82_FR_47787 82 FR 47591 - Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees

82 FR 47591 - Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 196 (October 12, 2017)

Page Range47591-47593
FR Document2017-21995

Federal Register, Volume 82 Issue 196 (Thursday, October 12, 2017)
[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Pages 47591-47593]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-21995]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81825; File No. SR-BatsBYX-2017-25]


Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Transaction Fees

October 5, 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 September 29, 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.
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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 BYX 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.

[[Page 47592]]

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 add a new tier 
under footnote 1, Add/Remove Volume Tiers. The Exchange currently 
offers seven tiers under footnote 1 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 remove liquidity yielding fee codes 
BB,\9\ N \10\ and W.\11\ The Exchange proposes to add a new tier under 
footnote 1, to be known as Tier 6,\12\ under which a Member would be 
charged a reduced fee of $0.0017 per share on orders that yield fee 
codes B, V and Y, where that Member's Market Participant Identifier 
(``MPID'') has an ADAV \13\ equal to or greater than 0.10% of the TCV 
\14\ and a Step-Up ADAV equal to or greater than 0.05% of the TCV from 
a September 2017 baseline.\15\ The Exchange proposes to implement the 
above changes to its fee schedule on October 2, 2017.
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    \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 [sic] 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 [sic] 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 [sic] per share. 
See the Exchange's fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/.
    \12\ With the addition of proposed Tier 6 under footnote 1, the 
Exchange proposes to renumber current Tier 6 as Tier 7 and Tier 7 as 
Tier 8.
    \13\ ADAV is defined as the average daily volume calculated as 
the number of shares added per day and ``ADV'' means average daily 
volume calculated as the number of shares added or removed, 
combined, per day. See the Exchange fee schedule available at http://www.bats.com/us/equities/membership/fee_schedule/byx/.
    \14\ TCV is defined as the 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.
    \15\ Step-Up ADAV is defined as the ADAV in the relevant 
baseline month subtracted from current ADAV. Id.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\16\ in general, and 
furthers the objectives of Section 6(b)(4),\17\ 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 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 programs. The Exchange believes that providing the 
reduced rate to Members under proposed Tiers 6 is reasonable compared 
to the more stringent requirements under other tiers in footnote 1 that 
provide a further reduced rate. The Exchange further believes that the 
proposed tier is reasonable, fair and equitable because the liquidity 
from the proposed changes would benefit 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. These pricing programs are also not unfairly discriminatory 
in that it is available to all Members.
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    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(4).
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    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.

(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.

(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 \18\ and paragraph (f) of Rule 19b-4 
thereunder.\19\ 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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    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f).

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[[Page 47593]]

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-BatsBYX-2017-25 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-BatsBYX-2017-25. 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-BatsBYX-2017-25 and should 
be submitted on or before November 2, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21995 Filed 10-11-17; 8:45 am]
BILLING CODE 8011-01-P



                                                                                    Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices                                                     47591

