Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 47591 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f). 8 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). 

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). 

applicable to penny and non-penny 

classes. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE 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. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because, while different fees are 

assessed to different market participants 

in some circumstances, these different 

market participants have different 

obligations and different circumstances 

as discussed above. For example, 

Market-Makers have quoting obligations 

that other market participants do not 

have. The Exchange does not believe 

that the proposed rule changes will 

impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because RUT is 

exclusively listed on CBOE and C2. To 

the extent that the proposed changes 

make CBOE a more attractive 

marketplace for market participants at 

other exchanges, such market 

participants are welcome to become 

CBOE market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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 6 and paragraph (f) of Rule 

19b–4 7 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2017–063 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–CBOE–2017–063. 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–CBOE– 

2017–063 and should be submitted on 

or before November 2, 2017.8

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21997 Filed 10–11–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81825; File No. SR– 

BatsBYX–2017–25] 

Self-Regulatory Organizations; Bats 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Related to 

Transaction Fees 

October 5, 2017. 

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 

September 29, 2017, Bats BYX 

Exchange, Inc. (the ‘‘Exchange’’ or 

‘‘BYX’’) 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 the fee schedule applicable to 

Members 5 and non-Members of the 

Exchange pursuant to BYX Rules 15.1(a) 

and (c). 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.bats.com, at the principal office 

of the Exchange, and at the 

Commission’s Public Reference Room. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
47592 Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 

6Fee code B is appended to displayed orders that 

add liquidity to BYX (Tape B) and is assessed a fee 

of $0.0018 per share. See the Exchange’s fee 

schedule available at http://www.bats.com/us/ 

equities/membership/fee_schedule/byx/. 

7Fee code V is appended to displayed orders that 

add liquidity to BYX (Tape A) and is assessed a fee 

of $0.0018 per share. Id. 

8Fee code Y is appended to displayed orders that 

add liquidity to BYX (Tape C) and is assessed a fee 

of $0.0018 per share. Id. 

9Fee code BB is appended to orders that remove 

liquidity from BYX (Tape B) and is assessed a 

rebate of $0.0010 [sic] per share. Id. 

10Fee code N is appended to orders that remove 

liquidity from BYX (Tape C) and is assessed a 

rebate of $0.0010 [sic] per share. Id. 

11Fee code W is appended to orders that remove 

liquidity from BYX (Tape A) and is assessed a 

rebate of $0.0010 [sic] per share. See the Exchange’s 

fee schedule available at http://www.bats.com/us/ 

equities/membership/fee_schedule/byx/. 

12With the addition of proposed Tier 6 under 

footnote 1, the Exchange proposes to renumber 

current Tier 6 as Tier 7 and Tier 7 as Tier 8. 

13ADAV is defined as the average daily volume 

calculated as the number of shares added per day 

and ‘‘ADV’’ means average daily volume calculated 

as the number of shares added or removed, 

combined, per day. See the Exchange fee schedule 

available at http://www.bats.com/us/equities/ 

membership/fee_schedule/byx/. 

14TCV is defined as the total consolidated 

volume calculated as the volume reported by all 

exchanges and trade reporting facilities to a 

consolidated transaction reporting plan for the 

month for which the fees apply. Id. 

15Step-Up ADAV is defined as the ADAV in the 

relevant baseline month subtracted from current 

ADAV. Id. 

16 15 U.S.C. 78f. 

17 15 U.S.C. 78f(b)(4). 

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

19 17 CFR 240.19b–4(f). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant parts of such 

statements. 

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

fee schedule to add a new tier under 

footnote 1, Add/Remove Volume Tiers. 

The Exchange currently offers seven 

tiers under footnote 1 that offer reduced 

fees for displayed orders that yield fee 

codes B,6 V 7 and Y,8 and an enhanced 

rebate for orders that remove liquidity 

yielding fee codes BB,9 N 10 and W.11

The Exchange proposes to add a new 

tier under footnote 1, to be known as 

Tier 6,12 under which a Member would 

be charged a reduced fee of $0.0017 per 

share on orders that yield fee codes B, 

V and Y, where that Member’s Market 

Participant Identifier (‘‘MPID’’) has an 

ADAV 13 equal to or greater than 0.10% 

of the TCV 14 and a Step-Up ADAV 

equal to or greater than 0.05% of the 

TCV from a September 2017 baseline.15

The Exchange proposes to implement 

the above changes to its fee schedule on 

October 2, 2017. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,16

in general, and furthers the objectives of 

Section 6(b)(4),17 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 believes that the proposed tier 

under footnote 1 is equitable and 

reasonable because such pricing 

programs reward a Member’s growth 

pattern on the Exchange and such 

increased volume will allow the 

Exchange to continue to provide and 

potentially expand the its incentive 

programs. The Exchange believes that 

providing the reduced rate to Members 

under proposed Tiers 6 is reasonable 

compared to the more stringent 

requirements under other tiers in 

footnote 1 that provide a further 

reduced rate. The Exchange further 

believes that the proposed tier is 

reasonable, fair and equitable because 

the liquidity from the proposed changes 

would benefit all investors by 

deepening the Exchange’s liquidity 

pool, offering additional flexibility for 

all investors to enjoy cost savings, 

supporting the quality of price 

discovery, promoting market 

transparency and improving investor 

protection. These pricing programs are 

also not unfairly discriminatory in that 

it is available to all Members. 

