82 FR 54439 - In the Matter of the Petitions of: Virtu Financial Inc. and Virtu Americas, LLC and Susquehanna International Group, et al.; Order Granting Motion To Substitute Parties and Motion for Extension of Time; Securities Exchange Act of 1934

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 221 (November 17, 2017)

Page Range		54439-54440
FR Document		2017-24939

Federal Register, Volume 82 Issue 221 (Friday, November 17, 2017)

[Federal Register Volume 82, Number 221 (Friday, November 17, 2017)]
[Notices]
[Pages 54439-54440]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24939]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82067; File No. SR-OCC-2015-02]


 In the Matter of the Petitions of: Virtu Financial Inc. and 
Virtu Americas, LLC and Susquehanna International Group, et al.; Order 
Granting Motion To Substitute Parties and Motion for Extension of Time; 
Securities Exchange Act of 1934

November 13, 2017.
    On November 2, 2017, Virtu Financial Inc. and Virtu Americas LLC 
(collectively ``Virtu'') filed an Unopposed Motion to Substitute Virtu 
Financial Inc. and Virtu Americas LLC for Petitioner KCG Holdings, Inc. 
(``KCG'') pursuant to Rules 102 and 200(d) of the Commission Rules of 
Practice.\1\ In its motion, Virtu represents that it acquired KCG 
earlier this year and represents the successor in interest to KCG and 
its subsidiary. Virtu represents that it intends to participate in the 
matter pertaining to SR-OCC-2015-02 moving forward. Virtu also 
represents that the motion is unopposed. The Commission believes that 
it is appropriate to grant the motion.
---------------------------------------------------------------------------

    \1\ 17 CFR 201.102 and 200(d).
---------------------------------------------------------------------------

    On November 7, 2017, Petitioners Susquehanna International Group, 
LLP, BOX Options Exchange, LLC, MIAX International Securities Exchange, 
LLC, and Virtu, (collectively ``Petitioners'') filed an Unopposed 
Motion for Extension of Time pursuant to Rule 161 of the Commission 
Rules of Practice \2\ to extend the time previously provided for in the 
Commission's September 14, 2017 Corrected Order Scheduling Filing

[[Page 54440]]

of Statements on Review (``Corrected Order'').\3\ The Petitioners 
represent that the motion is unopposed by the Options Clearing 
Corporation (``OCC''). The Petitioners also represent that they have 
entered into a confidentiality agreement with OCC on November 1, 2017 
to obtain access to the confidential filings that OCC submitted to the 
Commission on October 13, 2017 to support OCC's proposed rule change. 
The Petitioners request an extension of time so that they may review 
these confidential materials and provide the Commission with informed 
and deliberate comments. The Petitioners further represent that 
extending the time for comment would allow them the same amount of 
time, thirty days, to review the materials as was contemplated by the 
Corrected Order. Given the unopposed nature of the request and the 
surrounding facts regarding this matter, the Commission believes that 
granting the extension will serve the interests of justice.
---------------------------------------------------------------------------

    \2\ 17 CFR 201.161.
    \3\ Exchange Act Release No. 81629 (September 14, 2017), File 
No. SR-OCC-2015-02.
---------------------------------------------------------------------------

    Accordingly, it is ordered, that the Unopposed Motion to Substitute 
Virtu Financial Inc. and Virtu Americas LLC for Petitioner KCG 
Holdings, Inc., is hereby granted; and
    It is further ordered, that the Unopposed Motion for Extension of 
Time is hereby granted. The time for any party or other person to file 
any additional statement, which may include statements previously 
submitted or otherwise available, or any new information such party or 
other person considers relevant, is extended from November 13, 2017 to 
November 30, 2017.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-24939 Filed 11-16-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 221 / Friday, November 17, 2017 / Notices 54439

