21290 Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). 

12 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’’). 

6EDGX’s affiliated exchanges are the BATS 

Exchange, Inc. (‘‘BZX’’), the BATS Y-Exchange, Inc. 

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

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

Exchanges’’). On January 31, 2014, Direct Edge 

Holdings LLC (‘‘DE Holdings’’), the former parent 

company of the Exchange and EDGA, completed its 

business combination with BATS Global Markets, 

Inc., the parent company of BATS and BYX. See 

Securities Exchange Act Release No. 71449 (January 

30, 2014), 79 FR 6961 (February 5, 2014) (SR– 

EDGX–2013–43, SR–EDGA–2013–34). Upon 

completion of the business combination, DE 

Holdings and BATS Global Markets, Inc. 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.’’ 

Act 10 and Rule 19b–4(f)(6) 11

thereunder. At any time within 60 days 

of the filing of the proposed rule change, 

the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

C2–2015–008 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–C2–2015–008. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–C2– 

2015–008 and should be submitted on 

or before May 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08796 Filed 4–16–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74716; File No. SR–EDGX– 

2015–17] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Content of 

the BATS One Feed Under Rule 13.8(b) 

To Include Consolidated Volume for All 

Listed Equity Securities 

April 13, 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, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) 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 

13.8(b) 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 13.8(b) to include consolidated 

volume for all listed equity securities. 

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 EDGX and its affiliated exchanges 6

and for which the BATS Exchanges 

reports quotes under the Consolidated 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 21291 

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. 

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

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

12 15 U.S.C. 78k–1. 

13See 17 CFR 242.603. 

14See 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). 

15See id. (noting that NYSE BQT and NLS Plus 

carry consolidated volume for all listed equities). 

16See BATS One Approval Order, supra note 5. 

17See CTA Consolidated Volume Display Policy, 

supra note 9. 

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

Nasdaq/UTP Plan.7

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

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 10 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 11

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 12 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,13 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.14 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. 

Lastly, 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. 

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.15

Finally, 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,16 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.17 Therefore, 

the Exchange believes the inclusion of 


tkelley on DSK3SPTVN1PROD with NOTICES
21292 Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 

18 15 U.S.C. 78s(b)(3)(A). 

19 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. 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). 

22See supra note 14 (noting that NYSE BQT and 

NLS Plus carry consolidated volume for all listed 

equities). 

23For 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). 24 17 CFR 200.30–3(a)(12). 

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. 

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) 

of the Act 18 and Rule 19b–4(f)(6)(iii) 

thereunder.19

A proposed rule change filed 

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

Act 20 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 21

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.22 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.23

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– 

EDGX–2015–17 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–EDGX–2015–17. 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 

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–EDGX– 

2015–17, and should be submitted on or 

before May 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08793 Filed 4–16–15; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Council on Underserved Communities, 

Renewal 

AGENCY: U.S. Small Business 

Administration (SBA). 

ACTION: Notice of renewal of Council on 

Underserved Communities. 

SUMMARY: Pursuant to the Federal 

Advisory Committee Act and its 

implementing regulations, SBA is 

issuing this notice to announce the 

renewal of its Council on Underserved 

Communities. This advisory committee 

is being renewed to help the agency 

identify and address needs of small 

businesses in underserved urban and 

rural communities. 

FOR FURTHER INFORMATION CONTACT: 

Questions about the Council on 

Underserved Communities may be 

directed to Miguel L’Heureux, telephone 

(202) 205–6605, fax (202) 741–6670, 

email miguel.lheureux@sba.gov or mail, 

U.S. Small Business Administration, 

409 3rd Street SW., 7th Floor, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Pursuant 

to its authority in section 8(b)(13) of the 

Small Business Act, (15 U.S.C. 637(b)), 

SBA is renewing the Council on 

Underserved Communities. This 

discretionary committee is being 

renewed in accordance with the 

provisions of the Federal Advisory 

Committee Act, as amended (5 U.S.C. 

App.). 

The Council provides advice, ideas 

and opinions on SBA programs and 


tkelley on DSK3SPTVN1PROD with NOTICES