In addition, volume-based fees such 

as that proposed herein have been 

widely adopted by exchanges and are 

equitable because they are open to all 

Members on an equal basis and provide 

additional benefits or discounts that are 

reasonably related to: (i) The value to an 

exchange’s market quality; (ii) 

associated higher levels of market 

activity, such as higher levels of 

liquidity provision and/or growth 

patterns; and (iii) the introduction of 

higher volumes of orders into the price 

and volume discovery processes. The 

Exchange believes that the proposed tier 

is a reasonable, fair and equitable, and 

not an unfairly discriminatory 

allocation of fees and rebates, because it 

will provide Members with an 

additional incentive to reach certain 

thresholds on the Exchange. 

(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 

Exchange does not believe that this 

change represents a significant 

departure from previous pricing offered 

by the Exchange or from pricing offered 

by the Exchange’s competitors. The 

proposed rates would apply uniformly 

to all Members, and 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 

changes will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. Further, excessive 

fees would serve to impair an 

exchange’s ability to compete for order 

flow and members rather than 

burdening competition. The Exchange 

believes that its proposal would not 

burden intramarket competition because 

the proposed rate would apply 

uniformly to all Members. 

(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 18 and paragraph (f) of Rule 

19b–4 thereunder.19 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. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 47593 

20 17 CFR 200.30–3(a)(12). 

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– 

BatsBYX–2017–25 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BatsBYX–2017–25. 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– 

BatsBYX–2017–25 and should be 

submitted on or before November 2, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21995 Filed 10–11–17; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Senior Executive Service and Senior 

Level: Performance Review Board 

Members 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice of Members for the FY 

2017 Performance Review Board. 

Title 5 U.S.C. 4314(c) (4) requires 

each agency to publish notification of 

the appointment of individuals who 

may serve as members of that Agency’s 

Performance Review Board (PRB). The 

following individuals have been 

designated to serve on the FY 2017 

Performance Review Board for the U.S. 

Small Business Administration. 

Members: 

1. Joseph Loddo (Chair), Chief 

Operating Officer, Office of the Chief 

Operating Officer. 

2. Pradeep Belur, Senior Advisor to 

the Deputy Administrator, Office of the 

Administrator. 

3. Barbara Carson, Associate 

Administrator, Office of Veterans 

Business Development. 

4. Eugene Cornelius Jr., Deputy 

Associate Administrator, Office of 

International Trade. 

5. Allen Gutierrez, Associate 

Administrator, Office of Entrepreneurial 

Development. 

6. Holly Schick, Director, Mentor 

Prote ́ge ́ Program, Office of Government 

Contracting and Business Development. 

7. Robert Steiner, District Director 

(Illinois District Office), Office of Field 

Operations. 

8. William Manger, Associate 

Administrator, Office of Capital Access. 

Linda E. McMahon, 

Administrator. 

[FR Doc. 2017–21926 Filed 10–11–17; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Intent To Release Certain 

Properties From All Terms, Conditions, 

Reservations and Restrictions of a 

Quitclaim Deed Agreement Between 

Sarasota Manatee Airport Authority 

and the Federal Aviation 

Administration for the SarasotaBradenton International Airport, 

Sarasota, FL 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Request for public comment. 

SUMMARY: The FAA hereby provides 

notice of intent to release certain airport 

properties 6.49 acres at the SarasotaBradenton International Airport, 

Sarasota, FL from the conditions, 

reservations, and restrictions as 

contained in a Quitclaim Deed 

agreement between the FAA and the 

Sarasota Manatee Airport Authority, 

dated December 16, 1947. The release of 

property will allow Sarasota Manatee 

Airport Authority to dispose of the 

property for other than aeronautical 

purposes. The property is located 1361 

West University Parkway in Manatee 

County. The parcel is currently 

designated as commercial/industrial 

land. The property will be released of its 

federal obligations for commercial 

development. The fair market value of 

this parcel has been determined to be 

$1,265,000. 

Documents reflecting the Sponsor’s 

request are available, by appointment 

only, for inspection at the SarasotaBradenton International Airport and the 

FAA Airports District Office. 

DATES: Comments are due on or before 

November 13, 2017. 

ADDRESSES: Documents are available for 

review at Sarasota-Bradenton 

International Airport, and the FAA 

Airports District Office, 5950 Hazeltine 

National Drive, Suite 400, Orlando, FL 

32822. Written comments on the 

Sponsor’s request must be delivered or 

mailed to: Pedro Blanco, Community 

Planner, Orlando Airports District 

Office, 5950 Hazeltine National Drive, 

Suite 400, Orlando, FL 32822–5024. 

FOR FURTHER INFORMATION CONTACT: 

Pedro Blanco, Community Planner, 

Orlando Airports District Office, 5950 

Hazeltine National Drive, Suite 400, 

Orlando, FL 32822–5024. 

SUPPLEMENTARY INFORMATION: Section 

125 of The Wendell H. Ford Aviation 

Investment and Reform Act for the 21st 

Century (AIR–21) requires the FAA to 

provide an opportunity for public notice 

and comment prior to the ‘‘waiver’’ or 


asabaliauskas on DSKBBXCHB2PROD with NOTICES