82 FR 18490 - Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 74 (April 19, 2017)
Federal Register Volume 82, Issue 74 (April 19, 2017)
| Page Range | 18490-18492 | |
| FR Document | 2017-07868 |
[Federal Register Volume 82, Number 74 (Wednesday, April 19, 2017)] [Notices] [Pages 18490-18492] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-07868] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80447; File No. SR-BatsBYX-2017-06] Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees April 13, 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 31, 2017, Bats BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to BYX 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule to: (i) Adopt fee code PL; and (ii) modify its description of fee code PX. The Exchange recently implemented a new midpoint routing strategy known as RMPL,\6\ under which a MidPoint Peg Order \7\ first checks the [[Page 18491]] System \8\ for available shares and routes any remaining shares to destinations on the System routing table \9\ that support midpoint eligible orders. If any shares remain unexecuted after routing, they are posted on the BYX Book \10\ as MidPoint Peg Orders, unless otherwise instructed by the User.\11\ As a result of this additional functionality, the Exchange proposes to amend its fee schedule to adopt fees which would apply to orders routed pursuant to the RMPL routing strategy. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 79603 (December 19, 2016), 81 FR 94440 (December 23, 2016) (SR-BatsBYX-2016-41) (``RMPL Filing''). \7\ In sum, a MidPoint Peg Order is a non-displayed Market Order or Limit Order with an instruction to execute at the midpoint of the NBBO, or, alternatively, pegged to the less aggressive of the midpoint of the NBBO or one minimum price variation inside the same side of the NBBO as the order. See Exchange Rule 11.9(c)(9). \8\ The term ``System'' is defined as ``the electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away.'' See Exchange Rule 1.5(aa). \9\ The term ``System routing table'' refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them. See Exchange 11.13(b)(3). While the process for determining the specific trading venues to which orders are routed is proprietary, the Exchange publicly discloses the trading venues associated with each routing strategy via its Web site at http://cdn.batstrading.com/resources/features/bats_exchange_routing-strategies.pdf. \10\ The term ``BYX Book'' is defined as the ``System's electronic file of orders.'' See Exchange Rule 1.5(e). \11\ The term ``User'' is defined as ``any Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc). --------------------------------------------------------------------------- Fee Code PL. The Exchange proposes [sic] adopt fee code PL, which would apply to orders routed to Bats BZX Exchange, Inc. (``BZX''), Bats EDGX Exchange, Inc. (``EDGX''), the New York Stock Exchange, Inc. (``NYSE''), NYSE Arca, Inc. (``NYSE Arca''), or Nasdaq Stock Market LLC (``Nasdaq'') using a RMPL routing strategy. Orders that yield fee code PL would be charged a fee of $0.0030 per share in securities priced at or above $1.00 and 0.29% of the trade's total dollar value in securities priced below $1.00.\12\ --------------------------------------------------------------------------- \12\ Pursuant to footnote 8, the Exchange charges 0.29% of the transactions total dollar value in securities priced below $1.00 that are routed using the following routing strategies: Parallel D, Parallel 2D, ROUT, ROUX, Post to Away, RMPL, and RMPT routed executions. The Exchange proposes to modify footnote 8 to include RMPL and to append footnote 8 to fee code PL. --------------------------------------------------------------------------- Fee Code PX. Currently, fee code PX only applies to orders routed using a RMPT routing strategy. Orders that yield fee code PX are assessed a fee of $0.0012 per share in securities priced at or above $1.00 and 0.29% of the trade's total dollar value in securities priced below $1.00. The RMPT routing strategy operates similarly to RMPL in that under both Mid-Point Peg Orders check the System for available shares and any remaining shares are then sent to destinations on the System routing table that support midpoint eligible orders. If any shares remain unexecuted after routing, they are posted on the BYX Book as a Mid-Point Peg Order, unless otherwise instructed by the User. While RMPL and RMPT operate in an identical manner, the trading venues that each routing strategy routes to and the order in which it routes them differ. The Exchange now proposes [sic] modify the application of fee code PX not only [sic] apply to RMPT, but to also apply RMPL. However, fee code PX would only apply to orders routed to destinations not covered by fee code PL using the RMPL routing strategy, as set forth above. The Exchange does not propose to modify the fee associated with fee code PX. Implementation Date The Exchange proposes to implement the above changes to its fee schedule on April 3, 2017. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\13\ in general, and furthers the objectives of Section 6(b)(4),\14\ 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 believes the proposed fees under fee codes PL and PX for orders routed using the options RMPL routing strategy represents an equitable allocation of reasonable dues, fees, and other charges. The proposed change would enable the Exchange to charge a rate reasonably related to the rate that Bats Trading, Inc. (``Bats Trading''), the Exchange's affiliated routing broker-dealer, would be charged for routing orders to destinations described in fee codes PL and PX when it does not qualify for a volume tier reduced fee. As a result, when Bats Trading is charged a fee when it routes an order which removes liquidity from a destination described in fee codes PL and PX.