Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices 62985 

17See supra n. 12. 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A Member is defined as ‘‘any registered broker 

or dealer that has been admitted to membership in 

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

quote traffic that might be sent to OPRA 

as a result of the proposed rule change. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

as discussed above, the Exchange 

believes that any increase in quote 

traffic that might be sent to OPRA as a 

result of the proposed rule change 

should not impact any other exchange’s 

capacity at OPRA.17

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2014–117 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–NYSEArca–2014–117. 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– 

NYSEArca–2014–117, and should be 

submitted on or before November 12, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24948 Filed 10–20–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73359; File No. SR–BATS– 

2014–047] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Changes Related to Fees for Use 

of BATS Exchange, Inc. 

October 15, 2014. 

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 October 

6, 2014, 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 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 filed a proposal to 

amend the fee schedule applicable to 

Members 3 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 http://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’’) for orders routed away from 

the Exchange and executed at various 

away options exchanges. 

The Exchange currently charges 

certain flat rates for routing to other 

options exchanges that have been 

placed into groups based on the 

approximate cost of routing to such 

venues. The grouping of away options 

exchanges is based on the cost of 

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62986 Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices 

4As defined on the Exchange’s fee schedule, a 

‘‘Customer’’ order is any transaction identified by 

a Member for clearing in the Customer range at the 

Options Clearing Corporation (‘‘OCC’’), except for 

those designated as ‘‘Professional’’. 5The term ‘‘Professional’’ is defined in Exchange 

Rule 16.1 to mean any person or entity that (A) is 

not a broker or dealer in securities, and (B) places 

more than 390 orders in listed options per day on 

average during a calendar month for its own 

beneficial account(s). 6As defined on the Exchange’s fee schedule, the 

terms ‘‘Firm’’ and ‘‘Market Maker’’ apply to any 

transaction identified by a member for clearing in 

the Firm or Market Maker range, respectively, at the 

Options Clearing Corporation (‘‘OCC’’). 

7As it has done before, despite identical fees, the 

Exchange is maintaining separate references to 

Make/Take and Classic pricing for orders routed to 

and executed PHLX because it believes that 

participants that are accustomed to this distinction 

will be less confused if it continues to separately 

list each category. 

8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(4). 

transaction fees assessed by each venue 

as well as costs to the Exchange for 

routing (i.e., clearing fees, connectivity 

and other infrastructure costs, 

membership fees, etc.) (collectively, 

‘‘Routing Costs’’). To address different 

fees at various other options exchanges, 

the Exchange in most instances 

differentiates between either securities 

subject to the options penny pilot 

program (‘‘Penny Pilot Securities’’) and 

non-Penny Pilot Securities or between 

‘‘Make/Take issues’’ and ‘‘Classic 

issues.’’ As set forth on the Exchange’s 

fee schedule, pricing in Make/Take 

issues is for executions at the identified 

exchange under which rebates to post 

liquidity (i.e., ‘‘Make’’) are credited by 

that exchange and fees to take liquidity 

(i.e., ‘‘Take’’) are charged by that 

exchange; pricing in Classic issues 

applies to all other executions at such 

exchanges. Routing charges are also 

differentiated depending on whether 

they are for Customer 4 orders or for 

Professional,5 Firm, and Market Maker 6

orders (collectively, ‘‘non-Customer 

orders’’). 

As noted previously and as set forth 

above, the Exchange’s current approach 

to routing fees is to set forth in a simple 

manner certain flat fees that 

approximate the cost of routing to other 

options exchanges. The Exchange then 

monitors the fees charged as compared 

to the costs of its routing services, as 

well as monitoring for specific fee 

changes by other options exchanges, 

and adjusts its flat routing fees and/or 

groupings to ensure that the Exchange’s 

fees do indeed result in a rough 

approximation of overall Routing Costs, 

and are not significantly higher or lower 

in any area. Over the last several 

months, due to various increases in fees 

assessed by other options exchanges as 

well as increases experienced by the 

Exchange with respect to fees charged 

for clearing services and fees charged by 

the OCC, the Exchange’s overall Routing 

Costs have increased. As a result, and in 

order to avoid subsidizing routing to 

away options exchanges and to continue 

providing quality routing services, the 

Exchange proposes relatively modest 

increases and adjustments to the charges 

assessed for most orders routed to most 

options exchanges, as set forth below. 

