82 FR 14048 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees as They Apply to the Equity Options Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 50 (March 16, 2017)
Federal Register Volume 82, Issue 50 (March 16, 2017)
| Page Range | 14048-14050 | |
| FR Document | 2017-05211 |
[Federal Register Volume 82, Number 50 (Thursday, March 16, 2017)] [Notices] [Pages 14048-14050] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05211] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80204; File No. SR-BatsEDGX-2017-14] Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees as They Apply to the Equity Options Platform March 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 March 1, 2017, Bats EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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. --------------------------------------------------------------------------- \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 the 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 EDGX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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 its fee schedule for its equity options platform (``EDGX Options'') to: (i) Adopt fees for its recently adopted Qualified Contingent Cross Orders (``QCC''); \6\ and (ii) modify the criteria of two tiers related to orders executed in Bats Auction Mechanism (``BAM''). --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 79942 (February 1, 2017), 82 FR 9804 (February 8, 2017) (SR-BatsEDGX-2017-11) (``QCC Filing''). --------------------------------------------------------------------------- Background of QCC The Exchange recently filed to adopt functionality allowing participants on the Exchange the ability to submit to the Exchange Qualified Contingent Cross Orders, an order type offered by multiple other options exchanges.\7\ The operation of Qualified Contingent Cross Orders on the Exchange will be substantially similar in all material respects to the operation of such orders on such other exchanges.\8\ --------------------------------------------------------------------------- \7\ See ISE Rule 715(j), Supplementary Material .01 to ISE Rule 715 and ISE Rule 721(b); see also CBOE Rule 6.53(u); NASDAQ PHLX Rule 1080(o); NYSE Arca Rule 6.62(bb), Commentary .02 to NYSE Arca Rule 6.62 and NYSE Arca Rule 6.90. \8\ See QCC Filing supra, note 6. --------------------------------------------------------------------------- Definitions of QCC In connection with this fee proposal, the Exchange proposes to adopt definitions necessary for QCC pricing. First, the Exchange proposes to adopt defined terms of ``QCC'' to refer to Qualified Contingent Cross Orders on the fee schedule. Second, the Exchange proposes to adopt the defined term ``QCC Agency'', which would be defined as a Qualified Contingent Cross Order represented as agent by a Member on behalf of another party, and submitted for execution pursuant to Rule 21.1. Third, the Exchange proposes to adopt the defined term ``QCC Contra'', which would be defined as a Qualified Contingent Cross Order submitted by a Member that will potentially execute against the QCC Agency Order pursuant to Rule 21.1. Pricing of QCC Orders The Exchange proposes to adopt four new fee codes in connection with QCC, which would be added to the Fee Codes and Associated Fees table of the Fee Schedule. These fee codes represent the fees applicable to QCC, as described below. As proposed, initially all executions in QCC orders would be provided free of charge. The Exchange proposes to adopt two fee codes for QCC Agency Orders, fee code QA and fee code QM, which would be applicable to Customer \9\ and Non-Customer \10\ QCC [[Page 14049]] Agency Orders, respectively. The Exchange proposes to adopt two fee codes for QCC Contra Orders, fee code QC and fee code QN, which would be applicable to Customer and Non-Customer QCC Contra Orders, respectively. --------------------------------------------------------------------------- \9\ ``Customer'' applies to any transaction identified by a Member for clearing in the Customer range at the OCC, excluding any transaction for a Broker Dealer or a ``Professional'' as defined in Exchange Rule 16.1. \10\ ``Non-Customer'' applies to any transaction that is not a Customer order. --------------------------------------------------------------------------- Modification of Customer Volume Tier 6 The Exchange proposes to modify the required criteria for the Tier 6 under footnote 1 of the fee schedule. The Exchange currently offers enhanced rebates ranging from $0.10 to $0.25 per share under six Add Volume Tiers set forth in footnote 1. Under Tier 6, qualifying Members earn a rebate per share of $0.25 on orders yielding fee codes PC \11\ and NC \12\. Currently, to qualify for this tier a Member must: (i) Have an ADV \13\ in Customer orders greater than or equal to 0.05% of average OCV \14\; (ii) have an ADV in Customer or Market Maker \15\ orders greater than or equal to 0.35% of average OCV; and (iii) have an ADV in BAM Agency Orders \16\ greater than or equal to 1 contract. The Exchange now proposes to modify the third prong of this tier to require that a Member have an ADV in BAM Agency Orders greater than or equal to 10,000 contracts. --------------------------------------------------------------------------- \11\ Fee code PC is appended to Customer orders in Penny Pilot securities. Orders that yield fee code PC receive a standard rebate of $0.05 per contract. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/edgx/. \12\ Fee code NC is appended to Customer orders in Non-Penny Pilot securities. Orders that yield fee code NC receive a standard rebate of $0.05 per contract. Id. \13\ ``ADV'' means average daily volume calculated as the number of shares added or removed, combined, per day, and is calculated on a monthly basis. Id. \14\ ``OCV'' means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation (``OCC'') for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close. Id. \15\ ``Market Maker'' applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is registered with the Exchange as a Market Maker as defined in Rule 16.1(a)(37). Id. \16\ ``BAM Agency Order'' is an order represented as agent by a Member on behalf of another party and submitted to BAM for potential price improvement pursuant to Rule 21.19. Id. --------------------------------------------------------------------------- Modification of Market Maker Volume Tier 8 The Exchange proposes to modify the required criteria for the Tier 8 under footnote 2 of the fee schedule. The Exchange currently offers reduced fees ranging from $0.01 rebate to a $0.16 fee per share under eight Market Maker Volume Tiers set forth in footnote 2. Under Tier 8, qualifying Members are charged a reduced fee per share of $0.02 on orders yielding fee codes PM \17\ and NM \18\. Currently, to qualify for this tier a Member must: (i) Have an ADV in Customer orders greater than or equal to 0.05% of average OCV; (ii) have an ADV in Customer or Market Maker orders greater than or equal to 0.35% of average OCV; and (iii) have an ADV in BAM Agency Orders greater than or equal to 1 contract. The Exchange now proposes to modify the third prong of this tier to require that a Member have an ADV in BAM Agency Orders greater than or equal to 10,000 contracts. --------------------------------------------------------------------------- \17\ Fee code PM is appended to Market Maker orders in Penny Pilot securities. Orders that yield fee code PM pay a standard fee of $0.19 per contract. Id. \18\ Fee code NM is appended to Customer orders in Non-Penny Pilot securities. Orders that yield fee code NM pay a standard fee of $0.19 per contract. Id. --------------------------------------------------------------------------- Implementation Date The Exchange proposes to implement this amendment to its fee schedule on March 1, 2017.\19\ --------------------------------------------------------------------------- \19\ The Exchange notes that the date of its fee schedule was previously amended to state March 1, 2017 in SR-BatsEDGX-2017-07. See Securities Exchange Act Release No. 79957 (February 3, 2017), 82 FR 10071 (February 9, 2017). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.\20\ Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\21\ 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. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78f. \21\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange's proposal establishes definitions and pricing for QCC, thus, allowing the Exchange to launch functionality that is designed to offer market participants the ability to submit QCC Orders to the Exchange in the same way they are permitted to send QCC Orders to other options exchanges. The Exchange believes that its proposal to offer functionality related to QCC Orders without charge is reasonable and fair and equitable because this pricing structure will incentivize the use of QCC, which is new functionality that has not previously been offered by the Exchange. The Exchange further believes that this pricing structure is non-discriminatory, as it applies equally to all Members and all components of QCC Orders submitted to the Exchange, regardless of the capacity (i.e., Customer or Non-Customer) of the order. Over time, as QCC grows, the Exchange anticipates that it would adopt a pricing structure that would ultimately generate revenue for the Exchange, however, again, the Exchange believes that it is reasonable to launch this new functionality without charge in order to incentivize its use. In addition, the Exchange believes that the proposed modification to the tiered pricing structure is reasonable, fair and equitable, and non-discriminatory. Volume-based rebates such as that proposed herein have been widely adopted by exchanges, including the Exchange, 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: (i) The value to an exchange's market quality; (ii) associated higher levels of market activity, such as higher levels of liquidity provisions and/or growth patterns; and (iii) introduction of higher volumes of orders into the price and volume discovery processes. The modification proposed herein is intended to incentivize Members to send additional BAM Agency Orders to the Exchange in an effort to qualify for the enhanced rebate or reduced fee made available by the tiers, in turn contributing to the growth of BAM on the Exchange. Thus, the Exchange believes that the proposed tier, as modified, is a reasonable, fair and equitable, and not an unfairly discriminatory allocation of fees and rebates, because it will provide Members with an incentive to reach certain thresholds on the Exchange by contributing a meaningful amount of BAM Agency Orders. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change to adopt fees and definitions related to QCC Orders will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange's proposed functionality is open to all market participants. Further, the proposed rule will allow the Exchange launch the QCC functionality, which in turn will allow the Exchange to compete with other options exchanges that currently offer QCC Orders. Thus, the proposal alleviates the burden on competition that would arise if such exchanges were permitted to continue offering such [[Page 14050]] functionality and the Exchange was not. For these reasons, the Exchange does not believe that the proposed fee schedule changes will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, and believes the proposed change will enhance competition. The Exchange does not believe that any of the proposed change to the Exchange's tiered pricing structure burden competition, but instead, that it enhances competition as it is intended to increase the competitiveness of EDGX by modifying pricing incentives in order to attract order flow and incentivize participants to increase their participation on the Exchange, particularly in the context of BAM, which is relatively new functionality offered by 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 \22\ and paragraph (f) of Rule 19b-4 thereunder.\23\ 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. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(3)(A). \23\ 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-BatsEDGX-2017-14 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-BatsEDGX-2017-14. 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-BatsEDGX-2017-14, and should be submitted on or before April 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\24\ --------------------------------------------------------------------------- \24\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05211 Filed 3-15-17; 8:45 am] BILLING CODE 8011-01-P
![14048 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
and Exchange Commission, 100 F Street ‘‘Act’’),1 and Rule 19b–4 thereunder,2 fees for its recently adopted Qualified
NE., Washington, DC 20549–1090. notice is hereby given that on March 1, Contingent Cross Orders (‘‘QCC’’); 6 and
All submissions should refer to File 2017, Bats EDGX Exchange, Inc. (the (ii) modify the criteria of two tiers
Number SR–BatsBZX–2017–17. This file ‘‘Exchange’’ or ‘‘EDGX’’) filed with the related to orders executed in Bats
number should be included on the Securities and Exchange Commission Auction Mechanism (‘‘BAM’’).
subject line if email is used. To help the (the ‘‘Commission’’) the proposed rule
Background of QCC
Commission process and review your change as described in Items I, II, and
comments more efficiently, please use III below, which Items have been The Exchange recently filed to adopt
only one method. The Commission will prepared by the Exchange. The functionality allowing participants on
Exchange has designated the proposed the Exchange the ability to submit to the
post all comments on the Commission’s
rule change as one establishing or Exchange Qualified Contingent Cross
Internet Web site (http://www.sec.gov/
changing a member due, fee, or other Orders, an order type offered by
rules/sro.shtml). Copies of the
charge imposed by the Exchange under multiple other options exchanges.7 The
submission, all subsequent
Section 19(b)(3)(A)(ii) of the Act 3 and operation of Qualified Contingent Cross
amendments, all written statements
Rule 19b–4(f)(2) thereunder,4 which Orders on the Exchange will be
with respect to the proposed rule
renders the proposed rule change substantially similar in all material
change that are filed with the
effective upon filing with the respects to the operation of such orders
Commission, and all written
Commission. The Commission is on such other exchanges.8
communications relating to the
proposed rule change between the publishing this notice to solicit Definitions of QCC
Commission and any person, other than comments on the proposed rule change
from interested persons. In connection with this fee proposal,
those that may be withheld from the the Exchange proposes to adopt
public in accordance with the I. Self-Regulatory Organization’s definitions necessary for QCC pricing.