\15\ Bats Trading will pass through these rates to the Exchange and the Exchange, in turn, will charge the rates under fee codes PL or PX, as applicable. The proposed fee under fee codes PL and PX for orders routed pursuant to the RMPL routing strategy would enable the Exchange to equitably allocate its costs among all Members. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(4). \15\ For example, Nasdaq, NYSE, NYSE Arca, BZX, and EDGX charge a fee of $0.0030 per share for orders that remove midpoint liquidity. See Nasdaq's fee schedule available at http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2; NYSE's price list available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf; NYSE Arca's price list available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf; BZX's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/bzx/; and EDGX's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/edgx/. --------------------------------------------------------------------------- The Exchange notes that routing through Bats Trading is voluntary. Members seeking to [sic] midpoint eligible route orders to BZX, EDGX, NYSE, NYSE Arca, Nasdaq, or to any other destination covered by the RMPL routing strategy may connect to those destinations directly and be charged the fee or provided the rebate from that destination. The Exchange further believes that this pricing structure is non- discriminatory, as it applies equally to all Members. 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 does not believe that this change represents a significant departure from previous pricing offered by the Exchange or from pricing offered by the Exchange's competitors. The proposed rates would apply uniformly to all Members, and Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. The Exchange believes that its proposal to fees would increase intermarket competition by offering customers an alternative means to route to destinations covered by fee codes PL and PX. As stated above, routing through Bats Trading is voluntary and Members may utilize other avenues to route orders to destinations covered by fee codes PL and PX, such as connecting to those destinations directly. Additionally, Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value or if they view the fees as excessive. Further, excessive fees would serve to impair an exchange's ability to compete for order flow and members rather than burdening competition. The Exchange believes that its proposal would not burden intramarket competition because the proposed rate would apply uniformly to all Members. [[Page 18492]] 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 \16\ and paragraph (f) of Rule 19b-4 thereunder.\17\ 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. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 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 rule-comments@sec.gov. Please include File No. SR-BatsBYX-2017-06 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 No. SR-BatsBYX-2017-06. 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 No. SR-BatsBYX-2017-06, and should be submitted on or before May 10, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2017-07868 Filed 4-18-17; 8:45 am] BILLING CODE 8011-01-P
![18490 Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices
is appropriate in order to better align rules/sro.shtml). Copies of the due, fee, or other charge imposed by the
LCH SA’s margin methodology to the submission, all subsequent Exchange under Section 19(b)(3)(A)(ii)
way recovery rate movements affect the amendments, all written statements of the Act 3 and Rule 19b–4(f)(2)
CDS market value in reality. Therefore, with respect to the proposed rule thereunder,4 which renders the
LCH SA does not believe that the change that are filed with the proposed rule change effective upon
proposed rule change imposes any Commission, and all written filing with the Commission. The
burden on competition that is not communications relating to the Commission is publishing this notice to
necessary or appropriate in furtherance proposed rule change between the solicit comments on the proposed rule
of the purposes of the Act. Commission and any person, other than change from interested persons.
those that may be withheld from the
C. Clearing Agency’s Statement on public in accordance with the I. Self-Regulatory Organization’s
Comments on the Proposed Rule provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
Change Received From Members, available for Web site viewing and the Proposed Rule Change
Participants or Others printing in the Commission’s Public The Exchange filed a proposal to
Written comments relating to the Reference Room, 100 F Street NE., amend the fee schedule applicable to
proposed rule change have not been Washington, DC 20549, on official Members 5 and non-members of the
solicited or received. LCH SA will business days between the hours of Exchange pursuant to BYX Rules 15.1(a)
notify the Commission of any written 10:00 a.m. and 3:00 p.m. Copies of such and (c).
comments received by LCH SA. filings will also be available for The text of the proposed rule change
inspection and copying at the principal is available at the Exchange’s Web site
III. Date of Effectiveness of the
office of LCH SA and on LCH SA’s Web at www.bats.com, at the principal office
Proposed Rule Change and Timing for site at http://www.lch.com/asset-
Commission Action of the Exchange, and at the
classes/cdsclear. All comments received Commission’s Public Reference Room.
