82 FR 10922 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related To Fees as They Relate to the Equities Options Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 31 (February 16, 2017)

Page Range		10922-10924
FR Document		2017-03102

Federal Register, Volume 82 Issue 31 (Thursday, February 16, 2017)

[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)]
[Notices]
[Pages 10922-10924]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-03102]

[[Page 10922]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80012; File No. SR-BatsBZX-2017-12]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related To
Fees as They Relate to the Equities Options Platform

February 10, 2017.
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 February 1, 2017, Bats BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``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) applicable to its equity options platform (``BZX
Options'').
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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.bats.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 the BZX Options fee schedule to: (i)
Modify the definitions of fee codes RQ and RR to include routing to
MIAX Pearl LLC (``MIAX PEARL'') and to increase the fee for fee code
RR; (ii) reduce the required criteria for the Market Maker Non-Penny
Pilot Add Volume Tier 3 under footnote 7; and (iii) remove all fees for
Mini Options.
Modifications to Fee Codes RQ and RR To Include Routing to MIAX PEARL
The Exchange's current approach to routing fees is to set forth in
a simple manner certain sub-categories of fees that approximate the
cost of routing to other options exchanges based on the cost of
transaction fees assessed by each venue as well as costs to the
Exchange for routing (i.e., clearing fees, connectivity and other
infrastructure costs, membership fees, etc.) (collectively, ``Routing
Costs''). The Exchange then monitors the fees charged as compared to
the costs of its routing services and adjusts its routing fees and/or
sub-categories to ensure that the Exchange's fees do indeed result in a
rough approximation of overall Routing Costs, and are not significantly
higher or lower in any area.
First, the Exchange proposes to modify the description of fee codes
RQ and RR in connection with the upcoming launch of MIAX PEARL.
Currently, fee code RR is appended to Customer \6\ orders in non-Penny
Pilot securities that are routed to ARCA, C2, ISE, ISE Gemini or NOM
and assessed a fee of $1.00 per contract. Additionally, fee code RQ is
appended to Customer orders in Penny Pilot securities that are routed
to ARCA, C2, ISE, ISE Gemini or NOM and assessed a fee of $0.70 per
contract. The Exchange proposes to modify the definitions of fee codes
RR and RQ to include MIAX Pearl.
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\6\ As defined in the Exchange's fee schedule available at
http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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Second, the Exchange proposes to increase the fee for fee code RR
from $1.00 per contract to $1.10 per contract to account for the cost
of routing to MIAX Pearl. The Exchange does not propose to amend the
fee for fee code RQ. The Exchange anticipates that the proposed fee
structure will approximate the cost of routing orders to MIAX Pearl.
The Exchange is proposing the charges set forth above to maintain a
simple and fair fee schedule with respect to routing fees that
approximate the total cost of routing, including Routing Costs.
Market Maker Non-Penny Pilot Add Volume Tier 3
The Exchange determines the liquidity adding rebate that it will
offer Members using a tiered pricing structure. Currently, the Exchange
offers rebates ranging from $0.45 and $0.65 per share for Market Maker
\7\ orders that add volume in non-Penny Pilot securities under three
tiers described in footnote 7 of the fee schedule. To receive Tier 3's
rebate of $0.65 per share, a Member must have: (i) An ADAV \8\ in
Market Maker non-Penny Pilot Securities equal to or greater than 0.20%
of average OCV; \9\ and (ii) an ADAV in Non-Customer orders equal to or
greater than 3.00% of average OCV. The Exchange now proposes to reduce
the first prong of Tier 3's required criteria to require that a Member
have an ADAV in Market Maker Non-Penny Pilot orders of at least 0.10%
of average OCV, rather than 0.20% of average OCV. The Exchange does not
proposed to amend the second prong of Tier 3's required criteria or the
rebate associated with the tier.
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\7\ Id.
\8\ Id.
\9\ Id.
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Elimination of References to Mini Options
Mini Options \10\ on SPDR S&P 500 (``SPY''), Apple Inc. (``AAPL''),
SPDR Gold Trust (``GLD''), Alphabet Inc. (``GOOGL''), and Amazon.com
Inc. (``AMZN'') listed and traded on BZX Options expired in January
2017 and no other series of Mini Options currently trade nor will any
new series of Mini Options be trading on BZX Options. As a result, the
Exchange proposes to delete all fees for Mini Options from its fee
schedule by deleting fee codes DM,\11\

