82 FR 19279 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on the Exchange's Equity Options Platform
SECURITIES AND EXCHANGE COMMISSION
Federal Register Volume 82, Issue 79 (April 26, 2017)
Page Range
19279-19282
FR Document
2017-08392
Federal Register, Volume 82 Issue 79 (Wednesday, April 26, 2017)
[Federal Register Volume 82, Number 79 (Wednesday, April 26, 2017)]
[Notices]
[Pages 19279-19282]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-08392]
[[Page 19279]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80498; File No. SR-BatsBZX-2017-23]
Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use on the Exchange's Equity Options Platform
April 20, 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 April 12, 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).
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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 its fee schedule for its equity
options platform (``BZX Options'') to: (i) Decrease the standard rebate
provided by fee code PM; (ii) modify select tiers under footnotes 4, 6,
8, 9, and 10; and (iii) eliminate certain tiers under footnotes 1, 3,
and 12.
Decrease the Standard Rebate Provided by Fee Code PM
Currently, fee code PM sets forth the standard rebate of $0.35 per
contract for Market Maker \6\ orders that add liquidity on the Exchange
in Penny-Pilot securities. The Exchange now proposes to reduce this
standard rebate to $0.31 per contract. The Exchange also proposes to
update the Standard Rates table accordingly to reflect new rebate.
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\6\ ``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). See the Exchange's fee schedule available at
http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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NBBO Setter Tiers 1 Through 4 Under Footnote 4
The Exchange currently offers five NBBO Setter Tiers under footnote
4, which provide an additional rebate per contract ranging from $0.02
to $0.05 for qualifying Non-Customer \7\ orders that add liquidity and
establish a new National Best Bid or Offer (``NBBO'') and yield fee
code PF, PM or PN. The Exchange now proposes to modify the required
criteria and rebates of tiers 1 through 5.
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\7\ ``Non-Customer'' applies to any transaction identified by a
Member for clearing which is not in the Customer range at the OCC,
excluding any transaction for a Broker Dealer or a ``Professional''
as defined in Exchange Rule 16.1. Id.
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Under Tier 1, a Member may currently receive an additional
rebate of $0.02 per share where they have an ADV \8\ greater than or
equal to 0.40% of average OCV.\9\ As amended, a Member may receive an
additional rebate of $0.01 per share where they have an: (i) ADAV \10\
in Non-Customer orders greater than or equal to 0.20% of average OCV;
and (ii) an ADAV in Firm,\11\ Market Maker \12\ and Away Market Maker
\13\ orders that establish a new NBBO greater than or equal to 0.05% of
average OCV.
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\8\ ``ADV'' means average daily volume calculated as the number
of contracts added or removed, combined, per day. See the Exchange's
fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/.
\9\ ``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.
\10\ ``ADAV'' means average daily added volume calculated as the
number of contracts added and ``ADV'' means average daily volume
calculated as the number of contracts added or removed, combined,
per day. Id.
\11\ ``Firm'' applies to any transaction identified by a Member
for clearing in the Firm range at the OCC, excluding any Joint Back
Office transaction. Id.
\12\ ``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.
\13\ ``Away Market Maker'' applies to any transaction identified
by a Member for clearing in the Market Maker range at the OCC, where
such Member is not registered with the Exchange as a Market Maker,
but is registered as a market maker on another options exchange. See
the Exchange's fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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Under Tier 2, a Member may currently receive an additional
rebate of $0.04 per share where they have an ADV greater than or equal
to 1.30% of average OCV. As amended a Member may receive an additional
rebate of $0.02 per share where they have an: (i) ADAV in Non-Customer
orders greater than or equal to 0.40% of average OCV; and (ii) an ADAV
in Firm, Market Maker, and Away Market Maker orders that establish a
new NBBO greater than or equal to 0.05% of average OCV.
Under Tier 3, a Member may currently receive an additional
rebate of $0.04 per share where they have an: (i) ADV greater than or
equal to 0.50% of average OCV; and an ADAV in Away Market Maker, Firm,
Broker Dealer,\14\ and Joint Back Office \15\ orders greater than or
equal to 0.40% of average OCV. As amended a Member may receive an
additional rebate of $0.03 per share where they have an: (i) ADAV in
Non-Customer orders greater than or equal to 0.50% of average OCV; and
(ii) an ADAV in Firm, Market Maker and Away Market Maker orders that
establish a
[[Page 19280]]
new NBBO greater than or equal to 0.05% of average OCV.
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\14\ ``Broker Dealer'' applies to any order for the account of a
broker dealer, including a foreign broker dealer, that clears in the
Customer range at the Options Clearing Corporation (``OCC''). Id.
