81 FR 30373 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.13, Order Execution and Routing, To Delete References to the TRIM3 Routing Option
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 94 (May 16, 2016)
Federal Register Volume 81, Issue 94 (May 16, 2016)
| Page Range | 30373-30375 | |
| FR Document | 2016-11408 |
[Federal Register Volume 81, Number 94 (Monday, May 16, 2016)] [Notices] [Pages 30373-30375] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-11408] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77797; File No. SR-BatsBZX-2016-13] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.13, Order Execution and Routing, To Delete References to the TRIM3 Routing Option May 10, 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 May 2, 2016, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.13, Order Execution and Routing, to delete references to the TRIM3 routing option. The Exchange also proposes to amend its fee schedule to delete references to the TRIM3 routing option under fee codes BY and TV. 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. [[Page 30374]] 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 Rule 11.13, Order Execution and Routing, to delete references to the TRIM3 routing option. The Exchange also proposes to amend its fee schedule to delete references to the TRIM3 routing option under fee codes BY and TV. Exchange Rule 11.13(b)(3)(G) includes the TRIM3 routing option as one of the routing options under which an order checks the System \5\ for available shares if so instructed by the entering User \6\ and then is sent to destinations on the applicable System routing table. The term ``System routing table'' refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them.\7\ Orders routed pursuant to the TRIM3 routing option are only sent to NASDAQ BX, BYX Exchange, Inc. (``BYX''), and certain alternative trading systems available through the Exchange's DRT routing option (``DRT Venues'').\8\ --------------------------------------------------------------------------- \5\ The ``System'' is the Exchange's electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away. See Exchange Rule 1.5(aa). \6\ The term ``User'' is defined as ``any Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc). \7\ See Exchange Rule 11.13(b)(3). The Exchange reserves the right to maintain a different System routing table for different routing options and to modify the System routing table at any time without notice. Id. \8\ DRT is a routing option in which the entering firm instructs the System to route to alternative trading systems included in the System routing table. Unless otherwise specified, DRT can be combined with and function consistent with all other routing options. See Exchange Rule 11.13(b)(3)(D). See also Securities Exchange Act Release No. 66324 (February 6, 2012), 77 FR 7642 (February 13, 2012) (SR-BATS-2012-007) (adopting the TRIM3 routing option). --------------------------------------------------------------------------- Fee code BY is yielded on orders routed to BYX using Destination Specific, TRIM, TRIM2, TRIM3 or SLIM routing strategy. Orders that yield fee code BY receive a rebate of $0.0015 per share. Fee Code TV is yielded on orders routed to NASDAQ BX LLC using TRIM, TRIM2 or TRIM3 routing strategy. Orders that yield fee code TV receive a rebate of $0.0010 per share. Because few Users elect the TRIM3 routing option, the Exchange has determined that the current demand does not warrant the infrastructure and ongoing maintenance expenses required to support the product. Therefore, the Exchange proposes to delete reference to the TRIM3 routing option under Rule 11.13(b)(3)(G). The Exchange also proposes to amend its fee schedule to delete references to the TRIM3 routing option under fee codes BY and TV. Users seeking to route to BYX, NASDAQ BX, or DRT venues may use alternative methods, such as connecting to those exchanges directly or through a third party service provider, or electing another routing option offered by the Exchange that enables a User to post an order to certain primary listing markets.\9\ --------------------------------------------------------------------------- \9\ See e.g., Rule 11.13(b)(3)(E) (describing the Destination Specific routing option under which an order checks the System for available shares and then is sent to an away trading center or centers specified by the User). --------------------------------------------------------------------------- In connection with the deletion of the TRIM3 routing option, the Exchange also proposes to amend Rule 11.13(b)(3)(G) to update a numerical reference to the SLIM routing option. Exchange Rule 11.13(b)(3)(G) currently states that in connection with SLIM routing option, currently listed as subsection (vii) of the Rule, a User may designate that an order first routes to BYX, checks the System for available shares, and then routes to other destinations on the System routing table. Upon deletion of the TRIM3 routing option, the SLIM routing option will be renumbered as section (vi) and the Exchange proposes to update Rule 11.13(b)(3)(G) accordingly. The Exchange intends to implement the proposed rule change on May 6, 2016.\10\ --------------------------------------------------------------------------- \10\ See Bats to Decommission ICMT, IOCM, and TRIM3 Routing Strategies, issued April 18, 2016, available at http://cdn.batstrading.com/resources/release_notes/2016/Bats-to-Decommission-ICMT-IOCM-and-TRIM3-Routing-Strategies.pdf. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act \11\ in general, and furthers the objectives of section 6(b)(5) of the Act \12\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange does not believe that this proposal will permit unfair discrimination among customers, brokers, or dealers because the TRIM3 routing option will no longer be available to all Users. The Exchange has few Users electing the TRIM3 routing option and has determined that the current demand does not warrant the infrastructure and ongoing maintenance expense required to support the product. Routing through the Exchange is voluntary and alternative routing options offered by the Exchange as well as other methods remain available to Users that wish to route to BYX, NASDAQ BX, or DRT venues.