20516 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 

1Although the rules under Section 8(b) of the 

Investment Company Act are generally procedural 

in nature, two of the rules require respondents to 

disclose some limited information. Rule 8b–3 (17 

CFR 270.8b–3) provides that whenever a 

registration form requires the title of securities to 

be stated, the registrant must indicate the type and 

general character of the securities to be issued. Rule 

8b–22 (17 CFR 270.8b–22) provides that if the 

existence of control is open to reasonable doubt, the 

registrant may disclaim the existence of control, but 

it must state the material facts pertinent to the 

possible existence of control. The information 

required by both of these rules is necessary to 

ensure that investors have clear and complete 

information upon which to base an investment 

decision. 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

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

registered broker or dealer, or any person associated 

with a registered broker or dealer, that has been 

admitted to membership in the Exchange. A 

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

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

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

6A logical port is commonly referred to as a TCP/ 

IP port, and represents a port established by the 

Exchange within the Exchange’s system for trading 

and billing purposes. Each logical port established 

is specific to a Member or non-member and grants 

that Member or non-member the ability to operate 

a specific application, such as FIX order entry or 

Multicast PITCH data receipt. 

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 (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Rules 8b–1 to 8b–33 (17 CFR 270.8b– 

1 to 8b–33) under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1 

et seq.) (‘‘Investment Company Act’’) set 

forth the procedures for preparing and 

filing a registration statement under the 

Investment Company Act. These 

procedures are intended to facilitate the 

registration process. These rules 

generally do not require respondents to 

report information.1

The Commission believes that it is 

appropriate to estimate the total 

respondent burden associated with 

preparing each registration statement 

form rather than attempt to isolate the 

impact of the procedural instructions 

under Section 8(b) of the Investment 

Company Act, which impose burdens 

only in the context of the preparation of 

the various registration statement forms. 

Accordingly, the Commission is not 

submitting a separate burden estimate 

for rules 8b–1 through 8b–33, but 

instead will include the burden for 

these rules in its estimates of burden for 

each of the registration forms under the 

Investment Company Act. The 

Commission is, however, submitting an 

hourly burden estimate of one hour for 

administrative purposes. 

The collection of information under 

rules 8b–1 to 8b–33 is mandatory. The 

information provided under rules 8b–1 

to 8b–33 is not kept confidential. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a currently valid OMB control 

number. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 20549 

or send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: April 10, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08693 Filed 4–15–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74707; File No. SR–EDGA– 

2015–16] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Related to Fees for Use 

of EDGA Exchange, Inc. 

April 10, 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, EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend its fees and rebates applicable to 

Members 5 of the Exchange pursuant to 

EDGA Rule 15.1(a) and (c) (‘‘Fee 

Schedule’’) to: (i) Amend the fees 

charged for and description of the 

logical ports 6 offered; (ii) amend the 

criteria for the MidPoint Discretionary 

Order Add Volume Tier; and (iii) make 

a series of immaterial, non-substantive 

changes. 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to: (i) Amend 

the fees charged for and description of 

the logical ports offered; (ii) amend the 

criteria for the MidPoint Discretionary 

Order Add Volume Tier; and (iii) make 

a series of immaterial, non-substantive 

changes. 

Logical Ports 

Currently, the Exchange maintains 

logical ports for order entry, drop 

copies, testing, and market data for 

which it currently charges $500 per 

month per port, with the first two (2) 

ports provided free of charge. Ports used 

to request a re-transmission of market 

data from the Exchange are also 

provided free of charge. 

In early 2014, the Exchange and its 

affiliate, EDGA Exchange, Inc. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 20517 

7See Securities Exchange Act Release No. 71449 

(January 30, 2014), 79 FR 6961 (February 5, 2014) 

(SR–EDGX–2013–043; SR–EDGA–2013–034). 

8The Exchange notes that EDGA intends to file 

a proposal very similar to this proposal that will 

align its logical port fees across each of the BGM 

Affiliated Exchanges. The Exchange also notes that 

BZX and BYX also intend to file a proposal to 

increase its port fees from $400 per month per port 

to $500 per month per port as well as to change 

references to ‘‘GRP Ports’’ to ‘‘Multicast PITCH GRP 

Ports’’. 