                                                    applicable to penny and non-penny                          IV. Solicitation of Comments                               For the Commission, by the Division of
                                                    classes.                                                                                                            Trading and Markets, pursuant to delegated
                                                                                                                 Interested persons are invited to                      authority.
                                                    B. Self-Regulatory Organization’s                          submit written data, views, and                          Eduardo A. Aleman,
                                                    Statement on Burden on Competition                         arguments concerning the foregoing,                      Assistant Secretary.
                                                       CBOE does not believe that the                          including whether the proposed rule                      [FR Doc. 2017–21997 Filed 10–11–17; 8:45 am]
                                                    proposed rule change will impose any                       change is consistent with the Act.
                                                                                                                                                                        BILLING CODE 8011–01–P
                                                    burden on competition that is not                          Comments may be submitted by any of
                                                    necessary or appropriate in furtherance                    the following methods:
                                                    of the purposes of the Act. The                                                                                     SECURITIES AND EXCHANGE
                                                                                                               Electronic Comments
                                                    Exchange does not believe that the                                                                                  COMMISSION
                                                    proposed rule change will impose any                         • Use the Commission’s Internet
                                                    burden on intramarket competition that                     comment form (http://www.sec.gov/                        [Release No. 34–81825; File No. SR–
                                                    is not necessary or appropriate in                         rules/sro.shtml); or                                     BatsBYX–2017–25]
                                                    furtherance of the purposes of the Act
                                                    because, while different fees are                            • Send an email to rule-comments@
                                                                                                               sec.gov. Please include File Number SR–                  Self-Regulatory Organizations; Bats
                                                    assessed to different market participants                                                                           BYX Exchange, Inc.; Notice of Filing
                                                    in some circumstances, these different                     CBOE–2017–063 on the subject line.
                                                                                                                                                                        and Immediate Effectiveness of a
                                                    market participants have different                         Paper Comments                                           Proposed Rule Change Related to
                                                    obligations and different circumstances                                                                             Transaction Fees
                                                    as discussed above. For example,                             • Send paper comments in triplicate
                                                    Market-Makers have quoting obligations                     to Secretary, Securities and Exchange                    October 5, 2017.
                                                    that other market participants do not                      Commission, 100 F Street NE.,                               Pursuant to Section 19(b)(1) of the
                                                    have. The Exchange does not believe                        Washington, DC 20549–1090.                               Securities Exchange Act of 1934 (the
                                                    that the proposed rule changes will                                                                                 ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                    impose any burden on intermarket                           All submissions should refer to File
                                                                                                               Number SR–CBOE–2017–063. This file                       notice is hereby given that on
                                                    competition that is not necessary or                                                                                September 29, 2017, Bats BYX
                                                    appropriate in furtherance of the                          number should be included on the
                                                                                                               subject line if email is used. To help the               Exchange, Inc. (the ‘‘Exchange’’ or
                                                    purposes of the Act because RUT is                                                                                  ‘‘BYX’’) filed with the Securities and
                                                    exclusively listed on CBOE and C2. To                      Commission process and review your
                                                                                                               comments more efficiently, please use                    Exchange Commission (‘‘Commission’’)
                                                    the extent that the proposed changes                                                                                the proposed rule change as described
                                                    make CBOE a more attractive                                only one method. The Commission will
                                                                                                                                                                        in Items I, II and III below, which Items
                                                    marketplace for market participants at                     post all comments on the Commission’s
                                                                                                                                                                        have been prepared by the Exchange.
                                                    other exchanges, such market                               Internet Web site (http://www.sec.gov/
                                                                                                                                                                        The Exchange has designated the
                                                    participants are welcome to become                         rules/sro.shtml). Copies of the
                                                                                                                                                                        proposed rule change as one
                                                    CBOE market participants.                                  submission, all subsequent                               establishing or changing a member due,
                                                    C. Self-Regulatory Organization’s                          amendments, all written statements                       fee, or other charge imposed by the
                                                    Statement on Comments on the                               with respect to the proposed rule                        Exchange under Section 19(b)(3)(A)(ii)
                                                    Proposed Rule Change Received From                         change that are filed with the                           of the Act 3 and Rule 19b–4(f)(2)
                                                    Members, Participants, or Others                           Commission, and all written                              thereunder,4 which renders the
                                                                                                               communications relating to the                           proposed rule change effective upon
                                                      The Exchange neither solicited nor                       proposed rule change between the                         filing with the Commission. The
                                                    received comments on the proposed                          Commission and any person, other than                    Commission is publishing this notice to
                                                    rule change.                                               those that may be withheld from the                      solicit comments on the proposed rule
                                                    III. Date of Effectiveness of the                          public in accordance with the                            change from interested persons.
                                                    Proposed Rule Change and Timing for                        provisions of 5 U.S.C. 552, will be
                                                                                                                                                                        I. Self-Regulatory Organization’s
                                                    Commission Action                                          available for Web site viewing and
                                                                                                                                                                        Statement of the Terms of Substance of
                                                                                                               printing in the Commission’s Public
                                                       The foregoing rule change has become                                                                             the Proposed Rule Change
                                                                                                               Reference Room, 100 F Street NE.,
                                                    effective pursuant to Section 19(b)(3)(A)
                                                                                                               Washington, DC 20549 on official                            The Exchange filed a proposal to
                                                    of the Act 6 and paragraph (f) of Rule
                                                                                                               business days between the hours of                       amend the fee schedule applicable to
                                                    19b–4 7 thereunder. At any time within
                                                                                                               10:00 a.m. and 3:00 p.m. Copies of the                   Members 5 and non-Members of the
                                                    60 days of the filing of the proposed rule
                                                    change, the Commission summarily may                       filing also will be available for                        Exchange pursuant to BYX Rules 15.1(a)
                                                    temporarily suspend such rule change if                    inspection and copying at the principal                  and (c).
                                                    it appears to the Commission that such                     office of the Exchange. All comments                        The text of the proposed rule change
                                                    action is necessary or appropriate in the                  received will be posted without change;                  is available at the Exchange’s Web site
                                                    public interest, for the protection of                     the Commission does not edit personal                    at www.bats.com, at the principal office
                                                    investors, or otherwise in furtherance of                  identifying information from                             of the Exchange, and at the
                                                                                                               submissions. You should submit only                      Commission’s Public Reference Room.
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                    the purposes of the Act. If the
                                                    Commission takes such action, the                          information that you wish to make
                                                    Commission will institute proceedings                      available publicly. All submissions                        1 15 U.S.C. 78s(b)(1).
                                                    to determine whether the proposed rule                     should refer to File Number SR–CBOE–                       2 17 CFR 240.19b–4.
                                                                                                                                                                          3 15 U.S.C. 78s(b)(3)(A)(ii).
                                                    change should be approved or                               2017–063 and should be submitted on
                                                                                                                                                                          4 17 CFR 240.19b–4(f)(2).
                                                    disapproved.                                               or before November 2, 2017.8                               5 The term ‘‘Member’’ is defined as ‘‘any