\15\ ``Joint Back Office'' applies to any transaction identified
by a Member for clearing in the Firm range at the OCC that is
identified with an origin code as Joint Back Office. A Joint Back
Office participant is a Member that maintains a Joint Back Office
arrangement with a clearing broker-dealer. Id.
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Under Tier 4, a Member may currently receive an additional
rebate of $0.03 per share where they have an ADAV in Market Maker
orders greater than or equal to 0.50% of average OCV. As amended a
Member may receive an additional rebate of $0.04 per share where they
have an: (i) ADAV in Non-Customer orders greater than or equal to 1.80%
of average OCV; (ii) an ADAV in Non-Customer Non-Penny orders greater
than or equal to 0.20% of average OCV; and (iii) an ADAV in Firm,
Market Maker and Away Market Maker orders that establish a new NBBO
greater than or equal to 0.05% of average OCV.
Under Tier 5, a Member currently receives an additional
rebate of $0.05 per share where they have an ADAV in Non-Customer
orders greater than or equal to 3.00% of average OCV. As amended a
Member may receive an additional rebate of $0.05 per share when they
have an: (i) ADAV in Non-Customer orders greater than or equal to 3.00%
of average OCV; and (ii) ADAV in Firm/Market Maker/Away MM orders that
establish a new NBBO greater than or equal to 0.05% of average OCV.
Market Maker Penny Pilot Add Volume Tiers Under Footnote 6
The Exchange currently offers two Market Maker Penny Pilot Add
Volume Tiers under footnote 6, which provide an enhanced rebate of
$0.40 and $0.42 per contract for qualifying Market Maker orders which
add liquidity in Penny Pilot securities \16\ and yield fee code PM. The
Exchange now proposes to modify the required criteria and rebates of
Tiers 1 and 2, and to add a new tier.
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\16\ ``Penny Pilot Securities'' are those issues quoted pursuant
to Exchange Rule 21.5, Interpretation and Policy .01. Id.
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Under Tier 1, a Member may currently receive an enhanced
rebate of $0.40 per share where they have an ADV greater than or equal
to 0.40% of average OCV. As amended a Member may receive an enhanced
rebate of $0.35 per share where they have an ADAV in Market Maker
orders greater than or equal to 0.05% of average OCV.
Under the current Tier 2, a Member may receive an enhanced
rebate of $0.42 per share where they have an: (i) ADAV in Market Maker
and/or Away Market Maker orders greater than or equal to 1.30% of
average OCV; and (ii) an ADV greater than or equal to 2.60% of average
OCV. As amended Tier 2 will be renamed Tier 3, and a Member may receive
an enhanced rebate of $0.42 per share where they have an: (i) ADAV in
Market Maker orders greater than or equal to 1.30% of average OCV; and
(ii) an ADV greater than or equal to 2.60% of average OCV.
Under the newly proposed Tier 2, a Member may receive an
enhanced rebate of $0.40 per share where they have an ADAV in Market
Maker orders greater than or equal to 0.15% or average OCV.
Firm, Broker Dealer, and Joint Back Office Non-Penny Pilot Add Volume
Tier 3 Under Footnote 8
The Exchange currently offers three Firm, Broker Dealer, and Joint
Back Office Non-Penny Pilot Add Volume Tiers under footnote 8, which
provide an enhanced rebate ranging from $0.45 to $0.82 per contract for
qualifying Firm, Broker Dealer, and Joint Back Office orders which add
liquidity in Non-Penny Pilot securities and yield fee code NF. The
Exchange now proposes to add a third prong to the criteria required to
achieve Tier 3. Under Tier 3, a Member may currently receive an
enhanced rebate of $0.82 per share where (i) they have an ADV greater
than or equal to 2.30% of average OCV; and (ii) an ADAV in Away Market
Maker, Firm, Broker Dealer, and Joint Back Office orders greater than
or equal to 1.65% of average OCV. As amended the Exchange proposes to
add a third prong to the criteria requiring that a Member also have a
ADAV in Non-Customer Non-Penny Pilot orders greater than or equal to
0.20% of average OCV. The Exchange does not proposes to amend the
rebate provided under Tier 3.
