20282 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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– 

ICC–2015–006 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ICC–2015–006. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s Web site at https://

www.theice.com/clear-credit/regulation. 

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–ICC–2015–006 and should 

be submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08543 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74690; File No. SR– 

NASDAQ–2015–033] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market, LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Update 

Public Disclosure of Exchange Usage 

of Market Data 

April 9, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b-4 thereunder,2

notice is hereby given that, on April 2, 

2015, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II, 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 update the 

public disclosure of the sources of data 

that NASDAQ utilizes when performing 

(1) order handling and execution; (2) 

order routing; and (3) related 

compliance processes. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized; proposed deletions are 

bracketed. 

* * * * * 

4759. Data Feeds Utilized 

[NASDAQ shall publicly disclose the 

proprietary and network processor feeds 

utilized by the System for the handling, 

routing, and execution of orders, as well 

as for the regulatory compliance 

processes related to those functions. 

This information shall be displayed on 

www.nasdaqtrader.com, and it shall be 

updated promptly each time NASDAQ 

determines to add, subtract, or 

otherwise modify a data source.] 

The NASDAQ System utilizes the 

below proprietary and network 

processor feeds utilized by the System 

for the handling, routing, and execution 

of orders, as well as for the regulatory 

compliance processes related to those 

functions. The Secondary Source of 

data is utilized only in emergency 

market conditions and only until those 

emergency conditions are resolved. 

Market center Primary source Secondary source 

A—NYSE MKT (AMEX) ................................................... CQS/UQDF ...................................................................... n/a 

B—NASDAQ OMX BX ..................................................... BX ITCH 4.1 .................................................................... CQS/UQDF 

D—FINRA ADF ................................................................ CQS/UQDF ...................................................................... n/a 

J—DirectEdge A ............................................................... EdgeBook ........................................................................ CQS/UQDF 

K—DirectEdge X .............................................................. EdgeBook ........................................................................ CQS/UQDF 

M—CSX ............................................................................ CQS/UQDF ...................................................................... n/a 

N—NYSE .......................................................................... NYSE OpenBook Ultra .................................................... CQS/UQDF 

P—NYSE Arca ................................................................. ArcaBook Binary uncompacted ....................................... CQS/UQDF 

T/Q—NASDAQ ................................................................. ITCH 4.1 .......................................................................... CQS/UQDF 

X—NASDAQ OMX PSX ................................................... PSX ITCH 4.1 .................................................................. CQS/UQDF 

Y—BATS Y-Exchange ..................................................... BATS PITCH .................................................................... CQS/UQDF 

Z—BATS Exchange ......................................................... BATS PITCH .................................................................... CQS/UQDF 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20283 

3See Mary Jo White, Chair, Securities and 

Exchange Commission, Speech at the Sandler 

O’Neill & Partners L.P. Global Exchange and 

Brokerage Conference (June 5, 2014). 

4See Letter from Steven Luparello, Director, SEC 

Division of Trading and Markets, to Robert Greifeld, 

Chief Executive Officer, NASDAQ OMX Group, 

Inc., dated June 20, 2014. 

5See SR–NASDAQ–2011–118 (Aug. 18, 2011); 76 

FR 53007 (Aug. 24, 2011). 

* * * * * 

(b) Not applicable. 

(c) Not applicable. 

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 

In her June 5, 2014 market structure 

speech, the Chair requested that all 

national securities exchanges review 

and disclose their policies and 

procedures governing the market data 

used when performing important 

exchange functions.3 In a letter dated 

June 20, 2014, the Director of the 

Division of Trading and Markets 

codified this request: 

