81 FR 9566 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rules 8.15, Imposition of Fines for Minor Violation(s) of Rules, and 25.3, Penalty for Minor Rule Violations, Amending the Exchange's Minor Rule Violation Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 37 (February 25, 2016)
Federal Register Volume 81, Issue 37 (February 25, 2016)
| Page Range | 9566-9568 | |
| FR Document | 2016-03942 |
[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)] [Notices] [Pages 9566-9568] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03942] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77181; File No. SR-EDGX-2016-03] Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rules 8.15, Imposition of Fines for Minor Violation(s) of Rules, and 25.3, Penalty for Minor Rule Violations, Amending the Exchange's Minor Rule Violation Plan February 19, 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 February 10, 2016, EDGX Exchange, Inc. (``EDGX'' 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 is proposing to amend Rules 8.15 and 25.3 to amend the Exchange's Minor Rule Violation Plan. 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 amend Rule 8.15 applicable to the Exchange's equity platform (``EDGX Equities'') to remove the $2,500 penalty limitation contained in Rule 8.15(a) in order to modify the permissible penalties for minor rule violations with respect to Rule 25.3 applicable to the EDGX options platform (``EDGX Options'') and to allow the Exchange the discretion to impose penalties in excess of $2,500 under both the EDGX Equities and EDGX Options Minor Rule Violation Plans. The proposal further provides that only fines that do not exceed $2,500 will not be reported. Fines that exceed $2,500 will continue to be publicly reported by the Exchange \3\ and reported as final in compliance with SEC Rule 19d-1(c).\4\ --------------------------------------------------------------------------- \3\ As set forth in Interpretation and Policy .01 to Rule 8.11, except as provided in Rule 8.15(a), the staff shall cause details regarding all formal disciplinary actions where a final decision has been issued to be published on a Web site maintained by the Exchange. \4\ 17 CFR 240.19d-1(c). --------------------------------------------------------------------------- Further, the Exchange proposes to amend the EDGX Options Minor Rule Violation Plan penalty schedule contained in Rule 25.3(d)--for violations of Rule 22.6(d) regarding Market Makers maintaining continuous bids and offers--to aggregate violations of Rule 22.6(d) that occur in a single month of a rolling 24-month period and sanction such aggregated violations as a single offense. The proposed amended penalty schedule is substantially similar to International Securities Exchange (``ISE'') Rule 1614(d)(11) Minor Rule Violation Plan penalties for continuous options quotation violations. In addition to these changes, the Exchange proposes to make minor non-substantive changes to conform to the Rules of BATS Exchange, Inc., specifically by capitalizing the term ``rule'' in Rule 8.15 and by adding the words ``and Policy'' to Interpretation and Policy .01. Removal of Penalty Limitation Rule 25.3 states that the Exchange may proceed under the Minor Rule Violation Plan pursuant to the procedures set forth in Rule 8.15 applicable to EDGX Equities. Currently, Rule 8.15(a) states that the Exchange may impose a fine ``not to exceed $2,500'' for a minor rule violation. Because existing Rule 25.3 recommends the imposition of penalties in excess of $2,500 in certain circumstances, the [[Page 9567]] Exchange believes the penalty limitation in 8.15(a) is obsolete, inappropriate, and unnecessarily confusing. Moreover, abiding by the terms of the penalty limitation contained in 8.15(a) for purposes of the EDGX Options Minor Rule Violation Plan deprives Rule 25.3 of much of its meaning and effectiveness. Further, it is the Exchange's position that the penalty limitation currently contained in Rule 8.15(a) is also unnecessary because the Exchange must exercise its discretion to opt to proceed under the Minor Rule Violation Plan rather than under its default process, the formal disciplinary process. As a practical matter, if an individual or entity exceeds the prescribed Minor Rule Violation Plan fine threshold of $2,500, it will oftentimes be appropriate for the Exchange to decline to exercise its discretion to proceed under the Minor Rule Violation Plan and to instead proceed under the formal disciplinary process. The Exchange, however, believes it should have the discretion to elect to proceed under the Minor Rule Violation Plan for a minor rule violation that would otherwise cumulatively exceed $2,500. Accordingly, the Exchange proposes to eliminate the penalty limitation in Rule 8.15(a). The Exchange recognizes, however, a fine exceeding $2,500 must be reported as final in accordance with SEC Rule 19d-1(c),\5\ regardless of whether or not it is imposed under the Minor Rule Violation Plan. The Exchange provides, therefore, that only fines that do not exceed $2,500 will not be reported. Fines that exceed $2,500 will continue to be reported as final in compliance with SEC Rule 19d-1(c).