Within 45 days of the date of will be posted without change; the
publication of this notice in the Federal Commission does not edit personal II. Self-Regulatory Organization’s
Register or within such longer period identifying information from Statement of the Purpose of, and
up to 90 days (i) as the Commission may submissions. You should submit only Statutory Basis for, the Proposed Rule
designate if it finds such longer period information that you wish to make Change
to be appropriate and publishes its available publicly. All submissions
In its filing with the Commission, the
reasons for so finding or (ii) as to which should refer to File Number SR–LCH
Exchange included statements
the self-regulatory organization SA–2017–003 and should be submitted
concerning the purpose of and basis for
consents, the Commission will: on or before May 10, 2017.
(A) by order approve or disapprove the proposed rule change and discussed
For the Commission, by the Division of any comments it received on the
such proposed rule change, or Trading and Markets, pursuant to delegated
(B) institute proceedings to determine proposed rule change. The text of these
authority.10
whether the proposed rule change statements may be examined at the
Brent J. Fields, places specified in Item IV below. The
should be disapproved. Secretary. Exchange has prepared summaries, set
IV. Solicitation of Comments [FR Doc. 2017–07872 Filed 4–18–17; 8:45 am] forth in Sections A, B, and C below, of
Interested persons are invited to BILLING CODE 8011–01–P the most significant parts of such
submit written data, views, and statements.
arguments concerning the foregoing, A. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE
including whether the proposed rule Statement of the Purpose of, and the
COMMISSION
change is consistent with the Act. Statutory Basis for, the Proposed Rule
Comments may be submitted by any of [Release No. 34–80447; File No. SR– Change
the following methods: BatsBYX–2017–06]
1. Purpose
Electronic Comments Self-Regulatory Organizations; Bats
BYX Exchange, Inc.; Notice of Filing The Exchange proposes to amend its
• Use the Commission’s Internet
and Immediate Effectiveness of a fee schedule to: (i) Adopt fee code PL;
comment form (http://www.sec.gov/
Proposed Rule Change Related to Fees and (ii) modify its description of fee
rules/sro.shtml); or
code PX. The Exchange recently
• Send an email to rule-comments@ April 13, 2017. implemented a new midpoint routing
sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the strategy known as RMPL,6 under which
LCH SA–2017–003 on the subject line. Securities Exchange Act of 1934 (the a MidPoint Peg Order 7 first checks the
Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 31,
• Send paper comments in triplicate 3 15 U.S.C. 78s(b)(3)(A)(ii).
2017, Bats BYX Exchange, Inc. (the 4 17 CFR 240.19b–4(f)(2).
to Secretary, Securities and Exchange ‘‘Exchange’’ or ‘‘BYX’’) filed with the 5 The term ‘‘Member’’ is defined as ‘‘any
Commission, 100 F Street NE., Securities and Exchange Commission registered broker or dealer that has been admitted
Washington, DC 20549–1090. (‘‘Commission’’) the proposed rule to membership in the Exchange.’’ See Exchange
All submissions should refer to File Rule 1.5(n).
change as described in Items I, II and III 6 See Securities Exchange Act Release No. 79603
Number SR–LCH SA–2017–003. This
jstallworth on DSK7TPTVN1PROD with NOTICES
below, which Items have been prepared (December 19, 2016), 81 FR 94440 (December 23,
file number should be included on the by the Exchange. The Exchange has 2016) (SR–BatsBYX–2016–41) (‘‘RMPL Filing’’).
subject line if email is used. To help the designated the proposed rule change as 7 In sum, a MidPoint Peg Order is a non-displayed
Commission process and review your one establishing or changing a member Market Order or Limit Order with an instruction to
comments more efficiently, please use execute at the midpoint of the NBBO, or,
alternatively, pegged to the less aggressive of the
only one method. The Commission will 10 17 CFR 200.30–3(a)(12). midpoint of the NBBO or one minimum price
post all comments on the Commission’s 1 15 U.S.C. 78s(b)(1). variation inside the same side of the NBBO as the
Internet Web site (http://www.sec.gov/ 2 17 CFR 240.19b–4. order. See Exchange Rule 11.9(c)(9).