Away Market Maker Penny Pilot Add Volume Tier 2 Under Footnote 10
The Exchange currently offers three Away Market Maker Penny Pilot
Add Volume Tiers under footnote 10, which provide an enhanced rebate
ranging from $0.40 to $0.46 per contract for qualifying Away Market
Maker orders which add liquidity in Penny Pilot securities and yield
fee code PN. The Exchange now proposes to add a third prong to the
criteria required to achieve Tier 2 ad to lower the rebate from $0.46
per contract to $0.45 per contract. Under Tier 2, a Member will now
receive an enhanced rebate of $0.45 per share where they have an: (i)
ADAV in Away Market Maker, Firm, Broker Dealer and Join Back Office
orders greater than or equal to 1.05% of average OCV; and (ii) ADV
greater than or equal to 1.95% of average OCV; and (iii) ADAV in Non-
Customer Non-Penny Pilot Securities greater than or equal to 0.20% of
average OCV.
Professional Penny Pilot Add Volume Tier 1 Under Footnote 9
The Exchange currently offers four Professional \17\ Penny Pilot
Add Volume Tiers under footnote 9, which provide an enhanced rebate
ranging from $0.42 to $0.48 per contract for qualifying Professional
orders which add liquidity in Penny Pilot securities and yield fee code
PA. The Exchange now proposes to increase the criteria required to
achieve Tier 1. Under Tier 1, a Member may currently receive an
enhanced rebate of $0.42 per share where they have an ADAV in Customer
\18\ and Professional orders greater than or equal to 0.15% of average
OCV. As amended, a Member may continue to receive an enhanced rebate of
$0.42 per share where they satisfy the amended criteria by having an
ADAV in Customer and Professional orders greater than or equal to 0.20%
of average OCV.
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\17\ ``Professional'' applies to any transaction identified by a
Member as such pursuant to Exchange Rule 16.1. Id.
\18\ ``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. Id.
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Eliminate the Customer Step-Up Volume Tier and the Step-Up Tier Under
Footnote 1
The Exchange currently offers nine Customer Penny Pilot Add Volume
Tiers under footnote 1, which provide an enhanced rebate ranging from
$0.40 to $0.53 per contract for qualifying Customer orders which add
liquidity in Penny Pilot securities and yield fee code PY. The Exchange
now proposes to eliminate the Customer Step-Up Volume Tier under
footnote 1, which provides a rebate of $0.53 per share for Members that
have an Options Step-Up Add OCV \19\ in Customer orders from September
2015 baseline greater than or equal to 0.45%. The Exchange additionally
proposes to eliminate the Step-Up Tier under footnote 1, which provides
an additional rebate of $0.02 per share to orders that yield fee code
PY or those that qualify for the remaining Customer Penny Pilot Add
Tiers where the Member has an Options Step-Up Add OCV in Customer
orders from an October 2016 baseline greater than or equal to 0.45%.
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\19\ ``Options Step-Up Add OCV'' means ADAV as a percentage of
OCV in the relevant baseline month subtracted from current ADAV as a
percentage of OCV. See the Exchange's fee schedule available at
http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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[[Page 19281]]
Eliminate the Step-Up Tier Under Footnote 3
The Exchange currently offers four Non-Customer Penny Pilot Take
Volume Tiers under footnote 3, which provide a reduced fee ranging from
$0.44 to $0.47 per contract for qualifying Non-Customer orders which
remove liquidity in Penny Pilot securities and yield fee code PP. The
Exchange now proposes to eliminate the Step-Up Tier under footnote 3,
which provides a reduced fee of $0.47 per contract for Members that
have an Options Step-Up Add OCV in Customer orders from an October 2016
baseline greater than or equal to 0.45%.
Eliminate the Step-Up Tier Under Footnote 12
The Exchange currently offers three Customer Non-Penny Pilot Add
Volume Tiers under footnote 12, which provide an enhanced rebate per
contract ranging from $1.00 to $1.05 for Customer orders which add
liquidity in Non-Penny Pilot securities and yield fee code NY. The
Exchange now proposes to eliminate the Step-Up Tier under footnote 12,
which provides a rebate of $1.00 per share for Members that have an
Options Step-Up Add OCV in Customer orders from an October 2016
baseline greater than or equal to 0.45%.
Implementation Date
The Exchange proposes to implement these amendments to its fee
schedule immediately.\20\
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\20\ The Exchange initially filed the proposed amendments to its
fee schedule on March 31, 2017 (SR-BatsBZX-2017-20). On April 12,
2017, the Exchange withdrew SR-BatsBZX-2017-20 and then subsequently
submitted this filing (SR-BatsBZX-2017-23).
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2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with the objectives of Section 6 of the Act,\21\ in general, and
furthers the objectives of Section 6(b)(4),\22\ 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 or incentives to be insufficient. The proposed
rule changes reflect a competitive pricing structure designed to
incentivize market participants to direct their order flow to the
Exchange.
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\21\ 15 U.S.C. 78f.
\22\ 15 U.S.C. 78f(b)(4).
