21782 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices 

9 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). 

4 17 CFR 240.19b–4(f)(6)(iii). 

5See Securities Exchange Act Release No. 73918 

(December 23, 2014), 79 FR 78920 (December 31, 

2014) (File Nos. SR–EDGX–2014–25; SR–EDGA– 

2014–25; SR–BATS–2014–055; SR–BYX–2014–030) 

(Notice of Amendments No. 2 and Order Granting 

Accelerated Approval to Proposed Rule Changes, as 

Modified by Amendments Nos. 1 and 2, to Establish 

a New Market Data Product called the BATS One 

Feed) (‘‘BATS One Approval Order’’). 

6BYX’s affiliated exchanges are the BATS 

Exchange, Inc. (‘‘BZX’’), the EDGA Exchange, Inc. 

(‘‘EDGA’’), and the EDGX Exchange, Inc. (‘‘EDGX’’, 

together with EDGA, BZX, and BYX, the ‘‘BATS 

Exchanges’’). On January 23, 2014, BATS Global 

Markets, Inc. (‘‘BGMI’’), the former parent company 

of the Exchange and BZX, completed its business 

combination with Direct Edge Holdings LLC, the 

parent company of EDGA and EDGX. See Securities 

Exchange Act Release No. 71375 (January 23, 2014), 

79 FR 4771 (January 29, 2014) (SR–BATS–2013– 

059; SR–BYX–2013–039). Upon completion of the 

business combination, DE Holdings and BGMI each 

became intermediate holding companies, held 

under a single new holding company. The new 

holding company, formerly named ‘‘BATS Global 

Markets Holdings, Inc.,’’ changed its name to 

‘‘BATS Global Markets, Inc.’’ and BGMI changed its 

name to ‘‘BATS Global Markets Holdings, Inc.’’ 

7The Exchange understands that each of the 

BATS Exchanges will separately file substantially 

similar proposed rule changes with the Commission 

to implement fees for the BATS One Feed. 

8The BATS One Feed also contains optional 

functionality which enables recipients to receive 

aggregated two-sided quotations from the BATS 

Exchanges for up to five (5) price levels for all 

securities that are traded on the BATS Exchanges 

in addition to the BATS One Summary Feed 

(‘‘BATS One Premium Feed’’). For each price level 

on one of the BATS Exchanges, the BATS One 

Premium Feed includes a two-sided quote and the 

number of shares available to buy and sell at that 

particular price level. 

9See CTA Consolidated Volume Display Policy 

available at https://www.ctaplan.com (dated March 

2015). The CTA Consolidated Volume Display 

Policy requires that, ‘‘[i]f a Customer calculates the 

CTA Consolidated Volume and displays that 

alongside last sale prices or bid-asked quotes that 

are not consolidated prices or quotes under the CTA 

Plan or the CQ Plan, then the Customer must 

incorporate into its display the following statement: 

‘‘Realtime quote and/or trade prices are not sourced 

from all markets.’’ Customer must also assure that 

any person included in the redistribution chain 

starting with the Customer conspicuously places 

such a statement in any such display that it 

provides.’’ Id. 

10For a description of BYX’s RPI Program, see 

BYX Rule 11.24. See also Securities Exchange Act 

Release No. 68303 (November 27, 2012), 77 FR 

71652 (December 3, 2012) (SR–BYX–2012–019) 

(Order Granting Approval of Proposed Rule Change, 

as Modified by Amendment No. 2, to Adopt a Retail 

Price Improvement Program); Securities Exchange 

Act Release No. 67734 (August 27, 2012), 77 FR 

53242 (August 31, 2012) (SR–BYX–2012–019) 

(Notice of Filing of Proposed Rule Change to Adopt 

a Retail Price Improvement Program). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08941 Filed 4–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74723; File No. SR–BYX– 

2015–22] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Content of 

the BATS One Feed Under Rule 11.22(i) 

To Include Consolidated Volume for All 

Listed Equity Securities 

April 14, 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 April 1, 

2015, BATS Y-Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it 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 the Substance 

of the Proposed Rule Change 

The Exchange amend [sic] the content 

of the BATS One Feed under Rule 

11.22(i) to include consolidated volume 

for all listed equity securities. 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. 

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 the 

content of the BATS One Feed under 

Rule 11.22(i) to include consolidated 

volume for all listed equity securities. 

