Document ID: SEC-2013-1797-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: EDGX Exchange, Inc.
Posted Date: 2013-10-22T04:00Z

[Federal Register Volume 78, Number 204 (Tuesday, October 22, 2013)]
[Notices]
[Pages 62903-62907]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-24555]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70601; File No. SR-EDGX-2013-37]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Amendments to the EDGX Exchange, Inc. Fee Schedule

October 2, 2013.
    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 30, 2013, EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') 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 self-regulatory 
organization. The

[[Page 62904]]

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 fees and rebates applicable to 
Members\3\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c) (``Fee 
Schedule'') to: (i) Increase the discounted fee to remove and/or route 
under the Mega Tier 1 from $0.0015 per share to $0.0029 per share; (ii) 
add a discounted fee of $0.00295 per share to remove liquidity to the 
Mega Tier 3; (iii) add a new Market Depth Tier 2; (iv) rename the 
current Market Depth Tier as ``Market Depth Tier 1''; (v) increase the 
rebate provided by the Tape B Step Up Tier from $0.0025 per share to 
$0.0027 per share; (vi) lower the ADV threshold required to meet the 
MidPoint Match Volume Tier; and (vii) decrease the rebate for orders 
yielding Flag RZ. The text of the proposed rule change is available on 
the Exchange's Internet Web site at www.directedge.com, at the 
Exchange's principal office, and at the Public Reference Room of the 
Commission.
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    \3\ The 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).
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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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to: (i) Increase 
the discounted fee to remove and/or route under the Mega Tier 1 from 
$0.0015 per share to $0.0029 per share; (ii) add a discounted fee of 
$0.00295 per share to remove liquidity to the Mega Tier 3; (iii) add a 
new Market Depth Tier 2; (iv) rename the current Market Depth Tier as 
``Market Depth Tier 1''; and (v) increase the rebate provided by the 
Tape B Step Up Tier from $0.0025 per share to $0.0027 per share; (vi) 
lower the ADV threshold required to meet the MidPoint Match Volume 
Tier; and (vii) decrease the rebate for orders yielding Flag RZ.
Amendment to Mega Tier 1
    The Exchange proposes to increase the fee to remove and or route 
under the Mega Tier 1 from $0.0015 per share to $0.0029 per share. To 
be eligible for the fees and rebates offered under the Mega Tier 1, 
Members must: (1) Add or route at least 4,000,000 shares of ADV prior 
to 9:30 a.m. or after 4:00 p.m.; (2) add a minimum of 35,000,000 shares 
of ADV on EDGX in total, including during both market hours and pre and 
post-trading hours; and (3) have an ``added liquidity'' to ``added plus 
removed liquidity'' ratio of at least 85%. The Exchange notes that the 
criteria necessary to achieve the tier would remain unchanged.
Amendment to Mega Tier 3
    The Exchange proposes to add a discounted fee to remove liquidity 
to Mega Tier 3 of $0.00295 per share. To be eligible for the fees and 
rebates offered under the Mega Tier 3, Members must: (1) Add or route 
at least 1,500,000 shares of ADV prior to 9:30 a.m. or after 4:00 p.m.; 
and (2) add a minimum of 0.75% of the TCV on a daily basis measured 
monthly, including during both market hours and pre and post-trading 
hours. Mega Tier 3 does not currently provide a discounted fee to 
remove liquidity to Members that qualify for the tier. Instead, Members 
are charged the standard removal rate of $0.0030 per share for 
securities priced at or above $1.00 and 0.30% of the dollar value for 
securities priced below $1.00. The Exchange now proposes to provide 
Members that qualify for the Mega Tier 3 with a discounted removal fee 
of $0.00295 per share for securities priced at or above $1.00.
Addition of the Market Depth Tier 2
    The Exchange proposes to add a new tier to Footnote 1 to its Fee 
Schedule named the Market Depth Tier 2. The Market Depth Tier 2 would 
provide a rebate of $0.0029 per share to Members that: (1) Add 
10,000,000 shares in average daily volume (``ADV'') on a daily basis, 
measured monthly; and (2) add at least 1,000,000 shares as non-
displayed orders that yield Flag HA (non-displayed orders that add 
liquidity (not including MidPoint Match orders \4\)).
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    \4\ See Exchange Rule 11.5(c)(7).
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Amendment to Market Depth Tier
    Due to the proposed addition of the Market Depth Tier 2, discussed 
above, the Exchange proposes to rename the current Market Depth Tier as 
``Market Depth Tier 1.'' The Exchange notes that the criteria necessary 
to achieve the tier and the rebates offered by the tier would remain 
unchanged.
Amendment to Tape B Step-Up Tier
    The Exchange proposes to increase the rebate provided under the 
Tape B Step Up Tier orders yielding flags B and 4 (adds liquidity to 
EDGX in Tape B securities) from $0.0025 per share to $0.0027 per share. 
To be eligible for the rebate offered under the Tape B Step Up Tier, 
Members must add 600,000 shares in ADV in Tape B securities more than 
the Member's August 2013 ADV in Tape B securities added to EDGX. The 
Exchange notes that the criteria necessary to achieve the tier would 
remain unchanged.
Amendment to the MidPoint Match Volume Tier
    Footnote 3 of the Fee Schedule currently provides that Members may 
qualify for the MidPoint Match Volume Tier and not be charged a fee for 
orders that yield Flag MM on EDGX if they add and/or remove an ADV of 
at least 3,000,000 shares on a daily basis, measured monthly, on EDGX, 
yielding flags MM (adds liquidity to MPM using the Midpoint Match order 
type \5\) and/or MT (removes liquidity from MPM using MPM order type). 
The Exchange proposes to amend Footnote 3 of its Fee Schedule to 
decrease the ADV requirement of the MidPoint Match Volume Tier from 
3,000,000 shares of ADV to 2,500,000 shares of ADV. The remainder of 
the criteria required to meet the tier as well as the rate offered by 
the tier would remain unchanged.
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    \5\ As defined in Exchange Rule 11.5(c)(7), the Midpoint Match 
(``MPM'') order type is an order with an instruction to execute it 
at the midpoint of the NBBO.
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Flag RZ
    In securities priced at or above $1.00, the Exchange currently 
provides a rebate of $0.0025 per share for Members' orders that yield 
Flag RZ, which routes to the BATS Exchange Inc. (``BATS'') and adds 
liquidity. The Exchange proposes to amend its Fee Schedule to decrease 
this rebate to $0.0020 per share for Members' orders that yield Flag 
RZ. The proposed change represents a pass through of the rate that 
Direct Edge ECN