9See BATS Global Markets Access Fee Changes 

for 2015, available at http://cdn.batstrading.com/

resources/fee_schedule/2015/BATS-GlobalMarkets-Access-Services-Fee-Changes-for-2015.pdf 

(issued October 7, 2014). 

10The term ‘‘System’’ is defined in Rule 1.5(cc). 

11See Securities Exchange Act Release Nos. 

69670 (May 30, 2013), 78 FR 33871 (June 5, 2013) 

(SR–EDGX–2013–18); and 69669 (May 30, 2013), 78 

FR 33880 (June 5, 2013) (SR–EDGA–2013–14). 

12FIX and BOE ports are the only ports that may 

be used to send orders and related instructions to 

the Exchange. All other port types, including the 

Multicast PITCH Spin Server Port and GRP Port, 

permit Members and non-members to receive 

information from the Exchange. 

13See Exchange Rule 11.8(e) for a description of 

MidPoint Discretionary orders. 

(‘‘EDGA’’), received approval to effect a 

merger (the ‘‘Merger’’) of the Exchange’s 

parent company, Direct Edge Holdings 

LLC, with BATS Global Markets, Inc., 

the parent of BZX and BYX (together 

with BZX, EDGA, and EDGX, the ‘‘BGM 

Affiliated Exchanges’’).7 In the context 

of the Merger, the BGM Affiliated 

Exchanges are working to align certain 

system and regulatory functionality, 

retaining only intended differences 

between the BGM Affiliated Exchanges. 

This includes migrating the BGM 

Affiliated Exchanges, which are 

currently located in different data 

centers, into a single data center. As part 

of the data center migration, the 

operation and categorization of logical 

ports provided to access the Exchange 

would be identical to those utilized to 

access BZX and BYX. Therefore, the 

Exchange proposes to harmonize its 

description of logical ports within its 

Fee Schedule to align with the 

descriptions included in the BZX and 

BYX fee schedules.8 As a result, the 

Exchange also proposes to no longer 

provide free of charge: (i) The first two 

(2) logical ports per month; and (ii) 

ports used to request a re-transmission 

of market data from the Exchange. The 

Exchange communicated to Members 

and non-Members of [sic] these changes 

via a trading notice issued on October 

7, 2014.9

First, the Exchange proposes to 

harmonize its description of logical 

ports within its Fee Schedule to align 

with the descriptions included in the 

BZX and BYX fee schedules. As part of 

the data center migration discussed 

above, the operation and categorization 

of ports provided to access the Exchange 

would be identical to those utilized to 

access BZX and BYX. Currently, the 

Exchange charges direct session logical 

ports fees of $500 per month and 

separately categorizes those ports as 

FIX, EDGE XPRS (HPI–API), Data, 

DROP, EdgeRisk. To harmonize the 

description of the logical ports offered 

with those of BZX and BYX, the 

Exchange proposes to no longer 

individually list the available ports 

(other than Multicast PITCH Spin Server 

and GRP ports described below) as all 

of the above are encompassed under the 

term logical ports. In addition, EdgeRisk 

ports will also no longer be separately 

listed within in [sic] the Fee Schedule. 

EdgeRisk ports enable Members, and 

non-Member service bureaus that act as 

conduits for orders entered by Members 

that are their customers, access to a 

System 10 test environment through 

which they can test their automated 

systems that integrate with the 

Exchange.11 Under BATS technology, 

Members and non-Members would no 

longer need a dedicated port to access 

the Exchange’s test environment as they 

would be able to utilize any of their 

existing ports to do so. Therefore, the 

Exchange proposes to not individually 

list EdgeRisk as a separate logical port. 

Second, other than no longer 

providing certain ports free of charge as 

described below, the Exchange does not 

propose to amend the monthly fee [sic] 

logical port fees. All logical ports will 

continue to be subject to a fee of $500 

per month per port. In addition, logical 

port fees proposed above would be 

limited to logical ports in the 

Exchange’s primary data center and no 

logical port fees would be assessed for 

redundant secondary data center ports. 

