in addition to fee code HA.
the Commission does not edit personal The text of the proposed rule change Fee code HI is appended to Non-
identifying information from is available at the Exchange’s Web site Displayed orders that receive price
submissions. You should submit only at www.batstrading.com, at the improvement and add liquidity, and fee
information that you wish to make principal office of the Exchange, and at code MM is appended to Non-Displayed
available publicly. All submissions the Commission’s Public Reference orders that add liquidity using MidPoint
should refer to File Number SR–BOX– Room. Peg Orders.11 Lowering the Member’s
2016–17, and should be submitted on or ADV threshold would encourage
II. Self-Regulatory Organization’s
before May 19, 2016. Members who cannot meet the tier’s
Statement of the Purpose of, and
current criteria to increase their volume
For the Commission, by the Division of Statutory Basis for, the Proposed Rule on the Exchange in order to achieve the
Trading and Markets, pursuant to delegated Change lower threshold. Also, permitting Non-
authority.9
In its filing with the Commission, the Displayed orders that yield fee codes HI
Brent J. Fields, Exchange included statements and/or MM, in addition to fee code HA,
Secretary. concerning the purpose of and basis for to be included as part of the Member’s
[FR Doc. 2016–09901 Filed 4–27–16; 8:45 am] the proposed rule change and discussed ADV would enable Members that utilize
BILLING CODE 8011–01–P any comments it received on the other types of Non-Displayed orders to
proposed rule change. The text of these be included as part of the Members
statements may be examined at the added ADV for purposes to satisfying
SECURITIES AND EXCHANGE places specified in Item IV below. The the Investor Depth Tier. In addition,
COMMISSION Exchange has prepared summaries, set lowering the ADV threshold, combined
forth in Sections A, B, and C below, of with the additional fee codes, necessary
[Release No. 34–77691; File No. SR– the most significant parts of such to achieve the tier should encourage
BatsEDGX–2016–11] statements. Members to add displayed liquidity, as
only the displayed liquidity in this tier
Self-Regulatory Organizations; Bats A. Self-Regulatory Organization’s
is awarded the enhanced rebate. The
EDGX Exchange, Inc.; Notice of Filing Statement of the Purpose of, and the
remainder of the criteria required to
and Immediate Effectiveness of a Statutory Basis for, the Proposed Rule
meet the tier as well as the rate offered
Proposed Rule Change Related to Fees Change
by the tier would remain unchanged.
1. Purpose The Exchange proposes to implement
April 22, 2016.
The Exchange determines the this amendment to its Fee Schedule
Pursuant to Section 19(b)(1) of the liquidity adding rebate that it will immediately.12
Securities Exchange Act of 1934 (the provide to Members using the 2. Statutory Basis
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange’s tiered pricing structure.
notice is hereby given that on April 11, The Exchange believes that the
Under such pricing structure, a Member proposed rule change is consistent with
2016, Bats EDGX Exchange, Inc. (the will receive a rebate of anywhere
‘‘Exchange’’ or ‘‘EDGX’’) filed with the the objectives of Section 6 of the Act,13
between $0.0025 and $0.0034 per share in general, and furthers the objectives of
Securities and Exchange Commission executed, depending on the volume tier
(‘‘Commission’’) the proposed rule Section 6(b)(4),14 in particular, as it is
for which such Member qualifies. In designed to provide for the equitable
change as described in Items I, II and III January 2014, the Exchange adopted the
below, which Items have been prepared allocation of reasonable dues, fees and
Investor Depth Tier under footnote 1 of other charges among its Members and
by the Exchange. The Exchange has the Fee Schedule.6 Members who
designated the proposed rule change as other persons using its facilities. The
qualify for the Investor Depth Tier Exchange also notes that it operates in
one establishing or changing a member
receive a rebate of $0.0033 per share
due, fee, or other charge imposed by the
where they: (i) Add an ADV 7 of at least 9 See Exchange Rule 11.6(e)(2) for the definition
Exchange under Section 19(b)(3)(A)(ii)
0.15% of the TCV; 8 (ii) have an ‘‘added of Non-Displayed.
