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
20286 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

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

registered broker or dealer that has been admitted 

to membership in the Exchange.’’ See Exchange 

Rule 1.5(n). 

6 ‘‘Market Maker’’ applies to any transaction 

identified by a Member for clearing in the Market 

Maker range at the OCC. 

7 ‘‘Penny Pilot Securities’’ are those issues quoted 

pursuant to Exchange Rule 21.5, Interpretation and 

Policy .01. 

8 ‘‘Professional’’ applies to any transaction 

identified by a Member as such pursuant to 

Exchange Rule 16.1. 

9 ‘‘Firm’’ applies to any transaction identified by 

a Member for clearing in the Firm range at the OCC. 

10 ‘‘ADAV’’ means average daily added volume 

calculated as the number of contracts added per 

day. 

11 ‘‘TCV’’ means total consolidated volume 

calculated as the volume reported by all exchanges 

to the consolidated transaction reporting plan for 

the month for which the fees apply, excluding 

volume on any day that the Exchange experiences 

an Exchange System Disruption and on any day 

with a scheduled early market close. 

12 ‘‘ADV’’ means average daily volume calculated 

as the number of contracts added or removed, 

combined, per day. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend the fee schedule applicable to 

Members 5 and non-members of the 

Exchange pursuant to BATS Rules 

15.1(a) and (c). Changes to the fee 

schedule pursuant to this proposal are 

effective upon filing. 

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 modify the 

‘‘Options Pricing’’ section of its fee 

schedule, effective immediately, in 

order to modify pricing charged by the 

Exchange’s options platform (‘‘BATS 

Options’’) including: (i) Adjusting the 

standard rebate associated with Market 

Maker 6 orders that add liquidity in 

Penny Pilot Securities; 7 (ii) to add a 

new tier to the Market Maker Penny 

Pilot Add Volume Tier; (iii) adjusting 

the standard fees paid for Professional,8

Firm 9 and Market Maker orders that 

remove liquidity in Penny Pilot 

Securities and do not qualify for any 

reduced fees; and (iv) to make certain 

changes to the Professional, Firm and 

Market Maker Penny Pilot Take Volume 

Tiers, as further described below. The 

Exchange is also proposing to make 

certain corresponding changes to the fee 

schedule. 

Market Maker Orders That Add 

Liquidity in Penny Pilot Securities 

The Exchange proposes to reduce the 

standard rebate for Market Maker orders 

that add liquidity in Penny Pilot 

Securities. Currently, the Exchange 

provides a rebate of $0.40 per contract 

as a standard rebate for Market Maker 

orders that add liquidity in Penny Pilot 

Securities under fee code PM. The 

Exchange is proposing to reduce the 

standard rebate for Market Maker orders 

that add liquidity in Penny Pilot 

Securities from $0.40 per contract to 

$0.35 per contract in conjunction with 

the addition of adding a new tier to the 

Market Maker Penny Pilot Add Volume 

Tier, as further described below. The 

Exchange notes that this standard rebate 

is still higher than the standard rebate 

of $0.20 per contract offered by the 

options platform operated by NASDAQ 

Stock Market LLC (‘‘NOM’’). The 

Exchange also notes that Members will 

still be eligible to receive the current 

rebates of $0.42 and $0.40 by meeting 

the existing Market Maker Penny Pilot 

Add Volume Tier and the new Market 

Maker Penny Pilot Add Volume Tier 1 

proposed below, respectively. 

Market Maker Penny Pilot Add Volume 

Tier 

The Exchange is also proposing to add 

a new tier to the Market Maker Penny 

Pilot Add Volume Tier under footnote 6 

of the fee schedule. Currently, the only 

enhanced rebate available under 

footnote 6 provides a $0.42 rebate per 

contract to a Member that has an 

ADAV 10 equal to or greater than 1.00% 

of average TCV 11 and an ADV 12 equal 

to or greater than 2.00% of average TCV. 

The Exchange is proposing to add an 

additional tier to the Market Maker 

Penny Pilot Add Volume Tier such that 

a Member receives a $0.40 rebate per 

contract in Market Maker orders that 

add liquidity in Penny Pilot Securities 

where the Member has an ADV equal to 

or greater than 0.30% of average TCV. 

Professional, Firm and Market Maker 

Orders That Remove Liquidity in Penny 

Pilot Securities 

The Exchange proposes to increase 

the standard fee for Professional, Firm 

and Market Maker orders that remove 

liquidity in Penny Pilot Securities. 

