Document ID: SEC-2017-0671-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Bats BZX Exchange, Inc.
Posted Date: 2017-04-26T04:00Z

[Federal Register Volume 82, Number 79 (Wednesday, April 26, 2017)]
[Notices]
[Pages 19279-19282]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08392]

[[Page 19279]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80498; File No. SR-BatsBZX-2017-23]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Fees for Use on the Exchange's Equity Options Platform

April 20, 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 April 12, 2017, Bats BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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 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.
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    \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).
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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 BZX Rules 
15.1(a) and (c).
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    \5\ The 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).
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    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.

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 for its equity 
options platform (``BZX Options'') to: (i) Decrease the standard rebate 
provided by fee code PM; (ii) modify select tiers under footnotes 4, 6, 
8, 9, and 10; and (iii) eliminate certain tiers under footnotes 1, 3, 
and 12.
Decrease the Standard Rebate Provided by Fee Code PM
    Currently, fee code PM sets forth the standard rebate of $0.35 per 
contract for Market Maker \6\ orders that add liquidity on the Exchange 
in Penny-Pilot securities. The Exchange now proposes to reduce this 
standard rebate to $0.31 per contract. The Exchange also proposes to 
update the Standard Rates table accordingly to reflect new rebate.
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    \6\ ``Market Maker'' applies to any transaction identified by a 
Member for clearing in the Market Maker range at the OCC, where such 
Member is registered with the Exchange as a Market Maker as defined 
in Rule 16.1(a)(37). See the Exchange's fee schedule available at 
http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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NBBO Setter Tiers 1 Through 4 Under Footnote 4
    The Exchange currently offers five NBBO Setter Tiers under footnote 
4, which provide an additional rebate per contract ranging from $0.02 
to $0.05 for qualifying Non-Customer \7\ orders that add liquidity and 
establish a new National Best Bid or Offer (``NBBO'') and yield fee 
code PF, PM or PN. The Exchange now proposes to modify the required 
criteria and rebates of tiers 1 through 5.
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    \7\ ``Non-Customer'' applies to any transaction identified by a 
Member for clearing which is not in the Customer range at the OCC, 
excluding any transaction for a Broker Dealer or a ``Professional'' 
as defined in Exchange Rule 16.1. Id.
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     Under Tier 1, a Member may currently receive an additional 
rebate of $0.02 per share where they have an ADV \8\ greater than or 
equal to 0.40% of average OCV.\9\ As amended, a Member may receive an 
additional rebate of $0.01 per share where they have an: (i) ADAV \10\ 
in Non-Customer orders greater than or equal to 0.20% of average OCV; 
and (ii) an ADAV in Firm,\11\ Market Maker \12\ and Away Market Maker 
\13\ orders that establish a new NBBO greater than or equal to 0.05% of 
average OCV.
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    \8\ ``ADV'' means average daily volume calculated as the number 
of contracts added or removed, combined, per day. See the Exchange's 
fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/.
    \9\ ``OCV'' means the total equity and ETF options volume that 
clears in the Customer range at the Options Clearing Corporation 
(``OCC'') for the month for which the fees apply, excluding volume 
on any day that the Exchange experiences an Exchange System 
Disruption and on any day with a scheduled early market close. Id.
    \10\ ``ADAV'' means average daily added volume calculated as the 
number of contracts added and ``ADV'' means average daily volume 
calculated as the number of contracts added or removed, combined, 
per day. Id.
    \11\ ``Firm'' applies to any transaction identified by a Member 
for clearing in the Firm range at the OCC, excluding any Joint Back 
Office transaction. Id.
    \12\ ``Market Maker'' applies to any transaction identified by a 
Member for clearing in the Market Maker range at the OCC, where such 
Member is registered with the Exchange as a Market Maker as defined 
in Rule 16.1(a)(37). Id.
    \13\ ``Away Market Maker'' applies to any transaction identified 
by a Member for clearing in the Market Maker range at the OCC, where 
such Member is not registered with the Exchange as a Market Maker, 
but is registered as a market maker on another options exchange. See 
the Exchange's fee schedule available at http://www.bats.com/us/options/membership/fee_schedule/bzx/.
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     Under Tier 2, a Member may currently receive an additional 
rebate of $0.04 per share where they have an ADV greater than or equal 
to 1.30% of average OCV. As amended a Member may receive an additional 
rebate of $0.02 per share where they have an: (i) ADAV in Non-Customer 
orders greater than or equal to 0.40% of average OCV; and (ii) an ADAV 
in Firm, Market Maker, and Away Market Maker orders that establish a 
new NBBO greater than or equal to 0.05% of average OCV.
     Under Tier 3, a Member may currently receive an additional 
rebate of $0.04 per share where they have an: (i) ADV greater than or 
equal to 0.50% of average OCV; and an ADAV in Away Market Maker, Firm, 
Broker Dealer,\14\ and Joint Back Office \15\ orders greater than or 
equal to 0.40% of average OCV. As amended a Member may receive an 
additional rebate of $0.03 per share where they have an: (i) ADAV in 
Non-Customer orders greater than or equal to 0.50% of average OCV; and 
(ii) an ADAV in Firm, Market Maker and Away Market Maker orders that 
establish a