                                                                                                                                                                        registered broker or dealer that has been admitted
                                                      6 15   U.S.C. 78s(b)(3)(A).                                                                                       to membership in the Exchange.’’ See Exchange
                                                      7 17   CFR 240.19b–4(f).                                   8 17   CFR 200.30–3(a)(12).                            Rule 1.5(n).



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                                                    47592                       Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices

                                                    II. Self-Regulatory Organization’s                      of the TCV 14 and a Step-Up ADAV                      Exchange believes that the proposed tier
                                                    Statement of the Purpose of, and                        equal to or greater than 0.05% of the                 is a reasonable, fair and equitable, and
                                                    Statutory Basis for, the Proposed Rule                  TCV from a September 2017 baseline.15                 not an unfairly discriminatory
                                                    Change                                                  The Exchange proposes to implement                    allocation of fees and rebates, because it
                                                                                                            the above changes to its fee schedule on              will provide Members with an
                                                      In its filing with the Commission, the                October 2, 2017.                                      additional incentive to reach certain
                                                    Exchange included statements                                                                                  thresholds on the Exchange.
                                                    concerning the purpose of and basis for                 2. Statutory Basis
                                                    the proposed rule change and discussed                     The Exchange believes that the                     (B) Self-Regulatory Organization’s
                                                    any comments it received on the                         proposed rule change is consistent with               Statement on Burden on Competition
                                                    proposed rule change. The text of these                 the objectives of Section 6 of the Act,16                The Exchange does not believe that
                                                    statements may be examined at the                       in general, and furthers the objectives of            the proposed rule change will impose
                                                    places specified in Item IV below. The                  Section 6(b)(4),17 in particular, as it is            any burden on competition not
                                                    Exchange has prepared summaries, set                    designed to provide for the equitable                 necessary or appropriate in furtherance
                                                    forth in Sections A, B, and C below, of                 allocation of reasonable dues, fees and               of the purposes of the Act. The
                                                    the most significant parts of such                      other charges among its Members and                   Exchange does not believe that this
                                                    statements.                                             other persons using its facilities. The               change represents a significant
                                                                                                            Exchange believes that the proposed tier              departure from previous pricing offered
                                                    (A) Self-Regulatory Organization’s
                                                                                                            under footnote 1 is equitable and                     by the Exchange or from pricing offered
                                                    Statement of the Purpose of, and
                                                                                                            reasonable because such pricing                       by the Exchange’s competitors. The
                                                    Statutory Basis for, the Proposed Rule
                                                                                                            programs reward a Member’s growth                     proposed rates would apply uniformly
                                                    Change
                                                                                                            pattern on the Exchange and such                      to all Members, and Members may opt
                                                    1. Purpose                                              increased volume will allow the                       to disfavor the Exchange’s pricing if
                                                                                                            Exchange to continue to provide and                   they believe that alternatives offer them
                                                       The Exchange proposes to amend its                   potentially expand the its incentive                  better value. Accordingly, the Exchange
                                                    fee schedule to add a new tier under                    programs. The Exchange believes that                  does not believe that the proposed
                                                    footnote 1, Add/Remove Volume Tiers.                    providing the reduced rate to Members                 changes will impair the ability of
                                                    The Exchange currently offers seven                     under proposed Tiers 6 is reasonable                  Members or competing venues to
                                                    tiers under footnote 1 that offer reduced               compared to the more stringent                        maintain their competitive standing in
                                                    fees for displayed orders that yield fee                requirements under other tiers in                     the financial markets. Further, excessive
                                                    codes B,6 V 7 and Y,8 and an enhanced                   footnote 1 that provide a further                     fees would serve to impair an
                                                    rebate for orders that remove liquidity                 reduced rate. The Exchange further                    exchange’s ability to compete for order
                                                    yielding fee codes BB,9 N 10 and W.11                   believes that the proposed tier is                    flow and members rather than
                                                    The Exchange proposes to add a new                      reasonable, fair and equitable because                burdening competition. The Exchange
                                                    tier under footnote 1, to be known as                   the liquidity from the proposed changes               believes that its proposal would not
                                                    Tier 6,12 under which a Member would                    would benefit all investors by                        burden intramarket competition because
