81 FR 79550 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of the Exchange's Equity Options Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 219 (November 14, 2016)
Federal Register Volume 81, Issue 219 (November 14, 2016)
| Page Range | 79550-79551 | |
| FR Document | 2016-27238 |
[Federal Register Volume 81, Number 219 (Monday, November 14, 2016)] [Notices] [Pages 79550-79551] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-27238] [[Page 79550]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79255; File No. SR-BatsBZX-2016-69] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of the Exchange's Equity Options Platform November 7, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 27, 2016, Bats BZX Exchange, Inc. (``BZX'' or the ``Exchange'') 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 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. --------------------------------------------------------------------------- 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 \3\ and non-Members of the Exchange pursuant to BZX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \3\ 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 proposes to modify its fee schedule applicable to the Exchange's equity options platform (``BZX Options'') to add a new Step- Up Tier under footnote 3, Non-Customer Penny Pilot Take Volume Tiers. The Exchange appends fee code PP to Non-Customer \4\ orders in Penny Pilot Securities \5\ that removes liquidity. Orders that yield fee code PP are charged a fee of $0.50 per contract. The Exchange offers three tiers under footnote 3, Non-Customer Penny Pilot Take Volume Tiers, which offer reduced fees for Non-Customer orders that yield fee code PP upon achieving each tier's required criteria. Under Tier 1, orders that yield fee code PP will be eligible for a reduced fee of $044 [sic] per contract where the Member has: (i) an ADAV \6\ in Customer \7\ orders equal to or greater than 0.60% of average TCV; \8\ (ii) an ADAV in Market Maker \9\ orders equal to or greater than 0.25% of average TCV; and (iii) on the Exchange's equities platform, BZX Equities, an ADAV equal to or greater than 0.30% of average TCV. Under Tier 2, orders that yield fee code PP will be eligible for a reduced fee of $0.47 per contract where the Member has an ADAV in Customer orders equal to or greater than 1.00% of average TCV. Lastly, under Tier 3, orders that yield fee code PP will be eligible for a reduced fee of $0.44 per contract where the Member has an ADAV in Customer orders equal to or greater than 1.30% of average TCV. --------------------------------------------------------------------------- \4\ As defined in the Exchange's fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/ \5\ Id. \6\ Id. \7\ Id. \8\ Id. \9\ As defined in the Exchange's fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/. --------------------------------------------------------------------------- The Exchange now proposes to reduce the above fees by $0.01 for Members that achieve certain additional volume requirements. Specifically, the Exchange proposes to add a Step-Up tier under footnote 3 such that the fee charged to a Member under fee code PP and the Non-Customer Penny Pilot Take Volume Tiers described above would be reduced by $0.01 per contract where the Member has an Options Step-Up Add TCV \10\ in Customer orders from September 2016 baseline equal to or greater than 0.30%. The criteria for the proposed Step-Up Tier under footnote 3 would be in addition the criteria required by the three Non- Customer Take Volume tiers under footnote 3. --------------------------------------------------------------------------- \10\ Id. --------------------------------------------------------------------------- Implementation Date The Exchange proposes to implement these amendments to its fee schedule as of November 1, 2016. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\11\ in general, and furthers the objectives of Section 6(b)(4),\12\ 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. Volume-based rebates such as those currently maintained on the Exchange 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 addition of the Non-Customer Penny Pilot Take Volume Step-Up Tier is intended to incentivize Members to send additional orders to the Exchange in an effort to qualify for a further reduced fee for orders that yield fee code PP and the Non-Customer Penny Pilot Take Volume Tiers under footnote 3. The Exchange believes the rates remain competitive with those charged by other venues \13\ and, therefore, are reasonable and equitably allocated to Members. 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 Exchange believes that the proposed Step-Up Tier is equitable and non-discriminatory in that it would apply uniformly to all Members. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f. \12\ 15 U.S.C. 78f(b)(4). \13\ See NYSE Arca, Inc.'s fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf (dated October 1, 2016) (offering additional credits to under incentive programs for customer, professional customer, and market maker orders as well as a separate take fee discount qualification tier). --------------------------------------------------------------------------- The Exchange also believes requiring the Member to have an Options Step-Up Add TCV in Customer orders from September 2016 baseline equal to or [[Page 79551]] greater than 0.30% is also equitable and reasonable. Such pricing programs 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. The Exchange believes that providing additional financial incentives to Members that demonstrate an increase over their September 2016 Options Step-Up Add TCV through the proposed tier offers an additional, flexible way to achieve financial incentives from the Exchange and encourage Members to add liquidity to the Exchange. The Exchange believes that this incentive is reasonable, fair and equitable because the liquidity from the proposed tier also benefits all investors by deepening the Exchange'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. These pricing programs are also fair and equitable in that they are available to all Members and will result in Members receiving either the same or an increased rebate than they would currently receive. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposed amendment to its fee schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange has designed the proposed amendment to its fee schedule to enhance its ability to compete with other exchanges. Also, the Exchange believes that the addition of the proposed tier contributes to rather than burdens competition, as such tier is intended to incentivize Members to increase their participation on the Exchange, which will increase the liquidity and market quality on the Exchange, which will then further enhance the Exchange's ability to compete with other exchanges. 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. 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 to the Exchange's tiered pricing structure burdens competition, but instead, enhances competition as it is intended to increase the competitiveness of the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 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-2016-69 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BatsBZX-2016-69. 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 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-BatsBZX-2016-69, and should be submitted on or before December 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-27238 Filed 11-10-16; 8:45 am] BILLING CODE 8011-01-P
![79550 Federal Register / Vol. 81, No. 219 / Monday, November 14, 2016 / Notices
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s proposed Step-Up Tier under footnote 3
COMMISSION Statement of the Purpose of, and the would be in addition the criteria
Statutory Basis for, the Proposed Rule required by the three Non-Customer
[Release No. 34–79255; File No. SR– Change Take Volume tiers under footnote 3.
BatsBZX–2016–69] 1. Purpose Implementation Date
Self-Regulatory Organizations; Bats The Exchange proposes to modify its The Exchange proposes to implement
BZX Exchange, Inc.; Notice of Filing fee schedule applicable to the these amendments to its fee schedule as
and Immediate Effectiveness of Exchange’s equity options platform of November 1, 2016.
Proposed Rule Change Related to Fees (‘‘BZX Options’’) to add a new Step-Up 2. Statutory Basis
for Use of the Exchange’s Equity Tier under footnote 3, Non-Customer
Penny Pilot Take Volume Tiers. The Exchange believes that the
Options Platform
The Exchange appends fee code PP to proposed rule change is consistent with
November 7, 2016. Non-Customer 4 orders in Penny Pilot the objectives of Section 6 of the Act,11
Securities 5 that removes liquidity. in general, and furthers the objectives of
Pursuant to Section 19(b)(1) of the Section 6(b)(4),12 in particular, as it is
Securities Exchange Act of 1934 Orders that yield fee code PP are
charged a fee of $0.50 per contract. The designed to provide for the equitable
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 allocation of reasonable dues, fees and
notice is hereby given that on October Exchange offers three tiers under
footnote 3, Non-Customer Penny Pilot other charges among its Members and
27, 2016, Bats BZX Exchange, Inc. other persons using its facilities.
(‘‘BZX’’ or the ‘‘Exchange’’) filed with Take Volume Tiers, which offer reduced
fees for Non-Customer orders that yield Volume-based rebates such as those
the Securities and Exchange currently maintained on the Exchange
Commission (‘‘Commission’’) the fee code PP upon achieving each tier’s
required criteria. Under Tier 1, orders have been widely adopted by equities
proposed rule change as described in and options exchanges and are equitable
Items I, II, and III below, which Items that yield fee code PP will be eligible for
a reduced fee of $044 [sic] per contract because they are open to all Members on
have been prepared by the Exchange. an equal basis and provide additional
The Commission is publishing this where the Member has: (i) an ADAV 6 in
Customer 7 orders equal to or greater benefits or discounts that are reasonably
notice to solicit comments on the related to the value to an exchange’s
proposed rule change from interested than 0.60% of average TCV; 8 (ii) an
ADAV in Market Maker 9 orders equal to market quality associated with higher
persons. levels of market activity, such as higher
or greater than 0.25% of average TCV;
I. Self-Regulatory Organization’s and (iii) on the Exchange’s equities levels of liquidity provision and/or
Statement of the Terms of Substance of platform, BZX Equities, an ADAV equal growth patterns, and introduction of
the Proposed Rule Change to or greater than 0.30% of average TCV. higher volumes of orders into the price
Under Tier 2, orders that yield fee code and volume discovery processes. The
The Exchange filed a proposal to PP will be eligible for a reduced fee of addition of the Non-Customer Penny
amend the fee schedule applicable to $0.47 per contract where the Member Pilot Take Volume Step-Up Tier is
Members 3 and non-Members of the has an ADAV in Customer orders equal intended to incentivize Members to
Exchange pursuant to BZX Rules 15.1(a) to or greater than 1.00% of average TCV. send additional orders to the Exchange
and (c). Lastly, under Tier 3, orders that yield in an effort to qualify for a further
The text of the proposed rule change reduced fee for orders that yield fee
fee code PP will be eligible for a
is available at the Exchange’s Web site code PP and the Non-Customer Penny
reduced fee of $0.44 per contract where
at www.batstrading.com, at the Pilot Take Volume Tiers under footnote
the Member has an ADAV in Customer
principal office of the Exchange, and at 3. The Exchange believes the rates
orders equal to or greater than 1.30% of
the Commission’s Public Reference remain competitive with those charged
average TCV.