C. Self-Regulatory Organization’s At any time within 60 days of the office of the Exchange. All comments
Statement on Comments on the filing of the proposed rule change, the received will be posted without change.
Proposed Rule Change Received From Commission summarily may Persons submitting comments are
Members, Participants, or Others temporarily suspend such rule change if cautioned that we do not redact or edit
it appears to the Commission that such personal identifying information from
No written comments were either comment submissions. You should
action is necessary or appropriate in the
solicited or received. submit only information that you wish
public interest, for the protection of
III. Date of Effectiveness of the investors, or otherwise in furtherance of to make available publicly. All
Proposed Rule Change and Timing for the purposes of the Act. If the submissions should refer to File
Commission Action Commission takes such action, the Number SR–NASDAQ–2017–117 and
Commission shall institute proceedings should be submitted on or before
Because the proposed rule change to determine whether the proposed rule December 8, 2017.
does not: (i) Significantly affect the change should be approved or
protection of investors or the public For the Commission, by the Division of
disapproved. Trading and Markets, pursuant to delegated
interest; (ii) impose any significant authority.12
burden on competition; and (iii) become IV. Solicitation of Comments
Eduardo A. Aleman,
operative for 30 days from the date on Interested persons are invited to Assistant Secretary.
which it was filed, or such shorter time submit written data, views, and [FR Doc. 2017–24937 Filed 11–16–17; 8:45 am]
as the Commission may designate, it has arguments concerning the foregoing,
become effective pursuant to Section BILLING CODE 8011–01–P
including whether the proposed rule
19(b)(3)(A) of the Act 7 and Rule 19b– change is consistent with the Act.
4(f)(6) thereunder.8 Comments may be submitted by any of SECURITIES AND EXCHANGE
A proposed rule change filed the following methods: COMMISSION
pursuant to Rule 19b–4(f)(6) under the
Act 9 normally does not become Electronic Comments [Release No. 34–82067; File No. SR–OCC–
operative for 30 days after the date of its • Use the Commission’s Internet 2015–02]
filing. However, Rule 19b–4(f)(6)(iii) 10 comment form (http://www.sec.gov/
rules/sro.shtml); or In the Matter of the Petitions of: Virtu
permits the Commission to designate a
• Send an email to rule-comments@ Financial Inc. and Virtu Americas, LLC
shorter time if such action is consistent
sec.gov. Please include File Number SR– and Susquehanna International Group,
with the protection of investors and the et al.; Order Granting Motion To
public interest. The Exchange has asked NASDAQ–2017–117 on the subject line.
Substitute Parties and Motion for
the Commission to waive the 30-day Paper Comments Extension of Time; Securities
operative delay. The Commission
believes that waiving the 30-day • Send paper comments in triplicate Exchange Act of 1934
operative delay is consistent with the to Secretary, Securities and Exchange November 13, 2017.
protection of investors and the public Commission, 100 F Street NE., On November 2, 2017, Virtu Financial
interest. The Commission notes that the Washington, DC 20549–1090. Inc. and Virtu Americas LLC
Exchange’s customers have expressed All submissions should refer to File (collectively ‘‘Virtu’’) filed an
concern that data contained in the Number SR–NASDAQ–2017–117. This Unopposed Motion to Substitute Virtu
Nasdaq Market Analytics Data Package file number should be included on the Financial Inc. and Virtu Americas LLC
may reveal too much information about subject line if email is used. To help the for Petitioner KCG Holdings, Inc.
the trading strategies of participants on Commission process and review your (‘‘KCG’’) pursuant to Rules 102 and
the Exchange, and have inquired about comments more efficiently, please use 200(d) of the Commission Rules of
possible modifications to the product. only one method. The Commission will Practice.1 In its motion, Virtu represents
The Commission also notes that, in light post all comments on the Commission’s that it acquired KCG earlier this year
of the age of the product, the small Internet Web site (http://www.sec.gov/ and represents the successor in interest
number of subscribers, the cost of rules/sro.shtml). Copies of the to KCG and its subsidiary. Virtu
modifying the product, and the submission, all subsequent represents that it intends to participate
concerns raised by some market amendments, all written statements in the matter pertaining to SR–OCC–
participants, the Exchange has with respect to the proposed rule 2015–02 moving forward. Virtu also
determined to remove the product. change that are filed with the represents that the motion is
Accordingly, the Commission hereby Commission, and all written unopposed. The Commission believes
waives the 30-day operative delay and communications relating to the that it is appropriate to grant the
designates the proposal operative upon proposed rule change between the motion.
filing.11 Commission and any person, other than On November 7, 2017, Petitioners
those that may be withheld from the Susquehanna International Group, LLP,
7 15 U.S.C. 78s(b)(3)(A). public in accordance with the BOX Options Exchange, LLC, MIAX
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– provisions of 5 U.S.C. 552, will be International Securities Exchange, LLC,
4(f)(6)(iii) requires a self-regulatory organization to available for Web site viewing and and Virtu, (collectively ‘‘Petitioners’’)
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
printing in the Commission’s Public filed an Unopposed Motion for
description and the text of the proposed rule Reference Room, 100 F Street NE., Extension of Time pursuant to Rule 161
sradovich on DSK3GMQ082PROD with NOTICES