The Exchange also proposes to make a 

ministerial change to Rule 11.22(i). The 

Commission recently approved a 

proposed rule change by the Exchange 

to establish a new market data product 

called the BATS One Feed.5 The BATS 

One Feed is a data feed that 

disseminates, on a real-time basis, the 

aggregate best bid and offer (‘‘BBO’’) of 

all displayed orders for securities traded 

on BYX and its affiliated exchanges 6

and for which the BATS Exchanges 

reports quotes under the Consolidated 

Tape Association (‘‘CTA’’) Plan or the 

Nasdaq/UTP Plan.7

Consolidated Volume 

The last sale information 

disseminated as part of the BATS One 

Feed includes the price, size, time of 

execution, and individual BATS 

Exchange on which the trade was 

executed. The last sale information also 

includes the cumulative number of 

shares executed on all BATS Exchanges 

for that trading day.8 The Exchange now 

proposes to expand the last sale 

information to include consolidated 

volume for all listed equity securities 

regardless of where the transaction was 

executed. The Exchange would obtain 

the consolidated volume directly from 

the securities information processors 

and then distribute in a manner 

consistent with the requirements for 

redistributing such data as set forth in 

the CTA Plan and Nasdaq UTP Plan.9

Ministerial Change 

The Exchange also proposes to delete 

from Rule 11.22(i) language indicating 

that the Retail Liquidity Identifier is 

disseminated on behalf of the Exchange, 

‘‘an affiliated exchange of the 

Exchange’’. The Retail Liquidity 

Identifier indicator message is 

disseminated via the BATS One Feed on 

behalf of the Exchange pursuant to the 

Exchange’s Retail Price Improvement 

(‘‘RPI’’) Program.10 For purposes of BYX 

Rule 11.22(i), the Exchange believes it is 

unnecessary to include the phrase ‘‘an 

affiliated exchange of the Exchange’’ 

and could lead to potential investor 

confusion. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

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Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices 21783 

11 15 U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(5). 

13 15 U.S.C. 78k–1. 

14See 17 CFR 242.603. 

15See Securities Exchange Act Release No. 73553 

(November 6, 2014), 79 FR 67491 (November 13, 

2014) (SR–NYSE–2014–40) (Notice of Amendment 

No. 1 and Order Granting Accelerated Approval to 

a Proposed Rule Change, as Modified by 

Amendment No.1, To Establish the NYSE Best 

Quote & Trades (‘‘BQT’’) Data Feed); http://

www.nyxdata.com/Data-Products/NYSE-BestQuote-and-Trades (last visited May 27, 2014) (data 

feed providing unified view of BBO and last sale 

information for the NYSE, NYSE Arca, and NYSE 

MKT) (‘‘NYSE BQT Approval Order’’). See also 

Nasdaq Basic, http://www.nasdaqtrader.com/

Trader.aspx?id=nasdaqbasic (last visited March 26, 

2015) (data feed offering the BBO and Last Sale 

information for all U.S. exchange-listed securities 

based on liquidity within the Nasdaq market center, 

as well as trades reported to the FINRA/Nasdaq 

Trade Reporting Facility (‘‘TRF’’)); and Nasdaq NLS 

Plus, http://www.nasdaqtrader.com/

Trader.aspx?id=NLSplus (last visited July 8, 2014) 

(data feed providing last sale data as well as 

consolidated volume from the following Nasdaq 

OMX markets for U.S. exchange-listed securities: 

Nasdaq, FINRA/Nasdaq TRF, Nasdaq OMX BX, and 

Nasdaq OMX PSX). 

16See id. (noting that NYSE BQT and NLS Plus 

carry consolidated volume for all listed equities). 

17See BATS One Approval Order, supra note 5. 

18See CTA Consolidated Volume Display Policy, 

supra note 9. 

of the Act 11 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 12

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating 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. The Exchange also 

believes that the proposed rule change 

is consistent with Section 11(A) of the 

Act 13 in that it supports (i) fair 

competition among brokers and dealers, 

among exchange markets, and between 

exchange markets and markets other 

than exchange markets and (ii) the 

availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities. Furthermore, the proposed 

rule change is consistent with Rule 603 

of Regulation NMS,14 which provides 

that any national securities exchange 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock do so on terms that are not 

unreasonably discriminatory. In 

adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data 

products to the public. It was believed 

that this authority would expand the 

amount of data available to consumers, 

and also spur innovation and 

competition for the provision of market 

data. 

The proposed rule change is designed 

to promote just and equitable principles 

of trade and remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system by providing for the broader 

dissemination of consolidated volume 

to investors. The Exchange also believes 

this proposal is consistent with Section 

6(b)(5) of the Act because it protects 

investors and the public interest and 

promotes just and equitable principles 

of trade by providing investors with 

new options for receiving consolidated 

volume. The Exchange also believes that 

the proposed rule change is reasonable 

because consolidated volume is 

currently included in a competing 

market data products offered by the 

NYSE and Nasdaq.15 Therefore, the 

Exchange believes the proposed rule 

change removes impediments to and 

perfects the mechanism of a free and 

open market and a national market 

system, and, in general, protects 

investors and the public interest. The 

proposal would not permit unfair 

discrimination because the consolidated 

volume will be available to all of the 

Exchange’s customers and market data 

vendors on an equivalent basis. In 

addition, any customer that wishes to 

receive consolidated volume via a 

different source will be able to do so. 