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![Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices 18491
System 8 for available shares and routes routing, they are posted on the BYX under fee codes PL and PX for orders
any remaining shares to destinations on Book as a Mid-Point Peg Order, unless routed pursuant to the RMPL routing
the System routing table 9 that support otherwise instructed by the User. While strategy would enable the Exchange to
midpoint eligible orders. If any shares RMPL and RMPT operate in an identical equitably allocate its costs among all
remain unexecuted after routing, they manner, the trading venues that each Members.
are posted on the BYX Book 10 as routing strategy routes to and the order
The Exchange notes that routing
MidPoint Peg Orders, unless otherwise in which it routes them differ. The
instructed by the User.11 As a result of Exchange now proposes [sic] modify the through Bats Trading is voluntary.
this additional functionality, the application of fee code PX not only [sic] Members seeking to [sic] midpoint
Exchange proposes to amend its fee apply to RMPT, but to also apply RMPL. eligible route orders to BZX, EDGX,
schedule to adopt fees which would However, fee code PX would only apply NYSE, NYSE Arca, Nasdaq, or to any
apply to orders routed pursuant to the to orders routed to destinations not other destination covered by the RMPL
RMPL routing strategy. covered by fee code PL using the RMPL routing strategy may connect to those
Fee Code PL. The Exchange proposes routing strategy, as set forth above. The destinations directly and be charged the
[sic] adopt fee code PL, which would Exchange does not propose to modify fee or provided the rebate from that
apply to orders routed to Bats BZX the fee associated with fee code PX. destination. The Exchange further
Exchange, Inc. (‘‘BZX’’), Bats EDGX believes that this pricing structure is
Exchange, Inc. (‘‘EDGX’’), the New York Implementation Date
non-discriminatory, as it applies equally
Stock Exchange, Inc. (‘‘NYSE’’), NYSE The Exchange proposes to implement to all Members.
Arca, Inc. (‘‘NYSE Arca’’), or Nasdaq the above changes to its fee schedule on
Stock Market LLC (‘‘Nasdaq’’) using a April 3, 2017. B. Self-Regulatory Organization’s
RMPL routing strategy. Orders that yield Statement on Burden on Competition
2. Statutory Basis
fee code PL would be charged a fee of
$0.0030 per share in securities priced at The Exchange believes that the The Exchange does not believe that
or above $1.00 and 0.29% of the trade’s proposed rule change is consistent with the proposed rule change will impose
total dollar value in securities priced the objectives of Section 6 of the Act,13 any burden on competition not
below $1.00.12 in general, and furthers the objectives of necessary or appropriate in furtherance
Fee Code PX. Currently, fee code PX Section 6(b)(4),14 in particular, as it is of the purposes of the Act. The
only applies to orders routed using a designed to provide for the equitable Exchange does not believe that this
RMPT routing strategy. Orders that yield allocation of reasonable dues, fees and change represents a significant
fee code PX are assessed a fee of $0.0012 other charges among its Members and departure from previous pricing offered
per share in securities priced at or above other persons using its facilities. The by the Exchange or from pricing offered
$1.00 and 0.29% of the trade’s total Exchange believes the proposed fees by the Exchange’s competitors. The
dollar value in securities priced below under fee codes PL and PX for orders proposed rates would apply uniformly
$1.00. The RMPT routing strategy routed using the options RMPL routing to all Members, and Members may opt
operates similarly to RMPL in that strategy represents an equitable
to disfavor the Exchange’s pricing if
under both Mid-Point Peg Orders check allocation of reasonable dues, fees, and
they believe that alternatives offer them
the System for available shares and any other charges. The proposed change
would enable the Exchange to charge a better value. Accordingly, the Exchange
remaining shares are then sent to does not believe that the proposed
destinations on the System routing table rate reasonably related to the rate that
Bats Trading, Inc. (‘‘Bats Trading’’), the changes will impair the ability of
that support midpoint eligible orders. If
Exchange’s affiliated routing broker- Members or competing venues to
any shares remain unexecuted after
dealer, would be charged for routing maintain their competitive standing in
8 The term ‘‘System’’ is defined as ‘‘the electronic orders to destinations described in fee the financial markets. The Exchange
communications and trading facility designated by codes PL and PX when it does not believes that its proposal to fees would
the Board through which securities orders of Users qualify for a volume tier reduced fee. As increase intermarket competition by
are consolidated for ranking, execution and, when
applicable, routing away.’’ See Exchange Rule a result, when Bats Trading is charged offering customers an alternative means
1.5(aa). a fee when it routes an order which to route to destinations covered by fee
9 The term ‘‘System routing table’’ refers to the
removes liquidity from a destination codes PL and PX. As stated above,
proprietary process for determining the specific described in fee codes PL and PX.15 Bats
trading venues to which the System routes orders
routing through Bats Trading is
and the order in which it routes them. See Trading will pass through these rates to voluntary and Members may utilize
Exchange 11.13(b)(3). While the process for the Exchange and the Exchange, in turn, other avenues to route orders to
determining the specific trading venues to which will charge the rates under fee codes PL destinations covered by fee codes PL
orders are routed is proprietary, the Exchange
publicly discloses the trading venues associated
or PX, as applicable. The proposed fee and PX, such as connecting to those
with each routing strategy via its Web site at http:// destinations directly. Additionally,
13 15 U.S.C. 78f.