[[Page 19280]]

new NBBO greater than or equal to 0.05% of average OCV.
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    \14\ ``Broker Dealer'' applies to any order for the account of a 
broker dealer, including a foreign broker dealer, that clears in the 
Customer range at the Options Clearing Corporation (``OCC''). Id.
    \15\ ``Joint Back Office'' applies to any transaction identified 
by a Member for clearing in the Firm range at the OCC that is 
identified with an origin code as Joint Back Office. A Joint Back 
Office participant is a Member that maintains a Joint Back Office 
arrangement with a clearing broker-dealer. Id.
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     Under Tier 4, a Member may currently receive an additional 
rebate of $0.03 per share where they have an ADAV in Market Maker 
orders greater than or equal to 0.50% of average OCV. As amended a 
Member may receive an additional rebate of $0.04 per share where they 
have an: (i) ADAV in Non-Customer orders greater than or equal to 1.80% 
of average OCV; (ii) an ADAV in Non-Customer Non-Penny orders greater 
than or equal to 0.20% of average OCV; and (iii) an ADAV in Firm, 
Market Maker and Away Market Maker orders that establish a new NBBO 
greater than or equal to 0.05% of average OCV.
     Under Tier 5, a Member currently receives an additional 
rebate of $0.05 per share where they have an ADAV in Non-Customer 
orders greater than or equal to 3.00% of average OCV. As amended a 
Member may receive an additional rebate of $0.05 per share when they 
have an: (i) ADAV in Non-Customer orders greater than or equal to 3.00% 
of average OCV; and (ii) ADAV in Firm/Market Maker/Away MM orders that 
establish a new NBBO greater than or equal to 0.05% of average OCV.
Market Maker Penny Pilot Add Volume Tiers Under Footnote 6
    The Exchange currently offers two Market Maker Penny Pilot Add 
Volume Tiers under footnote 6, which provide an enhanced rebate of 
$0.40 and $0.42 per contract for qualifying Market Maker orders which 
add liquidity in Penny Pilot securities \16\ and yield fee code PM. The 
Exchange now proposes to modify the required criteria and rebates of 
Tiers 1 and 2, and to add a new tier.
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    \16\ ``Penny Pilot Securities'' are those issues quoted pursuant 
to Exchange Rule 21.5, Interpretation and Policy .01. Id.
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     Under Tier 1, a Member may currently receive an enhanced 
rebate of $0.40 per share where they have an ADV greater than or equal 
to 0.40% of average OCV. As amended a Member may receive an enhanced 
rebate of $0.35 per share where they have an ADAV in Market Maker 
orders greater than or equal to 0.05% of average OCV.
     Under the current Tier 2, a Member may receive an enhanced 
rebate of $0.42 per share where they have an: (i) ADAV in Market Maker 
and/or Away Market Maker orders greater than or equal to 1.30% of 
average OCV; and (ii) an ADV greater than or equal to 2.60% of average 
OCV. As amended Tier 2 will be renamed Tier 3, and a Member may receive 
an enhanced rebate of $0.42 per share where they have an: (i) ADAV in 
Market Maker orders greater than or equal to 1.30% of average OCV; and 
(ii) an ADV greater than or equal to 2.60% of average OCV.
     Under the newly proposed Tier 2, a Member may receive an 
enhanced rebate of $0.40 per share where they have an ADAV in Market 
Maker orders greater than or equal to 0.15% or average OCV.
Firm, Broker Dealer, and Joint Back Office Non-Penny Pilot Add Volume 
Tier 3 Under Footnote 8
    The Exchange currently offers three Firm, Broker Dealer, and Joint 
Back Office Non-Penny Pilot Add Volume Tiers under footnote 8, which 
provide an enhanced rebate ranging from $0.45 to $0.82 per contract for 
qualifying Firm, Broker Dealer, and Joint Back Office orders which add 
liquidity in Non-Penny Pilot securities and yield fee code NF. The 
Exchange now proposes to add a third prong to the criteria required to 
achieve Tier 3. Under Tier 3, a Member may currently receive an 