[[Page 62905]]

LLC (d/b/a DE Route) (``DE Route''), the Exchange's affiliated routing 
broker-dealer, is rebated for routing orders to BATS when it does not 
qualify for a volume tiered rebate. When DE Route routes to BATS, it is 
rebated a standard rate of $0.0020 per share.\6\ DE Route will pass 
through this rate on BATS to the Exchange and the Exchange, in turn, 
will pass through this rate to its Members. The Exchange notes that the 
proposed change is in response to BATS's October 2013 fee change where 
BATS decreased the rebate it provides its customers, such as DE Route, 
from a rebate of $0.0025 per share to a rebate of $0.0020 per share for 
orders that are routed to BATS.\7\
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    \6\ The Exchange notes that to the extent DE Route does or does 
not achieve any volume tiered discount on BATS, its rate for Flag RZ 
will not change.
    \7\ See BATS Exchange Pricing Effective October 1, 2013, http://cdn.batstrading.com/resources/fee_schedule/2013/BATS-BZX-Exchange-Pricing-Effective-October-1-2013.pdf (offering a standard, non-
tiered rebate of $0.0020 per share).
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Implementation Date
    The Exchange proposes to implement these amendments to its Fee 
Schedule on October 1, 2013.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\8\ in general, and 
furthers the objectives of Section 6(b)(4),\9\ 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.
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    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(4).
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Amendment to Mega Tier 1
    The Exchange believes that the proposal to increase the discounted 
fee to remove and/or route under the Mega Tier 1 from $0.0015 per share 
to $0.0029 per share represents an equitable allocation of reasonable 
dues, fees, and other charges among Members and other persons using its 
facilities because it will enable the Exchange to retain additional 
funds to offset increased administrative, regulatory, and other 
infrastructure costs associated with operating an exchange. The 
Exchange believes that it is reasonable to increase the discounted 
removal and/or routing fees using liquidity provision patterns. A 
discounted removal rate that is designed to incent fee sensitive 
liquidity takers to the Exchange, provided they are able to meet 
certain volume requirements. The proposed removal and/or routing rate 
is also similar to that provided by the Mega Tier 2 in Footnote 1 of 
the Fee Schedule.\10\ Lastly, the Exchange believes that the proposed 
amendment to the Mega Tier 1 is non-discriminatory because it applies 
uniformly to all Members.
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    \10\ Members that qualify for the Mega Tier 2 are charged a 
discounted removal rate of $0.0029. See the Exchange's Fee Schedule, 
available at http://www.directedge.com/Membership/FeeSchedule/EDGXFeeSchedule.aspx.
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Amendment to Mega Tier 3
    The Exchange believes that its proposal to add a discounted fee to 
remove liquidity to Mega Tier 3 of $0.00295 per share represents an 
equitable allocation of reasonable dues, fees, and other charges among 
Members and other persons using its facilities because the tier would 
further encourage Members to add liquidity to EDGX during pre- and 
post-trading hours. Fewer Members generally trade during pre- and post-
trading hours because of the limited time parameters associated with 
these trading sessions, which generally results in less liquidity. In 
addition, liquidity received during pre- and post-trading hours is an 
important contributor to price discovery and acts as an important 
indication of price for the market as a whole considering the relative 
illiquidity of the pre- and post-trading hour sessions. The Exchange 
believes that offering a discounted removal fee would incentivize 
Members to provide liquidity during these trading sessions.
    The Exchange also believes that discounted fee provided by the Mega 
Tier 3 is reasonable and equitably allocated because the increased 
liquidity that may result from Members attempting to achieve the tier 
would benefit all investors by deepening EDGX's liquidity pool and 
improving investor protection. Volume-based discounted fees such as the 
one proposed herein are widely utilized in the cash equities markets, 
and are equitable because they are open to all Members on an equal 
basis and provide incentives that are reasonably related to the value 
to an exchange's market quality associated with higher levels of market 
activity, such as higher levels of liquidity provision and 
opportunities for price improvement.
    Lastly, the Exchange believes that the proposed amendment to the 
Mega Tier 3 is non-discriminatory because it applies uniformly to all 
Members.
Addition of Market Depth Tier 2
    The Exchange believes that its proposal to add the Market Depth 
Tier 2 to its Fee Schedule represents an equitable allocation of 
reasonable dues, fees, and other charges among Members and other 
persons using its facilities because the tier would encourage Members 
to add liquidity to EDGX to qualify for a higher rebate. This tier 
would also recognize the contribution that non-displayed liquidity 
provides to the marketplace, including: (i) Adding needed depth to the 
EDGX market; (ii) providing price support/depth of liquidity; and (iii) 
increasing diversity of liquidity to EDGX. The increased liquidity 
would benefit all investors by deepening EDGX'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.
    Furthermore, the Exchange believes that the criteria for the Market 
Depth Tier 2 represents an equitable allocation of reasonable dues, 
fees, and other charges because higher rebates are directly correlated 
with more stringent criteria. For example, for a Member to qualify for 
the current Market Depth Tier, and receive a rebate of $0.0033 per 
share for displayed liquidity, a Member must post at least 0.50% of the 
TCV in ADV on EDGX in total, where at least 1.8 million shares are non-
displayed orders that add liquidity to EDGX yielding Flag HA. Based on 
a TCV of six (6) billion shares, this would amount to 30,000,000 shares 
for the Market Depth Tier while the Market Depth Tier 2 would require 
an ADV of 10,000,000 shares. Members seeking to achieve the Market 
Depth Tier would also be required to post at least 1.8 million shares 
of non-displayed orders that add liquidity to EDGX yielding Flag HA, 
whereas the Market Depth Tier 2 would require that Members post 
1,000,000 shares of non-displayed orders that add liquidity to EDGX 
yielding Flag HA. The lower volume requirement necessary to achieve the 
Market Depth Tier 2 justifies its lower rebate. Lastly, the Exchange 
believes that the proposed addition of the Market Depth Tier is non-
discriminatory because it applies uniformly to all Members.
Amendment to Market Depth Tier
    The Exchange believes that changing the ``Market Depth Tier'' to 
the ``Market Depth Tier 1'' is reasonable because it conforms to the 
numbering of the proposed Market Depth Tier 2. The Exchange notes that 
the criteria necessary to achieve the tier and the rate offered by the 
tier would remain unchanged.
Amendment to the Tape B Step-Up Tier
    The Exchange believes that increasing the rebate offered by the 
Tape B Step-

[[Page 62906]]