provisions of 5 U.S.C. 552, will be Statement of the Terms of the Substance First, the Exchange proposes to adopt
available for Web site viewing and of the Proposed Rule Change defined terms of ‘‘QCC’’ to refer to
printing in the Commission’s Public The Exchange filed a proposal to Qualified Contingent Cross Orders on
Reference Room, 100 F Street NE., amend the fee schedule applicable to the fee schedule. Second, the Exchange
Washington, DC 20549, on official Members 5 and non-members of the proposes to adopt the defined term
business days between the hours of Exchange pursuant to EDGX Rules ‘‘QCC Agency’’, which would be
10:00 a.m. and 3:00 p.m. Copies of the 15.1(a) and (c). defined as a Qualified Contingent Cross
filing also will be available for The text of the proposed rule change Order represented as agent by a Member
inspection and copying at the principal is available at the Exchange’s Web site on behalf of another party, and
office of the Exchange. All comments at www.bats.com, at the principal office submitted for execution pursuant to
received will be posted without change; of the Exchange, and at the Rule 21.1. Third, the Exchange proposes
the Commission does not edit personal Commission’s Public Reference Room. to adopt the defined term ‘‘QCC
identifying information from Contra’’, which would be defined as a
submissions. You should submit only II. Self-Regulatory Organization’s Qualified Contingent Cross Order
information that you wish to make Statement of the Purpose of, and submitted by a Member that will
available publicly. All submissions Statutory Basis for, the Proposed Rule potentially execute against the QCC
should refer to File Number SR– Change Agency Order pursuant to Rule 21.1.
BatsBZX–2017–17 and should be In its filing with the Commission, the
submitted on or April 6, 2017. Exchange included statements Pricing of QCC Orders
For the Commission, by the Division of concerning the purpose of and basis for The Exchange proposes to adopt four
Trading and Markets, pursuant to delegated the proposed rule change and discussed new fee codes in connection with QCC,
authority.21 any comments it received on the which would be added to the Fee Codes
Eduardo A. Aleman, proposed rule change. The text of these and Associated Fees table of the Fee
statements may be examined at the Schedule. These fee codes represent the
Assistant Secretary.
places specified in Item IV below. The fees applicable to QCC, as described
[FR Doc. 2017–05212 Filed 3–15–17; 8:45 am]
Exchange has prepared summaries, set below. As proposed, initially all
BILLING CODE 8011–01–P executions in QCC orders would be
forth in Sections A, B, and C below, of
the most significant parts of such provided free of charge. The Exchange
statements. proposes to adopt two fee codes for QCC
SECURITIES AND EXCHANGE Agency Orders, fee code QA and fee
COMMISSION A. Self-Regulatory Organization’s code QM, which would be applicable to
Statement of the Purpose of, and Customer 9 and Non-Customer 10 QCC
[Release No. 34–80204; File No. SR– Statutory Basis for, the Proposed Rule
BatsEDGX–2017–14] Change 6 See Securities Exchange Act Release No. 79942
1. Purpose (February 1, 2017), 82 FR 9804 (February 8, 2017)
Self-Regulatory Organizations; Bats (SR–BatsEDGX–2017–11) (‘‘QCC Filing’’).
