81 FR 47458 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of Bats BZX Exchange, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 140 (July 21, 2016)

Page Range		47458-47459
FR Document		2016-17193
Federal Register, Volume 81 Issue 140 (Thursday, July 21, 2016)
[Federal Register Volume 81, Number 140 (Thursday, July 21, 2016)]
[Notices]
[Pages 47458-47459]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-17193]



[[Page 47458]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78338; File No. SR-BatsBZX-2016-41]


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

July 15, 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 July 13, 2016, Bats BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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 BZX Rules 
15.1(a) and (c) in order to amend the Tape B Quoting Tier.
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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 amend its Fee Schedule to amend the 
requirements for meeting the Tape B Quoting Tier for LMP 
Securities.^{6 7} Specifically, the Exchange is proposing that 
a Member will qualify for Tier 1 of the Tape B Quoting Tier where the 
Member is enrolled in at least 50 LMP Securities for which it meets the 
required criteria \8\ (the ``Required Criteria'') for at least 50% of 
the trading days in a particular month. As currently implemented, a 
Member must be enrolled in 50 LMP Securities for which it meets the 
Required Criteria every trading day in a month in order to be eligible 
for the additional rebate in Tape B \9\ securities. As proposed, the 
Exchange would count an LMP Security toward the 50 LMP Security 
requirement where the Member meets the Required Criteria for at least 
50% of the trading days in a particular month. A Member would qualify 
for the Tape B Quoting Tier where the Member meets the Required 
Criteria for 50 different LMP Securities for at least 50% of the 
trading days in a particular month. The Required Criteria for each LMP 
Security will each be evaluated separately and the Member does not need 
to meet the Required Criteria for all 50 LMP Securities on the same 50% 
of trading days. For example, in a month with 22 trading days, a Member 
would be eligible for the Tape B Quoting Tier where the Member met the 
Required Criteria in 25 LMP Securities in the first 11 trading days of 
the month and met the Required Criteria for a different set of 25 LMP 
Securities in the second 11 trading days of the month. The Exchange is 
not proposing to amend the Required Criteria.
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    \6\ ``LMP Securities'' means a list of securities included in 
the Liquidity Management Program, the universe of which will be 
determined by the Exchange and published in a circular distributed 
to Members and on the Exchange's Web site. Such LMP Securities will 
include all Bats-listed ETPs and certain non-Bats-listed ETPs for 
which the Exchange wants to incentivize Members to provide enhanced 
market quality. All Bats-listed securities will be LMP Securities 
immediately upon listing on the Exchange. The Exchange will not 
remove a security from the list of LMP Securities without 30 days 
prior notice.
    \7\ The Exchange notes that it originally filed a similar 
proposal as file number SR-BatsBZX-2016-32 on June 30, 2016, which 
it subsequently withdrew and filed another similar proposal as file 
number SR-BatsBZX-2016-38 on July 6, 2016, which it also 
subsequently withdrew and filed another similar proposal as file 
number SR-BatsBZX-2016-40 on July 11, 2016. The Exchange has 
withdrawn file number SR-BatsBZX-2016-40 and is filing this similar 
proposal in its place.
    \8\ The required criteria to meet the Tape B Quoting Tier are: 
(i) the Member's NBBO Time in the LMP Security is at least 15% or 
NBBO Size Time is at least 25%; and (ii) the Member's Displayed Size 
Time in the LMP Security is at least 90%. NBBO Time means the 
average of the percentage of time during regular trading hours 
during which the Member maintains at least 100 shares at each of the 
NBB and NBO. NBBO Size Time means the percentage of time during 
regular trading hours during which there are size-setting quotes at 
the NBBO on the Exchange. Displayed Size Time means the percentage 
of time during regular trading hours during which the Member 
maintains at least 2,500 displayed shares on the bid and separately 
maintains at least 2,500 displayed shares on the offer that are 
priced no more than 2% away from the NBB and NBO, respectively.
    \9\ Tape B securities includes all securities listed on the 
Exchange, NYSE Arca, Inc., and NYSE MKT LLC.
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    The Exchange proposes to implement these amendments to its fee 
schedule effective immediately.
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.\10\ 
Specifically, the Exchange believes that the proposed rule change is 
consistent with Section 6(b)(4) and 6(b)(5) of the Act,\11\ in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among its Members and other persons using its facilities. 
The proposal reflects a change to a competitive pricing structure 
designed to incent market participants to direct their order flow to 
the Exchange and enhance market quality in LMP Securities and in Tape B 
securities. The Exchange believes that the proposed change to require 
Members to only meet the Required Criteria for at least 50% of trading 
days in a particular month is equitable and non-discriminatory in that 
it would apply uniformly to all Members. The Exchange believes that the 
proposed change is reasonable because the Required Criteria represent 
stringent quoting standards that can be difficult to meet and trading 
activity in LMP Securities can vary greatly on a day to day basis. 
Further, the proposed change is designed to enhance market quality on 
the Exchange by making the Tape B Quoting Tier more achievable for

