Document ID: SEC-2015-2016-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ OMX BX, Inc
Posted Date: 2015-12-04T05:00Z

[Federal Register Volume 80, Number 233 (Friday, December 4, 2015)]
[Notices]
[Pages 75889-75894]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30607]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76527; File No. SR-BX-2015-075]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Establish 
Fees and Rebates Related to Order Exposure

November 30, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on November 20, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III, below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Options Pricing at Chapter XV 
Section 2, entitled ``BX Options Market--Fees and Rebates,'' which 
governs pricing for BX members using the BX Options Market (``BX 
Options''). The Exchange proposes to adopt fees and rebates related to 
order exposure.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxbx.cchwallstreet.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 aspects of such 
statements.

[[Page 75890]]

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 Chapter XV, Section 2 to add new 
subsection (4) to adopt fees and rebates related to order exposure 
alerts on the BX Options market.
    The Exchange has recently filed a proposal to implement an order 
exposure alert in BX Chapter VI, Section 11,\3\ in order to provide 
marketable orders an additional opportunity for execution on the 
Exchange when the Exchange is not part of the national best bid or 
offer (``NBBO'') contra to the order and the order locks or crosses the 
away best bid or offer (``ABBO'').\4\ The order exposure alert will 
apply to both SEEK \5\ and SRCH \6\ orders \7\ and is similar to the 
order exposure alert process already in place on Phlx.\8\ The order 
exposure alert process permits the Exchange to apply the Route Timer 
\9\ prior to the initial and subsequent routing of the order, and 
allows routing of the order after exposure occurs (during open trading) 
every time an order becomes marketable against the ABBO.
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    \3\ See Securities Exchange Act Release No. 76199 (October 20, 
2015), 80 FR 65271 (October 26, 2015) (SR-BX-2015-057) (notice of 
filing and immediate effectiveness).
    \4\ Similar functionality currently exists on NASDAQ OMX PHLX. 
See Securities Exchange Act Release No. 68517 (December 21, 2012), 
77 FR 77134 (December 31, 2012) (SR-Phlx-2012-136); and Phlx Rule 
1080(m), Away Markets and Order Routing, Section (iv).
    \5\ SEEK is a routing option pursuant to which an order will 
first check the System for available contracts for execution, and 
then is sent to other available market centers for potential 
execution. A SEEK order remaining on the book after the opening 
process or received during open trading that is marketable against 
the ABBO when the ABBO is better than the displayed Exchange BBO 
will initiate a Route Timer not to exceed one second, and expose the 
SEEK order at the NBBO to allow market participants an opportunity 
to interact with the remainder of the SEEK order. During the Route 
Timer, the SEEK order will be included in the displayed Exchange BBO 
at the better of a price one MPV away from the ABBO or the 
established Exchange BBO. If, during the Route Timer, any new 
interest arrives opposite the SEEK order that is equal to or better 
than the ABBO price, the SEEK order will trade against such new 
interest at the ABBO price. When checking the book, the System will 
seek to execute at the price at which it would send the order to a 
destination market center. Eligible unexecuted orders will continue 
to be routed as described in paragraph (a)(1)(D). If contracts 
remain un-executed after routing, they are posted on the book. While 
on the book at the limit price, should the order subsequently be 
locked or crossed by another market center, the System will not re-
expose or route the order to the locking or crossing market center. 
SEEK orders will not be eligible for routing until the next time the 
option series is subject to a new opening or reopening. An order 
exposure alert may be sent if the order size is modified. See 
Chapter VI, Section 11(a)(1)(A).
    \6\ SRCH is a routing option pursuant to which an order will 
first check the System for available contracts for execution, and 