The Exchange currently charges $0.10 

per contract for all orders (i.e., Customer 

and non-Customer) to buy or sell option 

contracts overlying 10 shares of a 

security (‘‘Mini Options’’) that are 

routed to and executed at an away 

options exchange. Due to the recent 

increases in Routing Costs, the 

Exchange proposes to increase the fee 

for Mini Options routed to and executed 

at an away options exchange to $0.12 

per contract. 

The Exchange currently charges $0.57 

per contract for non-Customer orders 

routed to and executed at the BOX 

Options Exchange LLC (‘‘BOX’’). Due to 

the recent increases in Routing Costs, 

the Exchange proposes to increase this 

fee to $0.65 per contract. This proposed 

increase will also align such fee with 

the fee charged for most non-Customer 

orders routed to and executed at other 

options exchanges, as described below. 

The Exchange currently charges $0.11 

per contract for Customer orders and 

$0.60 per contract for non-Customer 

orders routed to and executed at: (i) 

NYSE MKT LLC (‘‘AMEX’’); (ii) Chicago 

Board Options Exchange, Incorporated 

(‘‘CBOE’’); (iii) the Miami International 

Securities Exchange, LLC (‘‘MIAX’’); (iv) 

NASDAQ OMX BX, Inc. (‘‘BX Options’’) 

in Penny Pilot Securities; and (v) the 

International Securities Exchange, LLC 

(‘‘ISE’’) in non-Penny Pilot Securities. 

Due to the recent increases in Routing 

Costs, the Exchange proposes to 

increase the fee charged for orders 

routed to and executed at these options 

exchanges to $0.12 per contract for 

Customer orders and $0.65 per contract 

for non-Customer orders. 

The Exchange currently charges $0.45 

per contract for Customer orders and 

$0.65 per contract for non-Customer 

orders routed to and executed at 

NASDAQ OMX PHLX LLC (‘‘PHLX’’).7

In addition, the Exchange currently 

charges $0.52 per contract for Customer 

orders and $0.57 per contract for nonCustomer orders routed to and executed 

at: (i) NYSE Arca, Inc. (‘‘ARCA’’) in 

Penny Pilot Securities; (ii) the NASDAQ 

Options Market (‘‘NOM’’) in Penny Pilot 

Securities; (iii) ISE in Penny Pilot 

Securities; and (iv) Topaz Exchange, 

LLC (‘‘ISE Gemini’’) in Penny Pilot 

Securities. The Exchange believes it is 

appropriate based on a general 

similarity in Routing Costs for orders 

routed to and executed at PHLX and 

these venues to add PHLX to this 

grouping. The Exchange also proposes 

to increase the fee charged for nonCustomer orders from $0.57 per contract 

to $0.65 per contract. Thus, for 

Customer orders routed to and executed 

at PHLX there will be an increase from 

$0.45 per contract to $0.52 but no 

increase for non-Customer orders, 

which are currently charged $0.65 per 

contract. Similarly, there will be no fee 

increase for Customer orders to all other 

options exchanges in the group, which 

are already charged $0.52 per contract, 

but non-Customer orders will be 

charged a fee of $0.65 per contract, 

which is an increase from the current 

fee of $0.57 per contract. 