[[Page 10923]]

MA,\12\ MR,\13\ ZC,\14\ and ZF \15\ from the Fee Codes and Associate
Fees table and updating the Standard Rates table to reflect the removal
of these fee codes.
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\10\ After an option class on a stock, Exchange-Traded Fund
Share, Trust Issued Receipt, Exchange Traded Note, and other Index
Linked Security with a 100 share deliverable has been approved for
listing and trading on the Exchange, series of option contracts with
a 10 share deliverable on that stock, Exchange-Traded Fund Share,
Trust Issued Receipt, Exchange Traded Note, and other Index Linked
Security may be listed for all expirations opened for trading on the
Exchange. See Exchange Rule.19.6. Interpretations and Policies .07
\11\ Fee code DM is appended to an order executed at a Member's
directed destinations when bypassing the Bats Options order book,
executed in Mini Options Securities, and is assessed a fee of $0.15
per contract.
\12\ Fee code MA is appended to a Member's order which adds
liquidity in Mini Options Securities, and is not assessed a fee.
\13\ Fee code MR is appended to a Member's order which removes
liquidity in Mini Options Securities, and is not assessed a fee.
\14\ Fee code ZC is appended to a Member's routed Customer order
in Mini Options Securities, and is assessed a fee of $0.12.
\15\ Fee code ZF is appended to a Member's routed Non-Customer
order in Mini Options Securities, and is assessed a fee of $0.12.
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Implementation Date
The Exchange proposes to implement the proposed rule change on
February 1, 2017.\16\
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\16\ The Exchange notes that the date of its fee schedule was
previously amended to state February 1, 2017 in SR-BatsBZX-2017-02
(filed January 30, 2017).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\17\ in general, and
furthers the objectives of Section 6(b)(4),\18\ 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 incentivize market participants to direct
their order flow to the Exchange. The Exchange believes that the
proposed tier is equitable and non-discriminatory in that it would
apply uniformly to all Members. The Exchange believes the rates remain
competitive with those charged by other venues and, therefore, are
reasonable and equitably allocated to Members.
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\17\ 15 U.S.C. 78f.
\18\ 15 U.S.C. 78f(b)(4).
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Modifications to Fee Codes RQ and RR To Include Routing to MIAX PEARL
As explained above, the Exchange generally attempts to approximate
the cost of routing to other options exchanges, including other
applicable costs to the Exchange for routing. The Exchange believes its
proposed fees are equitable and reasonable by taking into account
Routing Costs based on the rates charged by MIAX PEARL. The Exchange
believes that a pricing model based on approximate Routing Costs is a
reasonable, fair and equitable approach to pricing. Specifically, the
Exchange believes that its proposal to adopt routing fees to MIAX PEARL
is fair, equitable and reasonable because the fees are generally an
approximation of the anticipated cost to the Exchange for routing
orders to MIAX PEARL. The Exchange notes that routing through the
Exchange is voluntary. The Exchange also believes that the proposed fee
structure for orders routed to and executed at MIAX PEARL is fair and
equitable and not unreasonably discriminatory in that it applies
equally to all Members.
Market Maker Non-Penny Pilot Add Volume Tier 3
The Exchange believes that the proposed rule change to modify the
required criteria of the Market Maker Non-Penny Pilot Add Volume Tier 3
is consistent with Section 6(b)(4) of the Act,\19\ in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and other persons using any facility or system which the
Exchange operates or controls. 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. Decreasing the criteria is intended to incentivize
additional Members to send orders to the Exchange in an effort to
qualify for the enhanced rebate made available by the tier.
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\19\ 15 U.S.C. 78f(b)(4).
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Elimination of References to Mini Options
The Exchange believes it is equitable, reasonable, and not unfairly
discriminatory to delete fees for Mini Options from its fee schedule
because the Mini Options listed and traded on BZX Options expired in
January 2017 and no other series of Mini Options currently trade nor
will any new series of Mini Options be trading on BZX Options. The
Exchange believes that the proposed changes will make the fee schedule
clearer and eliminate potential investor confusion, thereby removing
impediments to and perfecting the mechanism of a free and open market
and a national market system, and in general, protecting investors and
the public interest.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes the
proposed routing fee will not impose an undue burden on competition
because the Exchange will uniformly assess the routing fee on all
Members. The Exchange does not believe that the proposed changes
represent a significant departure from routing fees 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 or if they view the proposed fee as excessive. 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 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. Further, excessive fees
for participation would serve to impair an exchange's ability to
compete for order flow and members rather than burdening competition.
Lastly, the Exchange believes removing fees for Mini Options from its
fee schedule will not have impact on competition as it is simply
designed to eliminate potential investor confusion by eliminating fees
for products no longer available on 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 \20\ and paragraph (f) of Rule 19b-4
thereunder.\21\ At any time within