\13\ In addition, the TRIM3 routing option is not core product offering by the Exchange, nor is the Exchange required by the Act to offer such product. Therefore, the Exchange believes the proposed rule change would make its rules clearer and less confusing for investors by removing a routing option that will no longer be offered by the Exchange; thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. --------------------------------------------------------------------------- \13\ See supra note 9 and accompanying text. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues but rather avoid investor confusion by eliminating the TRIM3 routing option that is to be discontinued by the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. [[Page 30375]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A) of the Act\14\ and Rule 19b-4(f)(6) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \16\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \17\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that waiver of the 30-day operative delay would allow the Exchange to modify its rules in a timely manner by: (i) Eliminating a rule that accounts for services with few subscribers that the Exchange intends to discontinue; and (ii) accurately describing the alternative routing options available to Users, thereby avoiding potential investor confusion during the operative delay period. Based on the foregoing, the Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\18\ --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6). \17\ 17 CFR 240.19b-4(f)(6)(iii). \18\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BatsBZX-2016-13 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-BatsBZX-2016-13. 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 No. SR-BatsBZX-2016-13, and should be submitted on or before June 6, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-11408 Filed 5-13-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 94 / Monday, May 16, 2016 / Notices 30373
of participants to provide the required public interest, for the protection of For the Commission, by the Division of
liquidity to obtain the rebate. The investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated
increased liquidity benefits all investors the purposes of the Act. authority.14
by deepening the Exchange’s liquidity Robert W. Errett,
pool, offering additional flexibility for IV. Solicitation of Comments Deputy Secretary.
all investors to enjoy cost savings, Interested persons are invited to [FR Doc. 2016–11400 Filed 5–13–16; 8:45 am]
supporting the quality of price submit written data, views, and BILLING CODE 8011–01–P
discovery, promoting market
arguments concerning the foregoing,
transparency and improving investor
including whether the proposed rule
protection. SECURITIES AND EXCHANGE
change is consistent with the Act.
B. Self-Regulatory Organization’s COMMISSION
Comments may be submitted by any of
Statement on Burden on Competition the following methods:
[Release No. 34–77797; File No. SR–
The Exchange does not believe its Electronic Comments BatsBZX–2016–13]
proposed amendment to its Fee
Schedule would impose any burden on • Use the Commission’s Internet Self-Regulatory Organizations; Bats
competition that is not necessary or comment form (http://www.sec.gov/ BZX Exchange, Inc.; Notice of Filing
appropriate in furtherance of the rules/sro.shtml); or and Immediate Effectiveness of a
purposes of the Act. The Exchange does Proposed Rule Change to Rule 11.13,
• Send an email to rule-comments@
not believe that the proposed change Order Execution and Routing, To
sec.gov. Please include File No. SR–
represents a significant departure from Delete References to the TRIM3
BatsBZX–2016–12 on the subject line.
previous pricing offered by the Routing Option
Exchange or pricing offered by the Paper Comments
Exchange’s competitors. Additionally, May 10, 2016.
Members may opt to disfavor the • Send paper comments in triplicate Pursuant to section 19(b)(1) of the
Exchange’s pricing if they believe that to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the
alternatives offer them better value. The Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Exchange does not believe that the Washington, DC 20549–1090. notice is hereby given that on May 2,
modified tier would burden All submissions should refer to File No. 2016, BATS Exchange, Inc. (the
competition, but instead, enhances ‘‘Exchange’’ or ‘‘BATS’’) filed with the
SR–BatsBZX–2016–12. This file number
competition, as it is intended to increase Securities and Exchange Commission
should be included on the subject line
the competitiveness of and draw (‘‘Commission’’) the proposed rule
if email is used. To help the
additional volume to the Exchange. The change as described in Items I and II
Exchange does not believe the amended Commission process and review your
comments more efficiently, please use below, which Items have been prepared
tier would burden intramarket by the Exchange. The Exchange has
competition as it would apply to all only one method. The Commission will
post all comments on the Commission’s designated this proposal as a ‘‘non-
Members uniformly. Accordingly, the controversial’’ proposed rule change
Exchange does not believe that the Internet Web site (http://www.sec.gov/
pursuant to section 19(b)(3)(A) of the
proposed change will impair the ability rules/sro.shtml). Copies of the
Act 3 and Rule 19b–4(f)(6)(iii)
of Members or competing venues to submission, all subsequent
thereunder,4 which renders it effective
maintain their competitive standing in amendments, all written statements upon filing with the Commission. The
the financial markets. with respect to the proposed rule Commission is publishing this notice to
change that are filed with the solicit comments on the proposed rule
C. Self-Regulatory Organization’s Commission, and all written
Statement on Comments on the change from interested persons.
