Federal Register / Vol. 80, No. 32 / Wednesday, February 18, 2015 / Notices 8719 

14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(5). 

5 15 U.S.C. 78f(b)(4). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03228 Filed 2–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74252; File No. SR–C2– 

2015–002] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Fees Schedule 

February 11, 2015. 

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 February 

2, 2015, C2 Options Exchange, 

Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) 

filed with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Fees Schedule. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http://

www.c2exchange.com/Legal/), at the 

Exchange’s Office of the Secretary, 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 aspects 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 making 

certain amendments to the PULSe 

Workstation (‘‘PULSe’’) fees. By way of 

background, the Exchange charges a fee 

of $400 per month per Permit Holder 

workstation for the first 10 users and 

$100 per month for all subsequent users. 

Permit Holders may also make the 

functionality available to their 

customers, which may include nonbroker dealer public customers and nonPermit Holder broker dealers (referred to 

herein as ‘‘non-Permit Holders’’). For 

such non-Permit Holder workstations, 

the Exchange charges a fee of $400 per 

month per workstation. 

The Exchange first proposes to clarify 

and make explicit that the PULSe fees 

are assessed on a ‘‘per login ID’’ basis. 

Currently, the Fees Schedule states that 

the monthly fee for PULSe Permit 

Holder workstations is ‘‘$400/month 

(per Permit Holder workstation for the 

first 10)’’ and ‘‘$100/month (per each 

additional Permit Holder workstation)’’ 

and for PULSe non-Permit Holder 

workstations ‘‘$400/month (per nonPermit Holder workstation).’’ The 

Exchange believes the current language, 

and the use of the term ‘‘workstation’’, 

may be confusing to market 

participants. As such, the Exchange 

seeks to make clear in the Fees Schedule 

that the PULSe fees are assessed per 

login Id [sic]. The Exchange notes that 

this proposed change is merely a 

clarification and that no substantive 

changes are being made to how PULSe 

fees are assessed. 

Next, the Exchange proposes to 

provide that the $400 per month, per 

login ID fee will be applicable to the 

first 15 login IDs (instead of the first 10). 

The Exchange expended significant 

resources developing PULSe, and seeks 

to recoup more of those costs. 

Finally, the Exchange seeks to remove 

outdate [sic] language from the PULSe 

section of the Fees Schedule. Currently, 

the Fees Schedule provides that the 

PULSe Workstation fee is waived for the 

first month for the first new user of a 

Permit Holder and non-Permit Holder, 

respectively. Additionally, the Fees 

Schedule provides that the fee is waived 

for the first two months for all new 

users between August 1, 2014 and 

December 31, 2014, and that the fee is 

waived for the month of August 2014 for 

all users that became new users in July 

2014. As the above referenced waiver 

periods have since passed, the Exchange 

no longer believes this language is 

necessary to maintain in the Fees 

Schedule. The Exchange notes that the 

fee will continue to be waived for the 

first month of the first new user of a 

Permit Holder or non-Permit Holder. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.3 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 4 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitation transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,5 which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Trading Permit Holders and other 

persons using its facilities. 

In particular, the Exchange always 

strives for clarity in its rules and Fees 

Schedule, so that market participants 

may best understand how rules and fees 

apply. The Exchange believes that the 

proposed clarifications and removal of 

outdated language in the Fees Schedule 

will make the Fees Schedule easier to 

read and alleviate potential confusion. 

The alleviation of potential confusion 

will remove impediments to and perfect 

the mechanism of a free and open 

market and a national market system, 

and, in general, protect investors and 

the public interest. 

The Exchange believes assessing the 

$400 per month, per login ID fee to the 

first 15 login IDs (instead of the first 10) 

is reasonable because the Exchange 

expended significant resources 

developing PULSe and desires to recoup 

more of those costs. The Exchange 

believes this proposed rule change is 

equitable and not unfairly 

discriminatory because all Permit 

Holders who desire to use PULSe will 

be subject to this change. 


emcdonald on DSK67QTVN1PROD with NOTICES
8720 Federal Register / Vol. 80, No. 32 / Wednesday, February 18, 2015 / Notices 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f). 8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Exchange Rule 1.5(aa) defines ‘‘System’’ as ‘‘the 

electronic communications and trading facility 

designated by the Board through which securities 

orders of Users are consolidated for ranking, 

execution and, when applicable, routing away.’’ 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed changes to alleviate confusion 

are not intended for competitive reasons 

and only apply to C2. Additionally, the 

Exchange does not believe the proposed 

change to assess the PULSe login Id [sic] 

fee to the first 15 login Ids [sic] of a 

Permit Holder will impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because the 

proposed change applies to all Permit 

Holders. The Exchange believes this 

proposal will not cause an unnecessary 

burden on intermarket competition 

because the proposed change was not 

motivated by intermarket competition. 

To the extent that the proposed changes 

make C2 a more attractive marketplace 

for market participants at other 

exchanges, such market participants are 

welcome to become C2 market 

participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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 6 and paragraph (f) of Rule 

19b–4 7 thereunder. 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. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

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 rulecomments@sec.gov. Please include File 

Number SR–C2–2015–002 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–C2–2015–002. 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–C2– 

2015–002 and should be submitted on 

or before March 11, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03225 Filed 2–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74247; File No. SR–BATS– 

2014–09] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing of a 

Proposed Rule Change To Amend 

Rules 11.9, 11.12, and 11.13 of BATS 

Exchange, Inc. 

February 11, 2015. 

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 January 

30, 2015, BATS Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BATS’’) 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 Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange filed a proposal to 

amend Rules 11.9, 11.12, and 11.13 to 

clarify and to include additional 

specificity regarding the current 

functionality of the Exchange’s System,3

including the operation of its order 

types and order instructions, as further 

described below. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.batstrading.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. 


emcdonald on DSK67QTVN1PROD with NOTICES