81 FR 63239 - 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 178 (September 14, 2016)
Federal Register Volume 81, Issue 178 (September 14, 2016)
| Page Range | 63239-63241 | |
| FR Document | 2016-22033 |
[Federal Register Volume 81, Number 178 (Wednesday, September 14, 2016)] [Notices] [Pages 63239-63241] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-22033] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78792; File No. SR-BatsBZX-2016-56] 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. September 8, 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 August 31, 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. --------------------------------------------------------------------------- \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 to amend its fees and rebates applicable to Members \5\ and non-Members of the Exchange pursuant to BZX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ A 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule to: (i) Adopt a new tier called the Take Volume Tier under footnote 3; and (ii) add definitions of Options Customer Remove TCV and Step-Up Remove TCV, as described below, to the Definitions section of its fee schedule. Currently, with respect to the Exchange's equities trading platform (``BZX Equities'') the Exchange determines rebates and fees that it will apply to Members using the Exchange's tiered pricing structure. Under the Exchange's pricing structure, a Member will receive a standard rebate of either $0.0020 (for Tapes A and C) or $0.0025 (for Tape B) on orders that add liquidity and will be assessed a standard fee of $0.0030 per share executed on orders that remove liquidity. Reduced fees and increased rebates are available depending on the volume tier for which such Member qualifies. Included amongst the volume tiers offered by the Exchange are various tiers for purposes of BZX Equities pricing, which require participation on the Exchange's options platform (``BZX Options'') and are generally referred to as ``Cross-Asset Tiers''. For instance, pursuant to footnote 3 of the BZX Equities Fee Schedule, the Exchange offers three Cross-Asset Step-Up Tiers, which provide enhanced rebates ranging from of $0.0027 to $0.0029 per share on displayed orders that add liquidity in Tape A, B and C securities submitted by Members with qualifying Step-Up Add TCV \6\ on BZX Options. --------------------------------------------------------------------------- \6\ As defined in the Exchange's Fee Schedule. --------------------------------------------------------------------------- In connection with the proposed tier described below, the Exchange proposes to adopt definitions for Options Customer Remove TCV and Step- Up Remove TCV. The proposed definition for Options Customer Remove TCV is based on and similar to the definition of Options Customer Add TCV set forth on the Exchange's Fee Schedule. As proposed, ``Options Customer Remove TCV'' for purposes of equities pricing would mean ADV \7\ resulting from Customer \8\ orders that remove liquidity as a percentage of TCV,\9\ using the definitions of ADV, Customer and TCV as provided under the Exchange's fee schedule for BZX Options. The proposed definition for Step-Up Remove TCV is based on and similar to the definition of Step-Up Add TCV set forth on the Exchange's Fee Schedule. As proposed, ``Step-Up Remove TCV'' for purposes of equities pricing would mean ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV. --------------------------------------------------------------------------- \7\ Id. \8\ Id. \9\ Id. --------------------------------------------------------------------------- The Exchange proposes to adopt a new tier entitled ``Take Volume Tier'' under footnote 3, applicable to orders yielding fee codes BB, N and W. Under the Take Volume Tier, the Exchange is proposing to provide a reduced fee of $0.00295 per share to Members with: (1) Options Customer Remove TCV equal to or greater than 0.30%; and (2) Step-Up Remove TCV from July 2016 equal to or greater than 0.05%. As is the case with any other fee on the Fee Schedule, to [[Page 63240]] the extent that a Member qualifies for a lower fee than those provided under the proposed Take Volume Tier, the lower fee shall apply. Implementation Date The Exchange proposes to implement these amendments to its fee schedule as of September 1, 2016. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\10\ in general, and furthers the objectives of Section 6(b)(4),\11\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed tier is equitable and non-discriminatory in it would apply uniformly to all Members. The Exchange believes the rates remain competitive with those charged by other venues and, therefore, reasonable and equitably allocated to Members. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f. \11\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Volume-based rebates and fees such as the proposed Take Volume Tier 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. The Exchange believes that the proposal to add a Take Volume Tier 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 both BZX Equities and BZX Options. The increased liquidity from this proposal also benefits all investors by deepening the BZX Equities and BZX Options liquidity pools, offering additional flexibility for all investors to enjoy cost savings, supporting the quality of price discovery, promoting market transparency and improving investor protection. Such pricing programs thereby reward a Member's growth pattern on the Exchange and such increased volume increases potential revenue to the Exchange, and will allow the Exchange to continue to provide and potentially expand the incentive programs operated by the Exchange. To the extent a Member participates on the Exchange but not on BZX Options, the Exchange does believe that the proposal is still reasonable, equitably allocated and non-discriminatory with respect to such Member based on the overall benefit to the Exchange resulting from the success of BZX Options. As noted above, such success allows the Exchange to continue to provide and potentially expand its existing incentive programs to the benefit of all participants on the Exchange, whether they participate on BZX Options or not. The proposed pricing program is also fair and equitable in that membership in BZX Options is available to all market participants which would provide them with access to the benefits on BZX Options provided by the proposed changes, as described above, even where a member of BZX Options is not necessarily eligible for the proposed increased rebates on the Exchange. Further, the proposed changes will result in Members receiving either the same or a lower fee than they would currently receive. (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 notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee structures to be unreasonable or excessive. The proposed changes are generally intended to offer an incentive resulting in reduced fees for removing liquidity on the Exchange, which is intended to draw additional participants to the Exchange. The Exchange does not believe the proposed amendments would burden intramarket competition as they would be available to all Members uniformly. The Exchange does not believe that the proposed new Take Volume Tier would burden competition, but instead, enhances competition, as it is intended to increase the competitiveness of and draw additional volume to 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 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 \12\ and paragraph (f) of Rule 19b-4 thereunder.\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 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. 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-BatsBZX-2016-56 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-2016-56. This file number should be included on the [[Page 63241]] 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-2016-56 and should be submitted on or before October 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-22033 Filed 9-13-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 178 / Wednesday, September 14, 2016 / Notices 63239
53202 and Orinda Asset Management, Exchange under Section 19(b)(3)(A)(ii) (for Tape B) on orders that add liquidity
LLC, 4 Orinda Way, Suite 100B, Orinda, of the Act 3 and Rule 19b–4(f)(2) and will be assessed a standard fee of
CA 94563. thereunder,4 which renders the $0.0030 per share executed on orders
FOR FURTHER INFORMATION CONTACT: proposed rule change effective upon that remove liquidity. Reduced fees and
Deepak T. Pai, Senior Counsel, at (202) filing with the Commission. The increased rebates are available
551–6876, or Mary Kay Frech, Branch Commission is publishing this notice to depending on the volume tier for which
Chief, at (202) 551–6814 (Division of solicit comments on the proposed rule such Member qualifies. Included
Investment Management, Chief change from interested persons. amongst the volume tiers offered by the
Counsel’s Office). Exchange are various tiers for purposes
I. Self-Regulatory Organization’s of BZX Equities pricing, which require
Background Statement of the Terms of Substance of participation on the Exchange’s options
the Proposed Rule Change platform (‘‘BZX Options’’) and are
1. The Prior Order granted the
Applicants relief from section 15(a) of The Exchange filed a proposal to generally referred to as ‘‘Cross-Asset
the Act and rule 18f-2 under the Act, as amend to amend its fees and rebates Tiers’’. For instance, pursuant to
well as from certain disclosure applicable to Members 5 and non- footnote 3 of the BZX Equities Fee
requirements, to permit certain series of Members of the Exchange pursuant to Schedule, the Exchange offers three
AST to enter into and materially amend BZX Rules 15.1(a) and (c). Cross-Asset Step-Up Tiers, which
subadvisory agreements without The text of the proposed rule change provide enhanced rebates ranging from
shareholder approval. Applicants have is available at the Exchange’s Web site of $0.0027 to $0.0029 per share on
requested that the Prior Order be at www.batstrading.com, at the displayed orders that add liquidity in
rescinded because they are not presently principal office of the Exchange, and at Tape A, B and C securities submitted by
relying on the Prior Order and will not the Commission’s Public Reference Members with qualifying Step-Up Add
do so in the future. Room. TCV 6 on BZX Options.