\6\ --------------------------------------------------------------------------- \5\ 17 CFR 240.19d-1(c). \6\ Id. --------------------------------------------------------------------------- Amendment to MRVP for Continuous Quoting Violations The Exchange proposes to amend Rule 25.3(d) to impose fines for violations of Rule 22.6(d)--regarding a Market Maker's failure to maintain continuous bids and offers--under the Minor Rule Violation Plan by aggregating the violations that occur in a month and sanctioning the violations as a single offense. The Exchange proposes to continue its current recommendation of issuing a letter of caution for the first offense in a rolling 24-month period. For the second violation in the period, the Exchange proposes to issue a $1,000 penalty; for the third a $2,500 penalty; for the fourth a $5,000 penalty. Finally, if there occurs a fifth violation within a rolling 24-month period, the Exchange believes that such a violation is inappropriate for disposition under the Minor Rule Violation Plan, and the proposed amendment to Rule 25.3(d) directs that the violation be enforced in a formal disciplinary action. The Exchange believes it is appropriate to recommend higher penalties than recommended in current Rule 25.3(d) because the Exchange is aggregating violations that occur in a month and sanctioning the violations as a single offense. As with other violations covered under the Exchange's Minor Rule Violation Plan, the Exchange may elect to forgo the Minor Rule Violation Plan and enforce any egregious violations of its rules under the Exchange's formal disciplinary process. 2. Statutory Basis The Exchange believes that its proposal 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(b) of the Act.\7\ Specifically, the proposal is consistent with Section 6(b)(5) of the Act,\8\ which requires exchange rules to promote just and equitable principles of trade, remove impediments to, and perfect the mechanism of, a free and open market and a national market system, and, in general, protect investors and the public interest. The Exchange also believes the proposed rule change is consistent with Section 6(b)(1) of the Act,\9\ which requires that the Exchange be organized and have the capacity to be able to carry out the purposes of the Act such that it can enforce compliance with the Act by persons registered with the Exchange. The Exchange also believes the proposed rule change furthers the objectives of Section 6(b)(6) \10\ of the Act, which requires that the rules of an exchange provide that its members and persons associated with its members be appropriately disciplined for violation of the provisions of the Act, the rules and regulations thereunder, or the rules of the exchange, by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, being suspended or barred from being associated with a member, or any other fitting sanction. Finally, the Exchange believes that the proposed rule change furthers the objectives of Section 6(b)(7) of the Act,\11\ in particular, in that it provides fair procedures for the disciplining of members and persons associated with members. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). \9\ 15 U.S.C. 78f(b)(1). \10\ 15 U.S.C. 78f(b)(6). \11\ 15 U.S.C. 78f(b)(7). --------------------------------------------------------------------------- The Exchange believes the proposed rule change for Rule 8.15(a) fulfills the requirements set forth above because it modifies the procedures for the Exchange to discipline minor EDGX Options rule violations by removing the $2,500 penalty limitation from the EDGX Equities and EDGX Options Minor Rule Violation Plan and makes other minor stylistic and conforming changes. The proposed rule change further provides that the Exchange will not report fines that do not exceed $2,500 under the Minor Rule Violation Plan except as required under SEC Rule 19d-1(c).\12\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19d-1(c). --------------------------------------------------------------------------- The Exchange believes the proposed rule change for Rule 25.3(d) fulfills the requirements set forth above because it permits the Exchange to levy progressively larger fines against a repeat-offender and prescribes that after five violations in a rolling 24-month period, the conduct is outside the purview of the Minor Rule Violation Plan, and formal disciplinary action is appropriate. Further, the Exchange believes the proposed rule change for Rule 25.3(d) fulfills the requirements set forth above because it clearly defines when and how a Market Maker may be disciplined under the Minor Rule Violation Plan. The Exchange also notes that the proposed rule change for Rule 25.3(d) is based on and substantially similar to ISE Rule 1614(d)(11). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposal is consistent with Section 6(b)(8) of the Act \13\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change merely amends the procedures the Exchange intends to follow with regard to minor EDGX Options Rule 22.6(d) violations and removes an obsolete and unnecessary penalty limitation. Thus, the Exchange does not believe the proposed rule change will have any effect on competition. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 [[Page 9568]] unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (A) Significantly affect the protection of investors or the public interest; (B) impose any significant burden on competition; and (C) by its terms, 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 paragraph (f)(6) of Rule 19b-4 thereunder,\15\ the Exchange has designated this rule filing as non-controversial. The Exchange has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b 4. --------------------------------------------------------------------------- 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: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) 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 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 Number SR-EDGX-2016-03 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-EDGX-2016-03. 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-EDGX-2016-03, and should be submitted on or before March 17, 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. 2016-03942 Filed 2-24-16; 8:45 am] BILLING CODE 8011-01-P
![9566 Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices
• Send an email to rule-comments@ SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
sec.gov. Please include File Number SR– COMMISSION Statement of the Purpose of, and the
NYSE–2016–12 on the subject line. Statutory Basis for, the Proposed Rule
[Release No. 34–77181; File No. SR–EDGX– Change
Paper Comments
2016–03] 1. Purpose
• Send paper comments in triplicate The Exchange proposes to amend
to Secretary, Securities and Exchange Self-Regulatory Organizations; EDGX
Rule 8.15 applicable to the Exchange’s
Commission, 100 F Street NE., Exchange, Inc.; Notice of Filing and
equity platform (‘‘EDGX Equities’’) to
Washington, DC 20549–1090. Immediate Effectiveness of Proposed remove the $2,500 penalty limitation
Rule Change to Rules 8.15, Imposition contained in Rule 8.15(a) in order to
All submissions should refer to File of Fines for Minor Violation(s) of Rules,
Number SR–NYSE–2016–12. This file modify the permissible penalties for
and 25.3, Penalty for Minor Rule minor rule violations with respect to
number should be included on the Violations, Amending the Exchange’s
subject line if email is used. To help the Rule 25.3 applicable to the EDGX
Minor Rule Violation Plan options platform (‘‘EDGX Options’’) and
Commission process and review your
to allow the Exchange the discretion to
comments more efficiently, please use February 19, 2016.
impose penalties in excess of $2,500
only one method. The Commission will Pursuant to Section 19(b)(1) of the under both the EDGX Equities and
post all comments on the Commission’s Securities Exchange Act of 1934 EDGX Options Minor Rule Violation
Internet Web site (http://www.sec.gov/ (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Plans. The proposal further provides
rules/sro.shtml). Copies of the notice is hereby given that on February that only fines that do not exceed $2,500
submission, all subsequent 10, 2016, EDGX Exchange, Inc. (‘‘EDGX’’ will not be reported. Fines that exceed
amendments, all written statements or the ‘‘Exchange’’) filed with the $2,500 will continue to be publicly
with respect to the proposed rule Securities and Exchange Commission reported by the Exchange 3 and reported
change that are filed with the (‘‘Commission’’) the proposed rule as final in compliance with SEC Rule
Commission, and all written change as described in Items I, II, and 19d–1(c).4
communications relating to the III below, which Items have been Further, the Exchange proposes to
proposed rule change between the amend the EDGX Options Minor Rule
prepared by the Exchange. The
Commission and any person, other than Violation Plan penalty schedule
Commission is publishing this notice to
those that may be withheld from the contained in Rule 25.3(d)—for
solicit comments on the proposed rule violations of Rule 22.6(d) regarding
public in accordance with the change from interested persons.