then is sent to other available market centers for potential 
execution. A SRCH order remaining on the book after the opening 
process or received during open trading that is marketable against 
the ABBO when the ABBO is better than the displayed Exchange BBO 
will initiate a Route Timer not to exceed one second, and expose the 
SRCH order at the NBBO to allow market participants an opportunity 
to interact with the remainder of the SRCH order. During the Route 
Timer, the SRCH order will be included in the displayed Exchange BBO 
at the better of a price one MPV away from the ABBO or the 
established Exchange BBO. If, during the Route Timer, any new 
interest arrives opposite the SRCH order that is equal to or better 
than the ABBO price, the SRCH order will trade against such new 
interest at the ABBO price. When checking the book, the System will 
seek to execute at the price at which it would send the order to a 
destination market center. Eligible unexecuted orders will continue 
to be routed as described in paragraph (a)(1)(D). If contracts 
remain un-executed after routing, they are posted on the book. Once 
on the book, should the order subsequently be locked or crossed by 
another market center, it will be re-exposed, provided it is not on 
the book at its limit price, and re-route. An order exposure alert 
may be sent if the order size is modified. See Chapter VI, Section 
11(a)(1)(B).
    \7\ The order exposure alert is also applicable to orders that 
are marked do not route (``DNR''). See Chapter VI, Section 
11(a)(1)(C).
    \8\ See Phlx Rule 1080(m), Away Markets and Order Routing, 
Section (iv).
    \9\ See Chapter VI, Section 11(a)(1).
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    Chapter VI, Section 11(1)(A) [sic] provides that a SEEK order 
remaining on the book after the opening process or received during open 
trading that is marketable against the ABBO when the ABBO is better 
than the displayed Exchange BBO will initiate a Route Timer not to 
exceed one second, and expose the SEEK order at the NBBO to allow 
market participants an opportunity to interact with the SEEK order. 
During the Route Timer, the SEEK order will be included in the 
displayed Exchange BBO at the better of a price one MPV away from the 
ABBO or the established Exchange BBO. If, during the Route Timer, any 
new interest arrives opposite the SEEK order that is equal to or better 
than the ABBO price, the SEEK order will trade against such new 
interest at the ABBO price. While on the book at the limit price, 
should a SEEK order subsequently be locked or crossed by another market 
center, the System will not re-expose the order. An order exposure 
alert may be sent if the order size is modified.
    Chapter VI, Section 11(1)(B) [sic] provides that a SRCH order 
remaining on the book after the opening process or received during open 
trading that is marketable against the ABBO when the ABBO is better 
than the displayed Exchange BBO will initiate a Route Timer not to 
exceed one second, and expose the SRCH order at the NBBO to allow 
market participants an opportunity to interact with the remainder of 
the SRCH order. During the Route Timer, the SRCH order will be included 
in the displayed Exchange BBO at the better of a price one MPV away 
from the ABBO or the established Exchange BBO. If, during the Route 
Timer, any new interest arrives opposite the SRCH order that is equal 
to or better than the ABBO price, the SRCH order will trade against 
such new interest at the ABBO price. Once on the book, should a SRCH 
order subsequently be locked or crossed by another market center, it 
will be re-exposed, provided it is not on the book at its limit price, 
and re-route. An order exposure alert may be sent if the order size is 
modified.\10\
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    \10\ For additional discussion regarding the BX order exposure 
process, see Chapter VI, Section 11(a)(1). See also Chapter VII, 
Section 12 which discusses when orders routed to BX Options may be 
executed by Options Participants (BX Chapter 1, Section 1(a)(41)) as 
principal orders.
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    The Exchange proposes two new sets of fees and rebates in respect 
of the order exposure alert system, which would apply to Customers,\11\ 
BX

[[Page 75891]]