enhanced rebate of $0.82 per share where (i) they have an ADV greater 
than or equal to 2.30% of average OCV; and (ii) an ADAV in Away Market 
Maker, Firm, Broker Dealer, and Joint Back Office orders greater than 
or equal to 1.65% of average OCV. As amended the Exchange proposes to 
add a third prong to the criteria requiring that a Member also have a 
ADAV in Non-Customer Non-Penny Pilot orders greater than or equal to 
0.20% of average OCV. The Exchange does not proposes to amend the 
rebate provided under Tier 3.
Away Market Maker Penny Pilot Add Volume Tier 2 Under Footnote 10
    The Exchange currently offers three Away Market Maker Penny Pilot 
Add Volume Tiers under footnote 10, which provide an enhanced rebate 
ranging from $0.40 to $0.46 per contract for qualifying Away Market 
Maker orders which add liquidity in Penny Pilot securities and yield 
fee code PN. The Exchange now proposes to add a third prong to the 
criteria required to achieve Tier 2 ad to lower the rebate from $0.46 
per contract to $0.45 per contract. Under Tier 2, a Member will now 
receive an enhanced rebate of $0.45 per share where they have an: (i) 
ADAV in Away Market Maker, Firm, Broker Dealer and Join Back Office 
orders greater than or equal to 1.05% of average OCV; and (ii) ADV 
greater than or equal to 1.95% of average OCV; and (iii) ADAV in Non-
Customer Non-Penny Pilot Securities greater than or equal to 0.20% of 
average OCV.
Professional Penny Pilot Add Volume Tier 1 Under Footnote 9
    The Exchange currently offers four Professional \17\ Penny Pilot 
Add Volume Tiers under footnote 9, which provide an enhanced rebate 
ranging from $0.42 to $0.48 per contract for qualifying Professional 
orders which add liquidity in Penny Pilot securities and yield fee code 
PA. The Exchange now proposes to increase the criteria required to 
achieve Tier 1. Under Tier 1, a Member may currently receive an 
enhanced rebate of $0.42 per share where they have an ADAV in Customer 
\18\ and Professional orders greater than or equal to 0.15% of average 
OCV. As amended, a Member may continue to receive an enhanced rebate of 
$0.42 per share where they satisfy the amended criteria by having an 
ADAV in Customer and Professional orders greater than or equal to 0.20% 
of average OCV.
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    \17\ ``Professional'' applies to any transaction identified by a 
Member as such pursuant to Exchange Rule 16.1. Id.
    \18\ ``Customer'' applies to any transaction identified by a 
Member for clearing in the Customer range at the OCC, excluding any 
transaction for a Broker Dealer or a ``Professional'' as defined in 
Exchange Rule 16.1. Id.
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Eliminate the Customer Step-Up Volume Tier and the Step-Up Tier Under 
Footnote 1
    The Exchange currently offers nine Customer Penny Pilot Add Volume 
Tiers under footnote 1, which provide an enhanced rebate ranging from 
$0.40 to $0.53 per contract for qualifying Customer orders which add 
liquidity in Penny Pilot securities and yield fee code PY. The Exchange 
now proposes to eliminate the Customer Step-Up Volume Tier under 
footnote 1, which provides a rebate of $0.53 per share for Members that 
have an Options Step-Up Add OCV \19\ in Customer orders from September 
2015 baseline greater than or equal to 0.45%. The Exchange additionally 
proposes to eliminate the Step-Up Tier under footnote 1, which provides 
an additional rebate of $0.02 per share to orders that yield fee code 
PY or those that qualify for the remaining Customer Penny Pilot Add 
Tiers where the Member has an Options Step-Up Add OCV in Customer 
orders from an October 2016 baseline greater than or equal to 0.45%.
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    \19\ ``Options Step-Up Add OCV'' means ADAV as a percentage of 
OCV in the relevant baseline month subtracted from current ADAV as a 
percentage of OCV. See the Exchange's fee schedule available at 
http://www.bats.com/us/options/membership/fee_schedule/bzx/.