Finally, the Exchange currently 

charges a standard fee of $0.60 per 

contract for directed intermarket sweep 

orders (‘‘Directed ISOs’’) executed at 

most Member directed destinations 

when bypassing the BATS Options 

order book. The Exchange proposes to 

increase its standard fee for Directed 

ISOs to $0.65 per contract for reasons 

consistent with those set forth above 

related to increasing Routing Costs 

incurred by the Exchange. The 

Exchange also notes that, without 

adjustment, the Routing Costs incurred 

by the Exchange for Directed ISOs in 

certain securities sent on behalf of 

Professional, Firm, and Market Maker 

participants would exceed the fee 

charged by the Exchange for Directed 

ISOs. The Exchange notes that it is not 

proposing to modify fees for Directed 

ISOs other than the proposed increase to 

the standard fee. Thus, the Exchange is 

not proposing any changes to the lower 

than standard charge per contract for 

Directed ISOs sent in Mini Options or 

the higher than standard charge per 

contract for certain Directed ISOs sent to 

certain away options exchanges. 

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.8

Specifically, the Exchange believes that 

the proposed rule change is consistent 

with Section 6(b)(4) of the Act,9 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 

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Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices 62987 

10See BATS Rule 21.1(d)(8) (describing ‘‘BATS 

Only’’ orders for BATS Options) and BATS Rule 

21.9(a)(1) (describing the BATS Options routing 

process, which requires orders to be designated as 

available for routing). 

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

12 17 CFR 240.19b–4(f). 

controls. The Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues or providers of routing services 

if they deem fee levels to be excessive. 

As explained above, the Exchange 

generally attempts to approximate the 

cost of routing to other options 

exchanges, including other applicable 

costs to the Exchange for routing. The 

Exchange believes that a pricing model 

based on approximate Routing Costs is 

a reasonable, fair and equitable 

approach to pricing. Specifically, the 

Exchange believes that its proposal to 

modify fees is fair, equitable and 

reasonable because the fees are 

generally an approximation of the cost 

to the Exchange for routing orders to 

such exchanges, and the proposal is in 

response to various increases in fees 

assessed by other options exchanges as 

well as increases experienced by the 

Exchange with respect to fees charged 

for clearing services and fees charged by 

the OCC. Accordingly, the Exchange 

believes that the proposed increases are 

fair, equitable and reasonable because 

they will help the Exchange to avoid 

subsidizing routing to away options 

exchanges and to continue providing 

quality routing services. The Exchange 

believes that its flat fee structure for 

orders routed to various venues is a fair 

and equitable approach to pricing, as it 

provides certainty with respect to 

execution fees at groups of away options 

exchanges. Under its flat fee structure, 

taking all costs to the Exchange into 

account, the Exchange may operate at a 

slight gain or slight loss for orders 

routed to and executed at away options 

exchanges. As a general matter, the 

Exchange believes that the proposed 

fees will allow it to recoup and cover its 

costs of providing routing services to 

such exchanges. The Exchange also 

believes that the proposed fee structure 

for orders routed to and executed at 

these away options exchanges is fair and 

equitable and not unreasonably 

discriminatory in that it applies equally 

to all Members. 

The Exchange has also proposed an 

increased fee for most Directed ISOs 

routed to and executed at away options 

exchanges. This increase is proposed 

because, without adjustment, the 

Routing Costs incurred by the Exchange 

for Directed ISOs in certain securities 

sent on behalf of Professional, Firm, and 

Market Maker participants would 

exceed the fee charged by the Exchange 

for Directed ISOs. The Exchange 

believes that the proposed fee structure 

for Directed ISOs is fair, equitable and 

reasonable because the fees are an 

approximation of the cost to the 

Exchange for routing such orders and 

will allow the Exchange to recoup and 

cover the costs of providing routing 

services. The Exchange also believes 

that the proposed fee structure for 

Directed ISOs is fair and equitable and 

not unreasonably discriminatory in that 

it applies equally to all Members. 

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 or providers of routing 

services if they deem fee levels to be 

excessive. Finally, the Exchange notes 

that it constantly evaluates its routing 

fees, including profit and loss 

attributable to routing, as applicable, in 

connection with the operation of a flat 

fee routing service, and would consider 

future adjustments to the proposed 

pricing structure to the extent it was 

recouping a significant profit or loss 

from routing to away options exchanges. 