Options Market Makers,\12\ and non-Customers:
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    \11\ The term ``Customer'' or (``C'') applies to any transaction 
that is identified by a Participant for clearing in the Customer 
range at The Options Clearing Corporation (``OCC'') which is not for 
the account of broker or dealer or for the account of a 
``Professional'' (as that term is defined in Chapter I, Section 
1(a)(48)). BX Chapter XV.
    \12\ BX Options Market Makers may also be referred to as 
``Market Makers''. The term ``BX Options Market Maker'' or (``M'') 
means a Participant that has registered as a Market Maker on BX 
Options pursuant to Chapter VII, Section 2, and must also remain in 
good standing pursuant to Chapter VII, Section 4. In order to 
receive Market Maker pricing in all securities, the Participant must 
be registered as a BX Options Market Maker in at least one security.
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    Change 1. For Penny Pilot Options,\13\ the Exchange proposes to 
establish rebates and fees for orders that trigger or respond to order 
exposure alerts.
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    \13\ The Penny Pilot was established in June 2012 and extended 
in 2015. See Securities Exchange Act Release Nos. 67256 (June 26, 
2012), 77 FR 39277 (July 2, 2012) (SR-BX-2012-030) (order approving 
BX option rules and establishing Penny Pilot); and 75326 (June 29, 
2015), 80 FR 38481 (July 6, 2015) (SR-BX-2015-037) (notice of filing 
and immediate effectiveness extending the Penny Pilot through June 
30, 2016).
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    Change 2. For non-Penny Pilot Options, the Exchange is proposing to 
establish rebates and fees for orders that trigger or respond to order 
exposure alerts.
    Each specific change is described in detail below.
Change 1--Penny Pilot Options: Order Exposure Alert Rebates and Fees
    For Penny Pilot Options, the Exchange is proposing to establish 
rebates for orders triggering an order exposure alert \14\ and fees for 
orders responding to order exposure alerts. Currently, the Exchange has 
no such rebates and fees.
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    \14\ See Chapter VI, Section 11(a)(1).
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    For Penny Pilot Options, the rebates will range from $0.00 to $0.34 
(per executed contract). Specifically, proposed Chapter XV, Section 2 
subsection (4) will state that the Customer rebate for orders 
triggering order exposure alert will be $0.34. There will be no rebates 
for BX Options Market Makers and non-Customers. For Penny Pilot 
Options, the fees will range from $0.39 to $0.45. Specifically, 
proposed subsection (4) will state regarding Penny Pilot Options that 
the Customer fee for orders responding to order exposure alert will be 
$0.39; and the BX Options Market Maker fee will similarly be $0.39. The 
non-Customer fee for orders responding to order exposure alert will be 
$0.45.
Change 2--Non-Penny Pilot Options: Order Exposure Alert Rebates and 
Fees
    For non-Penny Pilot Options, the Exchange is proposing to establish 
rebates for orders triggering an order exposure alert \15\ and fees for 
orders responding to order exposure alerts. Currently, the Exchange has 
no such rebates or fees.
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    \15\ See Chapter VI, Section 11(a)(1).
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    For non-Penny Pilot Options, the rebates will range from $0.00 to 
$0.70 (per executed contract). Specifically, proposed Chapter XV, 
Section 2 subsection (4) will state that the Customer rebate for orders 
triggering order exposure alert will be $0.70. There will be no rebates 
for BX Options Market Makers and non-Customers. For non-Penny Pilot 
Options, the fees will range from $0.85 to $0.89. Specifically, 
proposed subsection (4) will state that for non-Penny Pilot Options the 
Customer fee for orders responding to order exposure alert will be 
$0.85; and the BX Options Market Maker fee will similarly be $0.85. The 
non-Customer fee for orders responding to order exposure alert will be 
$0.89.
    As proposed, Chapter XV, Section 2 subsection (4) will read as 
follows.
    (4) Fees for execution of contracts on the BX Options Market that 
generate an order exposure alert per BX Chapter VI, Section 11(a):