communications relating to the
Proposed Rule Change Received From proposed rule change between the I. Self-Regulatory Organization’s
Members, Participants, or Others Statement of the Terms of Substance of
Commission and any person, other than
The Exchange has not solicited, and those that may be withheld from the the Proposed Rule Change
does not intend to solicit, comments on public in accordance with the
this proposed rule change. The The Exchange filed a proposal to
provisions of 5 U.S.C. 552, will be amend Rule 11.13, Order Execution and
Exchange has not received any available for Web site viewing and
unsolicited written comments from Routing, to delete references to the
printing in the Commission’s Public TRIM3 routing option. The Exchange
Members or other interested parties. Reference Room, 100 F Street NE., also proposes to amend its fee schedule
III. Date of Effectiveness of the Washington, DC 20549, on official to delete references to the TRIM3
Proposed Rule Change and Timing for business days between the hours of routing option under fee codes BY and
Commission Action 10:00 a.m. and 3:00 p.m. Copies of the TV.
The foregoing rule change has become filing also will be available for
The text of the proposed rule change
effective pursuant to section 19(b)(3)(A) inspection and copying at the principal
is available at the Exchange’s Web site
of the Act 12 and paragraph (f)(2) of Rule office of the Exchange. All comments
at www.batstrading.com, at the
received will be posted without change;
asabaliauskas on DSK3SPTVN1PROD with NOTICES
19b–4 thereunder.13 At any time within principal office of the Exchange, and at
60 days of the filing of the proposed rule the Commission does not edit personal
the Commission’s Public Reference
change, the Commission summarily may identifying information from Room.
temporarily suspend such rule change if submissions. You should submit only
it appears to the Commission that such information that you wish to make 14 17 CFR 200.30–3(a)(12).
action is necessary or appropriate in the available publicly. All submissions 1 15 U.S.C. 78s(b)(1).
should refer to File No. SR–BatsBZX– 2 17 CFR 240.19b–4.
12 15 U.S.C. 78s(b)(3)(A). 2016–12, and should be submitted on or 3 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f). before June 6, 2016. 4 17 CFR 240.19b–4(f)(6)(iii).
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![Federal Register / Vol. 81, No. 94 / Monday, May 16, 2016 / Notices 30375
III. Date of Effectiveness of the Commission takes such action, the For the Commission, by the Division of
Proposed Rule Change and Timing for Commission shall institute proceedings Trading and Markets, pursuant to delegated
Commission Action to determine whether the proposed rule authority.19
Because the proposed rule change change should be approved or Robert W. Errett,
does not (i) significantly affect the disapproved. Deputy Secretary.
protection of investors or the public IV. Solicitation of Comments [FR Doc. 2016–11408 Filed 5–13–16; 8:45 am]
interest; (ii) impose any significant BILLING CODE 8011–01–P
burden on competition; and (iii) become Interested persons are invited to
operative for 30 days from the date on submit written data, views, and
which it was filed, or such shorter time arguments concerning the foregoing, SECURITIES AND EXCHANGE
as the Commission may designate, it has including whether the proposed rule COMMISSION
become effective pursuant to section change is consistent with the Act.
19(b)(3)(A) of the Act14 and Rule 19b– Comments may be submitted by any of [Release No. 34–77791; File No. SR–
4(f)(6) thereunder.15 the following methods: BatsEDGX–2016–14]
A proposed rule change filed
Electronic Comments
pursuant to Rule 19b–4(f)(6) under the Self-Regulatory Organizations; Bats
Act 16 normally does not become • Use the Commission’s Internet EDGX Exchange, Inc. f/k/a EDGX
operative for 30 days after the date of its comment form (http://www.sec.gov/ Exchange, Inc.; Notice of Filing and
filing. However, Rule 19b–4(f)(6)(iii) 17 rules/sro.shtml); or Immediate Effectiveness of a Proposed
permits the Commission to designate a • Send an email to rule-comments@ Rule Change To Adopt Exchange Rule
shorter time if such action is consistent sec.gov. Please include File No. SR– 11.22(a) To Implement the Quoting and
with the protection of investors and the BatsBZX–2016–13 on the subject line. Trading Provisions of the Regulation
public interest. The Exchange has asked NMS Plan To Implement a Tick Size
the Commission to waive the 30-day Paper Comments Pilot Program
operative delay so that the proposal may
become operative immediately upon • Send paper comments in triplicate May 10, 2016.
filing. The Exchange states that waiver to Secretary, Securities and Exchange
Commission, 100 F Street NE., Pursuant to Section 19(b)(1) of the
of the 30-day operative delay would Securities Exchange Act of 1934 (the
allow the Exchange to modify its rules Washington, DC 20549–1090.
