Document ID: SEC-2009-1425-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BATS Rule 11.17, Entitled "Clearly Erroneous Executions"
Posted Date: 2009-10-08T04:00Z

[Federal Register: October 8, 2009 (Volume 74, Number 194)]
[Notices]               
[Page 51917-51921]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08oc09-102]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60759; File No. SR-BATS-2009-030]

 
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
BATS Rule 11.17, Entitled ``Clearly Erroneous Executions''

October 1, 2009.
    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 September 28, 2009, BATS Exchange, Inc. (``Exchange'' or ``BATS'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. BATS has designated the proposed 
rule change as constituting a rule change under Rule 19b-4(f)(6) under 
the Act,\3\ which renders the proposal 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\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend BATS Rule 11.17, entitled 
``Clearly Erroneous Executions,'' to modify the Exchange's rule 
regarding clearly erroneous executions.
    The text of the proposed rule change is available at the Exchange's 
Web site at http://www.batstrading.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.

[[Page 51918]]

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 BATS Rule 11.17 in order to modify 
the Exchange's rule regarding clearly erroneous executions. The 
proposed changes are part of a market-wide effort designed to provide 
transparency and finality with respect to clearly erroneous executions. 
This effort seeks to achieve consistent results for participants across 
U.S. equities exchanges while maintaining a fair and orderly market, 
protecting investors and protecting the public interest. The proposed 
changes are more fully discussed below.
Definition
    The Exchange will maintain the meaning of the definition of a 
clearly erroneous execution, but proposes to add clarifying language 
with respect to cancelled trades. The proposed change identifies that a 
transaction made in clearly erroneous error and agreed to be canceled 
by both parties or determined by the Exchange to be clearly erroneous 
will be removed ``from the Consolidated Tape.'' \4\ A trade will only 
be removed from the Consolidated Tape when the determination is deemed 
final and any applicable appeals have been exhausted.
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    \4\ For purposes of this Rule, ``removed from the Consolidate 
Tape'' means that a subsequent message will be sent to the 
Consolidated Tape indicating that a previously executed trade has 
been cancelled.
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Member Initiated Review Requests
    The Exchange proposes to amend BATS Rule 11.17 to update the 
procedures for requesting a review of a clearly erroneous transaction. 
The Exchange currently requires requests for review of a clearly 
erroneous execution to be made both by electronic mail (``e-mail'') and 
telephone. The proposed amended rule would require that requests for 
review be made by e-mail or ``other electronic means specified from 
time to time by the Exchange.'' Requiring requests for review to be 
made via e-mail creates a standard format that can easily be logged and 
tracked. Due to the evolution of electronic systems, however, it is 
possible that the Exchange will develop a more efficient means of 
electronic submission, and thus, has proposed language with a broader 
scope. The Exchange will publish the e-mail address or other electronic 
means to be used for all clearly erroneous filings in a circular 
distributed to Members.\5\
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    \5\ BATS Rule 1.5(n) defines a Member as ``any registered broker 
or dealer that has been admitted to membership in the Exchange.''
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    In order to be consistent with the clearly erroneous execution 
rules of other exchanges, the language of the proposed rule slightly 
differs from the current rule with respect to the information that must 
be included with a request for review. The only substantive difference 
between the current rule and proposed rule in this regard, however, is 
that the Exchange will no longer request that a Member indicate a 
requested resolution of the matter (i.e., break or adjust) and will 
require a Member to include the factual basis for the request.
    The proposed rule also requires the Exchange to notify the 
counterparty to a trade upon receipt of a timely filed request for 
review that satisfies the numerical guidelines set forth within the 
Rule (the ``Numerical Guidelines''). This proposed language eliminates 
the requirement that counterparties be notified of every request for a 
ruling and instead requires notice only when a request is filed in a 
timely manner and satisfies the Numerical Guidelines. This change 
alleviates the burden on the Exchange of notifying the counterparty 
when a request for review does not merit a ruling.
    The Exchange proposes to amend BATS Rule 11.17 to allow an Officer 
of the Exchange or such other employee designee (``Officer'') of the 
Exchange to request additional information from each party to a 
transaction under review. Parties to the review will have 30 minutes 
from the time of the request to provide additional supporting 
information.

