Federal Register / Vol. 79, No. 238 / Thursday, December 11, 2014 / Notices 73679 

24 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. 66402 

(February 15, 2012), 77 FR 10595 (February 22, 

2012) (SR–EDGX–2012–05) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Relating to an Offering of a New Historical Data 

Feed Service to Members and Non-Members). 

6An API facilitates information sharing by acting 

as a ‘‘go-between’’ that enables a software program 

to interact with other software. 

7See Securities Exchange Act Release No. 61885 

(April 9, 2010), 75 FR 20018 (April 16, 2010) (SR– 

BATS–2010–002) (Order Approving Proposed Rule 

Change, As Amended, To Offer Certain BATS 

Exchange Data Products). 

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–EDGA– 

2014–30, and should be submitted on or 

before January 2, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29006 Filed 12–10–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73758; File No. SR–EDGX– 

2014–30] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the EdgeBook 

Cloud Service on EDGX Exchange, Inc. 

December 5, 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 November 

25, 2014, 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 Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

eliminate references to and fees for the 

Flex Download and Snapshot offerings 

available as part of the Exchange’s 

EdgeBook Cloud service, which are 

optional services that are to be 

discontinued by the Exchange. The 

Exchange will continue to offer the 

Replay portion of the EdgeBook Cloud 

service, but proposes to rename it EDGX 

Historical Depth Data as well as amend 

its related fees. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.directedge.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 EdgeBook Cloud is a service that 

allows Members and non-Members of 

the Exchange to obtain and query 

historical trade and quote data 

(‘‘historical data’’) representing the realtime data feed previously disseminated 

by the Exchange.5 The EdgeBook Cloud 

currently includes the three separate 

offerings: Replay, FlexDownload, and 

Snapshot. The Exchange proposes to 

eliminate references to and fees for the 

Flex Download and Snapshot offerings 

available as part of the Exchange’s 

EdgeBook Cloud service, which are 

optional services that are to be 

discontinued by the Exchange. The 

Exchange will continue to offer the 

Replay portion of the EdgeBook Cloud 

service, but proposes to rename it EDGX 

Historical Depth Data as well as amend 

its related fees. 

Termination of FlexDownload and 

Snapshot 

The Exchange proposes to delete 

reference to and fees for the 

FlexDownload and Snapshot offerings 

available as part of the Exchange’s 

EdgeBook Cloud service because it 

intends to discontinue offering this 

products as of January 2, 2015. 

Therefore, reference to these products 

and their fees in the Exchange’s fee 

schedule would no longer serve any 

legitimate purpose upon the product 

being retired by the Exchange. 

FlexDownload enables subscribers to 

submit customized queries of trade or 

quote information, specify the time and 

symbol parameters, as well as other 

attributes to be retrieved. Snapshot 

provided subscribers the ability to 

submit standard queries that can be 

accessed on-demand, or through an 

Application Programming Interface 

(‘‘API’’) 6 that permits query results to be 

downloaded by the subscriber. Standard 

queries include various quote and trade 

requests, as well as a combined quote 

and trade view for a requested symbol. 

The Exchange has no subscribers to 

either the FlexDownload or Snapshot 

offerings and, therefore, intends to 

terminate these services. 

Harmonization of EDGE Book Cloud 

Replay With BATS Historical Pitch Data 

The Exchange proposes to rename the 

Replay portion of the EdgeBook Cloud 

service as EDGX Historical Depth Data, 

which is similar to BATS Historical 

Pitch Data,7 an identical product offered 

by BATS Exchange, Inc. (‘‘BATS’’), an 

affiliate of the Exchange. The Exchange 

also proposes to amend the fees charged 

for EdgeBook Cloud Replay service to 

more closely align with those fees 

charged for BATS Historical Pitch Data. 

Earlier this year, the Exchange and its 

affiliate EDGX Exchange, Inc. (‘‘EDGX’’) 

[sic] 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 BATS and the BATS YExchange, Inc. (‘‘BYX’’ together with 

BATS, BYX, EDGA and EDGX, the 

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73680 Federal Register / Vol. 79, No. 238 / Thursday, December 11, 2014 / Notices 

8See Securities Exchange Act Release No. 71449 

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

(SR–EDGX–2013–43; SR–EDGA–2013–34). 