The Exchange believes that the 

ministerial change to Rule 11.22(i) is 

reasonable because it is intended to 

make the description of the BATS One 

Feed clearer and less confusing for 

investors and eliminate potential 

investor confusion, thereby removing 

impediments to and perfecting the 

mechanism of a free and open market 

and a national market system, and, in 

general, protecting investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposal will impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Exchange 

believes that the proposed rule change 

will enhance competition because it 

would enable the Exchange to include 

consolidated volume as part of the 

BATS One Feed, thereby enabling it to 

better compete with similar market data 

products currently offered by the NYSE 

and Nasdaq that include such volume.16

Although the BATS Exchanges are the 

exclusive distributors of the individual 

data feeds from which certain data 

elements would be taken to create the 

BATS One Feed, the Exchange is not the 

exclusive distributor of the consolidated 

volume that would be included in the 

BATS One Feed. A vendor seeking to 

offer a similar product and include 

consolidated volume would be able to 

do so on the same terms as the Exchange 

from a cost perspective. As discussed in 

in the BATS One Approval Order,17 any 

entity may separately purchase the 

individual underlying products, and if 

they so choose, perform a similar 

aggregation and consolidation function 

that the Exchange performs in creating 

the BATS One Feed, and offer a data 

feed with the same information 

included in the BATS One Feed to sell 

and distribute it to its clients with no 

greater cost than the Exchange. 

Likewise, a competing vendor could 

also receive consolidated volume from 

the securities information processors 

and include it as part of their product 

to be disseminated to their customers 

under the same terms and policies 

provided to the Exchange.18 Therefore, 

the Exchange believes the inclusion of 

consolidated volume in the BATS One 

Feed would not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

Finally, the Exchange believes that 

the ministerial change to Rule 11.22(i) 

will not affect competition because it 

does not amend the content of the BATS 

One Feed (other than as described 

above). Rather, it is simply intended to 

make the description of the BATS One 

Feed clearer and less confusing. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the proposed rule change 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

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21784 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6)(iii). As required under 

Rule 19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

21 17 CFR 240.19b–4(f)(6). 

22 17 CFR 240.19b–4(f)(6)(iii). 

23See supra note 15 (noting that NYSE BQT and 

NLS Plus carry consolidated volume for all listed 

equities). 

24For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 25 17 CFR 200.30–3(a)(12). 

of the Act 19 and Rule 19b–4(f)(6)(iii) 

thereunder.20

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 21 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 22

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because it would allow the Exchange to 

timely offer investors a new option for 

receiving consolidated volume 

information. The Exchange further notes 

that other exchanges currently offer 

similar data products that include 

consolidated volume.23 The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 

operative delay and designates the 

proposed rule change operative upon 

filing.24

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 shall institute proceedings 

to determine whether the proposed rule 

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 rule-comments@

sec.gov. Please include File Number SR– 

BYX–2015–22 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–BYX–2015–22. 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 such 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–BYX– 

2015–22, and should be submitted on or 

before May 11, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08939 Filed 4–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 239. SEC File No. 270–638, OMB 

Control No. 3235–0687. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Rule 239 (17 CFR 230.239) provides 

exemptions under the Securities Act of 

1933 (15 U.S.C. 77a et seq.), the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) and the Trust 

Indenture Act of 1939 (U.S.C. 77aaa et 

seq.) for security-based swaps issued by 

certain clearing agencies satisfying 

certain conditions. The purpose of the 

information required by Rule 239 is to 

make certain information about 

security-based swaps that may be 

cleared by the registered or the exempt 

clearing agencies available to eligible 

contract participants and other market 

participants. We estimate that each 

registered or exempt clearing agency 

issuing security-based swaps in its 

function as a central counterparty will 

spend approximately 2 hours each time 

it provides or update the information in 

its agreements relating to security-based 

swaps or on its Web site. We estimate 

that each registered or exempt clearing 

agency will provide or update the 

information approximately 20 times per 

year. In addition, we estimate that 75% 

of the 2 hours per response (1.5 hours) 

is prepared internally by the clearing 

agency for a total annual reporting 

burden of 180 hours (1.5 hours per 

response × 20 times × 6 respondents). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

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