Routed Executions

    The Exchange proposes to give other market centers an additional 
thirty (30) minutes from the receipt of their participant's timely 
filing to request a ruling, but no longer than sixty (60) minutes from 
the time of the execution under review. This provision accounts for 
those executions initially directed to an away market center and 
subsequently routed by that away market center to the Exchange. For 
example, assume an order is initially routed by a participant to Market 
Center A and subsequently routed to BATS where the order is executed at 
a price outside of the Numerical Guidelines. This provision generally 
requires Market Center A to file with the Exchange within 30 minutes 
from the time it receives its participant's timely filed request for 
review. This provision caps the filing deadline for an away market 
center at 60 minutes from the time of the execution under review.
Threshold Factors
    Currently, the Exchange's Clearly Erroneous Execution rule does not 
identify specific numeric guidelines for determining what constitutes a 
clearly erroneous transaction. The current rule simply provides that an 
Exchange Official ``shall review the transaction under dispute and 
determine whether it is clearly erroneous, with a view toward 
maintaining a fair and orderly market and the protection of investors 
and the public interest.'' \6\ The Exchange proposes adding certain 
numerical thresholds to the Rule that explicitly state what constitutes 
a clearly erroneous execution.
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    \6\ BATS Rule 11.17(b).
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Numerical Guidelines
    The proposed numerical guidelines state that a transaction executed 
during Regular Trading Hours \7\ or the Pre-Opening \8\ and After Hours 
Trading Sessions \9\ may be found to be clearly erroneous only if the 
price of the transaction to buy is greater, or less in the case of a 
sale, than the reference price by an amount that equals or exceeds the 
numerical guidelines for a particular transaction category. The 
execution time of the transaction under review determines whether the 
guidance threshold is Regular Trading Hours or Pre-Opening or After 
Hours Trading Sessions (which occur before and after the Regular 
Trading Hours). The Reference Price shall be equal to the Consolidated 
Last Sale immediately prior to the execution under review, unless 
unusual circumstances are present. The proposed guidelines for sales 
greater than $0.00 up to and including $25.00 are 10% for Regular 
Trading Hours and 20% for the Pre-Opening and After Hours Trading 
Sessions. The proposed guidelines for sales greater than $25.00 up to 
and including $50.00 are 5% for Regular Trading Hours and 10% for the 
Pre-Opening and After Hours Trading Sessions. The proposed guidelines 
for sales greater than $50.00 are 3% for Regular Trading Hours and 6% 
for the Pre-Opening and After Hours Trading Sessions. A filing 
involving five or more

[[Page 51919]]

securities by the same Member will be aggregated into a single filing 
called a ``Multi-Stock Event.'' In the case of a Multi-Stock Event, the 
proposed guidelines are 10% for Regular Trading Hours and 10% for the 
Pre-Opening and After Hours Trading Sessions. In the case of Leveraged 
ETF/ETN securities, the above guidelines are to be multiplied by the 
leverage multiplier of the security. Executions that do not meet or 
exceed the Numerical Guidelines will not be eligible for review under 
this section. The following chart summarizes the proposed Numerical 
Guidelines.
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    \7\ Regular Trading Hours last from 9:30 a.m. until 4:00 p.m. 
(Eastern Time). BATS Rule 1.5(w).
    \8\ The Pre-Opening Session begins at 8:00 a.m. and concludes 
9:30 a.m. (Eastern Time). BATS Rule 1.5(r).
    \9\ The After Hours Trading Session begins at 4:00 p.m. and 
concludes at 5:00 p.m. (Eastern Time). BATS Rule 1.5(c).

------------------------------------------------------------------------
                                                        Pre-opening and
                                    Regular trading       after hours
                                    hours numerical     trading session
                                      guidelines           numerical
                                       (subject           guidelines
         Reference price            transaction's %        (subject
                                    difference from     transaction's %
                                     the reference      difference from
                                        price):          the reference
                                                            price):
------------------------------------------------------------------------
Greater than $0.00 up to and      10%...............  20%.
 including $25.00.
Greater than $25.00 up to and     5%................  10%.
 including $50.00.
Greater than $50.00.............  3%................  6%.
Multi-Stock Event--Filings        10%...............  10%.
 involving five or more
 securities by the same Member
 will be aggregated into a
 single filing.
Leveraged ETF/ETN securities....  Regular Trading     Regular Trading
                                   Hours Numerical     Hours Numerical
                                   Guidelines          Guidelines
                                   multiplied by the   multiplied by the
                                   leverage            leverage
                                   multiplier (i.e.,   multiplier (i.e.,
                                   2x).                2x).
------------------------------------------------------------------------