9See Exchange Rule 13.8 for a description of the 

EDGX Book Feed. 

10See BATS Rules 11.22(a) and (c) for a 

description of the BATS Exchange Pitch feeds. 

11The Exchange understands that EDGA is to file 

a proposed rule change with the Commission to 

make similar changes. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

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

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

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

17 15 U.S.C. 78f(b)(5). 

18 15 U.S.C. 78f(b)(4). 

19See supra note 7. 

20 15 U.S.C. 78f(b)(8). 

‘‘BGM Affiliated Exchanges’’).8 In the 

context of the Merger, the BGM 

Affiliated Exchanges are working to 

align certain rules and services, 

retaining only intended differences 

between the BGM Affiliated Exchanges. 

As part of this effort, the Exchange 

proposes to: (i) Rename the Replay 

portion of the EdgeBook Cloud service 

as EDGX Historical Depth Data, which 

is like BATS Historical Pitch Data, an 

identical product offered by BATS; and 

(ii) amend the fees charged for 

EdgeBook Cloud Replay service to more 

closely align with those fees charged for 

BATS Historical Pitch Data. Like the 

BATS Historical Pitch Data service, the 

Exchange also proposes to specify that 

the EdgeBook Cloud Replay service is 

offered to subscribers for internal use 

only. 

In sum, both EdgeBook Cloud Replay 

and BATS Historical Pitch Data allow 

subscribers to access a formatted replay 

of each trading day, including the exact 

messages that were disseminated via the 

EdgeBook Depth feed for EDGX 9 and 

the BATS Exchange Pitch Feed 10

respectively, including any orders, 

executions, cancellations and status 

messages. Therefore, renaming the 

Replay portion of the EdgeBook Cloud 

service as EDGX Historical Depth Data, 

similar to the BATS Historical Pitch 

Data, is designed to align the naming of 

identical services offered by the BGM 

Affiliated Exchanges.11

While the fees for both the EdgeBook 

Could Replay and BATS Historical Pitch 

Data are similar, the Exchange does 

proposes amend the fees for the 

EdgeBook Cloud Replay service to more 

closely align with those fees charged for 

BATS Historical Pitch Data. Currently, 

subscribers to the EdgeBook Cloud 

Replay are charged a fee of $500/month 

for a rolling thirty day replay. 

Subscribers may also request data for a 

calendar month for a fee of $500 for 

each month they request, capped at 

$2500 if less than or equal to 1TB of 

data is requested. If a subscriber 

requests more than 1TB of data, it will 

be charged an additional $2500 flat fee. 

Subscribers to the BATS Historical Pitch 

Data service are charged a fee of $500/ 

month per user for access to 90 days of 

data available on a rolling basis. For 

data that BATS provides on an external 

hard drive to a subscriber, BATS 

charges 2,500 per TB drive generated by 

the Exchange. The Exchange proposes to 

adopt the identical fee structure as 

BATS. As proposed, the Exchange will 

charge subscribers a $500 monthly 

access fee per user for access to 90 days 

of data available on a rolling basis. The 

Exchange will no longer charge 

subscribers $500/per month for a rolling 

30 day replay or $500 for each calendar 

month requested. Like BATS, and 

similar to existing EdgeBook Cloud fees, 

the Exchange will charge $2,500 per TB 

hard drive for data downloaded by the 

Exchange to an external hard drive. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

requirements of Section 6(b) of the 

Act,12 in general, and Section 6(b)(5) of 

the Act,13 in particular, in that is 

promotes just and equitable principles 

of trade, removes impediments to, and 

perfect the mechanism of, a free and 

open market and a national market 

system, and, in general, protects 

investors and the public interest. The 

Exchange also believes that its proposal 

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 its facilities. 

Termination of FlexDownload and 

Snapshot 

The proposal is consistent with 

Section 6(b)(5) of the Act,15 in that it 

eliminates any investor confusion by 

deleting references to services, and their 

related fees, that are to be discontinued 

by the Exchange, 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. In addition, the 

Exchange has no subscribers to the 

FlexDownload and Snapshot offerings, 

neither of these offerings are core 

product offerings by the Exchange, nor 

is the Exchange required by the Act to 

offer such products. The proposed rule 

change will not permit unfair 

discrimination among customers, 

brokers, or dealers because the 

FlexDownload and Snapshot offerings 

will no longer be offered by the 

Exchange. 