[[Page 47459]]

Members. Making the Tape B Quoting Tier more achievable for Members 
will incentivize more Members to seek to meet the Tape B Quoting Tier, 
which will further enhance market quality on the Exchange, to the 
benefit of all participants. Stated another way, the Exchange believes 
that the Tape B Quoting Tier enhances market quality on the Exchange in 
two ways: (i) By incentivizing Members to meet certain quoting 
standards in LMP Securities designed to narrow spreads, increase size 
at the inside, and increase liquidity depth on the Exchange in such LMP 
Securities; and (ii) providing an additional rebate for all of a 
qualifying Member's orders that add liquidity in Tape B securities will 
incentivize Members to increase their participation on the Exchange in 
Tape B securities. By making the Tape B Quoting Tier more achievable 
for Members, more Members will seek to and will meet the quoting tier 
and thus enhance liquidity on the Exchange as described above, to the 
benefit of all market participants. Accordingly, the Exchange also 
believes that the proposal will act to enhance liquidity and 
competition across exchanges in LMP Securities and enhance liquidity 
provision in Tape B securities on the Exchange by providing a rebate 
reasonably related to such enhanced market quality to the benefit of 
all investors, thereby promoting the principles discussed in Section 
6(b)(5) of the Act.\12\
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4) and (5).
    \12\ 15 U.S.C. 78f(b)(5).
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    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 at a particular venue to be excessive.

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

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. The 
Exchange does not believe that the changes burden competition, but 
instead, enhance competition, as these changes are intended to increase 
the competitiveness of the Exchange as it is designed to draw 
additional volume to the Exchange. The Exchange notes that it operates 
in a highly competitive market in which market participants can readily 
direct order flow to competing venues if the deem fee structures to be 
unreasonable or excessive. The proposed changes are generally intended 
to enhance the rebates in Tape B securities, which is intended to 
enhance market quality in LMP Securities and Tape B securities. As 
such, the proposal is a competitive proposal that is intended to add 
additional liquidity to the Exchange, which will, in turn, benefit the 
Exchange and all Exchange participants.

(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 \13\ and paragraph (f) of Rule 19b-4 
thereunder.\14\ 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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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BatsBZX-2016-41 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-BatsBZX-2016-41. 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 Number SR-BatsBZX-2016-41 and should 
be submitted on or before August 11, 2016.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17193 Filed 7-20-16; 8:45 am]
 BILLING CODE 8011-01-P
47458 Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices

SECURITIES AND EXCHANGE statements may be examined at the requirement where the Member meets
COMMISSION places specified in Item IV below. The the Required Criteria for at least 50% of
Exchange has prepared summaries, set the trading days in a particular month.
[Release No. 34–78338; File No. SR–
BatsBZX–2016–41]
forth in Sections A, B, and C below, of A Member would qualify for the Tape
the most significant parts of such B Quoting Tier where the Member meets
Self-Regulatory Organizations; Bats statements. the Required Criteria for 50 different
BZX Exchange, Inc.; Notice of Filing LMP Securities for at least 50% of the
(A) Self-Regulatory Organization’s
and Immediate Effectiveness of a trading days in a particular month. The
Statement of the Purpose of, and
Proposed Rule Change Related to Fees Required Criteria for each LMP Security
Statutory Basis for, the Proposed Rule
for Use of Bats BZX Exchange, Inc. will each be evaluated separately and
Change
the Member does not need to meet the
July 15, 2016. 1. Purpose Required Criteria for all 50 LMP
Pursuant to Section 19(b)(1) of the The Exchange proposes to amend its Securities on the same 50% of trading
Securities Exchange Act of 1934 (the Fee Schedule to amend the days. For example, in a month with 22
‘‘Act’’),1 and Rule 19b–4 thereunder,2 requirements for meeting the Tape B trading days, a Member would be
notice is hereby given that on July 13, Quoting Tier for LMP Securities.6 7 eligible for the Tape B Quoting Tier
2016, Bats BZX Exchange, Inc. (the Specifically, the Exchange is proposing where the Member met the Required
‘‘Exchange’’ or ‘‘BZX’’) filed with the that a Member will qualify for Tier 1 of Criteria in 25 LMP Securities in the first
Securities and Exchange Commission the Tape B Quoting Tier where the 11 trading days of the month and met
(‘‘Commission’’) the proposed rule Member is enrolled in at least 50 LMP the Required Criteria for a different set
change as described in Items I, II and III Securities for which it meets the of 25 LMP Securities in the second 11
below, which Items have been prepared required criteria 8 (the ‘‘Required trading days of the month. The
by the Exchange. The Exchange has Criteria’’) for at least 50% of the trading Exchange is not proposing to amend the
designated the proposed rule change as days in a particular month. As currently Required Criteria.
one establishing or changing a member implemented, a Member must be The Exchange proposes to implement
due, fee, or other charge imposed by the enrolled in 50 LMP Securities for which these amendments to its fee schedule
Exchange under Section 19(b)(3)(A)(ii) it meets the Required Criteria every effective immediately.
of the Act 3 and Rule 19b–4(f)(2) trading day in a month in order to be 2. Statutory Basis
thereunder,4 which renders the eligible for the additional rebate in Tape
proposed rule change effective upon The Exchange believes that the
B 9 securities. As proposed, the proposed rule change is consistent with
filing with the Commission. The Exchange would count an LMP Security
Commission is publishing this notice to the requirements of the Act and the
toward the 50 LMP Security rules and regulations thereunder that
solicit comments on the proposed rule
change from interested persons. 6 ‘‘LMP Securities’’ means a list of securities
are applicable to a national securities
included in the Liquidity Management Program, the exchange, and, in particular, with the
I. Self-Regulatory Organization’s universe of which will be determined by the requirements of Section 6 of the Act.10
Statement of the Terms of Substance of Exchange and published in a circular distributed to Specifically, the Exchange believes that
the Proposed Rule Change Members and on the Exchange’s Web site. Such the proposed rule change is consistent
LMP Securities will include all Bats-listed ETPs
The Exchange filed a proposal to and certain non-Bats-listed ETPs for which the with Section 6(b)(4) and 6(b)(5) of the
amend the fee schedule applicable to Exchange wants to incentivize Members to provide Act,11 in that it provides for the
Members 5 and non-members of the enhanced market quality. All Bats-listed securities equitable allocation of reasonable dues,
will be LMP Securities immediately upon listing on fees and other charges among its
Exchange pursuant to BZX Rules 15.1(a) the Exchange. The Exchange will not remove a
and (c) in order to amend the Tape B security from the list of LMP Securities without 30 Members and other persons using its
Quoting Tier. days prior notice. facilities. The proposal reflects a change
The text of the proposed rule change 7 The Exchange notes that it originally filed a
to a competitive pricing structure
similar proposal as file number SR-BatsBZX–2016– designed to incent market participants
is available at the Exchange’s Web site 32 on June 30, 2016, which it subsequently
at www.batstrading.com, at the withdrew and filed another similar proposal as file to direct their order flow to the
principal office of the Exchange, and at number SR–BatsBZX–2016–38 on July 6, 2016, Exchange and enhance market quality in
the Commission’s Public Reference which it also subsequently withdrew and filed LMP Securities and in Tape B securities.
another similar proposal as file number SR– The Exchange believes that the
Room. BatsBZX–2016–40 on July 11, 2016. The Exchange
has withdrawn file number SR–BatsBZX–2016–40 proposed change to require Members to
II. Self-Regulatory Organization’s only meet the Required Criteria for at
and is filing this similar proposal in its place.
Statement of the Purpose of, and 8 The required criteria to meet the Tape B Quoting
least 50% of trading days in a particular
Statutory Basis for, the Proposed Rule Tier are: (i) the Member’s NBBO Time in the LMP month is equitable and non-
Change Security is at least 15% or NBBO Size Time is at
discriminatory in that it would apply
least 25%; and (ii) the Member’s Displayed Size
In its filing with the Commission, the Time in the LMP Security is at least 90%. NBBO uniformly to all Members. The
Exchange included statements Time means the average of the percentage of time Exchange believes that the proposed
concerning the purpose of and basis for during regular trading hours during which the change is reasonable because the
Member maintains at least 100 shares at each of the
the proposed rule change and discussed NBB and NBO. NBBO Size Time means the Required Criteria represent stringent
any comments it received on the percentage of time during regular trading hours quoting standards that can be difficult to
proposed rule change. The text of these
asabaliauskas on DSK3SPTVN1PROD with NOTICES