of the Act 3 and Rule 19b–4(f)(2) 10 Fee code HA is appended to Non-displayed
thereunder,4 which renders the 5 The term ‘‘Member’’ is defined as ‘‘any orders that add liquidity on the Exchange. See the
proposed rule change effective upon registered broker or dealer that has been admitted Exchange’s Fee Schedule available at http://
mstockstill on DSK3G9T082PROD with NOTICES
filing with the Commission. The to membership in the Exchange.’’ See Exchange batstrading.com/support/fee_schedule/edgx/.
Commission is publishing this notice to Rule 1.5(n). 11 See Exchange Rule 11.8(d) for a description of
6 See Securities Exchange Act Release No. 76816 MidPoint Peg orders.
(January 4, 2016, 81 FR 987 (January 8, 2016) (SR– 12 The Exchange initially filed the proposed
9 17 CFR 200.30–3(a)(12). EDGX–2015–67). change on April 1, 2016 (SR–BatsEDGX–2016–06).
1 15 U.S.C. 78s(b)(1). 7 As defined in the Exchange’s Fee Schedule On April 11, 2016, the Exchange withdrew SR–
2 17 CFR 240.19b–4. BatsEDGX–2016–06 and submitted this filing).
available at http://batstrading.com/support/fee_
3 15 U.S.C. 78s(b)(3)(A)(ii). schedule/edgx/. 13 15 U.S.C. 78f.
4 17 CFR 240.19b–4(f)(2). 8 Id. 14 15 U.S.C. 78f(b)(4).
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![25464 Federal Register / Vol. 81, No. 82 / Thursday, April 28, 2016 / Notices
Comments may be submitted by any of SECURITIES AND EXCHANGE Exchange, and at the Commission’s
the following methods: COMMISSION Public Reference Room.
Electronic Comments [Release No. 34–77495; File No. SR– II. Self-Regulatory Organization’s
NASDAQ–2016–046] Statement of the Purpose of, and
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Self-Regulatory Organizations; The Change
rules/sro.shtml); or NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of In its filing with the Commission, the
• Send an email to rule-comments@ Exchange included statements
Proposed Rule Change To Amend
sec.gov. Please include File Number SR– concerning the purpose of and basis for
Fees Under Rules 7015(b) and (g)
BatsEDGX–2016–11 on the subject line. the proposed rule change and discussed
April 1, 2016. any comments it received on the
Paper Comments proposed rule change. The text of these
Correction
• Send paper comments in triplicate statements may be examined at the
to Secretary, Securities and Exchange In notice document 2016–07937 places specified in Item IV below. The
Commission, 100 F Street Ne., beginning on page 20426 in the issue of Exchange has prepared summaries, set
Thursday, April 7, 2016, make the forth in sections A, B, and C below, of
Washington, DC 20549–1090.
following correction: the most significant aspects of such
All submissions should refer to File 1. On page 20428, in the second statements.
Number SR–BatsEDGX–2016–11. This column, in the 27th line, ‘‘April 27,
2016’’ should read ‘‘April 28, 2016.’’ A. Self-Regulatory Organization’s
file number should be included on the
Statement of the Purpose of, and
subject line if email is used. To help the [FR Doc. C1–2016–07937 Filed 4–27–16; 8:45 am]
Statutory Basis for, the Proposed Rule
Commission process and review your BILLING CODE 1505–01–D Change
comments more efficiently, please use
only one method. The Commission will 1. Purpose
post all comments on the Commission’s SECURITIES AND EXCHANGE The Exchange proposes to amend
Internet Web site (http://www.sec.gov/ COMMISSION Rule 606 to: (1) Add language that
rules/sro.shtml). Copies of the [Release No. 34–77687; File No. SR–Phlx– would allow the Exchange to limit the
submission, all subsequent 2016–48] use of a communication device under
amendments, all written statements certain circumstances; (2) Clarify the
with respect to the proposed rule Self-Regulatory Organizations; process for changing registration of user,
change that are filed with the NASDAQ PHLX LLC; Notice of Filing and delete obsolete language regarding
Commission, and all written and Immediate Effectiveness of wattage and add language regarding
communications relating to the Proposed Rule Change Regarding Rule Web-based and open microphone
proposed rule change between the 606 (‘‘open mic’’) 4 communication
Commission and any person, other than applications; (3) Clarify [sic] language
April 22, 2016.