change, at least five business days prior to the date Washington, DC 20549 on official of the Commission Rules of Practice 2 to
of filing of the proposed rule change, or such business days between the hours of extend the time previously provided for
shorter time as designated by the Commission. The
Commission has waived this requirement.
10:00 a.m. and 3:00 p.m. Copies of the in the Commission’s September 14,
9 17 CFR 240.19b–4(f)(6). filing also will be available for 2017 Corrected Order Scheduling Filing
10 17 CFR 240.19b–4(f)(6)(iii). inspection and copying at the principal
11 For purposes only of waiving the 30-day 12 17 CFR 200.30–3(a)(12).
1 17 CFR 201.102 and 200(d).
operative delay, the Commission has also efficiency, competition, and capital formation. See
considered the proposed rule’s impact on 15 U.S.C. 78c(f). 2 17 CFR 201.161.

VerDate Sep<11>2014 18:32 Nov 16, 2017 Jkt 244001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 E:\FR\FM\17NON1.SGM 17NON1

54440 Federal Register / Vol. 82, No. 221 / Friday, November 17, 2017 / Notices

of Statements on Review (‘‘Corrected 7, 2017, Cboe EDGA Exchange, Inc. (the Exchange currently maintains a
Order’’).3 The Petitioners represent that ‘‘Exchange’’ or ‘‘EDGA’’) (formerly presence in two third-party data centers:
the motion is unopposed by the Options known as Bats EDGA Exchange, Inc.) (i) The primary data center where the
Clearing Corporation (‘‘OCC’’). The filed with the Securities and Exchange Exchange’s business is primarily
Petitioners also represent that they have Commission (‘‘Commission’’) the conducted on a daily basis, and (ii) a
entered into a confidentiality agreement proposed rule change as described in secondary data center, which is
with OCC on November 1, 2017 to Items I, II and III below, which Items predominantly maintained for business
obtain access to the confidential filings have been prepared by the Exchange. continuity purposes. The Exchange
that OCC submitted to the Commission The Exchange has designated the currently assesses the following
on October 13, 2017 to support OCC’s proposed rule change as one physical connectivity fees for Members
proposed rule change. The Petitioners establishing or changing a member due, and non-Members on a monthly basis:
request an extension of time so that they fee, or other charge imposed by the $2,000 per physical port that connects
may review these confidential materials Exchange under Section 19(b)(3)(A)(ii) to the System 6 via 1 gigabyte circuit;
and provide the Commission with of the Act 3 and Rule 19b–4(f)(2) and $6,000 per physical port that
informed and deliberate comments. The thereunder,4 which renders the connects to the System via 10 gigabyte
Petitioners further represent that proposed rule change effective upon circuit. The Exchange proposes to
extending the time for comment would filing with the Commission. The increase the fee per physical port that
allow them the same amount of time, Commission is publishing this notice to connects to the System via a 10 gigabyte
thirty days, to review the materials as solicit comments on the proposed rule circuit from $6,000 per month to $7,000
was contemplated by the Corrected change from interested persons. per month in order to cover its
Order. Given the unopposed nature of increased infrastructure costs associated
the request and the surrounding facts I. Self-Regulatory Organization’s with establishing physical ports to
regarding this matter, the Commission Statement of the Terms of Substance of connect to the Exchange’s Systems and
believes that granting the extension will the Proposed Rule Change enable it to continue to maintain and
serve the interests of justice. The Exchange filed a proposal to improve its market technology and
Accordingly, it is ordered, that the amend the fee schedule applicable to services.7 The Exchange does not
Unopposed Motion to Substitute Virtu Members 5 and non-Members of the propose to amend the fee for a 1
Financial Inc. and Virtu Americas LLC Exchange pursuant to EDGA Rules gigabyte circuit, which will remain