[[Page 10924]]

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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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 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 rule-comments@sec.gov. Please include
File Number SR-BatsBZX-2017-12 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-2017-12. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BatsBZX-2017-12 and should
be submitted on or before March 9, 2017.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03102 Filed 2-15-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices 10923

MA,12 MR,13 ZC,14 and ZF 15 from the a reasonable, fair and equitable general, protecting investors and the
Fee Codes and Associate Fees table and approach to pricing. Specifically, the public interest.
updating the Standard Rates table to Exchange believes that its proposal to
B. Self-Regulatory Organization’s
reflect the removal of these fee codes. adopt routing fees to MIAX PEARL is
Statement on Burden on Competition
fair, equitable and reasonable because
Implementation Date
the fees are generally an approximation The Exchange does not believe that
The Exchange proposes to implement of the anticipated cost to the Exchange the proposed rule change will impose
the proposed rule change on February 1, for routing orders to MIAX PEARL. The any burden on competition not
2017.16 Exchange notes that routing through the necessary or appropriate in furtherance
2. Statutory Basis Exchange is voluntary. The Exchange of the purposes of the Act. The
also believes that the proposed fee Exchange believes the proposed routing
The Exchange believes that the structure for orders routed to and fee will not impose an undue burden on
proposed rule change is consistent with executed at MIAX PEARL is fair and competition because the Exchange will
the objectives of Section 6 of the Act,17 equitable and not unreasonably uniformly assess the routing fee on all
in general, and furthers the objectives of discriminatory in that it applies equally Members. The Exchange does not
Section 6(b)(4),18 in particular, as it is to all Members. believe that the proposed changes
designed to provide for the equitable
Market Maker Non-Penny Pilot Add represent a significant departure from
allocation of reasonable dues, fees and
Volume Tier 3 routing fees offered by the Exchange’s
other charges among its Members and
competitors. Additionally, Members
other persons using its facilities. The The Exchange believes that the may opt to disfavor the Exchange’s
Exchange also notes that it operates in proposed rule change to modify the pricing if they believe that alternatives
a highly-competitive market in which required criteria of the Market Maker offer them better value or if they view
market participants can readily direct Non-Penny Pilot Add Volume Tier 3 is
the proposed fee as excessive.
order flow to competing venues if they consistent with Section 6(b)(4) of the
Accordingly, the Exchange does not
deem fee levels at a particular venue to Act,19 in that it provides for the
believe that the proposed change will
be excessive. The proposed rule change equitable allocation of reasonable dues,
impair the ability of Members or
reflects a competitive pricing structure fees and other charges among members
competing venues to maintain their
designed to incentivize market and other persons using any facility or
competitive standing in the financial
participants to direct their order flow to system which the Exchange operates or
markets. The Exchange does not believe
the Exchange. The Exchange believes controls. Volume-based rebates such as
that the proposed change to the
that the proposed tier is equitable and those currently maintained on the
Exchange’s tiered pricing structure
non-discriminatory in that it would Exchange have been widely adopted by
equities and options exchanges and are burdens competition, but instead,
apply uniformly to all Members. The
equitable because they are open to all enhances competition as it is intended
Exchange believes the rates remain
Members on an equal basis and provide to increase the competitiveness of the
competitive with those charged by other
additional benefits or discounts that are Exchange. Further, excessive fees for
venues and, therefore, are reasonable
reasonably related to the value to an participation would serve to impair an
and equitably allocated to Members.
exchange’s market quality associated exchange’s ability to compete for order
Modifications to Fee Codes RQ and RR with higher levels of market activity, flow and members rather than
To Include Routing to MIAX PEARL such as higher levels of liquidity burdening competition. Lastly, the
As explained above, the Exchange provision and/or growth patterns, and Exchange believes removing fees for
generally attempts to approximate the introduction of higher volumes of orders Mini Options from its fee schedule will
cost of routing to other options into the price and volume discovery not have impact on competition as it is
exchanges, including other applicable processes. Decreasing the criteria is simply designed to eliminate potential
costs to the Exchange for routing. The intended to incentivize additional investor confusion by eliminating fees
Exchange believes its proposed fees are Members to send orders to the Exchange for products no longer available on the
equitable and reasonable by taking into in an effort to qualify for the enhanced Exchange.
account Routing Costs based on the rebate made available by the tier. C. Self-Regulatory Organization’s
rates charged by MIAX PEARL. The Statement on Comments on the
Exchange believes that a pricing model Elimination of References to Mini
Options Proposed Rule Change Received From
based on approximate Routing Costs is Members, Participants, or Others
The Exchange believes it is equitable,
Options Securities, and is assessed a fee of $0.15 reasonable, and not unfairly The Exchange has not solicited, and
per contract. discriminatory to delete fees for Mini does not intend to solicit, comments on
12 Fee code MA is appended to a Member’s order
Options from its fee schedule because this proposed rule change. The
which adds liquidity in Mini Options Securities, Exchange has not received any
and is not assessed a fee. the Mini Options listed and traded on
13 Fee code MR is appended to a Member’s order BZX Options expired in January 2017 unsolicited written comments from
which removes liquidity in Mini Options and no other series of Mini Options Members or other interested parties.
Securities, and is not assessed a fee. currently trade nor will any new series
14 Fee code ZC is appended to a Member’s routed III. Date of Effectiveness of the
of Mini Options be trading on BZX Proposed Rule Change and Timing for
Customer order in Mini Options Securities, and is
Options. The Exchange believes that the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

assessed a fee of $0.12. Commission Action
15 Fee code ZF is appended to a Member’s routed proposed changes will make the fee
Non-Customer order in Mini Options Securities, schedule clearer and eliminate potential The foregoing rule change has become
and is assessed a fee of $0.12. investor confusion, thereby removing effective pursuant to Section 19(b)(3)(A)
16 The Exchange notes that the date of its fee
impediments to and perfecting the of the Act 20 and paragraph (f) of Rule
schedule was previously amended to state February
1, 2017 in SR–BatsBZX–2017–02 (filed January 30, mechanism of a free and open market 19b–4 thereunder.21 At any time within
2017). and a national market system, and in
17 15 U.S.C. 78f. 20 15 U.S.C. 78s(b)(3)(A).
18 15 U.S.C. 78f(b)(4). 19 15 U.S.C. 78f(b)(4). 21 17 CFR 240.19b–4(f).

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10924 Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices

60 days of the filing of the proposed rule BatsBZX–2017–12 and should be Statements also will be available for
change, the Commission summarily may submitted on or before March 9, 2017. Web site viewing and printing in the
temporarily suspend such rule change if For the Commission, by the Division of Commission’s Public Reference Room,
it appears to the Commission that such Trading and Markets, pursuant to delegated 100 F Street NE., Room 1503,
action is necessary or appropriate in the authority.22 Washington, DC 20549, on official
public interest, for the protection of Eduardo A. Aleman, business days between the hours of
investors, or otherwise in furtherance of Assistant Secretary. 10:00 a.m. and 3:00 p.m. All statements
the purposes of the Act. [FR Doc. 2017–03102 Filed 2–15–17; 8:45 am]
received will be posted without change;
we do not edit personal identifying
IV. Solicitation of Comments BILLING CODE 8011–01–P
information from submissions. You
Interested persons are invited to should submit only information that
submit written data, views, and SECURITIES AND EXCHANGE you wish to make available publicly.
arguments concerning the foregoing, COMMISSION FOR FURTHER INFORMATION CONTACT:
including whether the proposed rule Marc Oorloff Sharma, Chief Counsel,
change is consistent with the Act. [Release Nos. 33–10306; 34–80024; File No. Office of the Investor Advocate, at (202)
Comments may be submitted by any of 265–28]
551–3302, Securities and Exchange
the following methods: Commission, 100 F Street NE.,
Investor Advisory Committee Meeting
Electronic Comments Washington, DC 20549.
AGENCY: Securities and Exchange SUPPLEMENTARY INFORMATION: The
• Use the Commission’s Internet Commission. meeting will be open to the public,
comment form (http://www.sec.gov/ ACTION: Notice of Meeting of Securities except during that portion of the
rules/sro.shtml); or and Exchange Commission Dodd-Frank meeting reserved for an administrative
• Send an email to rule-comments@ Investor Advisory Committee. work session during lunch. Persons
sec.gov. Please include File Number SR– needing special accommodations to take
BatsBZX–2017–12 on the subject line. SUMMARY: The Securities and Exchange part because of a disability should
Commission Investor Advisory notify the contact person listed in the
Paper Comments
Committee, established pursuant to section above entitled FOR FURTHER
• Send paper comments in triplicate Section 911 of the Dodd-Frank Wall INFORMATION CONTACT.
to Brent J. Fields, Secretary, Securities Street Reform and Consumer Protection The agenda for the meeting includes:
and Exchange Commission, 100 F Street Act of 2010, is providing notice that it Remarks from Commissioners; a