We believe there is a need for clarity 

regarding whether (1) the SIP data feeds, (2) 

proprietary data feeds, or (3) a combination 

thereof, are used by the exchanges for 

purposes of (1) order handling and execution 

(e.g., with pegged or midpoint orders), (2) 

order routing, and (3) regulatory compliance, 

as applicable. . . . Accordingly, we ask that 

proposed rule changes be filed that disclose 

the particular market data feeds that are used 

for each of these purposes. Consistent with 

your recent discussions with Commission 

staff, we ask that each SRO file these 

proposed rule changes with the Commission 

by July 15, 2014.4

NASDAQ fully supports the 

Commission’s efforts to provide more 

clarity in this area. In fact, in 2011, 

NASDAQ disclosed its general practices 

governing the use of market data in the 

handling, execution, and routing of 

orders on NASDAQ: 

The Exchange is also changing its policies 

and procedures under Regulation NMS 

governing the data feeds used by its 

execution system and routing engine. Current 

policies state that those systems use data 

provided by the network processors. In the 

future, those systems will use data provided 

either by the network processors or by 

proprietary feeds offered by certain 

exchanges directly to vendors. The 

determination of which data feed to utilize 

will be the same as the determination made 

with respect to the [MatchView] Feed. In 

other words, the Exchange execution system, 

routing engine and Feed will each utilize the 

same data for a given exchange . . . .5

Although, as described above, 

NASDAQ publicly disclosed its general 

practice of consuming data from a 

combination of network processor and 

proprietary data feeds, NASDAQ did not 

disclose the specific feeds NASDAQ 

utilizes for each individual exchange, 

and it did not describe its data usage 

practice with respect to related 

compliance checks. 

Through this proposed rule change, 

NASDAQ is publicly clarifying on a 

market-by-market basis the specific 

network processor and proprietary data 

feeds that NASDAQ utilizes for the 

handling, routing, and execution of 

orders, and for performing the 

regulatory compliance checks related to 

each of those functions. These complex 

practices are governed by a few, simple 

principles that are designed to ensure 

that NASDAQ has the most accurate 

view of the trading interest available 

across multiple markets, and to 

maximize the synchronization of the 

many exchange functions that depend 

upon the calculation of an accurate 

NBBO and top-of-book for each market. 

These principles are: 

1. NASDAQ uses a proprietary data 

feed from each exchange that provides 

a reliable proprietary data feed. Where 

no reliable proprietary data feed is 

available, NASDAQ uses the network 

processor feed; 

2. Where NASDAQ uses a proprietary 

data feed for an exchange quote, it also 

maintains access to the network 

processor feed as a back-up in the event 

a specific proprietary feed become 

unavailable or unusable for any reason; 

3. NASDAQ uses the same proprietary 

data feed when performing order 

handling, routing, and execution 

functions, and also when the execution 

and routing System performs internal 

compliance checks related to those 

functions; and 

4. NASDAQ acquires and processes 

all proprietary and network processor 

feeds via the same technological 

configuration (i.e., telecommunication 

circuitry, switches, and feed handlers) 

to the greatest extent possible. 

5. NASDAQ calculates the National 

Best Bid and Offer (‘‘NBBO’’) and topof-book for each exchange at a single 

point within the NASDAQ System, and 

then distributes that data 

simultaneously to numerous 

applications performing order handling, 

routing, execution, and internal 

compliance functions throughout the 

NASDAQ System. 

6. NASDAQ aggregates odd-lot orders, 

including those in its own and affiliated 

markets, when calculating the NBBO 

based upon a direct feed from an away 

exchange. NASDAQ processes odd-lot 

orders from each exchange direct feed in 

the same manner that that exchange 

aggregates odd-lots when reporting its 

own quotations to the SIP. 

7. NASDAQ utilizes the NBBO and 

top-of-book calculations described 

above for the handling of orders that use 

those reference points, including all 

variations of midpoint orders, pegged 

orders, and price-to-comply orders 

described in NASDAQ Rule 4751(f), as 

well as Retail Price Improving Orders 

described in NASDAQ Rule 4780(a). 

8. When calculating the NBBO, the 

NASDAQ System does not utilize 

feedback from other venues when 

calculating the NBBO. The NASDAQ 

System assumes that a protected 

quotation to which it has routed an 

order has been executed and can be 

removed from the NBBO; it does not 

await or respond to execution reports 

from such routing activity. 