provisions of 5 U.S.C. 552, will be Market Makers maintaining continuous
available for Web site viewing and I. Self-Regulatory Organization’s bids and offers—to aggregate violations
printing in the Commission’s Public Statement of the Terms of Substance of of Rule 22.6(d) that occur in a single
Reference Room, 100 F Street NE., the Proposed Rule Change month of a rolling 24-month period and
Washington, DC 20549, on official sanction such aggregated violations as a
The Exchange is proposing to amend single offense. The proposed amended
business days between the hours of
Rules 8.15 and 25.3 to amend the penalty schedule is substantially similar
10:00 a.m. and 3:00 p.m. Copies of the
Exchange’s Minor Rule Violation Plan. to International Securities Exchange
filing also will be available for (‘‘ISE’’) Rule 1614(d)(11) Minor Rule
inspection and copying at the principal The text of the proposed rule change
is available at the Exchange’s Web site Violation Plan penalties for continuous
office of the Exchange. All comments options quotation violations. In addition
received will be posted without change; at www.batstrading.com, at the
to these changes, the Exchange proposes
the Commission does not edit personal principal office of the Exchange, and at
to make minor non-substantive changes
identifying information from the Commission’s Public Reference
to conform to the Rules of BATS
submissions. You should submit only Room. Exchange, Inc., specifically by
information that you wish to make II. Self-Regulatory Organization’s capitalizing the term ‘‘rule’’ in Rule 8.15
available publicly. All submissions Statement of the Purpose of, and and by adding the words ‘‘and Policy’’
should refer to File Number SR–NYSE– Statutory Basis for, the Proposed Rule to Interpretation and Policy .01.
2016–12 and should be submitted on or Change Removal of Penalty Limitation
before March 17, 2016.
In its filing with the Commission, the Rule 25.3 states that the Exchange
For the Commission, by the Division of
Exchange included statements may proceed under the Minor Rule
Trading and Markets, pursuant to delegated
concerning the purpose of and basis for Violation Plan pursuant to the
authority.17
the proposed rule change and discussed procedures set forth in Rule 8.15
Brent J. Fields, applicable to EDGX Equities. Currently,
any comments it received on the
Secretary. Rule 8.15(a) states that the Exchange
proposed rule change. The text of these
[FR Doc. 2016–03962 Filed 2–24–16; 8:45 am]
statements may be examined at the may impose a fine ‘‘not to exceed
BILLING CODE 8011–01–P $2,500’’ for a minor rule violation.
places specified in Item IV below. The
Because existing Rule 25.3 recommends
Exchange has prepared summaries, set
the imposition of penalties in excess of
forth in Sections A, B, and C below, of
mstockstill on DSK4VPTVN1PROD with NOTICES
$2,500 in certain circumstances, the
the most significant parts of such
statements. 3 As set forth in Interpretation and Policy .01 to
Rule 8.11, except as provided in Rule 8.15(a), the
staff shall cause details regarding all formal
disciplinary actions where a final decision has been
issued to be published on a Web site maintained by
1 15 U.S.C. 78s(b)(1). the Exchange.
17 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 4 17 CFR 240.19d–1(c).
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![9568 Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices
unsolicited written comments from number should be included on the ‘‘Exchange’’ or ‘‘BATS’’) filed with the
Members or other interested parties. subject line if email is used. To help the Securities and Exchange Commission
Commission process and review your (the ‘‘Commission’’) the proposed rule
III. Date of Effectiveness of the
comments more efficiently, please use change as described in Items I and II
Proposed Rule Change and Timing for
only one method. The Commission will below, which Items have been prepared
Commission Action post all comments on the Commission’s by the Exchange. The Exchange has
Because the foregoing proposed rule Internet Web site (http://www.sec.gov/ designated this proposal as a ‘‘non-
change does not: (A) Significantly affect rules/sro.shtml). Copies of the controversial’’ proposed rule change
the protection of investors or the public submission, all subsequent pursuant to Section 19(b)(3)(A) of the
interest; (B) impose any significant amendments, all written statements Act 3 and Rule 19b–4(f)(6)(iii)
burden on competition; and (C) by its with respect to the proposed rule thereunder,4 which renders it effective
terms, become operative for 30 days change that are filed with the upon filing with the Commission. The
from the date on which it was filed or Commission, and all written Commission is publishing this notice to
such shorter time as the Commission communications relating to the solicit comments on the proposed rule
may designate it has become effective proposed rule change between the change from interested persons.
pursuant to Section 19(b)(3)(A) of the Commission and any person, other than
Act 14 and paragraph (f)(6) of Rule 19b– those that may be withheld from the I. Self-Regulatory Organization’s
4 thereunder,15 the Exchange has public in accordance with the Statement of the Terms of Substance of
designated this rule filing as non- provisions of 5 U.S.C. 552, will be the Proposed Rule Change
controversial. The Exchange has given available for Web site viewing and The Exchange is proposing to amend
the Commission written notice of its printing in the Commission’s Public the operation of Non-Displayed Orders 5
intent to file the proposed rule change, Reference Room, 100 F Street NE., and Reserve Orders 6 when they are to
along with a brief description and text Washington, DC 20549 on official be routed away from the Exchange
of the proposed rule change at least five business days between the hours of pursuant to the Post to Away routing
business days prior to the date of filing 10:00 a.m. and 3:00 p.m. Copies of such option set forth in Rule 11.13(b)(3)(H).