during which there are size-setting quotes at the meet and trading activity in LMP
NBBO on the Exchange. Displayed Size Time means
the percentage of time during regular trading hours
Securities can vary greatly on a day to
1 15 U.S.C. 78s(b)(1).
during which the Member maintains at least 2,500 day basis. Further, the proposed change
2 17 CFR 240.19b–4. displayed shares on the bid and separately is designed to enhance market quality
3 15 U.S.C. 78s(b)(3)(A)(ii).
maintains at least 2,500 displayed shares on the on the Exchange by making the Tape B
4 17 CFR 240.19b–4(f)(2). offer that are priced no more than 2% away from
5 The term ‘‘Member’’ is defined as ‘‘any the NBB and NBO, respectively.
Quoting Tier more achievable for
registered broker or dealer that has been admitted 9 Tape B securities includes all securities listed
10 15 U.S.C. 78f.
to membership in the Exchange.’’ See Exchange on the Exchange, NYSE Arca, Inc., and NYSE MKT
Rule 1.5(n). LLC. 11 15 U.S.C. 78f(b)(4) and (5).

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Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices 47459

Members. Making the Tape B Quoting enhance market quality in LMP rules/sro.shtml). Copies of the
Tier more achievable for Members will Securities and Tape B securities. As submission, all subsequent
incentivize more Members to seek to such, the proposal is a competitive amendments, all written statements
meet the Tape B Quoting Tier, which proposal that is intended to add with respect to the proposed rule
will further enhance market quality on additional liquidity to the Exchange, change that are filed with the
the Exchange, to the benefit of all which will, in turn, benefit the Commission, and all written
participants. Stated another way, the Exchange and all Exchange participants. communications relating to the
Exchange believes that the Tape B proposed rule change between the
Quoting Tier enhances market quality (C) Self-Regulatory Organization’s Commission and any person, other than
on the Exchange in two ways: (i) By Statement on Comments on the those that may be withheld from the
incentivizing Members to meet certain Proposed Rule Change Received From public in accordance with the
quoting standards in LMP Securities Members, Participants or Others provisions of 5 U.S.C. 552, will be
designed to narrow spreads, increase The Exchange has not solicited, and available for Web site viewing and
size at the inside, and increase liquidity does not intend to solicit, comments on printing in the Commission’s Public
depth on the Exchange in such LMP this proposed rule change. The Reference Room, 100 F Street NE.,
Securities; and (ii) providing an Exchange has not received any written Washington, DC 20549, on official
additional rebate for all of a qualifying comments from members or other business days between the hours of
Member’s orders that add liquidity in interested parties. 10:00 a.m. and 3:00 p.m. Copies of such
Tape B securities will incentivize filing will also be available for
III. Date of Effectiveness of the
Members to increase their participation inspection and copying at the principal
Proposed Rule Change and Timing for
on the Exchange in Tape B securities. office of the Exchange. All comments
By making the Tape B Quoting Tier Commission Action received will be posted without change;
more achievable for Members, more The foregoing rule change has become the Commission does not edit personal
Members will seek to and will meet the effective pursuant to Section 19(b)(3)(A) identifying information from
quoting tier and thus enhance liquidity of the Act 13 and paragraph (f) of Rule submissions. You should submit only
on the Exchange as described above, to 19b–4 thereunder.14 At any time within information that you wish to make
the benefit of all market participants. 60 days of the filing of the proposed rule available publicly. All submissions
Accordingly, the Exchange also believes change, the Commission summarily may should refer to File Number SR–