2. Section 38(a) of the Act states, in In connection with the proposed tier
II. Self-Regulatory Organization’s described below, the Exchange proposes
relevant part, that the Commission shall Statement of the Purpose of, and
have authority to rescind an order as is to adopt definitions for Options
Statutory Basis for, the Proposed Rule Customer Remove TCV and Step-Up
necessary or appropriate to the exercise Change
of the powers conferred upon the Remove TCV. The proposed definition
Commission elsewhere in the Act. The In its filing with the Commission, the for Options Customer Remove TCV is
Commission intends to rescind the Prior Exchange included statements based on and similar to the definition of
Order pursuant to section 38(a) of the concerning the purpose of and basis for Options Customer Add TCV set forth on
Act. the proposed rule change and discussed the Exchange’s Fee Schedule. As
any comments it received on the proposed, ‘‘Options Customer Remove
By the Commission. proposed rule change. The text of these TCV’’ for purposes of equities pricing
Brent J. Fields, statements may be examined at the would mean ADV 7 resulting from
Secretary. places specified in Item IV below. The Customer 8 orders that remove liquidity
[FR Doc. 2016–22009 Filed 9–13–16; 8:45 am] Exchange has prepared summaries, set as a percentage of TCV,9 using the
BILLING CODE 8011–01–P forth in Sections A, B, and C below, of definitions of ADV, Customer and TCV
the most significant parts of such as provided under the Exchange’s fee
statements. schedule for BZX Options. The
SECURITIES AND EXCHANGE proposed definition for Step-Up Remove
(A) Self-Regulatory Organization’s
COMMISSION TCV is based on and similar to the
Statement of the Purpose of, and
[Release No. 34–78792; File No. SR– definition of Step-Up Add TCV set forth
Statutory Basis for, the Proposed Rule
BatsBZX–2016–56] on the Exchange’s Fee Schedule. As
Change
proposed, ‘‘Step-Up Remove TCV’’ for
Self-Regulatory Organizations; Bats 1. Purpose purposes of equities pricing would
BZX Exchange, Inc.; Notice of Filing The Exchange proposes to amend its mean ADV resulting from orders that
and Immediate Effectiveness of a fee schedule to: (i) Adopt a new tier remove liquidity as a percentage of TCV
Proposed Rule Change Related to Fees called the Take Volume Tier under in the relevant baseline month
for Use of Bats BZX Exchange, Inc. footnote 3; and (ii) add definitions of subtracted from current ADV resulting
Options Customer Remove TCV and from orders that remove liquidity as a
September 8, 2016. percentage of TCV.
Pursuant to Section 19(b)(1) of the Step-Up Remove TCV, as described
below, to the Definitions section of its The Exchange proposes to adopt a
Securities Exchange Act of 1934 (the new tier entitled ‘‘Take Volume Tier’’
‘‘Act’’),1 and Rule 19b–4 thereunder,2 fee schedule.