of the proposed rule change, or such filing also will be available for The text of the proposed rule change
shorter time as designated by the inspection and copying at the principal is available at the Exchange’s Web site
Commission. office of the Exchange. All comments at www.batstrading.com, at the
At any time within 60 days of the received will be posted without change; principal office of the Exchange, and at
filing of the proposed rule change, the the Commission does not edit personal the Commission’s Public Reference
Commission summarily may identifying information from Room.
temporarily suspend such rule change if submissions. You should submit only
II. Self-Regulatory Organization’s
it appears to the Commission that such information that you wish to make
Statement of the Purpose of, and
action is: (1) Necessary or appropriate in available publicly. All submissions
Statutory Basis for, the Proposed Rule
the public interest; (2) for the protection should refer to File Number SR–EDGX–
Change
of investors; or (3) otherwise in 2016–03, and should be submitted on or
furtherance of the purposes of the Act. before March 17, 2016. In its filing with the Commission, the
If the Commission takes such action, the Exchange included statements
For the Commission, by the Division of
Commission shall institute proceedings Trading and Markets, pursuant to delegated concerning the purpose of and basis for
to determine whether the proposed rule authority.16 the proposed rule change and discussed
should be approved or disapproved. Brent J. Fields, any comments it received on the
Secretary. proposed rule change. The text of these
IV. Solicitation of Comments statements may be examined at the
[FR Doc. 2016–03942 Filed 2–24–16; 8:45 am]
Interested persons are invited to places specified in Item IV below. The
BILLING CODE 8011–01–P
submit written data, views, and Exchange has prepared summaries, set
arguments concerning the foregoing, forth in Sections A, B, and C below, of
including whether the proposed rule SECURITIES AND EXCHANGE the most significant parts of such
change is consistent with the Act. COMMISSION statements.
Comments may be submitted by any of (A) Self-Regulatory Organization’s
the following methods: [Release No. 34–77188; File No. SR–BATS–
2016–18] Statement of the Purpose of, and
Electronic Comments Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; BATS Change
• Use the Commission’s Internet
Exchange, Inc.; Notice of Filing and
comment form (http://www.sec.gov/ 1. Purpose
Immediate Effectiveness of a Proposed
rules/sro.shtml); or A Non-Displayed Order is an order
Rule Change to Rule 11.13(b)(3)(H),
• Send an email to rule-comments@ that is not displayed on the Exchange.7
Order Execution and Routing, To
sec.gov. Please include File Number SR– A Reserve Order is a limit order with a
Amend the Operation of Non-Displayed
EDGX–2016–03 on the subject line. portion of the quantity displayed
Orders and Reserve Orders
Paper Comments (‘‘Display Quantity’’) and with a reserve
February 19, 2016. portion of the quantity (‘‘Reserve
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the Quantity’’) that is not displayed.8 Both
mstockstill on DSK4VPTVN1PROD with NOTICES
to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934 (the the Display Quantity and the Reserve
and Exchange Commission, 100 F Street ‘‘Act’’),1 and Rule 19b–4 thereunder,2
NE., Washington, DC 20549–1090. notice is hereby given that on February 3 15 U.S.C. 78s(b)(3)(A).
All submissions should refer to File 10, 2016, BATS Exchange, Inc. (the 4 17 CFR 240.19b–4(f)(6)(iii).
Number SR–EDGX–2016–03. This file 5 See Exchange Rule 11.9(c)(11).
16 17 CFR 200.30–3(a)(12). 6 See Exchange Rule 11.9(c)(1).
14 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). 7 See Exchange Rule 11.9(c)(11).
15 17 CFR 240.19b 4. 2 17 CFR 240.19b–4. 8 See Exchange Rule 11.9(c)(1).
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Document Created: 2018-02-02 14:35:07
Document Modified: 2018-02-02 14:35:07
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 9566 |
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