    Establishing Numerical Guidelines within the Rule brings regulatory 
transparency and consistency in the application of the rules of the 
Exchange. These Numerical Guidelines represent the general consensus 
approach and were developed based on the collective experiences of a 
market-wide group. The Exchange believes that the Thresholds 
established are fair and appropriate and apply evenly to all 
participants.
Unusual Circumstances
    The Exchange further proposes that in Unusual Circumstances the 
Exchange may, in its discretion and with a view toward maintaining a 
fair and orderly market and the protection of investors and the public 
interest, use a Reference Price other than the consolidated last sale. 
Unusual Circumstances may include periods of extreme market volatility, 
sustained illiquidity, or widespread system issues. Other Reference 
Prices that the Exchange may use would include the consolidated inside 
price, the consolidated opening price, the consolidated prior close, or 
the consolidated last sale prior to a series of executions.
    The following example explains the use of a Reference Price equal 
to the consolidated last sale prior to a series of executions.
    ABC has a consolidated last sale of $10.00. During Regular Trading 
Hours Customer A enters a market order to buy 10,000 shares, although 
it had intended a market order for 1,000 shares. The size of the order 
is such that the order sweeps the BATS Book, which reflects 1,000 
shares of liquidity offered at each of following prices. Executions 
occur, moving through the depth of Book, as follows:

Trade 1--1,000 shares @ $10.00 (9,000 remaining)
Trade 2--1,000 shares @ $10.20 (8,000 remaining)
Trade 3--1,000 shares @ $10.40 (7,000 remaining)
Trade 4--1,000 shares @ $10.60 (6,000 remaining)
Trade 5--1,000 shares @ $10.80 (5,000 remaining)
Trade 6--1,000 shares @ $11.00 (4,000 remaining)
Trade 7--1,000 shares @ $11.20 (3,000 remaining)
Trade 8--1,000 shares @ $11.40 (2,000 remaining)
Trade 9--1,000 shares @ $11.60 (1,000 remaining)
Trade 10--1,000 shares @ $11.80 (complete)

    Thus, to be eligible for review, a transaction must be at a price 
that is at least 10% higher than the consolidated last sale prior to 
the series of executions. Customer A could request a ruling for trades 
6 through 10, priced at $11.00 and above, but trades 
1 through 5 would not be eligible for review.
    Under the proposed rule the Exchange may also use a higher 
numerical guideline if, after market participants have been alerted to 
erroneous activity, the price of the security returns toward its prior 
trading range but continues to trade beyond the price it would have 
normally been broken.
Joint Market Rulings
    In the interest of achieving consistency across markets, the 
Exchange proposes that, in events that involve other markets, the 
Exchange would have the ability to use a different Reference Price and/
or Numerical Guideline. In these instances the Reference Price would be 
determined based on a consensus among the Exchanges where the 
transactions occurred. Furthermore, when a ruling is made across 
markets, the Exchange may determine that the ruling is not eligible for 
appeal because immediate finality is necessary to maintain a fair and 
orderly market and to protect investors and the public interest.
Additional Factors
    The proposed amendments to BATS Rule 11.17 also enumerate some 
additional factors that an Officer may consider when determining 
whether an execution is clearly erroneous. These factors include, but 
are not limited to, system malfunctions or disruptions, volume and 
volatility for the security, derivative securities products that 
correspond to greater than 100% in the direction of a tracking index, 
news released for the security, whether trading in the security was 
recently halted/resumed, whether the security is an initial public 
offering, whether the security was subject to a stock-split, 
reorganization, or other corporate action, overall market conditions, 
Pre-Opening or After Hours Trading Session executions, validity of the 
consolidated tapes trades and quotes, consideration of primary market 
indications, and executions inconsistent with the trading pattern in 
the stock. Each additional factor shall be considered with a view 
toward maintaining a fair and orderly market, the protection of 
investors and the public interest.
Numerical Guidelines Applicable to Volatile Market Openings
    The proposed Rule would give the Exchange the ability to expand the 
Numerical Guidelines applicable to transactions occurring between 9:30 
a.m. and 10 a.m. based on the disseminated value of the S&P 500 Futures 
at 9:15 a.m. When the S&P

[[Page 51920]]