Room. The Exchange now proposes to reduce by other venues 13 and, therefore, are
the above fees by $0.01 for Members reasonable and equitably allocated to
II. Self-Regulatory Organization’s Members. The Exchange also notes that
that achieve certain additional volume
Statement of the Purpose of, and it operates in a highly-competitive
requirements. Specifically, the
Statutory Basis for, the Proposed Rule market in which market participants can
Exchange proposes to add a Step-Up tier
Change readily direct order flow to competing
under footnote 3 such that the fee
venues if they deem fee levels at a
In its filing with the Commission, the charged to a Member under fee code PP
particular venue to be excessive. The
Exchange included statements and the Non-Customer Penny Pilot Take
Exchange believes that the proposed
concerning the purpose of and basis for Volume Tiers described above would be
Step-Up Tier is equitable and non-
the proposed rule change and discussed reduced by $0.01 per contract where the
discriminatory in that it would apply
any comments it received on the Member has an Options Step-Up Add
uniformly to all Members.
proposed rule change. The text of these TCV 10 in Customer orders from The Exchange also believes requiring
statements may be examined at the September 2016 baseline equal to or the Member to have an Options Step-Up
places specified in Item IV below. The greater than 0.30%. The criteria for the Add TCV in Customer orders from
Exchange has prepared summaries, set September 2016 baseline equal to or
4 As defined in the Exchange’s fee schedule
forth in Sections A, B, and C below, of
available at http://www.bats.com/us/options/
the most significant parts of such 11 15 U.S.C. 78f.
mstockstill on DSK3G9T082PROD with NOTICES
membership/fee_schedule/bzx/
statements. 5 Id.
12 15 U.S.C. 78f(b)(4).
13 See NYSE Arca, Inc.’s fee schedule available at
6 Id.
1 15 7 Id.
https://www.nyse.com/publicdocs/nyse/markets/
U.S.C. 78s(b)(1). arca-options/NYSE_Arca_Options_Fee_
2 17 8 Id.
CFR 240.19b–4. Schedule.pdf (dated October 1, 2016) (offering
3 The term ‘‘Member’’ is defined as ‘‘any 9 As defined in the Exchange’s fee schedule
additional credits to under incentive programs for
registered broker or dealer that has been admitted available at http://www.bats.com/us/options/ customer, professional customer, and market maker
to membership in the Exchange.’’ See Exchange membership/fee_schedule/bzx/. orders as well as a separate take fee discount
Rule 1.5(n). 10 Id. qualification tier).
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![Federal Register / Vol. 81, No. 219 / Monday, November 14, 2016 / Notices 79551
greater than 0.30% is also equitable and to increase the competitiveness of the Commission, and all written
reasonable. Such pricing programs Exchange. communications relating to the
reward a Member’s growth pattern on proposed rule change between the
C. Self-Regulatory Organization’s
the Exchange and such increased Commission and any person, other than
Statement on Comments on the
volume increases potential revenue to those that may be withheld from the
Proposed Rule Change Received From
the Exchange, and will allow the public in accordance with the
Members, Participants, or Others
Exchange to continue to provide and provisions of 5 U.S.C. 552, will be
potentially expand the incentive The Exchange has not solicited, and available for Web site viewing and
programs operated by the Exchange. The does not intend to solicit, comments on printing in the Commission’s Public
Exchange believes that providing this proposed rule change. The Reference Room, 100 F Street NE.,
additional financial incentives to Exchange has not received any written
Washington, DC 20549 on official
Members that demonstrate an increase comments from members or other
business days between the hours of
over their September 2016 Options interested parties.