cdn.batstrading.com/resources/features/bats_ Members may opt to disfavor the
exchange_routing-strategies.pdf. 14 15 U.S.C. 78f(b)(4).
10 The term ‘‘BYX Book’’ is defined as the 15 For example, Nasdaq, NYSE, NYSE Arca, BZX, Exchange’s pricing if they believe that
‘‘System’s electronic file of orders.’’ See Exchange and EDGX charge a fee of $0.0030 per share for alternatives offer them better value or if
Rule 1.5(e). orders that remove midpoint liquidity. See Nasdaq’s they view the fees as excessive. Further,
11 The term ‘‘User’’ is defined as ‘‘any Member or fee schedule available at http:// excessive fees would serve to impair an
Sponsored Participant who is authorized to obtain www.nasdaqtrader.com/
access to the System pursuant to Rule 11.3.’’ See Trader.aspx?id=PriceListTrading2; NYSE’s price exchange’s ability to compete for order
jstallworth on DSK7TPTVN1PROD with NOTICES
Exchange Rule 1.5(cc). list available at https://www.nyse.com/publicdocs/ flow and members rather than
12 Pursuant to footnote 8, the Exchange charges nyse/markets/nyse/NYSE_Price_List.pdf; NYSE burdening competition. The Exchange
0.29% of the transactions total dollar value in Arca’s price list available at https://www.nyse.com/
securities priced below $1.00 that are routed using publicdocs/nyse/markets/nyse-arca/NYSE_Arca_ believes that its proposal would not
the following routing strategies: Parallel D, Parallel Marketplace_Fees.pdf; BZX’s fee schedule available burden intramarket competition because
2D, ROUT, ROUX, Post to Away, RMPL, and RMPT at http://www.bats.com/us/equities/membership/ the proposed rate would apply
routed executions. The Exchange proposes to fee_schedule/bzx/; and EDGX’s fee schedule
modify footnote 8 to include RMPL and to append available at http://www.bats.com/us/equities/
uniformly to all Members.
footnote 8 to fee code PL. membership/fee_schedule/edgx/.
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![18492 Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices
C. Self-Regulatory Organization’s Commission and any person, other than Amendment No. 1, from interested
Statement on Comments on the those that may be withheld from the persons.
Proposed Rule Change Received From public in accordance with the
I. Self-Regulatory Organization’s
Members, Participants, or Others provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
The Exchange has not solicited, and available for Web site viewing and
the Proposed Rule Change
does not intend to solicit, comments on printing in the Commission’s Public
Reference Room, 100 F Street NE., The Exchange proposes to list and
this proposed rule change. The
Washington, DC 20549, on official trade shares of the Euro Gold Trust,
Exchange has not received any
business days between the hours of Pound Gold Trust, and the Yen Gold
unsolicited written comments from
10:00 a.m. and 3:00 p.m. Copies of the Trust under NYSE Arca Equities Rule
Members or other interested parties.
filing also will be available for 8.201. The proposed change is available
III. Date of Effectiveness of the inspection and copying at the principal on the Exchange’s Web site at
Proposed Rule Change and Timing for office of the Exchange. All comments www.nyse.com, at the principal office of
Commission Action received will be posted without change; the Exchange, and at the Commission’s
The foregoing rule change has become the Commission does not edit personal Public Reference Room.