Currently, the Exchange charges $0.48 

per contract as a standard fee for 

Professional, Firm and Market Maker 

orders that remove liquidity in Penny 

Pilot Securities under fee code PP. The 

Exchange is proposing to increase the 

standard fees for Professional, Firm and 

Market Maker orders that remove 

liquidity in Penny Pilot Securities from 

$0.48 per contract to $0.49 per contract 

in conjunction with the addition of two 

new tiers and the amendment of the 

pricing for another tier in the 

Professional, Firm and Market Maker 

Penny Pilot Take Volume Tiers, as 

further described below. The Exchange 

notes that this standard fee is still lower 

than the standard fee of $0.50 charged 

by the options platform operated by 

NYSE Arca, Inc. (‘‘Arca’’). The Exchange 

also notes that Members will still be 

eligible to receive the current fees of 

$0.48, $0.47, and $0.45 or the new $0.43 

charge per contract by meeting 

applicable Professional, Firm and 

Market Maker Penny Pilot Take Volume 

Tiers. 

Professional, Firm and Market Maker 

Penny Pilot Take Volume Tiers 

The Exchange is also proposing to 

increase the fees for the Non-Customer 

Take Volume Tier 1 and to add two new 

tiers to the Professional, Firm and 

Market Maker Penny Pilot Take Volume 

Tiers under footnote 3 of the fee 

schedule. Currently, the fee schedule 

contains three tiers that provide reduced 

fees available under footnote 3, under 

which a Member would pay either $0.47 

or $0.45. The Exchange is not proposing 

to amend the required criteria for any of 

these three tiers, but rather to increase 

the fee for orders that meet the required 

criteria for Non-Customer Take Volume 

Tier 1 (applicable where a Member has 

an ADV equal to or greater than 1.00% 

of average TCV) from $0.47 per contract 

to $0.48 per contract. The Exchange is 

also proposing to add new NonCustomer Take Volume Tier 2 and Tier 

4. Under proposed Non-Customer Take 

Volume Tier 2, a Member that has an 

ADV equal to or greater than 1.25% of 

average TCV will pay a reduced fee of 

$0.47. Under proposed Non-Customer 

Take Volume Tier 4, a Member that has 

an ADAV in Customer orders that is 

equal to or greater than 2.00% of 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20287 

13 15 U.S.C. 78f. 

14 15 U.S.C. 78f(b)(4). 

average TCV would pay a reduced fee of 

$0.43 per contract. 

Corresponding Changes 

In conjunction with the changes 

proposed above, the Exchange is also 

proposing to make certain 

corresponding changes to update the 

Standard Rates chart of the fee schedule 

and related to the numbering of existing 

tiers. Specifically, the Exchange 

proposes to update the Standard Rates 

chart to reflect the potential rebate of 

$0.35 for a Market Maker order that 

adds liquidity as well as the new high 

remove rate of $0.49 and low remove 

rate of $0.43, each now possible for nonCustomer orders. The Exchange is also 

proposing to change Non-Customer 

Take Volume Tier 2 to Non-Customer 

Take Volume Tier 3 and to make the 

Market Maker Add Volume Tier the 

Market Maker Add Volume Tier 2. 

Finally, the Exchange is also proposing 

to pluralize the title of the Market Maker 

Penny Pilot Add Volume Tier to be the 

Market Maker Penny Pilot Add Volume 

Tiers. 

Effectiveness Date 

As noted above, the Exchange 

proposes to implement the amendments 

to its fee schedule effective 

immediately. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder that 

are applicable to a national securities 

exchange, and, in particular, with the 

requirements of section 6 of the Act.13

Specifically, the Exchange believes that 

the proposed rule change is consistent 

with section 6(b)(4) of the Act,14 in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among members and other 

persons using any facility or system 

which the Exchange operates or 

controls. The Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels to be 

excessive. 