                                                    be charged a reduced fee of $0.0017 per                 deepening the Exchange’s liquidity                    the proposed rate would apply
                                                    share on orders that yield fee codes B,                 pool, offering additional flexibility for             uniformly to all Members.
                                                    V and Y, where that Member’s Market                     all investors to enjoy cost savings,
                                                    Participant Identifier (‘‘MPID’’) has an                supporting the quality of price                       (C) Self-Regulatory Organization’s
                                                    ADAV 13 equal to or greater than 0.10%                  discovery, promoting market                           Statement on Comments on the
                                                                                                            transparency and improving investor                   Proposed Rule Change Received From
                                                       6 Fee code B is appended to displayed orders that
                                                                                                            protection. These pricing programs are                Members, Participants or Others
                                                    add liquidity to BYX (Tape B) and is assessed a fee     also not unfairly discriminatory in that
                                                    of $0.0018 per share. See the Exchange’s fee                                                                    The Exchange has not solicited, and
                                                    schedule available at http://www.bats.com/us/           it is available to all Members.                       does not intend to solicit, comments on
                                                    equities/membership/fee_schedule/byx/.                     In addition, volume-based fees such                this proposed rule change. The
                                                       7 Fee code V is appended to displayed orders that    as that proposed herein have been                     Exchange has not received any
                                                    add liquidity to BYX (Tape A) and is assessed a fee     widely adopted by exchanges and are
                                                    of $0.0018 per share. Id.                                                                                     unsolicited written comments from
                                                       8 Fee code Y is appended to displayed orders that
                                                                                                            equitable because they are open to all                Members or other interested parties.
                                                    add liquidity to BYX (Tape C) and is assessed a fee     Members on an equal basis and provide
                                                    of $0.0018 per share. Id.                               additional benefits or discounts that are             III. Date of Effectiveness of the
                                                       9 Fee code BB is appended to orders that remove      reasonably related to: (i) The value to an            Proposed Rule Change and Timing for
                                                    liquidity from BYX (Tape B) and is assessed a           exchange’s market quality; (ii)                       Commission Action
                                                    rebate of $0.0010 [sic] per share. Id.
                                                       10 Fee code N is appended to orders that remove
                                                                                                            associated higher levels of market                       The foregoing rule change has become
                                                    liquidity from BYX (Tape C) and is assessed a           activity, such as higher levels of                    effective pursuant to Section 19(b)(3)(A)
                                                    rebate of $0.0010 [sic] per share. Id.                  liquidity provision and/or growth                     of the Act 18 and paragraph (f) of Rule
                                                       11 Fee code W is appended to orders that remove      patterns; and (iii) the introduction of
                                                    liquidity from BYX (Tape A) and is assessed a
                                                                                                                                                                  19b–4 thereunder.19 At any time within
                                                                                                            higher volumes of orders into the price
                                                    rebate of $0.0010 [sic] per share. See the Exchange’s                                                         60 days of the filing of the proposed rule
                                                                                                            and volume discovery processes. The
                                                    fee schedule available at http://www.bats.com/us/                                                             change, the Commission summarily may
                                                    equities/membership/fee_schedule/byx/.
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                                                                              14 TCV is defined as the total consolidated
                                                                                                                                                                  temporarily suspend such rule change if
                                                       12 With the addition of proposed Tier 6 under
                                                                                                            volume calculated as the volume reported by all       it appears to the Commission that such
                                                    footnote 1, the Exchange proposes to renumber
                                                    current Tier 6 as Tier 7 and Tier 7 as Tier 8.          exchanges and trade reporting facilities to a         action is necessary or appropriate in the
                                                       13 ADAV is defined as the average daily volume       consolidated transaction reporting plan for the       public interest, for the protection of
                                                    calculated as the number of shares added per day        month for which the fees apply. Id.                   investors, or otherwise in furtherance of
                                                                                                              15 Step-Up ADAV is defined as the ADAV in the
                                                    and ‘‘ADV’’ means average daily volume calculated                                                             the purposes of the Act.
                                                    as the number of shares added or removed,               relevant baseline month subtracted from current
                                                    combined, per day. See the Exchange fee schedule        ADAV. Id.
                                                                                                              16 15 U.S.C. 78f.                                     18 15   U.S.C. 78s(b)(3)(A).
                                                    available at http://www.bats.com/us/equities/
                                                    membership/fee_schedule/byx/.                             17 15 U.S.C. 78f(b)(4).                               19 17   CFR 240.19b–4(f).