Up Tier from $0.0025 per share to $0.0027 per share represents an 
equitable allocation of reasonable dues, fees, and other charges 
because it would encourage Members to add liquidity to EDGX to qualify 
for a higher rebate. The rebate of $0.0027 per share for the Tape B 
Step-Up Tier is reasonable when compared to the Step-Up Tier 1 in Tape 
B securities offered by NYSE Arca.\11\ NYSE Arca currently offers a 
non-tiered rebate for adding liquidity in Tape B securities of $0.22 
per share and a non-tiered fee for removing liquidity in Tape B 
securities of $0.30 per share. NYSE Arca's Step-Up Tier 1 provides for 
an add rebate of $0.23 per share and a removal fee of $0.28 per share 
for firms that add an excess of 0.20% in ADV in Tape B securities over 
a benchmark month, subject to a minimum increase of 20 million shares. 
The Tape B Step-Up Tier is similar to NYSE Arca's Step-Up Tier 1 in 
Tape B securities in that it provides Members with an increased rebate 
in exchange for increased volume in Tape B securities. The Exchange 
believes the increased rebate under the Tape B Step-Up Tier is 
reasonable in that it would encourage market participants to send 
additional liquidity in Tape B securities to EDGX in exchange for a 
higher rebate. Lastly, The Exchange believes that the proposed rate is 
non-discriminatory in that it applies uniformly to all Members.
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    \11\ NYSE Arca Equities Trading Fees, available at http://usequities.nyx.com/markets/nyse-arca-equities/trading-fees.
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Amendment to the MidPoint Match Volume Tier
    The Exchange believes that lowering the ADV requirement in Flags MM 
and/or MT for the MidPoint Match Volume Tier represents an equitable 
allocation of reasonable dues, fees, and other charges because slightly 
lowering the threshold to achieve the tier encourages Members to add 
liquidity at the midpoint of the national best bid or offer (``NBBO'') 
to the EDGX Book \12\ each month. Only the liquidity added at the 
midpoint of the NBBO in this tier is not charged a fee, while both 
added and removed liquidity in Flags MM and MT are counted towards 
achieving the tier's ADV threshold. The Exchange believes that Members 
utilizing MPM orders that add liquidity at the midpoint of the NBBO may 
receive the benefit of price improvement, and lowering the ADV 
requirement of the MidPoint Match Volume Tier and its associated lower 
rate would be a reasonable means by which to encourage the use of such 
orders. In addition, the Exchange believes that by encouraging the use 
of MPM orders, Members seeking price improvement would be more 
motivated to direct their orders to EDGX because they would have a 
heightened expectation of the availability of liquidity at the midpoint 
of the NBBO. In addition, the Exchange also believes that the proposed 
amendment to the MidPoint Match Volume Tier is non-discriminatory 
because it applies uniformly to all Members.
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    \12\ The EDGX Book is the System's electronic file of orders. 
See Exchange Rule 1.5(d).
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Flag RZ
    The Exchange believes that its proposal to decrease the pass 
through rebate for Members' orders that yield Flag RZ from $0.0025 to 
$0.0020 per share represents an equitable allocation of reasonable 
dues, fees, and other charges among Members and other persons using its 
facilities because the Exchange does not levy additional fees or offer 
additional rebates for orders that it routes to BATS through DE Route. 
Prior to BATS's October 2013 fee change, BATS provided DE Route a 
rebate of $0.0025 per share for orders yielding Flag RZ, which DE Route 
passed through to the Exchange and the Exchange passed through to its 