Volume-based rebates and fees such 

as the ones currently maintained on 

BATS Options have been widely 

adopted by equities and options 

exchanges and are equitable because 

they are open to all Members on an 

equal basis and provide additional 

benefits or discounts that are reasonably 

related to the value to an exchange’s 

market quality associated with higher 

levels of market activity, such as higher 

levels of liquidity provision and/or 

growth patterns, and introduction of 

higher volumes of orders into the price 

and volume discovery processes. The 

Exchange believes the proposed 

reduction of the standard rebate for 

Market Maker orders in Penny Pilot 

Securities that add liquidity is a 

reasonable, fair and equitable, and not 

unfairly discriminatory allocation of 

fees and rebates because it will provide 

Members with a greater incentive to 

increase their participation on BATS 

Options in order to receive a higher 

rebate by meeting a higher Market 

Maker Add Volume Tier, including the 

proposed new Market Maker Add 

Volume Tier 1. Proposed Market Maker 

Add Volume Tier 1 would provide a 

rebate of $0.40 per contract, the same as 

the current standard rebate for Market 

Maker orders that add liquidity in 

Penny Pilot Securities, and Members are 

eligible for such rebates where the 

Member has an ADV equal to or greater 

than 0.30% of average TCV. As such, 

the Exchange believes that decreasing 

the standard rebate will act to 

incentivize Members to increase their 

trading activity on the Exchange in 

order to qualify for proposed Market 

Maker Add Volume Tier 1 or Tier 2 and 

receive a rebate of $0.40 or $0.42 per 

contract, respectively, which are the 

same rebates currently available to 

Members today for such orders. Such 

increased participation on BATS 

Options, particularly in Market Maker 

orders, will result in higher levels of 

liquidity provision and introduction of 

higher volumes of orders into the price 

and volume discovery processes, which 

will benefit all participants on BATS 

Options. Further, as noted above, the 

proposed standard rebate is still 

significantly higher than the standard 

rebate offered by NOM of $0.20 per 

contract. 

Similarly, the Exchange believes that 

the addition of new Market Maker Add 

Volume Tier 1 is reasonable, fair and 

equitable, and not unfairly 

discriminatory allocation of fees and 

rebates because it will act to incentivize 

Members to meet minimum standards of 

Market Maker trading activity on BATS 

Options in order to receive an 

additional $0.05 rebate per contract 

($0.40 per contract versus the proposed 

standard rebate of $0.35 per contract). 

The proposed new tier will allow 

Members to continue to receive the 

same rebate that they currently receive 

for Market Maker orders that add 

liquidity in Penny Pilot Securities, 

which the Exchange believes will 

incentivize Members to increase or 

maintain their ADV as a percentage of 

TCV of at least 0.30%. Such increased 

participation on the BATS Options, 

particularly in Market Maker orders, 

will result in higher levels of liquidity 

provision and introduction of higher 

volumes of orders into the price and 

volume discovery processes, which will 

benefit all participants on BATS 

Options. 

The Exchange believes the proposed 

increase of the standard fees for 

Professional, Firm and Market Maker 

orders that remove liquidity in Penny 

Pilot Securities (from $0.48 per contract 

to $0.49 per contract) is a reasonable, 

fair and equitable, and not unfairly 

discriminatory allocation of fees and 

rebates because it will provide Members 

with a greater incentive to increase their 

participation on BATS Options in order 

to be eligible for lower fees by meeting 

a higher Professional, Firm and Market 

Maker Penny Pilot Take Volume Tier. 

Included in the Professional, Firm and 

Market Maker Penny Pilot Take Volume 

Tiers are the proposed new NonCustomer Take Volume Tiers 2 and 4, 

the second of which would actually 

provide a lower fee ($0.43 per contract) 

for Members than currently is available 

for non-Customer orders and will 

further encourage increased 

participation on the BATS Options. 

Such increased participation on BATS 

Options will result in higher levels of 

liquidity provision and introduction of 

higher volumes of orders into the price 

and volume discovery processes, which 

will benefit all participants on BATS 

Options. Further, as noted above, the 

proposed standard fee is still lower than 

the standard fee offered by Arca of $0.50 

per contract. 

Similarly, the Exchange believes that 

the proposed increase in fees for NonCustomer Take Volume Tier 1 from 

$0.47 to $0.48 per contract and the 

proposed new Non-Customer Take 

Volume Tier 2 is a reasonable, fair and 

equitable, and not unfairly 

discriminatory allocation of fees and 

rebates because it will provide Members 

with a greater incentive to increase their 

participation on BATS Options in order 

to be eligible for lower fees by meeting 

a higher Professional, Firm and Market 

Maker Penny Pilot Take Volume Tier. 

These proposed changes, when viewed 

in conjunction with one another, will 

incentivize Members to: (i) Have an 

ADV equal to or greater than 1.00% of 

average TCV in order to receive the 

lower fees associated with NonCustomer Take Volume Tier 1; and (ii) 

further increase their ADV to reach 

1.25% of average TCV in order to meet 

proposed Non-Customer Take Volume 


tkelley on DSK3SPTVN1PROD with NOTICES
20288 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

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

16 17 CFR 240.19b–4(f)(2). 