In addition, the Exchange also proposes 

to no longer provide the first two (2) 

logical ports free of charge. The 

Exchange, like BZX and BYX, will 

assess the monthly per logical port fees 

for all of a Member and non-Member’s 

logical ports. 

Currently, the Exchange provides 

ports used to request a retransmission of 

data free of charge. Going forward, the 

Exchange would no longer offer such 

ports free of charge, as proposed below. 

There are currently two types of logical 

ports used to request and receive a 

retransmission of data from the 

Exchange,12 Multicast PITCH Spin 

Server Ports and Multicast PITCH GRP 

Ports. The Exchange’s Multicast PITCH 

data feed is available from two primary 

feeds, identified as the ‘‘A feed’’ and the 

‘‘C feed’’, which contain the same 

information but differ only in the way 

such feeds are received. The Exchange 

also offers two redundant fees, 

identified as the ‘‘B feed’’ and the ‘‘D 

feed.’’ 

The Exchange proposes to offer 

Multicast PITCH Spin Server Ports for a 

fee of $500 per month for a set of 

primary ports (A or C feed) and 

Multicast PITCH GRP Ports for a fee of 

$500 per month for a primary port (A or 

C feed). The Exchange will continue to 

offer for free the ports necessary to 

receive the Exchange’s redundant 

Multicast ‘‘B feed’’ and ‘‘D feed’’, as 

well as all ports made available in the 

Exchange’s secondary data center. 

Accordingly, this proposal only applies 

to ports used to receive an Exchange 

primary Multicast PITCH feeds at the 

Exchange’s primary data center. The 

proposed fees for Multicast PITCH Spin 

Server Ports and GRP Ports are identical 

to those charged by BZX and BYX. 

Lastly, the Exchange proposes to 

rename this section of its Fee Schedule 

entitled ‘‘Port Fees’’ as ‘‘Logical Port 

Fees.’’ 

MidPoint Discretionary Order Add 

Volume Tier 

The Exchange proposes to amend the 

criteria for the MidPoint Discretionary 

Order Add Volume Tier. Under the tier, 

a Member qualifies for a reduced fee of 

$0.0003 per share where that Member: 

(i) Adds an ADV of at least 0.25% of the 

TCV including non-displayed orders 

that add liquidity; and (ii) adds or 

removes an ADV of at least 1,500,000 

shares yielding fee codes DM or DT. Fee 

code DM is applied to Non-Displayed 

orders that add liquidity using MidPoint 

Discretionary orders 13 and fee code DT 

is applied to Non-Displayed orders that 

remove liquidity using MidPoint 

Discretionary Orders. Orders that yield 

fee code DM or fee code DT that do not 

meet to the criteria of the MidPoint 

Discretionary Order Add Volume Tier 

are charged a fee of $0.00050 per share. 

The Exchange now proposes to decrease 

the ADV requirement to require that a 

Member add an ADV of at least 0.20%, 

rather than 0.25%, of the TCV including 

non-displayed orders that add liquidity. 

Easing the criteria of the MidPoint 

Discretionary Order Add Volume Tier is 

intended to further incentive Members 

to submit an increased number of 

MidPoint Discretionary orders to the 

Exchange, thereby increasing the 

liquidity on the Exchange at the 

midpoint of the National Best Bid or 

Offer (‘‘NBBO’’). 

Non-Substantive Changes 

The Exchange also proposes to make 

a series of immaterial, non-substantive 


tkelley on DSK3SPTVN1PROD with NOTICES
20518 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 

14 15 U.S.C. 78f. 

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

16 15 U.S.C. 78f(b)(4). 

17See supra note 8. 