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. The 

proposed changes will assist the 

Exchange in recouping costs for routing 

orders to other options exchanges on 

behalf of its participants in a manner 

that is a better approximation of actual 

costs than is currently in place and that 

reflects pricing changes by various 

options exchanges as well as increases 

to other Routing Costs incurred by the 

Exchange. The Exchange also notes that 

Members may choose to mark their 

orders as ineligible for routing to avoid 

incurring routing fees.10 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 they deem fee levels to be 

excessive or providers of routing 

services if they deem fee levels to be 

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 11 and paragraph (f) of Rule 

19b–4 thereunder.12 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 rulecomments@sec.gov. Please include File 

Number SR–BATS–2014–047 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–BATS–2014–047. 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 at 100 F Street NE., 

mstockstill on DSK4VPTVN1PROD with NOTICES

62988 Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices 

13 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. 72937 

(August 27, 2014), 79 FR 52385. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See CBOE Fees Schedule, ‘‘Order Router 

Subsidy Program’’ and ‘‘Complex Order Router 

Subsidy Program’’ tables for more details on the 

ORS and CORS Programs. 

Washington, DC 20549–1090 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–BATS– 

2014–047, and should be submitted on 

or before November 12, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24947 Filed 10–20–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73364; File No. SR– 

NYSEArca–2014–89] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change To List and 

Trade Shares of Eight PIMCO 

Exchange-Traded Funds 

October 15, 2014. 

On August 15, 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 list and trade shares of the 

following eight PIMCO exchange-traded 

funds, pursuant to NYSE Arca Equities 

Rule 8.600: PIMCO StocksPLUS®

Absolute Return Exchange-Traded 

Fund, PIMCO Small Cap StocksPLUS®

AR Strategy Exchange-Traded Fund, 

PIMCO Fundamental IndexPLUS® AR 

Exchange-Traded Fund, PIMCO Small 

Company Fundamental IndexPLUS® AR 

Strategy Exchange-Traded Fund, PIMCO 

EM Fundamental IndexPLUS® AR 

Strategy Exchange-Traded Fund, PIMCO 

International Fundamental IndexPLUS®

AR Strategy Exchange-Traded Fund, 

PIMCO EM StocksPLUS® AR Strategy 

Exchange-Traded Fund, and PIMCO 

International StocksPLUS® AR Strategy 

Exchange-Traded Fund (Unhedged). 

The proposed rule change was 

published for comment in the Federal 

Register on September 3, 2014.3 The 

Commission received no comments on 

the proposal. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day for this filing 

is October 18, 2014. The Commission is 

extending this 45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider this proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates December 2, 2014, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEArca–2014–89). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24950 Filed 10–20–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73354; File No. SR–CBOE– 

2014–075] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the CBOE 

Order Routing Subsidy Program and 

the Complex Order Routing Subsidy 

Program 

October 15, 2014. 

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 October 

1, 2014, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Fees Schedule. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http://

www.cboe.com/AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 aspects 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 make a 

number of amendments to its Order 

Routing Subsidy (ORS) and Complex 

Order Routing Subsidy (CORS) 

Programs (collectively ‘‘Programs’’). By 

way of background, the ORS and CORS 

Programs allow CBOE to enter into 

subsidy arrangements with any CBOE 

Trading Permit Holder (‘‘TPH’’) (each, a 

‘‘Participating TPH’’) or Non-CBOE TPH 

broker-dealer (each a ‘‘Participating 

Non-CBOE TPH’’) that meet certain 

criteria and provide certain order 

routing functionalities to other CBOE 

TPHs, Non-CBOE TPHs and/or use such 

functionalities themselves.3 (The term 

‘‘Participant’’ as used in this filing refers 

mstockstill on DSK4VPTVN1PROD with NOTICES