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[[Page 19281]]

Eliminate the Step-Up Tier Under Footnote 3
    The Exchange currently offers four Non-Customer Penny Pilot Take 
Volume Tiers under footnote 3, which provide a reduced fee ranging from 
$0.44 to $0.47 per contract for qualifying Non-Customer orders which 
remove liquidity in Penny Pilot securities and yield fee code PP. The 
Exchange now proposes to eliminate the Step-Up Tier under footnote 3, 
which provides a reduced fee of $0.47 per contract for Members that 
have an Options Step-Up Add OCV in Customer orders from an October 2016 
baseline greater than or equal to 0.45%.
Eliminate the Step-Up Tier Under Footnote 12
    The Exchange currently offers three Customer Non-Penny Pilot Add 
Volume Tiers under footnote 12, which provide an enhanced rebate per 
contract ranging from $1.00 to $1.05 for Customer orders which add 
liquidity in Non-Penny Pilot securities and yield fee code NY. The 
Exchange now proposes to eliminate the Step-Up Tier under footnote 12, 
which provides a rebate of $1.00 per share for Members that have an 
Options Step-Up Add OCV in Customer orders from an October 2016 
baseline greater than or equal to 0.45%.
Implementation Date
    The Exchange proposes to implement these amendments to its fee 
schedule immediately.\20\
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    \20\ The Exchange initially filed the proposed amendments to its 
fee schedule on March 31, 2017 (SR-BatsBZX-2017-20). On April 12, 
2017, the Exchange withdrew SR-BatsBZX-2017-20 and then subsequently 
submitted this filing (SR-BatsBZX-2017-23).
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2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent 
with the objectives of Section 6 of the Act,\21\ in general, and 
furthers the objectives of Section 6(b)(4),\22\ 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 also notes that it operates in a highly-
competitive market in which market participants can readily direct 
order flow to competing venues if they deem fee levels at a particular 
venue to be excessive or incentives to be insufficient. The proposed 
rule changes reflect a competitive pricing structure designed to 
incentivize market participants to direct their order flow to the 
Exchange.
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    \21\ 15 U.S.C. 78f.
    \22\ 15 U.S.C. 78f(b)(4).
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Fee Codes PM
    The Exchange believes that its proposal to reduce the rebate 
provided by fee code PM is fair and equitable and reasonable because 
such proposed rebates remain consistent with pricing previously offered 
by the Exchange as well as its competitors \23\ and does not represent 
a significant departure from the Exchange's general pricing structure 
and will allow the Exchange to earn additional revenue that can be used 
to offset the addition of new pricing incentives. Specifically, the 
Exchange's proposal to lower the rebate to $0.31 per contract for 
Market Marker orders which add liquidity in Penny Pilot securities 
under fee code PM remains lower than NYSE Arca LLC (``NYSE Arca''), 
which provides a standard rebate of $0.28 per contract for similar 
orders. Lastly, the proposed change to fee code PM is not unfairly 
discriminatory because it will apply equally to all Members.
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    \23\ See the NYSE Arca fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
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Modifications to the Volume Discount Tier Rebates and Required Criteria
    The Exchange believes that the proposed modifications to the tiered 
pricing structure are reasonable, fair and equitable, and non-
discriminatory. The Exchange operates in a highly competitive market in 
which market participants may readily send order flow to many competing 
venues if they deem fees at the Exchange to be excessive or incentives 
provided to be insufficient. The proposed structure remains intended to 
attract order flow to the Exchange by offering market participants a 
competitive pricing structure. The Exchange believes it is reasonable 
to offer and incrementally modify incentives intended to help to 
contribute to the growth of the Exchange.
    Volume-based pricing such as that proposed herein have been widely 
adopted by exchanges, including the Exchange, 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 provisions and/or growth 
patterns; and (iii) introduction of higher volumes of orders into the 
price and volume discovery processes. Lastly, the proposed change to 
the tiered pricing structure are not unfairly discriminatory because 
they will apply equally to all Members.
    In particular, the proposed changes to footnotes 8, 9, and 10 
intended to further incentivize Members to send increased order flow to 
the Exchange in an effort to qualify for the enhanced rebate made 
available by the tiers, in turn contributing to the growth of the 
Exchange. The enhanced rebate made available by the tiers, in turn 
contributing to the growth of the Exchange. [sic]
    In addition, the proposed modifications to the Market Maker Penny 
Pilot Add Volume Tiers to require that Members attain an ADAV in Market 
Marker orders specifically, instead of requiring a general level of ADV 
or an ADAV that also includes Away Market Maker orders, reinforces the 
purpose of the volume tier--to incentivize Members to send Market Maker 
orders in Penny Pilot securities to the Exchange. The tier structure 
under footnote 6 has thus been adjusted accordingly to accommodate the 
newly proposed Tier 2 and renaming of current Tier 2 as Tier 3. 
Further, the Exchange believes the proposed rebates reasonably reflect 
the ascending difficultly of achieving the corresponding tier.
    Furthermore, the proposed modifications to the NBBO Setter Tiers 
are consistent with the Act in that the proposed changes are designed 
to incentivize Members to contribute certain orders which establish a 
new NBBO to the Exchange in an effort to qualify for the enhanced 
rebate. By also requiring Members to achieve a certain ADAV in certain 
orders that establish a new NBBO, the proposed changes would further 
enhance the market quality of the Exchange by improving opportunities 
for price improvement. In particular, the proposed changes will further 
encourage orders at the NBBO, and is therefore directly focused on 
encouraging aggressively priced liquidity provision on BZX Options. The 
Exchange also believes the rebate associate with each tier is 
reasonable as they reflect the difficultly in achieving the 
corresponding tier. These incentives remain reasonably related to the 
value to the Exchange's market quality associated with higher levels of 
market activity, including liquidity provision and the introduction of 
higher volumes of orders into the price and volume discovery processes.
    Lastly, the Exchange believes that eliminating the: (i) Customer 
Step-Up Volume Tier and the Step-Up Tier under footnote 1; (ii) the 
Step-Up Tier under footnote 3; and (iii) the Step-Up Tier under 
footnote 12 is reasonable,