‘‘Act’’),1 and Rule 19b–4 thereunder,2
in a timely manner by: (i) Eliminating a All submissions should refer to File No. notice is hereby given that on May 2,
rule that accounts for services with few SR–BatsBZX–2016–13. This file number 2016, Bats EDGX Exchange, Inc. f/k/a
subscribers that the Exchange intends to should be included on the subject line EDGX Exchange, Inc. (the ‘‘Exchange’’
discontinue; and (ii) accurately if email is used. To help the or ‘‘EDGX’’) filed with the Securities
describing the alternative routing Commission process and review your and Exchange Commission
options available to Users, thereby comments more efficiently, please use (‘‘Commission’’) the proposed rule
avoiding potential investor confusion only one method. The Commission will change as described in Items I, II and III
during the operative delay period. Based post all comments on the Commission’s below, which Items have been prepared
on the foregoing, the Commission Internet Web site (http://www.sec.gov/ by the Exchange. The Exchange has
believes the waiver of the operative rules/sro.shtml). Copies of the designated this proposal as a ‘‘non-
delay is consistent with the protection submission, all subsequent controversial’’ proposed rule change
of investors and the public interest. amendments, all written statements pursuant to Section 19(b)(3)(A) of the
Therefore, the Commission hereby with respect to the proposed rule Act 3 and Rule 19b–4(f)(6)(iii)
waives the operative delay and change that are filed with the thereunder,4 which renders it effective
designates the proposal operative upon Commission, and all written upon filing with the Commission. The
filing.18 communications relating to the Commission is publishing this notice to
At any time within 60 days of the proposed rule change between the solicit comments on the proposed rule
filing of the proposed rule change, the Commission and any person, other than change from interested persons.
Commission summarily may those that may be withheld from the
temporarily suspend such rule change if public in accordance with the I. Self-Regulatory Organization’s
it appears to the Commission that such provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
action is necessary or appropriate in the available for Web site viewing and the Proposed Rule Change
public interest, for the protection of printing in the Commission’s Public
investors, or otherwise in furtherance of The Exchange filed a proposal to
Reference Room, 100 F Street NE.,
the purposes of the Act. If the adopt Exchange Rule 11.22(a) to
Washington, DC 20549, on official
implement the quoting and trading
business days between the hours of
14 15 U.S.C. 78s(b)(3)(A). provisions of the Regulation NMS Plan
10:00 a.m. and 3:00 p.m. Copies of the
15 17 CFR 240.19b–4(f)(6). As required under Rule To Implement a Tick Size Pilot Program
filing also will be available for
19b–4(f)(6)(iii), the Exchange provided the (‘‘Plan’’). The proposed rule change is
Commission with written notice of its intent to file inspection and copying at the principal
substantially similar to a proposed rule
the proposed rule change, along with a brief office of the Exchange. All comments
change approved by the Commission by
description and the text of the proposed rule received will be posted without change;
asabaliauskas on DSK3SPTVN1PROD with NOTICES
change, at least five business days prior to the date the Bats BZX Exchange, Inc. f/k/a BATS
the Commission does not edit personal
of filing of the proposed rule change, or such Exchange, Inc. (‘‘BZX’’) to adopt BZX
shorter time as designated by the Commission. identifying information from
Rule 11.27(a) which also implemented
16 17 CFR 240.19b–4(f)(6). submissions. You should submit only
17 17 CFR 240.19b–4(f)(6)(iii). information that you wish to make 19 17 CFR 200.30–3(a)(12).
18 For purposes only of waiving the 30-day available publicly. All submissions 1 15
operative delay, the Commission has also U.S.C. 78s(b)(1).
should refer to File No. SR–BatsBZX– 2 17 CFR 240.19b–4.
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
2016–13, and should be submitted on or 3 15 U.S.C. 78s(b)(3)(A).
15 U.S.C. 78c(f). before June 6, 2016. 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2016-05-14 01:16:53
Document Modified: 2016-05-14 01:16:53
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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