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                                                                                  Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices                                           47593

                                                    IV. Solicitation of Comments                                For the Commission, by the Division of              DEPARTMENT OF TRANSPORTATION
                                                                                                              Trading and Markets, pursuant to delegated
                                                      Interested persons are invited to                       authority.20                                          Federal Aviation Administration
                                                    submit written data, views, and                           Eduardo A. Aleman,
                                                    arguments concerning the foregoing,                                                                             Notice of Intent To Release Certain
                                                                                                              Assistant Secretary.
                                                    including whether the proposed rule                                                                             Properties From All Terms, Conditions,
                                                                                                              [FR Doc. 2017–21995 Filed 10–11–17; 8:45 am]          Reservations and Restrictions of a
                                                    change is consistent with the Act.
                                                    Comments may be submitted by any of                       BILLING CODE 8011–01–P                                Quitclaim Deed Agreement Between
                                                    the following methods:                                                                                          Sarasota Manatee Airport Authority
                                                                                                                                                                    and the Federal Aviation
                                                    Electronic Comments                                                                                             Administration for the Sarasota-
                                                                                                              SMALL BUSINESS ADMINISTRATION                         Bradenton International Airport,
                                                      • Use the Commission’s Internet                                                                               Sarasota, FL
                                                    comment form (http://www.sec.gov/                         Senior Executive Service and Senior
                                                    rules/sro.shtml); or                                      Level: Performance Review Board                       AGENCY:  Federal Aviation
                                                                                                                                                                    Administration (FAA), DOT.
                                                      • Send an email to rule-comments@                       Members
                                                                                                                                                                    ACTION: Request for public comment.
                                                    sec.gov. Please include File Number SR–
                                                    BatsBYX–2017–25 on the subject line.                      AGENCY:U.S. Small Business
                                                                                                                                                                    SUMMARY:   The FAA hereby provides
                                                                                                              Administration.                                       notice of intent to release certain airport
                                                    Paper Comments
                                                                                                              ACTION:Notice of Members for the FY                   properties 6.49 acres at the Sarasota-
                                                      • Send paper comments in triplicate                     2017 Performance Review Board.                        Bradenton International Airport,
                                                    to Brent J. Fields, Secretary, Securities                                                                       Sarasota, FL from the conditions,
                                                    and Exchange Commission, 100 F Street                        Title 5 U.S.C. 4314(c) (4) requires                reservations, and restrictions as
                                                    NE., Washington, DC 20549–1090.                           each agency to publish notification of                contained in a Quitclaim Deed
                                                                                                              the appointment of individuals who                    agreement between the FAA and the
                                                    All submissions should refer to File                                                                            Sarasota Manatee Airport Authority,
                                                                                                              may serve as members of that Agency’s
                                                    Number SR–BatsBYX–2017–25. This                                                                                 dated December 16, 1947. The release of
                                                                                                              Performance Review Board (PRB). The
                                                    file number should be included on the                                                                           property will allow Sarasota Manatee
                                                                                                              following individuals have been
                                                    subject line if email is used. To help the                                                                      Airport Authority to dispose of the
                                                                                                              designated to serve on the FY 2017
                                                    Commission process and review your                                                                              property for other than aeronautical
                                                                                                              Performance Review Board for the U.S.                 purposes. The property is located 1361
                                                    comments more efficiently, please use
                                                                                                              Small Business Administration.                        West University Parkway in Manatee
                                                    only one method. The Commission will
                                                    post all comments on the Commission’s                        Members:                                           County. The parcel is currently
                                                    Internet Web site (http://www.sec.gov/                       1. Joseph Loddo (Chair), Chief                     designated as commercial/industrial
                                                    rules/sro.shtml). Copies of the                           Operating Officer, Office of the Chief                land. The property will be released of its