that the proposal will act to enhance temporarily suspend such rule change if BatsBZX–2016–41 and should be
liquidity and competition across it appears to the Commission that such submitted on or before August 11, 2016.
exchanges in LMP Securities and action is necessary or appropriate in the For the Commission, by the Division of
enhance liquidity provision in Tape B public interest, for the protection of Trading and Markets, pursuant to delegated
securities on the Exchange by providing investors, or otherwise in furtherance of authority.15
a rebate reasonably related to such the purposes of the Act. Robert W. Errett,
enhanced market quality to the benefit Deputy Secretary.
IV. Solicitation of Comments
of all investors, thereby promoting the [FR Doc. 2016–17193 Filed 7–20–16; 8:45 am]
principles discussed in Section 6(b)(5) Interested persons are invited to
BILLING CODE 8011–01–P
of the Act.12 submit written data, views, and
The Exchange notes that it operates in arguments concerning the foregoing,
a highly competitive market in which including whether the proposed rule SECURITIES AND EXCHANGE
market participants can readily direct change is consistent with the Act. COMMISSION
order flow to competing venues if they Comments may be submitted by any of
deem fee levels at a particular venue to the following methods: [Release No. 34–78344; File No. SR–ISE–
be excessive. 2016–17]
Electronic Comments
(B) Self-Regulatory Organization’s • Use the Commission’s Internet Self-Regulatory Organizations;
Statement on Burden on Competition comment form (http://www.sec.gov/ International Securities Exchange,
The Exchange does not believe that rules/sro.shtml); or LLC; Notice of Filing and Immediate
the proposed rule change will result in • Send an email to rule-comments@ Effectiveness of Proposed Rule
any burden on competition that is not sec.gov. Please include File Number SR– Change To Extend the Price
necessary or appropriate in furtherance BatsBZX–2016–41 on the subject line. Improvement Mechanism Pilot
of the purposes of the Act, as amended. Program
The Exchange does not believe that the Paper Comments
July 15, 2016.
changes burden competition, but • Send paper comments in triplicate Pursuant to Section 19(b)(1) of the
instead, enhance competition, as these to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the
changes are intended to increase the Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2
competitiveness of the Exchange as it is Washington, DC 20549–1090. notice is hereby given that on July 14,
designed to draw additional volume to All submissions should refer to File 2016, the International Securities
the Exchange. The Exchange notes that Number SR–BatsBZX–2016–41. This file Exchange, LLC (the ‘‘Exchange’’ or the
it operates in a highly competitive number should be included on the ‘‘ISE’’) filed with the Securities and
market in which market participants can
asabaliauskas on DSK3SPTVN1PROD with NOTICES

subject line if email is used. To help the Exchange Commission (‘‘Commission’’)
readily direct order flow to competing Commission process and review your the proposed rule change as described
venues if the deem fee structures to be comments more efficiently, please use in Items I and II below, which Items
unreasonable or excessive. The only one method. The Commission will have been prepared by the self-
proposed changes are generally post all comments on the Commission’s regulatory organization. The
intended to enhance the rebates in Tape Internet Web site (http://www.sec.gov/
B securities, which is intended to 15 17 CFR 200.30–3(a)(12).
13 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
12 15 U.S.C. 78f(b)(5). 14 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.

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Document Created: 2018-02-08 07:59:04
Document Modified: 2018-02-08 07:59:04
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 47458