12660 Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 

26 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. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5The term ‘‘Member’’ is defined as ‘‘any 

registered broker or dealer, or any person associated 

with a registered broker or dealer, that has been 

admitted to membership in the Exchange. A 

Member will have the status of a ‘‘member’’ of the 

Exchange as that term is defined in Section 3(a)(3) 

of the Act.’’ See Exchange Rule 1.5(n). 

6See PSX, Equity Trader Alert 2014–95, Updates 

to PSX and BX Pricing for November 2014, dated 

October 27, 2014 [sic], available at http://

www.nasdaqtrader.com/

MicroNews.aspx?id=ETA2014-95. 

7The Exchange notes that to the extent BATS 

Trading does or does not achieve any volume tiered 

reduced fee on PSX, its rate for fee code K will not 

change. 

to determine whether the proposed rule 

change should be 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, as modified by Amendment No. 

1, is consistent with the Act. Comments 

may be submitted by any of the 

following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

EDGA–2015–10 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–EDGA–2015–10. 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 

a.m. and 3 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–EDGA– 

2015–10 and should be submitted on or 

before March 31, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05482 Filed 3–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74431; File No. SR–EDGX– 

2015–05] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee 

Schedule To Increase the Fee for 

Orders Yielding Fee Code K 

March 4, 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 

28, 2015, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) 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 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend its fees and rebates applicable to 

Members 5 of the Exchange pursuant to 

EDGX Rule 15.1(a) and (c) (‘‘Fee 

Schedule’’) to increase the fee for orders 

yielding fee code K, which routes to 

NASDAQ OMX PSX (‘‘PSX’’) using 

ROUC or ROUE routing strategy. 

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 the 

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 increase 

the fee for orders yielding fee code K, 

which routes to PSX using ROUC or 

ROUE routing strategy. In securities 

priced at or above $1.00, the Exchange 

currently assesses a fee of $0.0024 per 

share for Members’ orders that yield fee 

code K. The Exchange proposes to 

amend its Fee Schedule to increase this 

fee to $0.0026 per share. The proposed 

change represents a pass through of the 

rate that BATS Trading, Inc. (‘‘BATS 

Trading’’), the Exchange’s affiliated 

routing broker-dealer, is charged for 

routing orders to PSX when it does not 

qualify for a volume tiered reduced fee. 

The proposed change is in response to 

PSX’s February 2015 fee change where 

PSX increased the fee to remove 

liquidity via routable order types it 

charges its customers, from a fee of 

$0.0024 per share to a fee of $0.0025 per 

share for Tape A securities and $0.0026 

per share for Tapes B and C securities.6

When BATS Trading routes to PSX, it 

will now be charged a standard rate of 

$0.0025 per share for Tape A securities 

and $0.0026 per share for Tapes B and 

C securities.7 BATS Trading will pass 

through this rate to the Exchange and 

the Exchange, in turn, will pass through 

of a rate of $0.0026 per share to its 

Members. The proposed increase to the 

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Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 12661 

8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(4). 

10See supra note 6. 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f). 13 17 CFR 200.30–3(a)(12). 

fee under fee code K would enable the 

Exchange to equitably allocate its costs 

among all Members utilizing fee code K. 

The Exchange proposes to implement 

these amendments to its Fee Schedule 

on February 2, 2015. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,8

in general, and furthers the objectives of 

Section 6(b)(4),9 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 its proposal to 

increase the pass through fee for 

Members’ orders that yield Flag K from 

$0.0024 per share to $0.0026 per share 

represents an equitable allocation of 

reasonable dues, fees, and other charges 

among Members and other persons 

using its facilities because the Exchange 

does not levy additional fees or offer 

additional rebates for orders that it 

routes to PSX through BATS Trading. 

Prior to PSX’s February 2015 fee change, 

PSX charged its members, which 

includes BATS Trading, a fee of $0.0024 

per share to remove liquidity using nonroutable order types, which BATS 

Trading passed through to the Exchange 

and the Exchange charged to its 

Members. In February 2015, PSX 

increased the fee to remove liquidity via 

routable order types it charges its 

customers, from a fee of $0.0024 per 

share to a fee of $0.0025 per share for 

Tape A securities and $0.0026 per share 

for Tapes B and C securities.10

Therefore, the Exchange believes that its 

proposal to pass through a fee of 

$0.0026 per share for orders that yield 

Flag K is equitable and reasonable 

because it accounts for the pricing 

changes on PSX. In addition, the 

proposal allows the Exchange to charge 

its Members a pass-through rate for 

orders that are routed to PSX. 

Furthermore, the Exchange notes that 

routing through BATS Trading is 

voluntary. Lastly, the Exchange also 

believes that the proposed amendment 

is non-discriminatory because it applies 

uniformly to all Members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

These proposed rule changes do not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange does not believe that any 

of these changes represent [sic] a 

significant departure from previous 

pricing offered by the Exchange or 

pricing offered by the Exchange’s 

competitors. Additionally, Members 

may opt to disfavor EDGX’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. The Exchange 

believes that its proposal to pass 

through a fee of $0.0026 per share for 

Members’ orders that yield Flag K 

would increase intermarket competition 

because it offers customers an 

alternative means to route to PSX. 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 11 and paragraph (f) of Rule 

19b–4 thereunder.12 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. 

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 rule-comments@

sec.gov. Please include File No. SR– 

EDGX–2015–05 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 No. 

SR–EDGX–2015–05. 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 No. SR–EDGX– 

2015–05 and should be submitted on or 

before March 31, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05478 Filed 3–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

mstockstill on DSK4VPTVN1PROD with NOTICES