for Petitioner KCG Holdings, Inc., is 15.1(a) and (c). $2,000 per month. The Exchange
hereby granted; and The text of the proposed rule change proposes to implement this amendment
It is further ordered, that the is available at the Exchange’s Web site to its fee schedule on January 2, 2018.
Unopposed Motion for Extension of at www.markets.cboe.com, at the
Time is hereby granted. The time for 2. Statutory Basis
principal office of the Exchange, and at
any party or other person to file any the Commission’s Public Reference The Exchange believes that the
additional statement, which may Room. proposed rule change is consistent with
include statements previously the objectives of Section 6 of the Act,8
submitted or otherwise available, or any II. Self-Regulatory Organization’s in general, and furthers the objectives of
new information such party or other Statement of the Purpose of, and Section 6(b)(4),9 in particular, as it is
person considers relevant, is extended Statutory Basis for, the Proposed Rule designed to provide for the equitable
from November 13, 2017 to November Change allocation of reasonable dues, fees and
30, 2017. In its filing with the Commission, the other charges among its Members and
By the Commission. Exchange included statements other persons using its facilities. The
concerning the purpose of and basis for Exchange also notes that it operates in
Brent J. Fields,
the proposed rule change and discussed a highly-competitive market in which
Secretary.
any comments it received on the market participants can readily direct
[FR Doc. 2017–24939 Filed 11–16–17; 8:45 am] order flow to competing venues if they
proposed rule change. The text of these
BILLING CODE 8011–01–P
statements may be examined at the deem fee levels at a particular venue to
places specified in Item IV below. The be excessive. The proposed rule change
Exchange has prepared summaries, set reflects a competitive pricing structure
SECURITIES AND EXCHANGE designed to incent market participants
COMMISSION forth in Sections A, B, and C below, of
the most significant parts of such to direct their order flow to the
[Release No. 34–82061; File No. SR– statements. Exchange.
BatsEDGA–2017–30] The Exchange believes that the
(A) Self-Regulatory Organization’s proposed rate is equitable and non-
Self-Regulatory Organizations; Cboe Statement of the Purpose of, and discriminatory in that it applies
EDGA Exchange, Inc.; Notice of Filing Statutory Basis for, the Proposed Rule uniformly to all Members. Members and
and Immediate Effectiveness of a Change non-Members will continue to choose
Proposed Rule Change To Modify Its whether they want more than one
Fees for Physical Ports 1. Purpose
physical port and choose the method of
A physical port is utilized by a
November 13, 2017.
Member or non-Member to connect to 6 The term ‘‘System’’ is defined as ‘‘the electronic
Pursuant to Section 19(b)(1) of the the Exchange at the data centers where communications and trading facility designated by
sradovich on DSK3GMQ082PROD with NOTICES

Securities Exchange Act of 1934 (the the Exchange’s servers are located. The the Board through which securities orders of Users
‘‘Act’’),1 and Rule 19b–4 thereunder,2 are consolidated for ranking, execution and, when
applicable, routing away.’’ See Exchange Rule
notice is hereby given that on November 3 15 U.S.C. 78s(b)(3)(A)(ii). 1.5(cc).
4 17 CFR 240.19b–4(f)(2). 7 The Exchange also proposes a minor technical
3 Exchange Act Release No. 81629 (September 14, 5 The term ‘‘Member’’ is defined as ‘‘any amendment to change the title of the first column
2017), File No. SR–OCC–2015–02. registered broker or dealer that has been admitted from ‘‘Connection Service Type’’ to ‘‘Service’’.
1 15 U.S.C. 78s(b)(1). 8 15 U.S.C. 78f.
to membership in the Exchange.’’ See Exchange
2 17 CFR 240.19b–4. Rule 1.5(n). 9 15 U.S.C. 78f(b)(4).

VerDate Sep<11>2014 18:32 Nov 16, 2017 Jkt 244001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\17NON1.SGM 17NON1

Document Created: 2017-11-17 05:14:50
Document Modified: 2017-11-17 05:14:50

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 54439