                                                Fees and Rebates
                                             [Per executed contract]
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                                                                                   BX Options      Non-customer
                                                                   Customer       Market Maker         \1\
----------------------------------------------------------------------------------------------------------------
Penny Pilot Options:
    Rebate for Order triggering order exposure alert.........            $0.34            $0.00            $0.00
    Fee for Order responding to order exposure alert.........             0.39             0.39             0.45
Non-Penny Pilot Options:
    Rebate for Order triggering order exposure alert.........             0.70             0.00             0.00
    Fee for Order responding to order exposure alert.........             0.85             0.85             0.89
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    The Exchange is adopting these fees and rebates at this time 
because it believes that they will provide incentives to use the 
Exchange's order exposure functionality. The Exchange believes that its 
proposal should provide increased opportunities for participation in 
executions on the Exchange, facilitating the ability of the Exchange to 
bring together participants and encourage more robust competition for 
orders.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\16\ in general, and with 
Section 6(b)(4) and 6(b)(5) of the Act,\17\ in particular, in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among members and issuers and other persons using any 
facility or system which the Exchange operates or controls, and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(4) and (5).
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    The Commission and the courts have repeatedly expressed their 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, for example, the Commission indicated that market forces should 
generally determine the price of non-core market data because national 
market system regulation ``has been remarkably successful in promoting 
market competition in its broader forms that are most important to 
investors and listed companies.'' \18\ Likewise, in NetCoalition v. 
NYSE Arca, Inc., 615 F.3d 525 (D.C. Cir. 2010), the D.C. Circuit upheld 
the Commission's use of a market-based approach in evaluating the 
fairness of market data fees against a challenge claiming that Congress 
mandated a cost-based approach.\19\ As the court emphasized, the 
Commission ``intended in Regulation NMS that `market forces, rather 
than regulatory requirements' play a role in determining the market 
data . . . to be made

[[Page 75892]]