Members. In October 2013, BATS decreased the standard rebate it 
provides its customers, such as DE Route, from a rebate of $0.0025 per 
share to a rebate of $0.0020 per share for orders that are routed to 
BATS.\13\ Therefore, the Exchange believes that the proposed change in 
Flag RZ from a rebate of $0.0025 per share to a rebate of $0.0020 per 
share is equitable and reasonable because it accounts for the pricing 
changes on BATS. In addition, the proposal allows the Exchange to 
continue to charge its Members a pass-through rate for orders that are 
routed to BATS. The Exchange notes that routing through DE Route is 
voluntary. Lastly, the Exchange also believes that the proposed 
amendment is non-discriminatory because it applies uniformly to all 
Members.
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    \13\ See BATS Exchange Pricing Effective October 1, 2013, http://cdn.batstrading.com/resources/fee_schedule/2013/BATS-BZX-Exchange-Pricing-Effective-October-1-2013.pdf (offering a standard, non-
tiered rebate of $0.0020 per share).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    These proposed rule changes do 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 any of these changes 
represent a significant departure from previous pricing offered by the 
Exchange or pricing offered by the Exchange's competitors. 
Additionally, Members may opt to disfavor EDGX'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.
Amendment to Mega Tier 1
    The Exchange believes that increasing the removal fee under the 
Mega Tier 1 would not impact intermarket competition because it is 
similar to removal rates offered by the Exchange's Mega Tier 2 in 
Footnote 1 of its Fee Schedule \14\ and other similar tiers on NYSE 
Arca.\15\ The Exchange believes that the proposed tier would neither 
increase nor decrease intramarket competition because the proposed 
removal rate offered by the tier would apply uniformly to all Members 
that meet the requirements necessary to achieve the tier.
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    \14\ Members that qualify for the Mega Tier 2 are charged a 
discounted removal rate of $0.0029. See the Exchange's Fee Schedule, 
available at http://www.directedge.com/Membership/FeeSchedule/EDGXFeeSchedule.aspx.
    \15\ For example, the Mega Tier 3's proposed discounted removal 
rate of $0.0029 per share (from a standard rate of $0.0030 per 
share) is also reasonable because it is similar in concept to 
discounted removal rates offered by NYSE Arca, which offers a 
discounted removal rate of $0.0029 (from a standard rate of $0.0030 
per share) to customers that qualify for its Tape C Step Up Tier. 
See NYSE Arca, Schedule of Fees and Charges for Exchange Services, 
https://usequities.nyx.com/sites/usequities.nyx.com/files/nyse_arca_marketplace_fees__9.4.13.pdf.
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Amendment to Mega Tier 3
    The Exchange believes that the proposed discounted removal rate for 
Mega Tier 3 would increase intermarket competition because it would 
encourage market participants to send additional liquidity to EDGX in 
exchange for a discounted removal rate. The Exchange believes that the 
proposed discounted removal rate would neither increase nor decrease 
intramarket competition because the discounted removal rate offered by 
the tier would apply uniformly to all Members that meet the 
requirements necessary to achieve the tier.
Addition of Market Depth Tier 2
    The Exchange believes that the proposed addition of the Market 
Depth Tier 2 would increase intermarket competition because it would 
encourage market participants to send additional liquidity to EDGX in 
exchange for an increased rebate. The Exchange believes that the 
proposed tier would neither