18See Nasdaq Rule 7015 (providing no FIX or 

non-Trading FIX ports free of charge) and the NYSE 

Arca fee schedule available at https://

www.nyse.com/publicdocs/nyse/markets/nyse-arca/

NYSE_Arca_Marketplace_Fees.pdf (dated February 

26, 2105). 

changes to its Fee Schedule. None of the 

changes proposed are intended to 

amend any fee or rebate. These changes 

are: 

• Remove the word ‘‘the’’ from the 

description of fee code D; 

• Remove the word ‘‘the’’ from the 

description of fee code RN; 

• Amend the Market Data Section to 

add a colon after BATS One Feedsm; and 

• Add a colon after Licensing and 

Continuing Education. 

Implementation Date 

The Exchange proposes to implement 

these amendments to its Fee Schedule 

on April 1, 2015. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,14

in general, and furthers the objectives of 

Section 6(b)(4),15 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

other persons using its facilities. The 

Exchange also 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 at a particular venue to 

be excessive. The proposed rule change 

reflects a competitive pricing structure 

designed to incent market participants 

to direct their order flow to the 

Exchange. The Exchange believes that 

the proposed rates are equitable and 

non-discriminatory in that they apply 

uniformly to all Members. The 

Exchange believes the fees and credits 

remain competitive with those charged 

by other venues and therefore continue 

to be reasonable and equitably allocated 

to Members. 

Logical Ports 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,16 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 its proposed 

changes, combined with the planned 

filings for EDGA, BZX and BYX,17

would allow the BGM Affiliated 

Exchanges to provide consistent logical 

port offerings across each of the BGM 

Affiliated Exchanges. Consistent 

offerings, in turn, will simplify the 

connectivity requirements for Members 

of the Exchange that are also 

participants on EDGA, BZX and/or BYX. 

The proposed rule change would result 

in greater uniformity and less 

burdensome and more efficient 

understanding of Exchange connectivity 

requirements. 

The Exchange also believes that no 

longer providing the first two (2) logical 

ports for free as well as ports used to 

request a retransmission of market data 

also represents an equitable allocation 

of reasonable dues, fees and other 

charges. The Exchange operates in a 

highly competitive market in which 

exchanges offer connectivity services as 

a means to facilitate the trading 

activities of members and other 

participants. Accordingly, fees charged 

for connectivity are constrained by the 

active competition for the order flow of 

such participants as well as demand for 

market data from the Exchange. If a 

particular exchange charges excessive 

fees for connectivity, affected members 

will opt to terminate their connectivity 

arrangements with that exchange, and 

adopt a possible range of alternative 

strategies, including routing to the 

applicable exchange through another 

participant or market center or taking 

that exchange’s data indirectly. 

Accordingly, the exchange charging 

excessive fees would stand to lose not 

only connectivity revenues but also 

revenues associated with the execution 

of orders routed to it by affected 

members, and, to the extent applicable, 

market data revenues. The Exchange 

believes that this competitive dynamic 

imposes powerful restraints on the 

ability of any exchange to charge 

unreasonable fees for connectivity. 

Lastly, the Exchange believe its 

proposed fees are reasonable because 

the Nasdaq Stock Market LLC 

(‘‘Nasdaq’’) and the NYSE Arca, Inc. 

(‘‘NYSE Arca’’) do not provide logical 

ports or ports used for the 

retransmission of market data free of 

charge.18

The Exchange believes that its 

proposed changes to logical port fees are 

reasonable in light of the benefits to 

Exchange participants of direct market 

access and receipt of data. In addition, 

the Exchange believes that its fees are 

equitably allocated among Exchange 

constituents based upon the number of 

access ports that they require to receive 

data from the Exchange. Further, the 

Exchange believes that its fees are not 

unreasonably discriminatory because all 

market participants are charged 

standard fees for port usage. The 

Exchange notes that it believes its prior 

fee structure, under which two ports 

were provided free of charge, was 

reasonable, equitably allocated and not 

unreasonably discriminatory because it 

was available to all market participants 

and was intended to encourage 

Members and non-members to connect 

to the Exchange. However, by moving 

towards a more uniform approach to 

port descriptions and charges across the 

BGM Affiliated Exchanges, the 

Exchange believes that its fees are even 

more equitably allocated and 

nondiscriminatory. The Exchange also 

believes that its fees for access services 

will enable it to better cover its 

infrastructure costs and to improve its 

market technology and services. 

