82 FR 22587 - 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 93 (May 16, 2017)
Federal Register Volume 82, Issue 93 (May 16, 2017)
| Page Range | 22587-22589 | |
| FR Document | 2017-09817 |
[Federal Register Volume 82, Number 93 (Tuesday, May 16, 2017)] [Notices] [Pages 22587-22589] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-09817] [[Page 22587]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80645; File No. SR-BatsBYX-2017-12] Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees May 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 May 9, 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 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 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule to: (i) Add a new tier under footnote 1, Add/Remove Volume Tiers; and (ii) modify its description of fee code PX. Proposed New Tier The Exchange currently offers four tiers under footnote 1, Add/ Remove Volume Tiers that offer reduced fees for displayed orders that yield fee codes B,\6\ V \7\ and Y,\8\ and an enhanced rebate for orders that add liquidity yielding fee codes BB,\9\ N \10\ and W.\11\ The Exchange now proposes to add a new tier under footnote 1, to be known as Tier 4, under which a Member would be charged a reduced fee of $0.0016 per share on orders that yield fee codes B, V and Y, where that Member has an ADAV \12\ greater than or equal to 0.25% of the TCV \13\ and a Step-Up ADAV greater than or equal to 0.05% of the TCV from April 2017 baseline.\14\ --------------------------------------------------------------------------- \6\ Fee code B is appended to displayed orders that add liquidity to BYX (Tape B) and is assessed a fee of $0.0018 per share. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/. \7\ Fee code V is appended to displayed orders that add liquidity to BYX (Tape A) and is assessed a fee of $0.0018 per share. Id. \8\ Fee code Y is appended to displayed orders that add liquidity to BYX (Tape C) and is assessed a fee of $0.0018 per share. Id. \9\ Fee code BB is appended to orders that remove liquidity from BYX (Tape B) and is assessed a rebate of $0.0010 per share. Id. \10\ Fee code N is appended to orders that remove liquidity from BYX (Tape C) and is assessed a rebate of $0.0010 per share. Id. \11\ Fee code W is appended to orders that remove liquidity from BYX (Tape A) and is assessed a rebate of $0.0010 per share. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/. \12\ ``ADAV'' means average daily volume calculated as the number of shares added per day on a monthly basis. Id. \13\ ``TCV'' means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. Id. \14\ With the addition of proposed Tier 4 under footnote 1, the Exchange proposes to renumber current Tier 4 as Tier 5. --------------------------------------------------------------------------- In connection with this change, the Exchange proposes to add a definition of Step-Up ADAV to the ``Definitions'' section of the fee schedule. As proposed, ``Step-Up ADAV'' would be defined as ``ADAV in the relevant baseline month subtracted from current ADAV.'' The Exchange proposes to add this definition in connection with the new tier. Fee Code PX Fee code PX is appended to orders routed using the RMPL routing strategy \15\ to destinations not covered by fee code PL \16\ or destinations covered by routing strategy RMPT. Orders appended with fee code PX are changed a fee of $0.0012 per share. The Exchange proposes to amend the description of fee code PX in order to align it with the description of fee code PX on Bats' affiliate exchange, Bats EDGA Exchange, Inc. (``EDGA'').\17\ As amended, the description of fee code PX would state ``[r]outed using RMPL routing strategy to a destination not covered by Fee Code PL, or routed using RMPT routing strategy.'' The Exchange notes that this change is purely clerical and does not amend the orders to which fee code PX is appended. --------------------------------------------------------------------------- \15\ See Securities Exchange Act Release No. 79603 (December 19, 2016), 81 FR 94440 (December 23, 2016) (SR-BatsBYX-2016-41) (``RMPL Filing''). \16\ Fee code PL is appended to orders routed to Bats BZX Exchange, Inc., Bats EDGX Exchange, Inc., New York Stock Exchange, Inc., NYSE Arca, Inc. and the NASDAQ Stock Market LLC using RMPL routing strategy, and is assessed a fee of $0.0030 per share. See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/. \17\ See EDGA's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/edga/. --------------------------------------------------------------------------- Implementation Date The Exchange proposes to implement the above changes to its fee schedule immediately.\18\ --------------------------------------------------------------------------- \18\ The Exchange initially filed the proposed fee change on May 1, 2017. (ST-BatsBYX-2017-09) [sic]. On May 9, 2017, the Exchange withdrew the proposed fee change and submitted this filing. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\19\ in general, and furthers the objectives of Section 6(b)(4),\20\ 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. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f. \20\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Proposed New Tier The Exchange believes that the proposed tier under footnote 1 is equitable and reasonable because such pricing programs reward a Member's growth pattern on the Exchange and such increased volume will allow the Exchange to continue to provide and potentially expand the its incentive [[Page 22588]] programs. The Exchange believes that providing incentives to Members that demonstrate an increase over their April 2017 Step-Up ADAV through the proposed tier offers an additional, flexible way to encourage Members to add liquidity to the Exchange. The Exchange believes that the proposed tier is reasonable, fair and equitable because the liquidity from the proposed tier also benefits all investors by deepening the Exchange's liquidity pool, offering additional flexibility for all investors to enjoy cost savings, supporting the quality of price discovery, promoting market transparency and improving investor protection. The proposed definition of Step-Up Add ADV is also reasonable as it helps to describe the tier's required criteria and is identical to that adopted by other exchanges.\21\ These pricing programs are also not unfairly discriminatory in that it is available to all Members. --------------------------------------------------------------------------- \21\ See the Bats BZX Exchange, Inc., fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/bzx/. --------------------------------------------------------------------------- In addition, volume-based fees such as that proposed herein have been widely adopted by exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to: (i) The value to an exchange's market quality; (ii) associated higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns; and (iii) the introduction of higher volumes of orders into the price and volume discovery processes. The Exchange believes that the proposed tier is a reasonable, fair and equitable, and not an unfairly discriminatory allocation of fees and rebates, because it will provide Members with an additional incentive to reach certain thresholds on the Exchange. Fee Code PX The Exchange believes that the proposed amendment to the description of fee code PX is reasonable and equitable because this change is purely clerical and does not amend the orders to which fee code PX is appended. The Exchange also believes that the proposal is non-discriminatory because it applies uniformly to all Members. The proposed change is intended to align it with the description of an identical fee code on Bats' affiliate exchange, EDGA.\22\ Therefore, the Exchange believes that the proposed change will make the fee schedule clearer and eliminate potential investor confusion, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. --------------------------------------------------------------------------- \22\ See EDGA's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/edga/. --------------------------------------------------------------------------- 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. 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. B. 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 \23\ and paragraph (f) of Rule 19b-4 thereunder.\24\ 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. --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(3)(A). \24\ 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 No. SR-BatsBYX-2017-12 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-2017-12. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 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 No. SR-BatsBYX-2017-12, and should be submitted on or before June 6, 2017. --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). [[Page 22589]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-09817 Filed 5-15-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 93 / Tuesday, May 16, 2017 / Notices 22587
SECURITIES AND EXCHANGE forth in Sections A, B, and C below, of ADAV.’’ The Exchange proposes to add
COMMISSION the most significant parts of such this definition in connection with the
statements. new tier.
[Release No. 34–80645; File No. SR–
BatsBYX–2017–12] A. Self-Regulatory Organization’s Fee Code PX
Statement of the Purpose of, and
Self-Regulatory Organizations; Bats Fee code PX is appended to orders
Statutory Basis for, the Proposed Rule
BYX Exchange, Inc.; Notice of Filing routed using the RMPL routing
Change
and Immediate Effectiveness of a strategy 15 to destinations not covered
Proposed Rule Change Related to Fees 1. Purpose by fee code PL 16 or destinations covered
The Exchange proposes to amend its by routing strategy RMPT. Orders
May 10, 2017 appended with fee code PX are changed
fee schedule to: (i) Add a new tier under
Pursuant to Section 19(b)(1) of the footnote 1, Add/Remove Volume Tiers; a fee of $0.0012 per share. The Exchange
Securities Exchange Act of 1934 (the and (ii) modify its description of fee proposes to amend the description of fee
‘‘Act’’),1 and Rule 19b–4 thereunder,2 code PX. code PX in order to align it with the
notice is hereby given that on May 9, description of fee code PX on Bats’
2017, Bats BYX Exchange, Inc. (the Proposed New Tier affiliate exchange, Bats EDGA Exchange,
‘‘Exchange’’ or ‘‘BYX’’) filed with the The Exchange currently offers four Inc. (‘‘EDGA’’).17 As amended, the
Securities and Exchange Commission tiers under footnote 1, Add/Remove description of fee code PX would state
(‘‘Commission’’) the proposed rule Volume Tiers that offer reduced fees for ‘‘[r]outed using RMPL routing strategy
change as described in Items I, II and III displayed orders that yield fee codes B,6 to a destination not covered by Fee Code
below, which Items have been prepared V 7 and Y,8 and an enhanced rebate for PL, or routed using RMPT routing
by the Exchange. The Exchange has orders that add liquidity yielding fee strategy.’’ The Exchange notes that this
designated the proposed rule change as codes BB,9 N 10 and W.11 The Exchange change is purely clerical and does not
one establishing or changing a member now proposes to add a new tier under amend the orders to which fee code PX
due, fee, or other charge imposed by the footnote 1, to be known as Tier 4, under is appended.
Exchange under Section 19(b)(3)(A)(ii) which a Member would be charged a
of the Act 3 and Rule 19b–4(f)(2) Implementation Date
reduced fee of $0.0016 per share on
thereunder,4 which renders the orders that yield fee codes B, V and Y, The Exchange proposes to implement
proposed rule change effective upon where that Member has an ADAV 12 the above changes to its fee schedule
filing with the Commission. The greater than or equal to 0.25% of the immediately.18
Commission is publishing this notice to TCV 13 and a Step-Up ADAV greater
solicit comments on the proposed rule 2. Statutory Basis
than or equal to 0.05% of the TCV from
change from interested persons. April 2017 baseline.14 The Exchange believes that the
In connection with this change, the proposed rule change is consistent with
I. Self-Regulatory Organization’s
Exchange proposes to add a definition the objectives of Section 6 of the Act,19
Statement of the Terms of the Substance
of Step-Up ADAV to the ‘‘Definitions’’ in general, and furthers the objectives of
of the Proposed Rule Change
section of the fee schedule. As Section 6(b)(4),20 in particular, as it is
The Exchange filed a proposal to proposed, ‘‘Step-Up ADAV’’ would be designed to provide for the equitable
amend the fee schedule applicable to defined as ‘‘ADAV in the relevant allocation of reasonable dues, fees and
Members 5 and non-Members of the baseline month subtracted from current other charges among its Members and
Exchange pursuant to BYX Rules 15.1(a) other persons using its facilities.
and (c). 6 Fee code B is appended to displayed orders that
The text of the proposed rule change add liquidity to BYX (Tape B) and is assessed a fee
Proposed New Tier
is available at the Exchange’s Web site of $0.0018 per share. See the Exchange’s fee The Exchange believes that the
at www.bats.com, at the principal office schedule available at http://www.bats.com/us/
equities/membership/fee_schedule/byx/.
proposed tier under footnote 1 is
of the Exchange, and at the 7 Fee code V is appended to displayed orders that equitable and reasonable because such
Commission’s Public Reference Room. add liquidity to BYX (Tape A) and is assessed a fee pricing programs reward a Member’s
II. Self-Regulatory Organization’s of $0.0018 per share. Id. growth pattern on the Exchange and
8 Fee code Y is appended to displayed orders that
Statement of the Purpose of, and such increased volume will allow the
add liquidity to BYX (Tape C) and is assessed a fee
Statutory Basis for, the Proposed Rule of $0.0018 per share. Id.
Exchange to continue to provide and
Change 9 Fee code BB is appended to orders that remove potentially expand the its incentive
liquidity from BYX (Tape B) and is assessed a
In its filing with the Commission, the rebate of $0.0010 per share. Id. 15 See Securities Exchange Act Release No. 79603
Exchange included statements 10 Fee code N is appended to orders that remove (December 19, 2016), 81 FR 94440 (December 23,
concerning the purpose of and basis for liquidity from BYX (Tape C) and is assessed a 2016) (SR–BatsBYX–2016–41) (‘‘RMPL Filing’’).
the proposed rule change and discussed rebate of $0.0010 per share. Id. 16 Fee code PL is appended to orders routed to
11 Fee code W is appended to orders that remove Bats BZX Exchange, Inc., Bats EDGX Exchange, Inc.,
any comments it received on the liquidity from BYX (Tape A) and is assessed a New York Stock Exchange, Inc., NYSE Arca, Inc.
proposed rule change. The text of these rebate of $0.0010 per share. See the Exchange’s fee and the NASDAQ Stock Market LLC using RMPL
statements may be examined at the schedule available at http://www.bats.com/us/ routing strategy, and is assessed a fee of $0.0030 per
places specified in Item IV below. The equities/membership/fee_schedule/byx/. share. See the Exchange’s fee schedule available at
12 ‘‘ADAV’’ means average daily volume http://www.bats.com/us/equities/membership/fee_
Exchange has prepared summaries, set schedule/byx/.
calculated as the number of shares added per day
sradovich on DSK3GMQ082PROD with NOTICES
17 See EDGA’s fee schedule available at http://
on a monthly basis. Id.
1 15 U.S.C. 78s(b)(1). 13 ‘‘TCV’’ means total consolidated volume www.bats.com/us/equities/membership/fee_
2 17 CFR 240.19b–4. schedule/edga/.
calculated as the volume reported by all exchanges
3 15 U.S.C. 78s(b)(3)(A)(ii). 18 The Exchange initially filed the proposed fee
and trade reporting facilities to a consolidated
4 17 CFR 240.19b–4(f)(2). transaction reporting plan for the month for which change on May 1, 2017. (ST–BatsBYX–2017–09)
5 The term ‘‘Member’’ is defined as ‘‘any the fees apply. Id. [sic]. On May 9, 2017, the Exchange withdrew the
registered broker or dealer that has been admitted 14 With the addition of proposed Tier 4 under proposed fee change and submitted this filing.
19 15 U.S.C. 78f.
to membership in the Exchange.’’ See Exchange footnote 1, the Exchange proposes to renumber
Rule 1.5(n). current Tier 4 as Tier 5. 20 15 U.S.C. 78f(b)(4).
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![Federal Register / Vol. 82, No. 93 / Tuesday, May 16, 2017 / Notices 22589
For the Commission, by the Division of II. Self-Regulatory Organization’s in connection with the publication of
Trading and Markets, pursuant to delegated Statement of the Purpose of, and Appendix B data.8
authority.25 Statutory Basis for, the Proposed Rule Pursuant to this proposed
Eduardo A. Aleman, Change amendment, FINRA would publish the
Assistant Secretary. required Appendix B data for the Pre-
In its filing with the Commission, Pilot Period through April 30, 2017, by
[FR Doc. 2017–09817 Filed 5–15–17; 8:45 am]
FINRA included statements concerning August 31, 2017. Thereafter, Appendix
BILLING CODE 8011–01–P the purpose of and basis for the B data for a given month would be
proposed rule change and discussed any published within 120 calendar days
comments it received on the proposed following month end.9 Thus, for
SECURITIES AND EXCHANGE rule change. The text of these statements example, Appendix B data for May 2017
COMMISSION may be examined at the places specified would be made available on the FINRA
in Item IV below. FINRA has prepared Web site by September 28, 2017, and
[Release No. 34–80646; File No. SR–FINRA– summaries, set forth in sections A, B, data for the month of June 2017 would
2017–010] and C below, of the most significant be made available on the FINRA Web
aspects of such statements. site by October 28, 2017.
Self-Regulatory Organizations; FINRA has filed the proposed rule
Financial Industry Regulatory A. Self-Regulatory Organization’s change for immediate effectiveness. The
Authority, Inc.; Notice of Filing and Statement of the Purpose of, and the operative date of the proposed rule
Immediate Effectiveness of a Proposed Statutory Basis for, the Proposed Rule change will be the date of filing.
Rule Change To Amend FINRA Rule Change
6191 To Modify the Date of Appendix 2. Statutory Basis
1. Purpose
B Web Site Data Publication Pursuant FINRA believes that the proposed rule
to the Regulation NMS Plan To Rule 6191(b) (Compliance with Data change is consistent with the provisions
Implement a Tick Size Pilot Program Collection Requirements) 4 implements of Section 15A(b)(6) of the Act,10 which
the data collection and Web site requires, among other things, that
May 10, 2017. publication requirements of the Plan.5 FINRA rules must be designed to
Pursuant to Section 19(b)(1) of the Rule 6191.12 currently provides, among prevent fraudulent and manipulative
Securities Exchange Act of 1934 other things, that the requirement that acts and practices, to promote just and
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 FINRA make certain data for the Pre- equitable principles of trade, and, in
Pilot Period and Pilot Period 6 publicly general, to protect investors and the
notice is hereby given that on April 28,
available on the FINRA Web site public interest, and Section 15A(b)(9) of
2017, Financial Industry Regulatory
pursuant to Appendix B to the Plan the Act,11 which requires that FINRA
Authority, Inc. (‘‘FINRA’’) filed with the
shall commence on April 28, 2017.7 rules not impose any burden on
Securities and Exchange Commission competition that is not necessary or
FINRA is proposing to amend Rule
(‘‘SEC’’ or ‘‘Commission’’) the proposed appropriate.
6191.12 to delay the Appendix B data
rule change as described in Items I and The Plan is designed to allow the
Web site publication date until August
II below, which Items have been Commission, market participants, and
31, 2017. FINRA is proposing to further
prepared by FINRA. FINRA has delay the Web site publication of the public to study and assess the
designated the proposed rule change as Appendix B data until August 31, 2017 impact of increment conventions on the
constituting a ‘‘non-controversial’’ rule to permit additional time to consider a liquidity and trading of the common
change under paragraph (f)(6) of Rule methodology to mitigate concerns raised stock of small-capitalization companies.
19b–4 under the Act,3 which renders FINRA believes that this proposal is
the proposal effective upon receipt of 4 See FINRA Rule 6191. See also Securities consistent with the Act because it is in
this filing by the Commission. The Exchange Act Release No. 76484 (November 19, furtherance of the objectives of Section
Commission is publishing this notice to 2015), 80 FR 73858 (November 25, 2015) (Notice of VII(A) of the Plan in that it is designed
Filing of File No. SR–FINRA–2015–048); and to provide FINRA with additional time
solicit comments on the proposed rule Securities Exchange Act Release No. 77164
change from interested persons. (February 17, 2016), 81 FR 9043 (February 23, 2016) to consider a methodology to mitigate
(Notice of Filing of Partial Amendment No. 1 and concerns raised in connection with the
I. Self-Regulatory Organization’s Order Granting Accelerated Approval of File No. publication of Appendix B data.
Statement of the Terms of Substance of SR–FINRA–2015–048).
the Proposed Rule Change 5 The Participants filed the Plan to comply with B. Self-Regulatory Organization’s
an order issued by the Commission on June 24, Statement on Burden on Competition
FINRA is proposing to amend Rule 2014. See Letter from Brendon J. Weiss, Vice
President, Intercontinental Exchange, Inc., to FINRA does not believe that the
6191 to modify the date of Appendix B Secretary, Commission, dated August 25, 2014 proposed rule change will result in any
Web site data publication pursuant to (‘‘SRO Tick Size Plan Proposal’’). See Securities burden on competition that is not
the Regulation NMS Plan to Implement Exchange Act Release No. 72460 (June 24, 2014), 79
FR 36840 (June 30, 2014); see also Securities
necessary or appropriate in furtherance
a Tick Size Pilot Program (‘‘Plan’’). Exchange Act Release No. 74892 (May 6, 2015), 80
8 On March 3, 2017, FINRA filed a proposed rule
The text of the proposed rule change FR 27513 (May 13, 2015).
6 Unless otherwise defined herein, capitalized change to implement an anonymous, grouped
is available on FINRA’s Web site at masking methodology for Appendix B.I, B.II. and
terms have the meaning ascribed to them in Rule
http://www.finra.org, at the principal 6191. B.IV. data. The comment period ended on April 5,
sradovich on DSK3GMQ082PROD with NOTICES
office of FINRA and at the 7 See FINRA Rule 6191.12. See also Securities 2017, and the Commission received three comment
Exchange Act Release No. 80179 (March 8, 2017), letters. See Securities Exchange Act Release No.
Commission’s Public Reference Room. 80193 (March 9, 2017) 82 FR 13901 (March 15,
82 FR 13698 (March 14, 2017) (Notice of Filing and
Immediate Effectiveness of File No. SR–FINRA– 2017) (Notice of Filing of File No. SR–FINRA–
2017–005). See also Letter from David S. Shillman, 2017–006).
9 FINRA also is submitting an exemptive request
1 15
Associate Director, Division of Trading and
U.S.C. 78s(b)(1). to the SEC in connection with the instant filing.
Markets, Commission, to Robert L.D. Colby,
2 17 CFR 240.19b–4. 10 15 U.S.C. 78o–3(b)(6).
Executive Vice President and Chief Legal Officer,
3 17 CFR 240.19b–4(f)(6). FINRA, dated February 28, 2017. 11 15 U.S.C. 78o–3(b)(9).
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Document Created: 2017-05-16 13:52:26
Document Modified: 2017-05-16 13:52:26
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