                                                    submission, all subsequent                                Operating Officer.                                    federal obligations for commercial
                                                    amendments, all written statements                                                                              development. The fair market value of
                                                                                                                 2. Pradeep Belur, Senior Advisor to                this parcel has been determined to be
                                                    with respect to the proposed rule                         the Deputy Administrator, Office of the
                                                    change that are filed with the                                                                                  $1,265,000.
                                                                                                              Administrator.                                          Documents reflecting the Sponsor’s
                                                    Commission, and all written
                                                                                                                 3. Barbara Carson, Associate                       request are available, by appointment
                                                    communications relating to the                                                                                  only, for inspection at the Sarasota-
                                                    proposed rule change between the                          Administrator, Office of Veterans
                                                                                                              Business Development.                                 Bradenton International Airport and the
                                                    Commission and any person, other than                                                                           FAA Airports District Office.
                                                    those that may be withheld from the                          4. Eugene Cornelius Jr., Deputy
                                                                                                                                                                    DATES: Comments are due on or before
                                                    public in accordance with the                             Associate Administrator, Office of
                                                                                                                                                                    November 13, 2017.
                                                    provisions of 5 U.S.C. 552, will be                       International Trade.
                                                                                                                                                                    ADDRESSES: Documents are available for
                                                    available for Web site viewing and                           5. Allen Gutierrez, Associate                      review at Sarasota-Bradenton
                                                    printing in the Commission’s Public                       Administrator, Office of Entrepreneurial              International Airport, and the FAA
                                                    Reference Room, 100 F Street NE.,                         Development.                                          Airports District Office, 5950 Hazeltine
                                                    Washington, DC 20549, on official                            6. Holly Schick, Director, Mentor                  National Drive, Suite 400, Orlando, FL
                                                    business days between the hours of                        Protégé Program, Office of Government               32822. Written comments on the
                                                    10:00 a.m. and 3:00 p.m. Copies of the                    Contracting and Business Development.                 Sponsor’s request must be delivered or
                                                    filing also will be available for                                                                               mailed to: Pedro Blanco, Community
                                                    inspection and copying at the principal                      7. Robert Steiner, District Director
                                                                                                                                                                    Planner, Orlando Airports District
                                                    office of the Exchange. All comments                      (Illinois District Office), Office of Field
                                                                                                                                                                    Office, 5950 Hazeltine National Drive,
                                                    received will be posted without change;                   Operations.                                           Suite 400, Orlando, FL 32822–5024.
                                                    the Commission does not edit personal                        8. William Manger, Associate                       FOR FURTHER INFORMATION CONTACT:
                                                    identifying information from                              Administrator, Office of Capital Access.              Pedro Blanco, Community Planner,
                                                    submissions. You should submit only                                                                             Orlando Airports District Office, 5950
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                                                                              Linda E. McMahon,
                                                    information that you wish to make                                                                               Hazeltine National Drive, Suite 400,
                                                    available publicly. All submissions                       Administrator.
                                                                                                                                                                    Orlando, FL 32822–5024.
                                                    should refer to File Number SR–                           [FR Doc. 2017–21926 Filed 10–11–17; 8:45 am]
                                                                                                                                                                    SUPPLEMENTARY INFORMATION: Section
                                                    BatsBYX–2017–25 and should be                             BILLING CODE 8025–01–P                                125 of The Wendell H. Ford Aviation
                                                    submitted on or before November 2,                                                                              Investment and Reform Act for the 21st
                                                    2017.                                                                                                           Century (AIR–21) requires the FAA to
                                                                                                                                                                    provide an opportunity for public notice
                                                      20 17   CFR 200.30–3(a)(12).                                                                                  and comment prior to the ‘‘waiver’’ or


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Document Created: 2018-10-25 10:02:52
Document Modified: 2018-10-25 10:02:52
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 47591 

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