[[Page 62907]]

increase nor decrease intramarket competition because the increased 
rebate offered by the tier would apply uniformly to all Members that 
meet the requirements necessary to achieve the tier.
Amendment to Market Depth Tier
    The Exchange believes that the proposed non-substantive change to 
the Market Depth Tier would neither affect intermarket nor intramarket 
competition because the change does not alter the criteria necessary to 
achieve the tier nor does it alter the rate offered by the tier.
Amendment to the Tape B Step-Up Tier
    The Exchange believes that the proposed increased rebate under the 
Tape B Step-Up Tier would increase intermarket competition because it 
would encourage market participants to send additional liquidity in 
Tape B securities to EDGX in exchange for a higher rebate. The Exchange 
believes that the proposed increased rebate would neither increase nor 
decrease intramarket competition because the increased rebate offered 
by the tier would apply uniformly to all Members that meet the 
requirements necessary to achieve the tier.
Amendments to the MidPoint Match Volume Tier
    The Exchange believes that its proposal to decrease the ADV 
requirement in Flags MM and/or MT in the MidPoint Match Volume Tier 
would increase intermarket competition because the lower ADV 
requirement would incentivize Members that could not previously meet 
the tier to send higher volume to the Exchange. The Exchange believes 
that its proposal would neither increase nor decrease intramarket 
competition because the MidPoint Match Volume Tier would continue to 
apply uniformly to all Members and the ability of some Members to meet 
the tier would only benefit other Members by contributing to increased 
liquidity at the midpoint of the NBBO and better market quality at the 
Exchange.
Flag RZ
    The Exchange believes that its proposal to pass through a rebate of 
$0.0020 per share for Members' orders that yield Flag RZ would increase 
intermarket competition because it offers customers an alternative 
means to route to BATS for the same price as entering orders on BATS 
directly. 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 \16\ and Rule 19b-4(f)(2) \17\ thereunder. At 
any time within 60 days of the filing of such 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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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(2).
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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-EDGX-2013-37 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGX-2013-37. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-EDGX-2013-37 and should be 
submitted on or before November 12, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-24555 Filed 10-21-13; 8:45 am]
BILLING CODE 8011-01-P