Lastly, the Exchange also believes that 

the proposed amendments to its fee 

schedule are non-discriminatory 

because they will apply uniformly to all 

Members. All Members that voluntarily 

select various service options will be 

charged the same amount for the same 

services. All Members have the option 

to select any connectivity option, and 

there is no differentiation among 

Members with regard to the fees charged 

for the services offered by the Exchange. 

MidPoint Discretionary Order Add 

Volume Tier 

The Exchange believes amending the 

criteria for the MidPoint Discretionary 

Order Add Volume Tier represents an 

equitable allocation of reasonable dues, 

fees, and other charges among Members 

and other persons using its facilities 

because it is designed to further 

incentivize Members to increase their 

use of MidPoint Discretionary orders on 

EDGA. MidPoint Discretionary Orders 

increase displayed liquidity on the 

Exchange while also enhancing 

execution opportunities at the midpoint of the NBBO. Promotion of 

displayed liquidity at the NBBO 

enhances market quality for all 

Members. Members utilizing MidPoint 

Discretionary orders provide liquidity at 

the midpoint of the NBBO increasing 

the potential for an order to receive 

price improvement, and easing the tier’s 

criteria so that Members may be eligible 

for a decreased fee is a reasonable 

means by which to encourage the use of 

such orders. In addition, the Exchange 

believes that by encouraging the use of 

MidPoint Discretionary orders by easing 

the tier’s criteria, Members seeking price 

improvement would be more motivated 

to direct their orders to EDGA because 

they would have a heightened 

expectation of the availability of 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 20519 

19 Id. 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f). 

liquidity at the midpoint of the NBBO. 

The Exchange also believes that the 

proposed addition of the MidPoint 

Discretionary Order Add Volume Tier is 

non-discriminatory because it will be 

available to all Members. 

Non-Substantive Changes 

The Exchange believes that the nonsubstantive clarifying changes to its Fee 

Schedule are reasonable because none 

of the proposed changes are designed to 

amend any fee, nor alter the manner in 

which it assesses fees or calculates 

rebates. These non-substantive changes 

to the Fee Schedule are intended to 

make the Fee Schedule 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 believes its proposed 

amendments to its Fee Schedule would 

not impose any burden on competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange does not believe that the 

proposed change represents a significant 

departure from previous pricing offered 

by the Exchange or pricing offered by 

the Exchange’s competitors. 

Additionally, Members may opt to 

disfavor the Exchange’s pricing if they 

believe that alternatives offer them 

better value. Accordingly, the Exchange 

does not believe that the proposed 

change will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. 

Logical Ports 

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. The 

Exchange notes that, other than no 

longer providing two (2) ports or ports 

used for the retransmission of market 

data for free each month, it does not 

proposes to alter the fees charged from 

their current levels. As discussed above, 

the Exchange believes that fees for 

connectivity are constrained by the 

robust competition for order flow among 

exchanges and non-exchange markets. 

Further, excessive fees for connectivity, 

including logical port fees, would serve 

to impair an exchange’s ability to 

compete for order flow rather than 

burdening competition. In addition, 

allowing the Exchange to implement 

substantively identical logical port fees 

across each of the BGM Affiliated 

Exchanges does not present any 

competitive issues, but rather is 

designed to provide greater 

harmonization among Exchange, BYX, 

BZX, and EDGA. Lastly, the Exchange 

believes the proposal to no longer 

provide two (2) ports or ports used for 

the retransmission of market data for 

free each month would enhance 

intermarket competition because 

Nasdaq and NYSE Arca do not provide 

logical ports or ports used for the 

retransmission of market data free of 

charge.19 The Exchange also does not 

believe the proposed rule change would 

impact intramarket competition as it 

would apply to all Members and nonMembers equally. 