EDGX Exchange, Inc.; Notice of Filing The Exchange proposes to amend its 7 See ISE Rule 715(j), Supplementary Material .01
and Immediate Effectiveness of a fee schedule for its equity options to ISE Rule 715 and ISE Rule 721(b); see also CBOE
Rule 6.53(u); NASDAQ PHLX Rule 1080(o); NYSE
Proposed Rule Change Related to Fees platform (‘‘EDGX Options’’) to: (i) Adopt Arca Rule 6.62(bb), Commentary .02 to NYSE Arca
mstockstill on DSK3G9T082PROD with NOTICES
as They Apply to the Equity Options Rule 6.62 and NYSE Arca Rule 6.90.
1 15 U.S.C. 78s(b)(1).
Platform 8 See QCC Filing supra, note 6.
2 17 CFR 240.19b–4. 9 ‘‘Customer’’ applies to any transaction identified
March 10, 2017. 3 15 U.S.C. 78s(b)(3)(A)(ii).
by a Member for clearing in the Customer range at
Pursuant to Section 19(b)(1) of the 4 17 CFR 240.19b–4(f)(2). the OCC, excluding any transaction for a Broker
5 The term ‘‘Member’’ is defined as ‘‘any Dealer or a ‘‘Professional’’ as defined in Exchange
Securities Exchange Act of 1934 (the Rule 16.1.
registered broker or dealer that has been admitted
to membership in the Exchange.’’ See Exchange 10 ‘‘Non-Customer’’ applies to any transaction that
21 17 CFR 200.30–3(a)(12). Rule 1.5(n). is not a Customer order.
VerDate Sep<11>2014 17:12 Mar 15, 2017 Jkt 241001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1](https://thefederalregister.org/doc/82_FR_14098/page/1.svg)
![14050 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
functionality and the Exchange was not. Paper Comments SECURITIES AND EXCHANGE
For these reasons, the Exchange does COMMISSION
not believe that the proposed fee • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–80214; File No. SR–NYSE–
schedule changes will impose any 2016–44]
burden on competition not necessary or Commission, 100 F Street NE.,
appropriate in furtherance of the Washington, DC 20549–1090. Self-Regulatory Organizations; New
purposes of the Act, and believes the All submissions should refer to File York Stock Exchange LLC; Notice of
proposed change will enhance Number SR–BatsEDGX–2017–14. This Filing of Amendment No. 4 and Order
competition. file number should be included on the Granting Accelerated Approval of a
The Exchange does not believe that Proposed Rule Change, as Modified by
subject line if email is used. To help the
any of the proposed change to the Amendment Nos. 1, 2, and 4, Allowing
Exchange’s tiered pricing structure Commission process and review your
comments more efficiently, please use the Exchange To Trade Pursuant to
burden competition, but instead, that it Unlisted Trading Privileges Any NMS
enhances competition as it is intended only one method. The Commission will
Stock Listed on Another National
to increase the competitiveness of EDGX post all comments on the Commission’s
Securities Exchange; Establishing
by modifying pricing incentives in order Internet Web site (http://www.sec.gov/ Listing and Trading Requirements for
to attract order flow and incentivize rules/sro.shtml). Copies of the Exchange Traded Products; and
participants to increase their submission, all subsequent Adopting New Equity Trading Rules
participation on the Exchange, amendments, all written statements Relating to Trading Halts of Securities
particularly in the context of BAM, with respect to the proposed rule Traded Pursuant to Unlisted Trading
which is relatively new functionality change that are filed with the Privileges on the Pillar Platform
offered by the Exchange. Commission, and all written
communications relating to the March 10, 2017.