Currently, with respect to the under footnote 3, applicable to orders
notice is hereby given that on August yielding fee codes BB, N and W. Under
Exchange’s equities trading platform
31, 2016, Bats BZX Exchange, Inc. (the the Take Volume Tier, the Exchange is
(‘‘BZX Equities’’) the Exchange
‘‘Exchange’’ or ‘‘BZX’’) filed with the proposing to provide a reduced fee of
determines rebates and fees that it will
Securities and Exchange Commission $0.00295 per share to Members with: (1)
apply to Members using the Exchange’s
(‘‘Commission’’) the proposed rule Options Customer Remove TCV equal to
tiered pricing structure. Under the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
change as described in Items I, II and III or greater than 0.30%; and (2) Step-Up
Exchange’s pricing structure, a Member
below, which Items have been prepared Remove TCV from July 2016 equal to or
will receive a standard rebate of either
by the Exchange. The Exchange has greater than 0.05%. As is the case with
$0.0020 (for Tapes A and C) or $0.0025
designated the proposed rule change as any other fee on the Fee Schedule, to
one establishing or changing a member 3 15U.S.C. 78s(b)(3)(A)(ii).
due, fee, or other charge imposed by the 4 17CFR 240.19b–4(f)(2).
6 As defined in the Exchange’s Fee Schedule.
5 A Member is defined as ‘‘any registered broker 7 Id.
1 15 U.S.C. 78s(b)(1). 8 Id.
or dealer that has been admitted to membership in
2 17 CFR 240.19b–4. the Exchange.’’ See Exchange Rule 1.5(n). 9 Id.
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![Federal Register / Vol. 81, No. 178 / Wednesday, September 14, 2016 / Notices 63241
subject line if email is used. To help the change as described in Items I, II and III Quoting Incentive Program (‘‘QIP’’)
Commission process and review your below, which Items have been prepared Tier 4
comments more efficiently, please use by the Exchange. The Exchange has
only one method. The Commission will designated the proposed rule change as The Exchange currently offers three
post all comments on the Commission’s one establishing or changing a member QIP tiers under footnote 5, which
Internet Web site (http://www.sec.gov/ due, fee, or other charge imposed by the provide an additional rebate per
rules/sro.shtml). Copies of the Exchange under Section 19(b)(3)(A)(ii) contract for orders that add liquidity to
submission, all subsequent of the Act 3 and Rule 19b–4(f)(2) the BZX Options Book 6 in options
amendments, all written statements thereunder,4 which renders the classes in which a Member is a Market
with respect to the proposed rule Maker 7 registered on BZX Options
proposed rule change effective upon
change that are filed with the pursuant to Rule 22.2. The Market
filing with the Commission. The
Commission, and all written Maker must be registered with BZX
communications relating to the Commission is publishing this notice to
Options in an average of 20% or more
proposed rule change between the solicit comments on the proposed rule
of the associated options series in a
Commission and any person, other than change from interested persons.
class in order to qualify for QIP rebates
those that may be withheld from the I. Self-Regulatory Organization’s for that class. The QIP tiers provide an
public in accordance with the Statement of the Terms of Substance of enhanced rebate ranging from $0.02 to
provisions of 5 U.S.C. 552, will be the Proposed Rule Change $0.05 per contract to qualifying Market
available for Web site viewing and Maker orders that yield fee code PM or
printing in the Commission’s Public The Exchange filed a proposal to NM. The Exchange now proposes to add
Reference Room, 100 F Street NE., amend the fee schedule applicable to QIP Tier 4 under which a Market Maker
Washington, DC 20549, on official Members 5 and non-Members of the may receive an additional rebate of
business days between the hours of Exchange pursuant to BZX Rules 15.1(a) $0.03 per contract, where the Member
10:00 a.m. and 3:00 p.m. Copies of such and (c).
filing will also be available for has an ADAV 8 in Market Maker orders
inspection and copying at the principal The text of the proposed rule change equal to or greater than 0.40% of
office of the Exchange. All comments is available at the Exchange’s Web site average TCV.9
received will be posted without change; at www.batstrading.com, at the
NBBO Setter Tier
the Commission does not edit personal principal office of the Exchange, and at
identifying information from the Commission’s Public Reference The Exchange currently offers four
submissions. You should submit only Room. NBBO Setter tiers under footnote 4,
information that you wish to make which provide an additional rebate per
II. Self-Regulatory Organization’s
available publicly. All submissions contract for non-Customer orders that
Statement of the Purpose of, and
should refer to File Number SR– add liquidity and establish a new
BatsBZX–2016–56 and should be Statutory Basis for, the Proposed Rule
Change National Best Bid or Offer (‘‘NBBO’’).