In addition, the Exchange believes 

that the proposed removal of the fees for 

the FlexDownload and Snapshot 

offerings from its fee schedule are 

consistent with Section 6(b)(4) of the 

Act 16 because it would delete fees for 

products that are to be discontinued by 

the Exchange, thereby eliminating 

investor confusion. Lastly, the Exchange 

also believes that the proposed 

amendment to its fee schedule is 

reasonable and non-discriminatory 

because it will apply uniformly to all 

members. 

Harmonization of EDGE Book Cloud 

Replay With BATS Historical Pitch Data 

The proposal is consistent with 

Section 6(b)(5) of the Act,17 in that it 

eliminates any investor confusion 

because renaming the Replay portion of 

the EdgeBook Cloud service as EDGX 

Historical Depth Data, similar to the 

BATS Historical Pitch Data, an identical 

product offered by BATS, is designed to 

align the naming of identical services 

offered by the BGM Affiliated 

Exchanges. In addition, the Exchange 

believes that its proposal to harmonize 

the fees charged for EdgeBook Cloud 

Replay service with those fees charged 

for BATS Historical Pitch Data is 

consistent with Section 6(b)(4) of the 

Act 18 because it is also designed to 

align the pricing of identical products 

offered across the BGM Affiliated 

Exchanges. The Exchange also believes 

the proposed fees for the EdgeBook 

Cloud Replay service are reasonable and 

equitable because they mirror the fees 

charged for BATS Historical Pitch Data, 

which have been previously approved 

by the Commission.19 The Exchange 

believes that its proposed fees are 

reasonable in light of the benefits to data 

recipients. This products is completely 

optional in that no subscriber is 

required to purchase it and only those 

subscribers that deem such product to 

be of sufficient overall value and 

usefulness will purchase it. Lastly, the 

Exchange also believes that the 

proposed amendment to its fee schedule 

is reasonable and non-discriminatory 

because it will apply uniformly to all 

members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes the proposal is 

consistent with Section 6(b)(8) of the 

Act 20 in that it does not impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change to remove 

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Federal Register / Vol. 79, No. 238 / Thursday, December 11, 2014 / Notices 73681 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

provide the Commission with written notice of its 

intent to file the proposed rule change, along with 

a brief description and 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. The 

Exchange has met this requirement. 

23For 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). 

24 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). 

references to data products and their 

related fees that are to be retired by the 

Exchange is not designed to have a 

competitive impact. Second, the 

proposal to rename an existing service 

and amend its fees to align with an 

identical service offered by BATS is also 

not designed to have a burden on 

competition as it is merely intended to 

provide greater harmonization among 

Exchange and BATS, alleviating 

investor confusion by providing a 

uniform product offering across the 

BGM Affiliated Exchanges. Therefore, 

the Exchange does not believe the 

proposed rule change will have any 

effect on competition that is 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 foregoing proposed rule 

change does not: (1) Significantly affect 

the protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) by its 

terms does not become operative for 30 

days after the date of this filing, 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 21 and Rule 19b– 

4(f)(6) thereunder.22

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, Rule 19b– 

4(f)(6)(iii) 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 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest so that the Exchange can 

align the names and fees for identical 

services offered by the Exchange and 

BATS, and delete references to data 

products and their fees that are to be 

discontinued by the Exchange in a 

timely manner. In addition, the 

Exchange has no subscribers to the 

FlexDownload and Snapshot offerings; 

therefore, exchange participants will not 

be affected by the immediate 

discontinuation of these products.23

Accordingly, the Commission hereby 

grants the Exchange’s request and 

designates the proposal operative upon 

filing. 

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– 

EDGX–2014–30 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–EDGX–2014–30. 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–EDGX– 

2014–30, and should be submitted on or 

before January 2, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29008 Filed 12–10–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73753; File No. SR–BOX– 

2014–26] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Adjust the 

Fees and Credits for Complex Orders 

Executed Against Orders on the BOX 

Book 

December 5, 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 December 

4, 2014, BOX Options Exchange LLC 

(the ‘‘Exchange’’) 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 

Exchange filed the proposed rule change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act,3 and Rule 19b–4(f)(2) thereunder,4

which renders the proposal effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

mstockstill on DSK4VPTVN1PROD with NOTICES