Tier 2 and receive a fee of $0.47 per 

contract. While the price change for 

Non-Customer Take Volume Tier 1 does 

result in an increased fee for Members 

that qualify for the tier, the Exchange 

believes that the benefit to all 

participants on BATS Options from 

incentivizing increased participation on 

BATS Options outweighs the additional 

cost for those Members that qualify for 

Tier 1. Further, the requirements to 

meet proposed Tier 2 are only an 

additional 0.25% ADV as a percentage 

of average TCV, which would provide 

Members with fees identical to those 

that they would pay today under Tier 1. 

As such, the Exchange believes that the 

proposed change to Non-Customer Take 

Volume Tier 1 and the proposed new 

Non-Customer Take Volume Tier 2 is a 

reasonable, fair and equitable, and not 

unfairly discriminatory allocation of 

fees and rebates because it will provide 

Members with a greater incentive to 

increase their participation on BATS 

Options which will result in higher 

levels of liquidity provision and 

introduction of higher volumes of orders 

into the price and volume discovery 

processes, which will benefit all 

participants on BATS Options. 

The Exchange also believes that the 

proposed new Non-Customer Take 

Volume Tier 4 is a reasonable, fair and 

equitable, and not unfairly 

discriminatory allocation of fees and 

rebates because it will provide Members 

with a greater incentive to increase their 

participation on BATS Options in both 

Customer and non-Customer orders. 

Under proposed Tier 4, Members that 

have an ADAV in Customer orders equal 

to or greater than 2.00% of average TCV 

will be eligible for $0.43 per contract 

fees for Non-Customer orders that 

remove liquidity in Penny Pilot 

Securities. The Exchange further 

emphasizes that the proposed change is 

a reasonable, fair and equitable, and not 

unfairly discriminatory allocation of 

fees and rebates because it allows the 

Exchange to further incentivize 

Customer orders that add liquidity 

beyond the $0.50 per contract rebate 

that such orders receive. The Exchange 

believes that such additional incentives 

for Customer orders combined with the 

incentive for non-Customer orders that 

remove liquidity will lead Members to 

increase participation in both Customer 

and non-Customer orders. Incentivizing 

Members to increase participation in 

both added Customer liquidity and nonCustomer orders that remove liquidity 

will result in higher levels of liquidity 

provision and introduction of higher 

volumes of orders into the price and 

volume discovery processes, which will 

benefit all participants on BATS 

Options to a greater extent than most 

tier changes because it will incentivize 

increased participation in multiple 

order capacities simultaneously. As 

stated above, such increased 

participation benefits all participants on 

BATS Options, even those that are not 

receiving the lower fees from achieving 

Tier 4. 

The Exchange reiterates that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels to be 

excessive. 

Finally, the Exchange believes that 

the non-substantive changes discussed 

above would contribute to the 

protection of investors and the public 

interest by helping to avoid confusion 

with respect the Exchange fee schedule. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. With respect 

to the proposed new rebates for Market 

Maker orders that add liquidity in 

Penny Pilot Securities, including the 

proposed new Market Maker Add 

Volume Tier 1, the Exchange does not 

believe that any such changes burden 

competition, but instead, that they 

enhance competition, as they are 

intended to increase the 

competitiveness of and draw additional 

volume to BATS Options. Similarly, 

with respect to the proposed new fees 

for Professional, Firm and Market Maker 

Orders that remove liquidity in Penny 

Pilot Securities, include the proposed 

new tiers and adjusted rebates in the 

Professional, Firm and Market Maker 

Penny Pilot Take Volume Tiers, the 

Exchange does not believe that any such 

changes burden competition, but 

instead, that they enhance competition, 

as they are intended to increase the 

competitiveness of and draw additional 

volume to BATS Options. As stated 

above, the Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if the deem fee structures to be 

unreasonable or excessive. 

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 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 15 and paragraph (f)(2) of Rule 

19b–4 thereunder.16 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– 

BATS–2015–28 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–BATS–2015–28. 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 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20289 

17 17 CFR 200.30–3(a)(12). 

1The agreement replaces and supersedes the 

incidental trackage rights previously authorized by 

the Board. See I&M Rail Link—Acquis. & Operation 

Exemption—Certain Lines of Soo Line R.R., FD 

33326 (STB served Apr. 9, 1997). 

2Specifically, the new trackage rights extend 

from Soo’s connection with DM&E at milepost 

313.2 +/¥ of Soo’s River Subdivision at or in the 

vicinity of Goodview, over Soo’s River Subdivision 

to Winona, Minn., north to the connection with 

Soo’s Merriam Park Subdivision, and continue to 

Merriam Park at milepost 416.2 +/¥ in St. Paul. 

The trackage rights also include the line from Soo’s 

River Subdivision at Goodview to Soo’s Tomah 

Subdivision at River Junction West, Minn., and 

continue to Bridge Switch at milepost 283.6 +/¥ at 

or in the vicinity of Bluff. 

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 

filing will also 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–BATS– 

2015–28 and should be submitted on or 

before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08546 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: Type 

Certification Procedures for Changed 

Products 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on December 

22, 2014. 14 CFR part 21 may require 

applicants to demonstrate compliance 

with the latest regulations in effect on 

the date of application for amended 

Type Certificates (TC) or a 

Supplemental TCs for aeronautical 

products. 

DATES: Written comments should be 

submitted by May 15, 2015. 

ADDRESSES: Interested persons are 

invited to submit written comments on 

the proposed information collection to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget. Comments should be addressed 

to the attention of the Desk Officer, 

Department of Transportation/FAA, and 

sent via electronic mail to oira_

submission@omb.eop.gov, or faxed to 

(202) 395–6974, or mailed to the Office 

of Information and Regulatory Affairs, 

Office of Management and Budget, 

Docket Library, Room 10102, 725 17th 

Street NW., Washington, DC 20503. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including (a) 

Whether the proposed collection of 

information is necessary for FAA’s 

performance; (b) the accuracy of the 

estimated burden; (c) ways for FAA to 

enhance the quality, utility and clarity 

of the information collection; and (d) 

ways that the burden could be 

minimized without reducing the quality 

of the collected information. The agency 

will summarize and/or include your 

comments in the request for OMB’s 

clearance of this information collection. 

FOR FURTHER INFORMATION CONTACT: 

Ronda Thompson at (202) 267–1416, or 

by email at: Ronda.Thompson@faa.gov. 

SUPPLEMENTARY INFORMATION: 

OMB Control Number: 2120–0657. 

Title: Type Certification Procedures 

for Changed Products. 

Form Numbers: There are no FAA 

forms associated with this collection. 

Type of Review: Extension without 

change of an information collection. 

Background: The Federal Register 

Notice with a 60-day comment period 

soliciting comments on the following 

collection of information was published 

on December 22, 2014 (79 FR 76437). 14 

CFR part 21 requires that, with certain 

exceptions, all aviation product changes 

comply with the latest airworthiness 

standards when determining the 

certification basis for aeronautical 

products. This process is intended to 

increase safety by applying the latest 

regulations where practicable. A 

certification application request, in 

letter form, and a supporting data 

package is made to the appropriate 

Federal Aviation Administration (FAA) 

Aircraft Certification Office by an 

aircraft/product manufacturer/modifier. 

Respondents: Approximately 2,558 

manufacturers/modifiers. 

Frequency: Information is collected 

on occasion. 

Estimated Average Burden per 

Response: 7.35 hours. 

Estimated Total Annual Burden: 

18,815 hours. 

Issued in Washington, DC, on April 9, 

2015. 

Ronda Thompson, 

FAA Information Collection Clearance 

Officer, IT Enterprises Business Services 

Division, ASP–110. 

[FR Doc. 2015–08632 Filed 4–14–15; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Surface Transportation Board 

[Docket No. FD 35907] 

Dakota, Minnesota & Eastern Railroad 

Corporation—Trackage Rights 

Exemption—Soo Line Railroad 

Company 

Soo Line Railroad Company (Soo), 

pursuant to a written trackage rights 

agreement dated March 27, 2015,1 has 

agreed to grant overhead and local 

trackage rights to Dakota, Minnesota & 

Eastern Railroad Corporation (DM&E) 

over approximately 132.6 miles of rail 

line (the Line) extending (1) between 

Goodview, Minn., and Merriam Park in 

St. Paul, Minn., and (2) between 

Goodview and Bridge Switch in Bluff, 

Minn.2

This transaction is related to a 

concurrently filed verified notice of 

exemption in Soo Line Railroad— 

Trackage Rights Exemption—Dakota, 

Minnesota & Eastern Railroad, Docket 

No. FD 35906, wherein DM&E has 

agreed to grant Soo overhead and local 

trackage rights over approximately 223.1 

miles of rail line extending between 

Goodview and Tracy, Minn. 

DM&E may consummate its 

acquisition on or after April 29, 2015, 

the effective date of the exemption (30 

days after the verified notice of 

exemption was filed). 

According to DM&E, the proposed 

transaction, along with the transaction 

in Docket No. FD 35906, is part of an 

exchange of nonexclusive trackage 

rights between two affiliated rail 


tkelley on DSK3SPTVN1PROD with NOTICES