available to investors and at what cost.'' \20\
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    \18\ Exchange Act Release No. 34-51808 (June 9, 2005) 
(``Regulation NMS Adopting Release'').
    \19\ See NetCoalition, 615 F.3d at 534.
    \20\ Id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is 
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market 
system, buyers and sellers of securities, and the broker-dealers that 
act as their order-routing agents, have a wide range of choices of 
where to route orders for execution'; [and] `no exchange can afford to 
take its market share percentages for granted' because `no exchange 
possesses a monopoly, regulatory or otherwise, in the execution of 
order flow from broker dealers' . . . .'' \21\ Although the Court and 
the SEC were discussing the cash equities markets, the Exchange 
believes that, as discussed above, these views apply with equal force 
to the options markets.
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    \21\ NetCoalition I, 615 F.3d at 539 (quoting ArcaBook Order, 73 
FR at 74782-74783).
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    The Exchange's proposal establishes fees and rebates regarding 
order exposure alert. Order exposure has the potential to result in 
more efficient executions for customers as responses to exposed orders 
could result in faster executions. Order exposure assures that such 
exposed orders will only receive executions at a price at least as good 
as the price disseminated by the best away market at the time the order 
was received. The Exchange believes that its proposal should provide 
increased opportunities for participation in executions on the 
Exchange, facilitating the ability of the Exchange to bring together 
participants and encourage more robust competition for orders.
Change 1--Penny Pilot Options: Order Exposure Alert Rebates and Fees
    For Penny Pilot Options, establishing a Customer rebate for orders 
triggering order exposure alert at $0.34 per executed contract, with no 
rebates for BX Options Market Makers and non-Customers, is reasonable 
because it encourages the desired Customer behavior by attracting 
Customer interest to the Exchange. Establishing a Customer, BX Options 
Market Maker, and non-Customer fee for orders responding to order 
exposure alert at $0.39, $0.39, and $0.45 per executed contract, 
respectively, is reasonable because the associated revenue will allow 
the Exchange to maintain and enhance its services.
    For Penny Pilot Options, establishing the rebate for Customers and 
fee for Customers, BX Market Makers, and non-Customers is equitable and 
not unfairly discriminatory. This is because the Exchange's proposal to 
pay rebates for orders that trigger order exposure alert or assess fees 
for orders that respond to order exposure alert will apply the same 
rebate and fee to all similarly situated participants.
    For Penny Pilot Options, Customers are the only ones that would get 
a rebate per executed contract for triggering order exposure alert 
($0.34), and Customers would pay the lowest fee for responding to order 
exposure alert ($0.39), for the lowest effective order exposure 
assessment. The Exchange believes that this is reasonable. Customer 
activity enhances liquidity on the Exchange for the benefit of all 
market participants and benefits all market participants by providing 
more trading opportunities, which attracts market makers. An increase 
in the activity of these market participants in turn facilitates 
tighter spreads, which may cause an additional corresponding increase 
in order flow from other market participants. BX Options Market Makers 
would get the second lowest effective fee for responding to order 
exposure alert ($0.39)--and no rebate. The Exchange believes that the 
differentiation is reasonable and notes that unlike others (e.g. non-
Customers) each BX Options Market Maker commits to various obligations. 
For example, transactions of a BX Market Maker must constitute a course 
of dealings reasonably calculated to contribute to the maintenance of a 
fair and orderly market, and Market Makers should not make bids or 
offers or enter into transactions that are inconsistent with such 
course of dealings. Further, all Market Makers are designated as 
specialists on BX for all purposes under the Act or rules 
thereunder.\22\
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    \22\ See Chapter VII, Section 5, entitled ``Obligations of 
Market Makers''.
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Change 2--Non-Penny Pilot Options: Order Exposure Alert Rebates and 
Fees
    For non-Penny Pilot Options, establishing a Customer rebate for 
orders triggering order exposure alert at $0.70 per executed contract, 
with no rebates for BX Options Market Makers and non-Customers, is 
reasonable because it encourages the desired Customer behavior by 
attracting Customer interest to the Exchange. Establishing a Customer, 
BX Options Market Maker, and non-Customer fee for orders responding to 
order exposure alert at $0.85, $0.85, and $0.89 per executed contract, 
respectively, is reasonable because the associated revenue will allow 
the Exchange to maintain and enhance its services.
    For non-Penny Pilot Options, establishing the rebate for Customers 
and fee for Customers, BX Market Makers, and non-Customers is equitable 
and not unfairly discriminatory. This is because the Exchange's 
proposal to pay rebates for orders that trigger order exposure alert or 
assess fees for orders that respond to order exposure alert will apply 
the same rebate and fee to all similarly situated participants.
    For non-Penny Pilot Options, similarly to Penny Pilot Options, 
Customers are the only ones that would get a rebate per executed 
contract for triggering order exposure alert ($0.70), and Customers 
would pay the lowest fee for responding to order exposure alert 
($0.85), for the lowest effective order exposure assessment. The 
Exchange believes that this is reasonable. Customer activity enhances 
liquidity on the Exchange for the benefit of all market participants 
and benefits all market participants by providing more trading 
opportunities, which attracts market makers. An increase in the 
activity of these market participants in turn facilitates tighter 
spreads, which may cause an additional corresponding increase in order 
flow from other market participants. BX Options Market Makers would get 
the second lowest effective fee for responding to order exposure alert 
($0.85)--and no rebate. The Exchange believes that the differentiation 
is reasonable and notes that unlike others (e.g. non-Customers) each BX 
Options Market Maker commits to various obligations. As discussed, for 
example, transactions of a BX Market Maker must constitute a course of 
dealings reasonably calculated to contribute to the maintenance of a 
fair and orderly market, and Market Makers should not make bids or 
offers or enter into transactions that are inconsistent with such 
course of dealings.\23\
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    \23\ See Chapter VII, Section 5, entitled ``Obligations of 
Market Makers''. Further, all Market Makers are designated as 
specialists on BX for all purposes under the Act or rules 
thereunder. See Chapter VII, Section 2.
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    The Exchange is adopting the proposed fees and rebates at this time 
because it believes that the associated revenue will allow it to 
continue and enhance order exposure services.