effective pursuant to Section 19(b)(3)(A) identifying information from II. Self-Regulatory Organization’s
of the Act 16 and paragraph (f) of Rule submissions. You should submit only Statement of the Purpose of, and
19b–4 thereunder.17 At any time within information that you wish to make Statutory Basis for, the Proposed Rule
60 days of the filing of the proposed rule available publicly. All submissions Change
change, the Commission summarily may should refer to File No. SR–BatsBYX–
2017–06, and should be submitted on or In its filing with the Commission, the
temporarily suspend such rule change if
before May 10, 2017. self-regulatory organization included
it appears to the Commission that such
statements concerning the purpose of,
action is necessary or appropriate in the For the Commission, by the Division of and basis for, the proposed rule change
public interest, for the protection of Trading and Markets, pursuant to delegated
authority.18
and discussed any comments it received
investors, or otherwise in furtherance of
on the proposed rule change. The text
the purposes of the Act. Brent J. Fields,
of those statements may be examined at
IV. Solicitation of Comments Secretary. the places specified in Item IV below.
[FR Doc. 2017–07868 Filed 4–18–17; 8:45 am] The Exchange has prepared summaries,
Interested persons are invited to
submit written data, views, and
BILLING CODE 8011–01–P set forth in sections A, B, and C below,
arguments concerning the foregoing, of the most significant parts of such
including whether the proposed rule statements.
SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION A. Self-Regulatory Organization’s
Comments may be submitted by any of Statement of the Purpose of, and the
the following methods: [Release No. 34–80457; File No. SR– Statutory Basis for, the Proposed Rule
NYSEArca–2017–33]
Electronic Comments Change
• Use the Commission’s Internet Self-Regulatory Organizations; NYSE 1. Purpose
comment form (http://www.sec.gov/ Arca, Inc.; Notice of Filing of Proposed
Rule Change, as Modified by The Exchange proposes to list and
rules/sro.shtml); or trade shares (‘‘Shares’’) of the Euro Gold
• Send an email to rule-comments@ Amendment No. 1 Thereto, To List and
Trade Shares of the Euro Gold Trust, Trust, Pound Gold Trust, and the Yen
sec.gov. Please include File No. SR– Gold Trust (each a ‘‘Fund’’ and,
BatsBYX–2017–06 on the subject line. Pound Gold Trust, and the Yen Gold
Trust Under NYSE Arca Equities Rule collectively, the ‘‘Funds’’), which are
Paper Comments 8.201 series of the World Currency Gold Trust
(‘‘Trust’’), under NYSE Arca Equities
• Send paper comments in triplicate April 13, 2017. Rule 8.201.4 Under NYSE Arca Equities
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) 1 of the Rule 8.201, the Exchange may propose
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the to list and/or trade pursuant to unlisted
Washington, DC 20549–1090. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 trading privileges (‘‘UTP’’)
All submissions should refer to File No. notice is hereby given that, on March ‘‘Commodity-Based Trust Shares.’’ 5
SR–BatsBYX–2017–06. This file number 31, 2017, NYSE Arca, Inc. (the The Funds will not be registered
should be included on the subject line ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with investment companies under the
if email is used. To help the the Securities and Exchange Investment Company Act of 1940 6 and
Commission process and review your Commission (the ‘‘Commission’’) the are not required to register under such
comments more efficiently, please use proposed rule change as described in act.
only one method. The Commission will Items I and II below, which Items have The Sponsor of the Funds and the
post all comments on the Commission’s been prepared by the self-regulatory Trust will be WGC USA Asset
Internet Web site (http://www.sec.gov/ organization. On April 12, 2017, the
rules/sro.shtml). Copies of the Exchange filed Amendment No. 1 to the 4 On March 30, 2017, the Trust filed with the
submission, all subsequent Commission its initial registration statement on
proposal, which amended and replaced Form S–1 under the Securities Act of 1933 (‘‘1933
amendments, all written statements the proposed rule change in its entirety. Act’’) relating to the Funds (File No. 333–217041)
jstallworth on DSK7TPTVN1PROD with NOTICES
with respect to the proposed rule The Commission is publishing this (‘‘Registration Statement’’). The description of the
change that are filed with the notice to solicit comments on the operation of the Trust and the Funds herein is
Commission, and all written based, in part, on the Registration Statement.
proposed rule change, as modified by 5 Commodity-Based Trust Shares are securities
communications relating to the
issued by a trust that represent investors’ discrete
proposed rule change between the 18 17 CFR 200.30–3(a)(12). identifiable and undivided beneficial ownership
1 15 U.S.C.78s(b)(1). interest in the commodities deposited into the
16 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a. Trust.
17 17 CFR 240.19b–4(f). 3 17 CFR 240.19b–4. 6 15 U.S.C. 80a–1.
VerDate Sep<11>2014 15:06 Apr 18, 2017 Jkt 241001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\19APN1.SGM 19APN1](https://thefederalregister.org/doc/82_FR_18564/page/3.svg)
Document Created: 2018-11-14 09:43:56
Document Modified: 2018-11-14 09:43:56
| 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 18490 |
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