C. Self-Regulatory Organization’s
Statement on Comments on the proposed rule change between the I. Introduction
Proposed Rule Change Received From Commission and any person, other than
On June 30, 2016, New York Stock
Members, Participants, or Others those that may be withheld from the Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’)
public in accordance with the filed with the Securities and Exchange
The Exchange has not solicited, and provisions of 5 U.S.C. 552, will be
does not intend to solicit, comments on Commission (‘‘Commission’’), pursuant
available for Web site viewing and to Section 19(b)(1) of the Securities
this proposed rule change. The printing in the Commission’s Public
Exchange has not received any written Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Reference Room, 100 F Street NE., 19b–4 thereunder,2 a proposed rule
comments from members or other
Washington, DC 20549 on official change to (1) allow the Exchange to
interested parties.
business days between the hours of trade pursuant to unlisted trading
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such privileges (‘‘UTP’’) any NMS Stock 3
Proposed Rule Change and Timing for filing also will be available for listed on another national securities
Commission Action inspection and copying at the principal exchange; (2) establish listing and
The foregoing rule change has become office of the Exchange. All comments trading requirements for exchange
effective pursuant to Section 19(b)(3)(A) received will be posted without change; traded products (‘‘ETPs’’); and (3) adopt
of the Act 22 and paragraph (f) of Rule the Commission does not edit personal new equity trading rules relating to
19b–4 thereunder.23 At any time within identifying information from trading halts for securities traded
60 days of the filing of the proposed rule submissions. You should submit only pursuant to UTP on the Exchange’s new
change, the Commission summarily may information that you wish to make trading platform, Pillar. The proposed
temporarily suspend such rule change if available publicly. All submissions rule change was published for comment
it appears to the Commission that such should refer to File Number SR– in the Federal Register on July 14,
action is necessary or appropriate in the BatsEDGX–2017–14, and should be 2016.4 On July 26, 2016, the Exchange
public interest, for the protection of submitted on or before April 6, 2017. filed Amendment No. 1 to the proposed
investors, or otherwise in furtherance of rule change.5 On August 23, 2016, the
For the Commission, by the Division of
the purposes of the Act.
Trading and Markets, pursuant to delegated 1 15 U.S.C. 78s(b)(1).
IV. Solicitation of Comments authority.24 2 17 CFR 240.19b–4.
3 The term ‘‘NMS Stock’’ is defined in Rule 600
Interested persons are invited to Eduardo A. Aleman,
of Regulation NMS. See 17 CFR 242.600(b)(47).
submit written data, views, and Assistant Secretary. 4 See Securities Exchange Act Release No. 78263
arguments concerning the foregoing, [FR Doc. 2017–05211 Filed 3–15–17; 8:45 am] (July 8, 2016), 81 FR 45580 (‘‘Notice’’).
including whether the proposed rule BILLING CODE 8011–01–P
5 In Amendment No. 1, the Exchange: (1) Added
change is consistent with the Act. a bullet point stating that ‘‘[b]ecause the Exchange’s
Comments may be submitted by any of rules regarding the production of books and records
are described in Rule 440, the Exchange is
the following methods: proposing to refer to Rule 440 in its proposed rules
wherever NYSE Arca Equities Rule 4.4 is referenced
Electronic Comments in the rules of NYSE Arca Equities proposed in this
• Use the Commission’s Internet filing;’’ (2) deleted the sentence stating that ‘‘[i]f an
exchange has approved trading rules, procedures
mstockstill on DSK3G9T082PROD with NOTICES
comment form (http://www.sec.gov/ and listing standards in place that have been
rules/sro.shtml); or approved by the Commission for the product class
• Send an email to rule-comments@ that would include a new derivative securities
sec.gov. Please include File Number SR– product, the listing and trading of such ‘new
derivative securities product,’ does not require a
BatsEDGX–2017–14 on the subject line. proposed rule change under Section 19b–4 of the
Act’’ and made conforming changes to the rest of
22 15 U.S.C. 78s(b)(3)(A). that paragraph; (3) deleted the bullet point that
23 17 CFR 240.19b–4(f). 24 17 CFR 200.30–3(a)(12). stated ‘‘[c]orrection of a typographical error in
VerDate Sep<11>2014 17:12 Mar 15, 2017 Jkt 241001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1](https://thefederalregister.org/doc/82_FR_14098/page/3.svg)
Document Created: 2017-03-16 02:18:37
Document Modified: 2017-03-16 02:18:37
| 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 14048 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR