82 FR 37136 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Fees for Use of Bats EDGX Exchange, Inc. and Bats EDGX Exchange, Inc.'s Equity Options Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 151 (August 8, 2017)

Page Range		37136-37138
FR Document		2017-16636

Federal Register, Volume 82 Issue 151 (Tuesday, August 8, 2017)

[Federal Register Volume 82, Number 151 (Tuesday, August 8, 2017)]
[Notices]
[Pages 37136-37138]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-16636]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81290; File No. SR-BatsEDGX-2017-31]

Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change to Fees
for Use of Bats EDGX Exchange, Inc. and Bats EDGX Exchange, Inc.'s
Equity Options Platform

August 2, 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 July 24, 2017, Bats EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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.
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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

[[Page 37137]]

Exchange pursuant to EDGX 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 applicable to its
equities trading platform (``EDGX Equities'') and its equity options
trading platform (``EDGX Options'') to re-name NYSE MKT as NYSE
American throughout the fee schedule.
The Exchange also proposes to modify fees applicable to EDGX
Equities for orders routed to NYSE American in connection with changes
made by NYSE American to its fee structure. As of July 24, 2017, NYSE
American transitioned to a fully automated cash equities market. In
connection with this transition, NYSE American updated its fee
structure in a variety of ways, including to charge a fee to add non-
displayed liquidity and to provide no rebate (nor charge any fee) to
add displayed liquidity.\6\
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\6\ See SR-NYSEMKT-2017-43 (filed July 19, 2017), available at:
https://www.nyse.com/regulation/rule-filings?market=NYSE.
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The Exchange proposes to modify the fee structure for orders that
are routed to and add liquidity at NYSE American, which yielded fee
code 8 for displayed liquidity and fee code NA for non-displayed
liquidity. Orders yielding fee code 8 previously received a rebate of
$0.00150 per share and orders yielding fee code NA were not provided a
rebate or charged any fee.
The Exchange proposes to continue to apply fee code 8 to orders
that add displayed liquidity at NYSE American but to change the rate
from a rebate to a fee, charging orders that yield fee code 8 a fee of
$0.00020 per share.
The Exchange also proposes to remove NYSE American (previously NYSE
MKT) from the list of venues where an order that adds non-displayed
liquidity yields fee code NA. The Exchange does not propose to modify
the rate applied to orders yielding fee code NA, but, as a result of
this change, orders adding non-displayed liquidity at NYSE American
will yield fee code NB instead, which is applied to all routed
executions at an exchange not covered by Fee Code NA that adds non-
displayed liquidity. Similarly, the Exchange does not propose to modify
the rate applied to orders yielding fee code NB, which is currently a
fee of $0.00300 per share.
The Exchange notes that the changes proposed above will not impact
the current fee structure for orders that add displayed liquidity at
NYSE American in securities priced below $1.00, which, pursuant to fee
code 8 are provided without charge and without rebate. However, the
proposed change to remove NYSE American from fee code NA will impact
pricing for non-displayed orders routed to NYSE American that add
liquidity. Specifically, consistent with other orders yielding fee code
NB, orders in securities priced below $1.00 will be charged 0.30% of
the total dollar value of an execution.
Implementation Date
The Exchange proposes to implement the above changes to its fee
schedule immediately.
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with the objectives of Section 6 of the Act,\7\ in general, and
furthers the objectives of Section 6(b)(4),\8\ 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. At the outset, the Exchange notes that its proposal to
refer to NYSE American is consistent with the Act as it will avoid
confusion with the Exchange's fee schedule by reflecting NYSE MKT's new
name. 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
are designed to react to pricing changes at NYSE American, to avoid
subsidizing routing to such venue. Furthermore, the Exchange notes that
routing through the Exchange's affiliate, Bats Trading, Inc. is
voluntary.
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\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
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The changes to fee code 8 and to remove NYSE American (NYSE MKT)
from fee code NA are primarily to designed to react to pricing changes
at NYSE American, effective July 24, 2017. These changes are necessary
to avoid providing routing services with pricing that effectively
subsidizes routing to NYSE American. The Exchange's prior pricing model
for orders routed to NYSE American was based on a fee structure that
provided rebates for orders that added liquidity. The Exchange believes
it is reasonable and fair and equitable to charge fees for orders
routed to NYSE American that no longer receive a rebate but instead are
either assessed a fee by NYSE American or are provided free of charge.
The Exchange also believes the proposed rates are reasonable and not
unfairly discriminatory in that they are consistent with other rates
already charged by the Exchange. Finally, the Exchange believes the
proposed changes are not unfairly discriminatory in that they are
equally applicable to all Members that use the Exchange's routing
services to add liquidity at NYSE American.

(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 any of the proposed changes to the Exchange's routing pricing
burden competition, as they are based on the pricing on other venues.
The Exchange 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 structures to be unreasonable or excessive. The
Exchange does not believe the proposed amendments would burden
intramarket competition as they would be available to all Members
uniformly.

(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.

[[Page 37138]]

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 \9\ and paragraph (f) of Rule 19b-4
thereunder.\10\ 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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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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 proposal is
consistent with the Act. Comments may be submitted by any of the
following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-BatsEDGX-2017-31 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-BatsEDGX-2017-31. 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 will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BatsEDGX-2017-31 and should
be submitted on or before August 29, 2017.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16636 Filed 8-7-17; 8:45 am]
BILLING CODE 8011-01-P

37136 Federal Register / Vol. 82, No. 151 / Tuesday, August 8, 2017 / Notices

The changes to fee code 8 and to of the Act 9 and paragraph (f) of Rule submissions. You should submit only
remove NYSE American (NYSE MKT) 19b-4 thereunder.10 At any time within information that you wish to make
from fee code NA are primarily to 60 days of the filing of the proposed rule available publicly. All submissions
designed to react to pricing changes at change, the Commission summarily may should refer to File Number SR–
NYSE American, effective July 24, 2017. temporarily suspend such rule change if BatsBZX–2017–47 and should be
These changes are necessary to avoid it appears to the Commission that such submitted on or before August 29, 2017.
providing routing services with pricing action is necessary or appropriate in the For the Commission, by the Division of
that effectively subsidizes routing to public interest, for the protection of Trading and Markets, pursuant to delegated
NYSE American. The Exchange’s prior investors, or otherwise in furtherance of authority.11
pricing model for orders routed to NYSE the purposes of the Act. Eduardo A. Aleman,
American was based on a fee structure IV. Solicitation of Comments Assistant Secretary.
that provided rebates for orders that [FR Doc. 2017–16635 Filed 8–7–17; 8:45 am]
added liquidity. The Exchange believes Interested persons are invited to
it is reasonable and fair and equitable to submit written data, views and BILLING CODE 8011–01–P

charge fees for orders routed to NYSE arguments concerning the foregoing,
American that no longer receive a rebate including whether the proposal is
consistent with the Act. Comments may SECURITIES AND EXCHANGE
but instead are either assessed a fee by COMMISSION
NYSE American or are provided free of be submitted by any of the following
charge. The Exchange also believes the methods:
[Release No. 34–81290; File No. SR–
proposed rates are reasonable and not Electronic Comments BatsEDGX–2017–31]
unfairly discriminatory in that they are
• Use the Commission’s Internet
consistent with other rates already Self-Regulatory Organizations; Bats
comment form (http://www.sec.gov/
charged by the Exchange. Finally, the EDGX Exchange, Inc.; Notice of Filing
rules/sro.shtml); or
Exchange believes the proposed changes • Send an email to rule-comments@ and Immediate Effectiveness of a
are not unfairly discriminatory in that sec.gov. Please include File Number SR– Proposed Rule Change to Fees for Use
they are equally applicable to all BatsBZX–2017–47 on the subject line. of Bats EDGX Exchange, Inc. and Bats
Members that use the Exchange’s EDGX Exchange, Inc.’s Equity Options
routing services to add liquidity at Paper Comments Platform
NYSE American. • Send paper comments in triplicate
to Secretary, Securities and Exchange August 2, 2017.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition Commission, 100 F Street NE., Pursuant to Section 19(b)(1) of the
Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
The Exchange does not believe that All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2
the proposed rule change will impose Number SR–BatsBZX–2017–47. This file notice is hereby given that on July 24,
any burden on competition not number should be included on the 2017, Bats EDGX Exchange, Inc. (the
necessary or appropriate in furtherance subject line if email is used. To help the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
of the purposes of the Act. The Commission process and review your Securities and Exchange Commission
Exchange does not believe that any of comments more efficiently, please use (‘‘Commission’’) the proposed rule
the proposed changes to the Exchange’s only one method. The Commission will change as described in Items I, II and III
routing pricing burden competition, as post all comments on the Commission’s below, which Items have been prepared
they are based on the pricing on other Internet Web site (http://www.sec.gov/ by the Exchange. The Exchange has
venues. The Exchange notes that it rules/sro.shtml). Copies of the designated the proposed rule change as
operates in a highly competitive market submission, all subsequent one establishing or changing a member
in which market participants can amendments, all written statements due, fee, or other charge imposed by the
readily direct order flow to competing with respect to the proposed rule Exchange under Section 19(b)(3)(A)(ii)
venues if they deem fee structures to be change that are filed with the of the Act 3 and Rule 19b–4(f)(2)
unreasonable or excessive. The Commission, and all written thereunder,4 which renders the
Exchange does not believe the proposed communications relating to the proposed rule change effective upon
amendments would burden intramarket proposed rule change between the filing with the Commission. The
competition as they would be available Commission and any person, other than Commission is publishing this notice to
to all Members uniformly. those that may be withheld from the solicit comments on the proposed rule
(C) Self-Regulatory Organization’s public in accordance with the change from interested persons.
Statement on Comments on the provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s
Proposed Rule Change Received From available for Web site viewing and Statement of the Terms of Substance of
Members, Participants or Others printing in the Commission’s Public the Proposed Rule Change
Reference Room, 100 F Street NE.,
The Exchange has not solicited, and Washington, DC 20549, on official The Exchange filed a proposal to
does not intend to solicit, comments on business days between the hours of amend the fee schedule applicable to
this proposed rule change. The 10:00 a.m. and 3:00 p.m. Copies of such Members 5 and non-Members of the
Exchange has not received any
asabaliauskas on DSKBBXCHB2PROD with NOTICES

filing will also be available for
unsolicited written comments from inspection and copying at the principal 11 17 CFR 200.30–3(a)(12).
Members or other interested parties. office of the Exchange. All comments 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
III. Date of Effectiveness of the received will be posted without change;
3 15 U.S.C. 78s(b)(3)(A)(ii).
Proposed Rule Change and Timing for the Commission does not edit personal 4 17 CFR 240.19b–4(f)(2).
Commission Action identifying information from 5 The term ‘‘Member’’ is defined as ‘‘any

registered broker or dealer that has been admitted
The foregoing rule change has become 9 15 U.S.C. 78s(b)(3)(A). to membership in the Exchange.’’ See Exchange
effective pursuant to Section 19(b)(3)(A) 10 17 CFR 240.19b–4(f). Rule 1.5(n).

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37138 Federal Register / Vol. 82, No. 151 / Tuesday, August 8, 2017 / Notices

III. Date of Effectiveness of the inspection and copying at the principal the Commission instituted proceedings
Proposed Rule Change and Timing for office of the Exchange. All comments under Section 19(b)(2)(B) of the Act 6 to
Commission Action received will be posted without change; determine whether to approve or
The foregoing rule change has become the Commission does not edit personal disapprove the proposed rule change, as
effective pursuant to Section 19(b)(3)(A) identifying information from modified by Amendment No. 1.7 On
of the Act 9 and paragraph (f) of Rule submissions. You should submit only July 25, 2017, the Exchange filed
19b–4 thereunder.10 At any time within information that you wish to make Amendment No. 2 to the proposed rule
60 days of the filing of the proposed rule available publicly. All submissions change.8 The Commission received
change, the Commission summarily may should refer to File Number SR– three comment letters on the proposed
temporarily suspend such rule change if BatsEDGX–2017–31 and should be rule change, including two from the
it appears to the Commission that such submitted on or before August 29, 2017. Exchange.9 The Commission is
action is necessary or appropriate in the For the Commission, by the Division of approving the proposed rule change, as
public interest, for the protection of Trading and Markets, pursuant to delegated modified by Amendment Nos. 1 and 2,
investors, or otherwise in furtherance of authority.11 subject to a pilot period set to end on
the purposes of the Act. Eduardo A. Aleman, the earlier of: (1) Twelve months
Assistant Secretary. following the date of the first listing of
IV. Solicitation of Comments the options; or (2) December 29, 2018.
[FR Doc. 2017–16636 Filed 8–7–17; 8:45 am]
Interested persons are invited to II. Description of the Proposal, as
BILLING CODE 8011–01–P
submit written data, views and Modified by Amendment Nos. 1 and 2
arguments concerning the foregoing,
including whether the proposal is The Exchange is proposing to amend
SECURITIES AND EXCHANGE its rules to permit the listing and
consistent with the Act. Comments may COMMISSION
be submitted by any of the following trading, on a pilot basis, of NASDAQ–
methods: [Release No. 34–81293; File No. SR–Phlx– 100 options with third-Friday-of-the-
2017–04] month expiration dates, whose exercise
Electronic Comments settlement value will be based on the
• Use the Commission’s Internet Self-Regulatory Organizations; closing index value, symbol XQC, of the
comment form (http://www.sec.gov/ NASDAQ PHLX LLC; Order Granting NASDAQ–100 on the expiration day
rules/sro.shtml); or Approval of a Proposed Rule Change, (‘‘P.M.-settled’’).
• Send an email to rule-comments@ as Modified by Amendment Nos. 1 and The Exchange represents that the
sec.gov. Please include File Number SR– 2, To Permit the Listing and Trading of conditions for listing the proposed
BatsEDGX–2017–31 on the subject line. P.M.-Settled NASDAQ–100 Index® contract (‘‘NDXPM’’) on Phlx will be
Options on a Pilot Basis similar to those for Full Value Nasdaq
Paper Comments 100 Options (‘‘NDX’’), which are already
August 2, 2017.
• Send paper comments in triplicate listed and trading on Phlx, except that
to Secretary, Securities and Exchange I. Introduction NDXPM will be P.M.-settled.10 In
Commission, 100 F Street NE., On January 18, 2017, NASDAQ PHLX particular, NDXPM will use a $100
Washington, DC 20549–1090. LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with multiplier, and the minimum trading
All submissions should refer to File the Securities and Exchange
Number SR–BatsEDGX–2017–31. This measured by an appropriate index as agreed by the
Commission (‘‘Commission’’), pursuant Commission and the Exchange, would be provided
file number should be included on the to Section 19(b)(1) of the Securities as part of the pilot data. When the Exchange filed
subject line if email is used. To help the Exchange Act of 1934 (‘‘Act’’),1 and Amendment No. 1 with the Commission, it also
Commission process and review your Rule 19b–4 thereunder,2 a proposed rule submitted Amendment No. 1 to the public comment
comments more efficiently, please use file for SR–Phlx–2017–04 (available at:
change to permit the listing and trading www.sec.gov/comments/sr-phlx-2017-04/
only one method. The Commission will of P.M.-settled NASDAQ–100 Index® phlx201704.htm).
post all comments on the Commission’s (‘‘NASDAQ–100’’) options on a pilot 6 15 U.S.C. 78s(b)(2)(B).

Internet Web site (http://www.sec.gov/ basis. The proposed rule change was 7 See Securities Exchange Act Release No. 80581,

rules/sro.shtml). Copies of the published for comment in the Federal 82 FR 21587 (May 9, 2017) (‘‘Order Instituting
submission, all subsequent Proceedings’’).
Register on February 3, 2017.3 On 8 In Amendment No. 2, the Exchange revised the
amendments, all written statements March 14, 2017, the Commission proposed duration of the pilot program such that
with respect to the proposed rule extended the time period within which the pilot would terminate on the earlier of: (i)
change that are filed with the to approve the proposed rule change, Twelve months following the date of the first listing
Commission, and all written of the options; or (ii) December 29, 2018. When the
disapprove the proposed rule change, or Exchange filed Amendment No. 2 with the
communications relating to the
institute proceedings to determine Commission, it also submitted Amendment No. 2 to
proposed rule change between the the public comment file for SR–Phlx–2017–04
whether to disapprove the proposed
Commission and any person, other than (available at: www.sec.gov/comments/sr-phlx-2017-
rule change.4 On May 2, 2017, the 04/phlx201704.htm). Because Amendment No. 2
those that may be withheld from the
Exchange filed Amendment No. 1 to the does not materially alter the substance of the
public in accordance with the
proposed rule change.5 On May 3, 2017, proposed rule change or raise unique or novel
provisions of 5 U.S.C. 552, will be regulatory issues, it is not subject to notice and
available for Web site viewing and 11 17 CFR 200.30–3(a)(12).
comment.
asabaliauskas on DSKBBXCHB2PROD with NOTICES

9 See Letters to Brent J. Fields, Secretary,
printing in the Commission’s Public 1 15 U.S.C. 78s(b)(1).
Commission, from Laura G. Dickman, Lead
Reference Room, 100 F Street NE., 2 17 CFR 240.19b–4.
Counsel, Chicago Board Options Exchange,
Washington, DC 20549, on official 3 See Securities Exchange Act Release No. 79894
Incorporated (‘‘CBOE’’), dated May 30, 2017
business days between the hours of (January 30, 2017), 82 FR 9259 (‘‘Notice’’). (‘‘CBOE Letter’’); Jeffrey S. Davis, Vice President
4 See Securities Exchange Act Release No. 80241,
10:00 a.m. and 3:00 p.m. Copies of such and Deputy General Counsel, NASDAQ PHLX LLC,
82 FR 14393 (March 20, 2017). dated June 12, 2017 (‘‘Phlx Letter I’’); and Jeffrey
filing will also be available for 5 In Amendment No. 1, the Exchange revised its S. Davis, Vice President and Deputy General
proposal to add that raw percentage price change Counsel, NASDAQ PHLX LLC, dated June 29, 2017
9 15 U.S.C. 78s(b)(3)(A). (‘‘Phlx Letter II’’).
data as well as percentage price change data
10 17 CFR 240.19b–4(f). normalized for prevailing market volatility, as 10 See Notice, supra note 3, at 9260.

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Document Created: 2017-08-08 00:18:06
Document Modified: 2017-08-08 00:18:06

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 37136