As of the date of this filing, NASDAQ 

utilizes the following data feeds for the 

handling, execution and routing of 

orders, as well as for performing related 

compliance checks: 

Market center Primary source Secondary source 

A—NYSE MKT (AMEX) ................................................... CQS/UQDF ...................................................................... n/a 

B—NASDAQ OMX BX ..................................................... BX ITCH 4.1 .................................................................... CQS/UQDF 

D—FINRA ADF ................................................................ CQS/UQDF ...................................................................... n/a 


tkelley on DSK3SPTVN1PROD with NOTICES
20284 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

6OUCH is a protocol that allows NASDAQ 

participants to enter, replace and cancel orders and 

receive executions. In addition to OUCH, NASDAQ 

offers the FLITE protocol as an option for 

participants. In this document, references to OUCH 

also include FLITE because they are 

interchangeable for these purposes. 

7 Deletion of NASDAQ’s quote at this stage of the 

process is necessary because otherwise the system 

would prevent valid executions on NASDAQ in the 

erroneous belief that such executions would be 

‘‘trade throughs’’ in violation of Regulation NMS. 

8 In general, any order that is sent to NASDAQ 

with an ISO flag is not re-priced and will be 

processed at its original price. There are a limited 

number of circumstances in which an order marked 

as an ISO will be determined not to be executable 

at its original price and will be re-priced. These 

include re-pricing under the Plan to Address 

Extraordinary Market Volatility, re-pricing to 

comply with Regulation SHO, and the re-pricing of 

an order with a post-only condition if NASDAQ has 

an order at that price at the time the order is 

accepted. 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(5). 

Market center Primary source Secondary source 

J—DirectEdge A ............................................................... EdgeBook ........................................................................ CQS/UQDF 

K—DirectEdge X .............................................................. EdgeBook ........................................................................ CQS/UQDF 

M—CSX ............................................................................ CQS/UQDF ...................................................................... n/a 

N—NYSE .......................................................................... NYSE OpenBook Ultra .................................................... CQS/UQDF 

P—NYSE Arca ................................................................. ArcaBook Binary uncompacted ....................................... CQS/UQDF 

T/Q—NASDAQ ................................................................. ITCH 4.1 .......................................................................... CQS/UQDF 

X—NASDAQ OMX PSX ................................................... PSX ITCH 4.1 .................................................................. CQS/UQDF 

Y—BATS Y-Exchange ..................................................... BATS PITCH .................................................................... CQS/UQDF 

Z—BATS Exchange ......................................................... BATS PITCH .................................................................... CQS/UQDF 

NASDAQ uses these feeds to calculate 

the NBBO via an application called the 

‘‘NMSFeed.’’ The NMSFeed consumes 

the NASDAQ Protected Quote Service 

(‘‘NPQS’’), which provides an internal 

view of that exchange’s own market data 

as NASDAQ ITCH, plus the proprietary 

and network processor market data 

feeds listed above. The NMSFeed 

calculates a Regulation NMS-Compliant 

‘‘Best Bid or Offer’’ (‘‘Compliant BBO’’), 

and then delivers that information 

throughout the NASDAQ System, 

including to the ‘‘OUCH’’ order entry 

ports,6 the routing System, and various 

compliance applications described 

below. 

Upon receipt of an update to a 

protected quote for a specific venue, the 

NMSFeed updates its quote for that 

venue, recalculates the consolidated 

BBO based upon the update, and 

recalculates the Compliant BBO after 

applying NASDAQ’s own BBO. Any 

quote that crosses NASDAQ’s BBO is 

ignored. NASDAQ odd lot orders at the 

same price are aggregated and 

considered in the NBBO calculation if 

the sum is greater than or equal to a 

round lot. Otherwise, they are not 

considered in the NBBO calculation. 