10:00 a.m. and 3:00 p.m. Copies of such
Step-Up Add TCV through the proposed III. Date of Effectiveness of the filing also will be available for
tier offers an additional, flexible way to Proposed Rule Change and Timing for inspection and copying at the principal
achieve financial incentives from the Commission Action office of the Exchange. All comments
Exchange and encourage Members to
The foregoing rule change has become received will be posted without change;
add liquidity to the Exchange. The
effective pursuant to Section 19(b)(3)(A) the Commission does not edit personal
Exchange believes that this incentive is
of the Act 14 and paragraph (f) of Rule identifying information from
reasonable, fair and equitable because
the liquidity from the proposed tier also 19b–4 thereunder.15 At any time within submissions. You should submit only
benefits all investors by deepening the 60 days of the filing of the proposed rule information that you wish to make
Exchange’s liquidity pool, offering change, the Commission summarily may available publicly. All submissions
additional flexibility for all investors to temporarily suspend such rule change if should refer to File Number SR–
enjoy cost savings, supporting the it appears to the Commission that such BatsBZX–2016–69, and should be
quality of price discovery, promoting action is necessary or appropriate in the submitted on or before December 5,
market transparency and improving public interest, for the protection of 2016.
investor protection. These pricing investors, or otherwise in furtherance of For the Commission, by the Division of
programs are also fair and equitable in the purposes of the Act. Trading and Markets, pursuant to delegated
that they are available to all Members IV. Solicitation of Comments authority.16
and will result in Members receiving Brent J. Fields,
either the same or an increased rebate Interested persons are invited to
submit written data, views, and Secretary.
than they would currently receive.
arguments concerning the foregoing, [FR Doc. 2016–27238 Filed 11–10–16; 8:45 am]
B. Self-Regulatory Organization’s including whether the proposed rule BILLING CODE 8011–01–P
Statement on Burden on Competition change is consistent with the Act.
Comments may be submitted by any of
The Exchange believes the proposed
the following methods: SECURITIES AND EXCHANGE
amendment to its fee schedule would
not impose any burden on competition Electronic Comments COMMISSION
that is not necessary or appropriate in • Use the Commission’s Internet Sunshine Act Meeting
furtherance of the purposes of the Act. comment form (http://www.sec.gov/
To the contrary, the Exchange has rules/sro.shtml); or Notice is hereby given that, pursuant
designed the proposed amendment to its • Send an email to rule-comments@ to the provisions of the Government in
fee schedule to enhance its ability to sec.gov. Please include File Number SR- the Sunshine Act, Public Law 94–409,
compete with other exchanges. Also, the BatsBZX–2016–69 on the subject line. the Securities and Exchange
Exchange believes that the addition of
Paper Comments Commission will hold an Open Meeting
the proposed tier contributes to rather
on Tuesday, November 15, 2016, at 3:00
than burdens competition, as such tier • Send paper comments in triplicate p.m., in the Auditorium, Room L–002.
is intended to incentivize Members to to Brent J. Fields, Secretary, Securities
increase their participation on the and Exchange Commission, 100 F Street The subject matter of the Open
Exchange, which will increase the NE., Washington, DC 20549–1090. Meeting will be:
liquidity and market quality on the All submissions should refer to File • The Commission will consider
Exchange, which will then further Number SR–BatsBZX–2016–69. This file whether to approve a proposed national
enhance the Exchange’s ability to number should be included on the market system (‘‘NMS’’) plan to create,
compete with other exchanges. subject line if email is used. To help the implement, and maintain a consolidated
The Exchange does not believe that Commission process and review your audit trail, submitted pursuant to Rule
the proposed change will impair the comments more efficiently, please use 613 of Regulation NMS.
ability of Members or competing venues only one method. The Commission will At times, changes in Commission
to maintain their competitive standing post all comments on the Commission’s priorities require alterations in the
in the financial markets. Additionally, Internet Web site (http://www.sec.gov/ scheduling of meeting items.
Members may opt to disfavor the
mstockstill on DSK3G9T082PROD with NOTICES
rules/sro.shtml). Copies of the
Exchange’s pricing if they believe that submission, all subsequent For further information and to
alternatives offer them better value. amendments, all written statements ascertain what, if any, matters have been
Accordingly, the Exchange does not with respect to the proposed rule added, deleted, or postponed, please
believe that the proposed change to the change that are filed with the contact Brent J. Fields in the Office of
Exchange’s tiered pricing structure the Secretary at (202) 551–5400.
burdens competition, but instead, 14 15 U.S.C. 78s(b)(3)(A).
enhances competition as it is intended 15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2018-10-24 10:47:14
Document Modified: 2018-10-24 10:47:14
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 79550 |
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