submitted on or before October 5, 2016. The NBBO Setter tiers provide an
For the Commission, by the Division of In its filing with the Commission, the enhanced rebate ranging from $0.02 to
Trading and Markets, pursuant to delegated Exchange included statements $0.05 per contract to qualifying non-
authority.14 concerning the purpose of and basis for Customer orders that yield fee code PA,
Brent J. Fields, the proposed rule change and discussed PF, PM, PN, NA, NF, NM or NN. The
Secretary. any comments it received on the Exchange now proposes to add a new
[FR Doc. 2016–22033 Filed 9–13–16; 8:45 am] proposed rule change. The text of these NBBO Setter Tier 4 under which a non-
BILLING CODE 8011–01–P statements may be examined at the Customer order may receive an
places specified in Item IV below. The additional rebate of $0.03 per contract
Exchange has prepared summaries, set where the Member has an ADAV in
SECURITIES AND EXCHANGE Market Maker orders equal to or greater
forth in Sections A, B, and C below, of
COMMISSION than 0.40% of average TCV. As a result,
the most significant parts of such
[Release No. 34–78787; File No. SR– statements. the current NBBO Setter Tier 4 will be
BatsBZX–2016–57] renamed to NBBO Setter Tier 5.
(A) Self-Regulatory Organization’s
Self-Regulatory Organizations; Bats Statement of the Purpose of, and Implementation Date
BZX Exchange, Inc.; Notice of Filing Statutory Basis for, the Proposed Rule
and Immediate Effectiveness of a The Exchange proposes to implement
Change these amendments to its fee schedule as
Proposed Rule Change Related to Fees
for Use of Bats BZX Exchange, Inc. 1. Purpose of September 1, 2016.
September 8, 2016. The Exchange proposes to modify its 6 See Exchange Rule 16.1(a)(9).
Pursuant to Section 19(b)(1) of the fee schedule applicable to the 7 ‘‘Market Maker’’ applies to any transaction
Securities Exchange Act of 1934 (the Exchange’s options platform (‘‘BZX identified by a Member for clearing in the Market
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Maker range at the OCC, where such Member is
Options’’) to: (i) Adopt a new Quoting registered with the Exchange as a Market Maker as
asabaliauskas on DSK3SPTVN1PROD with NOTICES
notice is hereby given that on August Incentive Program Tier under footnote defined in Rule 16.1(a)(37).
31, 2016, Bats BZX Exchange, Inc. (the 5; and (ii) adopt a new NBBO Setter Tier 8 ‘‘ADAV’’ means average daily added volume
‘‘Exchange’’ or ‘‘BZX’’) filed with the under footnote 4. calculated as the number of contracts added.
Securities and Exchange Commission 9 ‘‘TCV’’ means total consolidated volume
(‘‘Commission’’) the proposed rule calculated as the volume reported by all exchanges
3 15U.S.C. 78s(b)(3)(A)(ii). to the consolidated transaction reporting plan for
4 17CFR 240.19b–4(f)(2). the month for which the fees apply, excluding
14 17 CFR 200.30–3(a)(12). 5 A Member is defined as ‘‘any registered broker volume on any day that the Exchange experiences
1 15 U.S.C. 78s(b)(1). or dealer that has been admitted to membership in an Exchange System Disruption and on any day
2 17 CFR 240.19b–4. the Exchange.’’ See Exchange Rule 1.5(n). with a scheduled early market close.
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Document Created: 2016-09-14 02:26:45
Document Modified: 2016-09-14 02:26:45
| 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 63239 |
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