MidPoint Discretionary Order Add 

Volume Tier 

The Exchange believes that its 

proposal to ease the criteria for the 

MidPoint Discretionary Order Add 

Volume Tier would increase intermarket 

competition because it would further 

incentivize Members to send an 

increased amount MidPoint 

Discretionary orders to the Exchange in 

order to qualify for the tier’s decreased 

fee. The Exchange believes that its 

proposal would neither increase nor 

decrease intramarket competition 

because the MidPoint Discretionary 

Order Add Volume Tier would apply 

uniformly to all Members and the ability 

of some Members to meet the tier would 

only benefit other Members by 

contributing to increased liquidity at the 

midpoint of the NBBO and better market 

quality at the Exchange. 

Non-Substantive Changes 

The Exchange believes that the nonsubstantive changes to the Fee Schedule 

will not affect intermarket nor 

intramarket competition because none 

of these changes are designed to amend 

any fee or alter the manner in which the 

Exchange assesses fees or calculates 

rebates. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

Members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 20 and paragraph (f) of Rule 

19b–4 thereunder.21 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

EDGA–2015–16 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–EDGA–2015–16. 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 


tkelley on DSK3SPTVN1PROD with NOTICES
20520 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73362 

(October 15, 2014), 79 FR 62983 (‘‘Notice’’). 

4See Securities Exchange Act Release No. 73720 

(December 2, 2014), 79 FR 72747 (December 8, 

2014). 

5See Securities Exchange Act Release No. 74088 

(January 16, 2015), 80 FR 3687 (January 23, 2015) 

(‘‘Order Instituting Proceedings’’). 

6See letters to Elizabeth M. Murphy, Secretary, 

Commission, from Elizabeth King, Secretary & 

General Counsel, Exchange, dated January 8, 2015 

and February 27, 2015. 

7 15 U.S.C. 78s(b)(2). 

8 15 U.S.C. 78s(b)(2)(B)(ii)(I). 

9 15 U.S.C. 78s(b)(2)(B)(ii)(II). 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

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

registered broker or dealer that has been admitted 

to membership in the Exchange.’’ See Exchange 

Rule 1.5(n). 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–EDGA– 

2015–16, and should be submitted on or 

before May 7, 2015 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08701 Filed 4–15–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74705; File No. SR– 

NYSEArca–2014–117] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove Proposed 

Rule Change To Remove the 

Exchange’s Quote Mitigation Plan as 

Provided by Commentary .03 to 

Exchange Rule 6.86 

April 10, 2015. 

I. Introduction 

On October 2, 2014, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to remove the Exchange’s quote 

mitigation plan as provided by 

Commentary .03 to NYSE Arca Rule 

6.86. The proposed rule change was 

published for comment in the Federal 

Register on October 21, 2014.3 On 

December 2, 2014, the Commission 

extended the time period in which to 

either approve the proposal, disapprove 

the proposal, or to institute proceedings 

to determine whether to approve or 

disapprove the proposal, to January 19, 

2015.4 On January 16, 2015, the 

Commission instituted proceedings to 

determine whether to approve or 

disapprove the proposal.5 The 

Commission received 2 comment letters 

in further support of the proposal from 

NYSE Arca.6

Section 19(b)(2) of the Act 7 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change.8 The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination.9 The proposed rule 

change was published for notice and 

comment in the Federal Register on 

October 21, 2014. April 19, 2015, is 180 

days from that date, and June 18, 2015, 

is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposal, and the issues raised in 

NYSE Arca’s comment letters. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,10 designates June 18, 2015 as the 

date by which the Commission shall 

either approve or disapprove the 

proposed rule change (File No. SR– 

NYSEArca–2014–117). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08699 Filed 4–15–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74703; File No. SR–BYX– 

2015–21] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Related to Fees for Use 

of BATS Y-Exchange, Inc. 

April 10, 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 1, 

2015, BATS Y-Exchange, Inc. (the 

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

Securities and Exchange Commission 

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

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by the Exchange. The 

Exchange has designated the proposed 

rule change as one establishing or 

changing a member due, fee, or other 

charge imposed by the Exchange under 

Section 19(b)(3)(A)(ii) of the Act 3 and 

Rule 19b–4(f)(2) thereunder,4 which 

renders the proposed rule change 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend the fee schedule applicable to 

Members 5 and non-members of the 

Exchange pursuant to BYX 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 


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