[[Page 19282]]

fair, and equitable because the these tiers were not providing the 
desired result of incentivizing Members to increase their participation 
on the Exchange. As such, the Exchange also believes that the proposed 
elimination of these tiers would be non-discriminatory in that they 
currently apply equally to all Members and, upon elimination, would no 
longer be available to any Members. Further, their elimination will 
allow the Exchange to explore other pricing mechanisms in which it may 
enhance market quality for all Members.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed amendment to its fee schedule 
would not 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 change represents a significant 
departure from previous pricing offered by the Exchange or pricing 
offered by the Exchange's competitors. Additionally, 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 change will impair the ability of Members or competing venues 
to maintain their competitive standing in the financial markets. The 
Exchange does not believe that the proposed change to the Exchange's 
standard fees, rebates and tiered pricing structure burdens 
competition, but instead, enhances competition as it is intended to 
increase the competitiveness of the Exchange.

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

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any written comments from members or other interested parties.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \24\ and paragraph (f) of Rule 19b-4 
thereunder.\25\ 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.
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f).
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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-BatsBZX-2017-23 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-BatsBZX-2017-23. 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-BatsBZX-2017-23 and should 
be submitted on or before May 17, 2017.
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    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08392 Filed 4-25-17; 8:45 am]
 BILLING CODE 8011-01-P