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Fee Codes PM
The Exchange believes that its proposal to reduce the rebate
provided by fee code PM is fair and equitable and reasonable because
such proposed rebates remain consistent with pricing previously offered
by the Exchange as well as its competitors \23\ and does not represent
a significant departure from the Exchange's general pricing structure
and will allow the Exchange to earn additional revenue that can be used
to offset the addition of new pricing incentives. Specifically, the
Exchange's proposal to lower the rebate to $0.31 per contract for
Market Marker orders which add liquidity in Penny Pilot securities
under fee code PM remains lower than NYSE Arca LLC (``NYSE Arca''),
which provides a standard rebate of $0.28 per contract for similar
orders. Lastly, the proposed change to fee code PM is not unfairly
discriminatory because it will apply equally to all Members.
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\23\ See the NYSE Arca fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
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Modifications to the Volume Discount Tier Rebates and Required Criteria
The Exchange believes that the proposed modifications to the tiered
pricing structure are reasonable, fair and equitable, and non-
discriminatory. The Exchange operates in a highly competitive market in
which market participants may readily send order flow to many competing
venues if they deem fees at the Exchange to be excessive or incentives
provided to be insufficient. The proposed structure remains intended to
attract order flow to the Exchange by offering market participants a
competitive pricing structure. The Exchange believes it is reasonable
to offer and incrementally modify incentives intended to help to
contribute to the growth of the Exchange.
Volume-based pricing 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. Lastly, the proposed change to
the tiered pricing structure are not unfairly discriminatory because
they will apply equally to all Members.
In particular, the proposed changes to footnotes 8, 9, and 10
intended to further incentivize Members to send increased order flow to
the Exchange in an effort to qualify for the enhanced rebate made
available by the tiers, in turn contributing to the growth of the
Exchange. The enhanced rebate made available by the tiers, in turn
contributing to the growth of the Exchange. [sic]
In addition, the proposed modifications to the Market Maker Penny
Pilot Add Volume Tiers to require that Members attain an ADAV in Market
Marker orders specifically, instead of requiring a general level of ADV
or an ADAV that also includes Away Market Maker orders, reinforces the
purpose of the volume tier--to incentivize Members to send Market Maker
orders in Penny Pilot securities to the Exchange. The tier structure
under footnote 6 has thus been adjusted accordingly to accommodate the
newly proposed Tier 2 and renaming of current Tier 2 as Tier 3.
Further, the Exchange believes the proposed rebates reasonably reflect
the ascending difficultly of achieving the corresponding tier.
Furthermore, the proposed modifications to the NBBO Setter Tiers
are consistent with the Act in that the proposed changes are designed
to incentivize Members to contribute certain orders which establish a
new NBBO to the Exchange in an effort to qualify for the enhanced
rebate. By also requiring Members to achieve a certain ADAV in certain
orders that establish a new NBBO, the proposed changes would further
enhance the market quality of the Exchange by improving opportunities
for price improvement. In particular, the proposed changes will further
encourage orders at the NBBO, and is therefore directly focused on
encouraging aggressively priced liquidity provision on BZX Options. The
Exchange also believes the rebate associate with each tier is
reasonable as they reflect the difficultly in achieving the
corresponding tier. These incentives remain reasonably related to the
value to the Exchange's market quality associated with higher levels of
market activity, including liquidity provision and the introduction of
higher volumes of orders into the price and volume discovery processes.
Lastly, the Exchange believes that eliminating the: (i) Customer
Step-Up Volume Tier and the Step-Up Tier under footnote 1; (ii) the
Step-Up Tier under footnote 3; and (iii) the Step-Up Tier under
footnote 12 is reasonable,
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fair, and equitable because the these tiers were not providing the
desired result of incentivizing Members to increase their participation
on the Exchange. As such, the Exchange also believes that the proposed
elimination of these tiers would be non-discriminatory in that they
currently apply equally to all Members and, upon elimination, would no
longer be available to any Members. Further, their elimination will
allow the Exchange to explore other pricing mechanisms in which it may
enhance market quality for all Members.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed amendment to its fee schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed change represents a significant
departure from previous pricing offered by the Exchange or pricing
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. 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
standard fees, rebates and tiered pricing structure burdens
competition, but instead, enhances competition as it is intended to
increase the competitiveness of the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \24\ and paragraph (f) of Rule 19b-4
thereunder.\25\ 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.
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 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 [email protected]. Please
include File Number SR-BatsBZX-2017-23 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-2017-23. 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-2017-23 and should
be submitted on or before May 17, 2017.
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\26\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08392 Filed 4-25-17; 8:45 am]
BILLING CODE 8011-01-P