Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1453 

13 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 BATS Rule 11.22(d) and (g). 

6See Securities Exchange Act Release No. 71449 

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

(SR–EDGX–2013–43; SR–EDGA–2013–34). 

7See supra note 5. 

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 No. SR– 

CME–2014–58 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–CME–2014–58. 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 CME and on CME’s Web site at 

http://www.cmegroup.com/marketregulation/rule-filings.html. 

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–CME–2014–58 and should 

be submitted on or before January 30, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00127 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73990; File No. SR–EDGA– 

2014–35] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Adopt Top and Last 

Sale Data Feeds 

January 5, 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 December 

24, 2014, EDGA Exchange, Inc. (the 

‘‘Exchange’’ or the ‘‘EDGA’’) 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 ‘‘non-controversial’’ proposed rule 

change pursuant to section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder.4 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 proposed rule 

change to amend Rule 13.8 to establish 

two new market data products know as: 

(i) EDGA TOP; and (ii) EDGA Last Sale. 

The proposed market data products are 

identical to the existing Top and Last 

Sale data feeds available on the BATS 

Exchange, Inc. (‘‘BZX’’) and the BATS 

Y-Exchange, Inc. (‘‘BYX’’, collectively 

with BZX, ‘‘BATS’’).5 The Exchange 

also proposes to amend Rule 13.8(a) to 

rename the EDGA Book Feed as the 

EDGA Depth and align with system 

functionality currently available on 

BATS. 

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 

self-regulatory organization 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 self-regulatory organization 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 

Earlier this year, the Exchange and its 

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

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 

BYX, BZX, EDGA and EDGX, the ‘‘BGM 

Affiliated Exchanges’’ or ‘‘BATS 

Exchange’’).6 In the context of the 

Merger, the BGM Affiliated Exchanges 

are working to migrate EDGX and EDGA 

onto the BATS technology platform, and 

align certain system functionality, 

retaining only intended differences 

between the BGM Affiliated Exchanges. 

As a result of these efforts, the Exchange 

proposes to establish two new market 

data products know as: (i) EDGA TOP; 

and (ii) EDGA Last Sale. The proposed 

market data products are identical to the 

existing Top and Last Sale data feeds 

available on BATS.7 The Exchange also 

proposes to amend Rule 13.8(a) to 

rename the EDGA Book Feed as the 

EDGA Depth and to align with system 

functionality currently available on 

BATS. 

EDGA Top and EDGA Last Sale 

The Exchange is proposing to offer 

two new data feeds that are identical to 

data feeds currently available on BATS: 

(i) EDGA Last Sale; and (ii) EDGA Top. 

EDGA Last Sale will provide real-time, 

intraday trade information, including 

price, volume and time of executions 

based on orders entered into the 


rljohnson on DSK3VPTVN1PROD with NOTICES
1454 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 

8The term ‘‘System’’ is defined as ‘‘the electronic 

communications and trading facility designated by 

the Board through which securities orders of Users 

are consolidated for ranking, execution and, when 

applicable, routing away.’’ See Exchange Rule 

1.5(cc). 

9See Exchange Rule 13.8(a) and (b). 

10The 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). 

11The term ‘‘Reserve Quantity’’ is defined as 

‘‘[t]he portion of an order that includes a NonDisplayed instruction in which a portion of that 

order is also displayed on the EDGA Book. Both the 

portion of the order with a Displayed instruction 

and the Reserve Quantity are available for execution 

against incoming orders.’’ See Exchange Rule 

11.6(m). 

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

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

14 Id. 

15 15 U.S.C. 78k–1(a)(1). 

16See supra note 5. 

System.8 EDGA Last Sale will not 

include quotation information. EDGA 

Top will include top of book quotations 

and last sale execution information 

based on orders entered into the System. 

The quotations made available via 

EDGA Top provide an aggregated size 

and do not indicate the size or number 

of individual orders at the best bid or 

ask. With regard to cost, the Exchange 

will file a separate rule filing with the 

Commission to establish fees for both 

EDGA Last Sale and EDGA Top. 

Various data recipients may wish to 

subscribe to and use EDGA Last Sale or 

EDGA Top. For instance, data recipients 

that provide real-time market 

information on public Web sites or offer 

dynamic stock tickers, portfolio 

trackers, price/time graphs and other 

visual systems can use EDGA Last Sale 

or EDGA Top in lieu of using the 

Exchange’s existing data feeds. Such 

data recipients may prefer EDGA Last 

Sale or EDGA Top because the 

Exchange’s existing data feeds contain a 

significant amount of additional 

information that such data recipients 

may not need, which may result in 

unnecessary technology costs (e.g., 

development, telecommunications or 

storage costs). 

Market participants can gain access to 

EDGA last sale prices and top of book 

quotations that are integrated with the 

prices that other markets make available 

through the Securities Information 

Processors (‘‘SIP’’). Therefore, no market 

participant is required to subscribe to 

EDGA Last Sale or EDGA Top because 

the same top of book quotations and last 

sale prices are available elsewhere and 

in the Exchange’s other data products.9

The Exchange represents that it will not 

distribute the proposed feeds on a more 

timely basis than it makes available the 

data that is provided to the SIPs for 

consolidation and dissemination. 

EDGA Book Feed, Rule 13.8(a) 

Rule 13.8(a) describes the Exchanges 

depth of book data feed known as the 

EDGA Book Feed as a data feed that 

contains all displayed orders for listed 

securities trading on EDGA, order 

executions, order cancellations, order 

modifications, order identification 

numbers, and administrative messages. 