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. Specifically, the Exchange does 
not believe that its proposal to establish rebates for orders 
triggering an order exposure alert and fees for orders responding to 
order

[[Page 75893]]

exposure alerts will impose any burden on competition, as discussed 
below.
    The Exchange operates in a highly competitive market in which many 
sophisticated and knowledgeable market participants can readily and do 
send order flow to competing exchanges if they deem fee levels or 
rebate incentives at a particular exchange to be excessive or 
inadequate. Additionally, new competitors have entered the market and 
still others are reportedly entering the market shortly. These market 
forces ensure that the Exchange's fees and rebates remain competitive 
with the fee structures at other trading platforms. In that sense, the 
Exchange's proposal is actually pro-competitive because the Exchange is 
simply establishing rebates and fees in order to remain competitive in 
the current environment.
    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. In terms of inter-market 
competition, the Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing venues if they deem fee levels at a particular venue to be 
excessive, or rebate opportunities available at other venues to be more 
favorable. In such an environment, the Exchange must continually adjust 
its fees to remain competitive with other exchanges and with 
alternative trading systems that have been exempted from compliance 
with the statutory standards applicable to exchanges. Because 
competitors are free to modify their own fees in response, and because 
market participants may readily adjust their order routing practices, 
the Exchange believes that the degree to which fee changes in this 
market may impose any burden on competition is extremely limited. In 
terms of intra-market competition, the Exchange notes that price 
differentiation among different market participants operating on the 
Exchange (e.g., Customer, BX Options Market Maker, non-Customer) is 
reasonable. Customer activity, for example, enhances liquidity on the 
Exchange for the benefit of all market participants and benefits all 
market participants by providing more trading opportunities, which 
attracts market makers. An increase in the activity of these market 
participants (particularly in response to pricing) in turn facilitates 
tighter spreads, which may cause an additional corresponding increase 
in order flow from other market participants. Moreover, unlike others 
(e.g. non-Customers) each BX Options Market Maker commits to various 
obligations. These obligations include, for example, transactions of a 
BX Market Maker must constitute a course of dealings reasonably 
calculated to contribute to the maintenance of a fair and orderly 
market, and Market Makers should not make bids or offers or enter into 
transactions that are inconsistent with such course of dealings.\24\
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    \24\ See Chapter VII, Section 5, entitled ``Obligations of 
Market Makers''. Further, all Market Makers are designated as 
specialists on BX for all purposes under the Act or rules 
thereunder. See Chapter VII, Section 2.
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    In this instance, the proposed changes to the charges assessed and 
credits available to member firms in respect of order exposure alerts 
do not impose a burden on competition because the Exchange's execution 
and routing services are completely voluntary and subject to extensive 
competition both from other exchanges and from off-exchange venues. If 
the changes proposed herein are unattractive to market participants, it 
is likely that the Exchange will lose market share as a result. 
Accordingly, the Exchange does not believe that the proposed changes 
will impair the ability of members or competing order execution venues 
to maintain their competitive standing in the financial markets. 
Additionally, the changes proposed herein are pro-competitive to the 
extent that they continue to allow the Exchange to promote and maintain 
an order exposure alert that has the potential to result in more 
efficient executions as responses to exposed orders could result in 
faster executions.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Pursuant to Section 19(b)(3)(A)(ii) of the Act,\25\ the Exchange 
has designated this proposal as establishing or changing a due, fee, or 
other charge imposed by the self-regulatory organization on any person, 
whether or not the person is a member of the self-regulatory 
organization, which renders the proposed rule change effective upon 
filing.
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    \25\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) 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-BX-2015-075 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-BX-2015-075. 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-BX-

[[Page 75894]]

2015-075 and should be submitted on or before December 28, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-30607 Filed 12-3-15; 8:45 am]
 BILLING CODE 8011-01-P