Out of the remaining quotes, the most 

aggressive remaining bid and offer 

(excluding NASDAQ 7 and any 

destination which has been excluded 

from the NBBO in compliance with the 

self-help procedures under Regulation 

NMS) is selected and reported as the 

best quote. If away markets are crossing 

the market after applying NASDAQ’s 

BBO, orders will be accepted as 

originally priced and have the potential 

to execute. Any order sent to NASDAQ 

that is not an Intermarket Sweep Order 

(‘‘ISO’’) will have the Compliant BBO 

check enforced by the System.8

The NASDAQ OMX Routing and 

Special Handling System (‘‘RASH’’) 

utilizes the Compliant BBO to 

determine if and when an order with 

special processing directives is 

marketable either against one or more 

orders in either the Core Matching 

System or a remote trading venue. 

RASH also receives market data feeds 

from certain venues not displaying 

protected quotes in the national market 

system for use in ‘‘QDRK’’ and ‘‘QCST’’ 

routing strategies set forth in NASDAQ 

Rule 4758(a)(1)(A)(xiii) and (xiv), 

respectively. RASH maintains a number 

of routing processes, or Routers, unique 

to each venue that the System accesses. 

These Routers maintain a limited set of 

details for orders that are configured as 

routable by the user, while also 

monitoring the current best bid and best 

offer prices on each exchange. 

The NASDAQ System includes 

internal compliance applications related 

to locked and crossed markets, trade 

throughs, limit-up/limit-down, and 

Regulation SHO compliance. Each of 

these applications utilizes the 

Compliant BBO to ensure compliance 

with applicable regulations. NASDAQ 

operates a separate real-time 

surveillance system that is external to 

the execution systems and that monitors 

the execution system’s compliance with 

applicable rules and regulations. The 

real-time surveillance system utilizes a 

‘‘mirrored’’ version of the internal 

NMSFeed in various realtime 

surveillance patterns, including (1) 

Lock/Cross, which detects lock/cross 

events across all markets, regardless of 

whether or not NASDAQ is a participant 

in the event; (2) Trade Through, which 

detects potential trade through events 

for all three NASDAQ equity markets; 

and (3) RegSho, which detects potential 

RegSho violations, alerting when a trade 

executes at or below the NBBO at the 

time of order entry while the stock is in 

a RegSho restricted state. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,9 in 

general and with Sections 6(b)(5) of the 

Act,10 in particular in that it is 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 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 believes that its 

proposal to describe the Exchange’s use 

of data feeds removes impediments to 

and perfects the mechanism of a free 

and open market and protects investors 

and the public interest because it 

provides additional specificity and 

transparency. The Exchange’s proposal 

will enable investors to better assess the 

quality of the Exchange’s execution and 

routing services. The proposal does not 

change the operation of the Exchange or 

its use of data feeds; rather it describes 

how, and for what purposes, the 

Exchange uses the quotes disseminated 

from data feeds to calculate the NBBO 

for a security for purposes of Regulation 

NMS, Regulation SHO and various order 

types that update based on changes to 

the applicable NBBO. The Exchange 

believes the additional transparency 

into the operation of the Exchange as 

described in the proposal will remove 

impediments to and perfect the 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20285 

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

12 17 CFR 240.19b–4(f)(6). 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. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

16 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). 

mechanism of a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

To the contrary, the Exchange believes 

the proposal would enhance 

competition because describing the 

Exchange’s use of data feeds enhances 

transparency and enables investors to 

better assess the quality of the 

Exchange’s execution and routing 

services. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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, the 

proposed rule change has become 

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

of the Act 11 and Rule 19b–4(f)(6) 

thereunder.12

A proposed rule change filed 

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

Act 13 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 14

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, noting that waiver of the 

operative delay would permit the 

Exchange to immediately enhance 

transparency. The Commission believes 

the waiver of the operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.15

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– 

NASDAQ–2015–033 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2015–033. 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– 

NASDAQ–2015–033 and should be 

submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08545 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74692; File No. SR–BATS– 

2015–28] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Related to Fees for Use 

of BATS Exchange, Inc. 

April 9, 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 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 

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. 


tkelley on DSK3SPTVN1PROD with NOTICES