NE., Washington, DC 20549–1090. will hold a public meeting. The public discussion regarding SEC investor
All submissions should refer to File is invited to submit written statements research initiatives, the FINRA 2016
Number SR–BatsBZX–2017–12. This file to the Committee. Financial Capability Study, and
number should be included on the DATES: The meeting will be held on academic research on financial literacy;
subject line if email is used. To help the Thursday, March 9, 2017 from 9:00 a.m. a discussion regarding unequal voting
Commission process and review your until 11:55 a.m. (ET). Written statements rights of common stock; a report on the
comments more efficiently, please use should be received on or before March nonpublic administrative work session;
only one method. The Commission will 9, 2017. and a nonpublic administrative work
post all comments on the Commission’s ADDRESSES: The meeting will be held in session during lunch.
Internet Web site (http://www.sec.gov/ Multi-Purpose Room LL–006 at the Dated: February 13, 2017.
rules/sro.shtml). Copies of the Commission’s headquarters, 100 F Brent J. Fields,
submission, all subsequent Street NE., Washington, DC 20549. The Secretary.
amendments, all written statements meeting will be webcast on the [FR Doc. 2017–03122 Filed 2–15–17; 8:45 am]
with respect to the proposed rule Commission’s Web site at www.sec.gov.
BILLING CODE 8011–01–P
change that are filed with the Written statements may be submitted by
Commission, and all written any of the following methods:
communications relating to the SECURITIES AND EXCHANGE
proposed rule change between the Electronic Statements
COMMISSION
Commission and any person, other than D Use the Commission’s Internet
those that may be withheld from the submission form (http://www.sec.gov/ [Release No. 34–80013; File No. SR–
public in accordance with the rules/other.shtml); or NASDAQ–2016–183]
provisions of 5 U.S.C. 552, will be D Send an email message to rules-
available for Web site viewing and comments@sec.gov. Please include File Self-Regulatory Organizations; The
printing in the Commission’s Public No. 265–28 on the subject line; or NASDAQ Stock Market LLC; Order
Reference Room, 100 F Street NE., Granting Approval of a Proposed Rule
Paper Statements Change To Conform to Proposed
Washington, DC 20549, on official
business days between the hours of D Send paper statements to Brent J. Amendment to Rule 15c6–1(a) Under
10:00 a.m. and 3:00 p.m. Copies of the Fields, Secretary, Securities and the Securities Exchange Act of 1934 To
filing also will be available for Exchange Commission, 100 F Street NE., Shorten the Standard Settlement Cycle
inspection and copying at the principal Washington, DC 20549–1090. From Three Business Days After the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

office of the Exchange. All comments Trade Date to Two Business Days After
All submissions should refer to File No.
received will be posted without change; the Trade Date
265–28. This file number should be
the Commission does not edit personal included on the subject line if email is February 10, 2017.
identifying information from used. To help us process and review
submissions. You should submit only your statement more efficiently, please I. Introduction
information that you wish to make use only one method. On December 22, 2016, The NASDAQ
available publicly. All submissions Stock Market LLC (‘‘Nasdaq’’ or
should refer to File Number SR– 22 17 CFR 200.30–3(a)(12). ‘‘Exchange’’) filed with the Securities

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Document Created: 2018-02-01 15:02:28
Document Modified: 2018-02-01 15:02:28

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		82 FR 10922