First, the Exchange proposes to rename 

the EDGA Book Feed as EDGA Depth, as 

it believes this name more accurately 

describes the book feed and aligns with 

the naming conventions proposed above 

for EDGA Top and EDGA Last Sale. 

Second, the Exchange proposes to 

amend Rule 13.8(a)(i) align with system 

functionality currently available on 

BATS. Under Rule 13.8(a)(1), 

Members 10 may obfuscate their unique 

order identification numbers on EDGA 

Depth per Market Participant Identifier 

for all logical ports or specific logical 

ports for subsequent replenishments of 

an order with a Reserve Quantity,11 as 

designated by the Member. In order to 

do so, the Member must contact the 

Exchange’s Member Services (‘‘Member 

Services’’) department. In such case, a 

randomly generated order identification 

number would be applied the next 

trading day by the Exchange for all 

subsequent replenishments of orders 

with a Reserve Quantity until further 

instructions are received by Member 

Services from the Member. 

As amended, Rule 13.8(a)(i) would 

state that, unless otherwise instructed 

by the Member, the Exchange will 

obfuscate the Member’s unique order 

identification number on EDGA Depth 

for each replenishment of an order with 

a Reserve Quantity. In order to opt out 

of the Exchange’s obfuscation 

functionality, the Member must contact 

the Exchange’s Trade Desk. As a result, 

Members will no longer be required to 

elect obfuscation of their order 

identification numbers on EDGA Depth. 

Rather, Members must instruct the 

Exchange when they chose to not have 

their order identification number 

obfuscated and displayed on EDGA 

Depth. 

Implementation Date 

The Exchange intends to implement 

the proposed rule change on or about 

January 12, 2015, which is the 

anticipated date upon which the 

migration of the Exchange to the BATS 

technology platform will be complete 

and the proposed data feeds may be 

made available. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule changes are consistent 

with section 6(b) of the Act 12 and 

further the objectives of section 6(b)(5) 

of the Act 13 because they are designed 

to promote just and equitable principles 

of trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and, in general, to protect investors and 

the public interest. The Exchange also 

believes this proposal is consistent with 

section 6(b)(5) of the Act 14 because it 

protects investors and the public 

interest and promotes just and equitable 

principles of trade by providing 

investors with new options for receiving 

market data. The proposed rule change 

also is designed to support the 

principles of section 11A(a)(1) 15 of the 

Act in that it seeks to assure fair 

competition among brokers and dealers 

and among exchange markets. 

The proposed rule change would 

benefit investors by facilitating their 

prompt access to last sale information 

and best-bid-and-offer information 

contained in EDGA Last Sale and EDGA 

Top. The Exchange believe adding 

EDGA Last Sale and EDGA Top as well 

as the amendments to Rule 13.8(a)(i) 

would align the Exchange data feed 

offerings and functionality with that 

available on BATS upon migration of 

the Exchange to the BATS technology 

platform. Consistent technology offering 

identical market data products by each 

of the BGM Affiliated Exchange will, in 

turn, avoid investor confusion as well as 

simplify the technology 

implementation, changes and 

maintenance by Users of the Exchange 

that are also participants on BATS. The 

proposed rule change would provide 

greater harmonization between the rules 

of the BGM Affiliated Exchanges, 

resulting in greater uniformity and less 

burdensome and more efficient 

regulatory compliance. The proposed 

market data products are identical to the 

existing Top and Last Sale data feeds 

available on BATS.16 The proposed 

amendments to Rule 13.8(a)(i) are also 

consistent with system functionality 

currently available on BATS. As such, 

the proposed rule change would foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities and would 

remove impediments to and perfect the 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1455 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

give the Commission 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 satisfied this requirement. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21For 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). 22 17 CFR 200.30–3(a)(12). 

mechanism of a free and open market 

and a national market system. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange reiterates that the proposed 

rule change is being proposed in the 

context of the technology integration of 

the BGM Affiliated Exchanges. Thus, 

the Exchange believes this proposed 

rule change is necessary to permit fair 

competition among national securities 

exchanges. In addition, the Exchange 

believes the proposed rule change will 

benefit Exchange participants in that it 

is one of several changes necessary to 

achieve a consistent technology offering 

by the BGM Affiliated Exchanges. 

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: (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, it has 

become effective pursuant to section 

19(b)(3)(A) of the Act 17 and Rule 19b– 

4(f)(6) thereunder.18

A proposed rule change filed 

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

Act 19 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 20

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 in order to permit the 

Exchange to implement the proposed 

rule change on January 12, 2015, which 

is the anticipated date upon which the 

migration of EDGA and EDGX to the 

BATS technology platform will be 

complete. The Exchange states that 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because it will allow the Exchange to 

provide identical data products across 

the BGM Affiliated Exchanges upon 

migration of the Exchange to the BATS 

technology platform, thereby 

simplifying the technology integration 

for Members of the Exchange that are 

also participants on EDGX, EDGA, and 

BYX. In this regard, the Exchange notes 

that, since completion of the Merger, 

both Members and the BGM Affiliated 

Exchanges have made numerous 

systems changes in preparation for the 

technology migration occurring on 

January 12, 2015, the Exchange has 

issued frequent updates to Members 

informing them of the BGM Affiliated 

Exchange technology migration as well 

as its anticipated time line so that 

Members may make the requisite system 

changes. 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.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. 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– 

EDGA–2014–35 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–2014–35. 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 EDGA. 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– 

2014–35 and should be submitted on or 

before January 30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00136 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 


rljohnson on DSK3VPTVN1PROD with NOTICES