those that may be withheld from the regarding call forwarding and open mic;
Pursuant to Section 19(b)(1) of the (4) Delete obsolete language regarding
public in accordance with the Securities Exchange Act of 1934
provisions of 5 U.S.C. 552, will be stock execution clerks and in-house
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 phone use; and (5) Add [sic] language
available for Web site viewing and notice is hereby given that, on April 7, regarding records.
printing in the Commission’s Public 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or Rule 606, which applies to the use of
Reference Room, 100 F Street NE., ‘‘Exchange’’) filed with the Securities electronic communication devices on
Washington, DC 20549, on official and Exchange Commission the options floor of the Exchange
business days between the hours of (‘‘Commission’’) the proposed rule (‘‘Options Floor’’), has been around for
10:00 a.m. and 3:00 p.m. Copies of the change as described in Items I and II more than fifty years,5 at which time
filing also will be available for below, which Items have been prepared Exchange options trading was strictly
inspection and copying at the principal by the Exchange. The Commission is on-floor open outcry through specialists.
office of the Exchange. All comments publishing this notice to solicit Exchange options trading has, since that
received will be posted without change; comments on the proposed rule change time, developed into a robust hybrid
the Commission does not edit personal from interested persons.
identifying information from I. Self-Regulatory Organization’s 4 Open mic allows listeners other than the
submissions. You should submit only Statement of the Terms of Substance of intended party on the other end of a line (e.g.,
information that you wish to make telephone) to listen to the conversation.
the Proposed Rule Change 5 Since the inception of Rule 606 in 1964, the rule
available publicly. All submissions was amended about ten times, with the last
should refer to File Number SR– The Exchange is filing with the
substantive amendment in 2002. See Securities
BatsEDGX–2016–11, and should be Commission a proposal to amend Rule Exchange Act Release No. 49098 (February 13,
606 (Communications and Equipment). 2002), 67 FR 8053 (February 21, 2002) (SR–Phlx–
submitted on or before May 19, 2016.
The proposed amendment is described 2001–109) (notice of filing and immediate
For the Commission, by the Division of further below.3 effectiveness regarding tethered communication
Trading and Markets, pursuant to delegated devices). See also Securities Exchange Act Release
The text of the proposed rule change Nos. 49098 (January 16, 2004), 69 FR 3974 (January
mstockstill on DSK3G9T082PROD with NOTICES
authority.19 is available on the Exchange’s Web site 27, 2004) (SR–Phlx–2003–73) (approval order);
Brent J. Fields, at http://nasdaqomxphlx.cchwall 54538 (September 28, 2006), 71 FR 59184 (October
street.com/, at the principal office of the 6, 2006) (SR–Phlx–2006–43) (approval order);
Secretary. 59924 (May 14, 2009), 74 FR 23759 (May 20, 2009)
[FR Doc. 2016–09899 Filed 4–27–16; 8:45 am] (Phlx–2009–23) (approval order); and 64338 (April
1 15 U.S.C. 78s(b)(1).
BILLING CODE 8011–01–P
25, 2011), 76 FR 24069 (April 29, 2011) (SR–Phlx–
2 17 CFR 240.19b–4. 2011–13) (approval order) (these last four proposals
3 References to rules are, unless otherwise stated, made non-substantive technical or conforming
19 17 CFR 200.30–3(a)(12). to the rules of the Exchange. changes to Rule 606).
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Document Created: 2016-04-28 01:05:58
Document Modified: 2016-04-28 01:05:58
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 25462 |
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