Futures are up or down from 3% up to but not including 5% at 9:15 a.m., 
the Numerical Guidelines are doubled. When the S&P Futures are up or 
down 5% or greater at 9:15 a.m., the Numerical Guidelines are tripled. 
The Exchange believes that the S&P 500 Futures contract is an 
appropriate and reliable barometer of market activity prior to the 
market opening due to its broad based market coverage and deep 
liquidity. Using the S&P 500 Futures disseminated value at 9:15 a.m. as 
the barometer of market activity, the Exchange is providing a 
transparent means of offering adjusted guidelines in times of volatile 
market activity.
Outlier Transactions
    The proposed amendments to BATS Rule 11.17 provide that an Officer 
may consider requests for review received after 30 minutes, but not 
longer than 60 minutes after the execution in question in the case of 
an Outlier Transaction. An Outlier Transaction is a transaction where 
the execution price of the security is greater than three times the 
current Numerical Guidelines. In addition, if the execution price of 
the security breaches the 52-week high or low, then the Exchange may 
consider Additional Factors to determine if the transaction qualifies 
for review or if the Exchange shall decline to act.
Review Procedures
    Initial Determination: The Exchange proposes removing language that 
currently allows an Officer to modify one or more of the terms of a 
transaction under review. Under the proposed rule, the Officer of the 
Exchange will only have the authority to break the trades or rule to 
let the trades stand. This change attempts to remove the subjectivity 
from the rule that is necessitated by an adjustment. The Exchange also 
proposes adding language stating that a determination shall be made 
generally within 30 minutes of receipt of the complaint, but in no case 
later than the start of Regular Trading Hours on the following trading 
day. Rulings made outside of 30 minutes by an Officer will not fail for 
lack of timeliness. The guideline simply provides participants an 
appropriate expectation that a ruling will generally be made within 30 
minutes, and in no case later than the start of Regular Trading Hours 
on the following trading day.
    Appeals: The Exchange proposes to amend the appeals procedure for 
trades that are deemed to be clearly erroneous. First, the Exchange 
will no longer accept appeal requests via facsimile. Similar to the 
proposed language for an initial request for a ruling, all appeal 
requests must be made via e-mail or other electronic means specified by 
the Exchange.
    The current rule provides that the Exchange shall review and render 
a decision upon an appeal within a timeframe prescribed by the 
Exchange. The proposed rule offers more definite guidelines to ensure 
the expedient resolution of appeals. It requires the Exchange to review 
appeals as soon as practicable, but generally on the same day as the 
executions under review. Appeals received between 3 Eastern Time and 
the close of trading of the After Hours Trading Session should be made 
as soon as practicable, but in no case later than the trading day 
following the date of the execution under review. Appeals will not fail 
for lack of timeliness. This revised provision provides participants a 
reasonable expectation of when a ruling on appeal will generally be 
made.
    Further, the proposed rule declares that any determination made by 
an Officer or by the CEE Panel shall be rendered without prejudice as 
to the right of the parties to the transaction to submit their dispute 
to arbitration. This provision simply clarifies the fact that nothing 
in the proposed rule limits or impedes the rights of the parties to 
arbitrate their dispute.
System Disruption and Malfunctions
    Within the System Disruptions and Malfunctions section of current 
BATS Rule 11.17, after an Officer determines that a trade was clearly 
erroneous he may declare the transaction null and void or modify the 
trade to attempt to achieve an equitable rectification of the error. 
The proposed Rule eliminates the Exchange's ability to modify a clearly 
erroneous execution. The Exchange must either uphold or nullify the 
execution based upon the findings of the Officer reviewing the 
execution. The proposed Rule provides that, in the event of a 
disruption or a malfunction, an Officer of the Corporation or other 
senior level employee designee will rely on the proposed Numerical 
Guidelines in determining whether an execution is clearly erroneous. 
However, the Officer or senior level employee may also use a lower 
Numerical Guideline if necessary to maintain a fair and orderly market, 
protect investors, and protect the public interest. The proposed rule 
also adds that actions taken under these circumstances must be taken 
within 30 minutes of detection of the erroneous transaction in the 
ordinary case, and by no later than the start of Regular Trading Hours 
on the day following the date of the execution under review when 
extraordinary circumstances exist.
Officers Acting on Their Own Motion
    The Exchange proposes to add a section to the Rule that will grant 
an Officer of the Exchange or other senior level employee designee the 
ability to act on his or her own motion to review potentially erroneous 
executions. Under the current rule, an Officer of the Exchange or other 
senior level employee designee has the ability to act upon his or her 
own motion only in the event of a system disruption or malfunction. The 
proposed rule would allow an Officer of the Corporation or other senior 
level employee designee to review executions and rely on the Numerical 
Guidelines, under any circumstance. In extraordinary circumstances an 
Officer or senior level employee designee may apply a lower Numerical 
Guideline if it is determined that such action is necessary to maintain 
a fair and orderly market or protect investors and the public interest. 
In some instances the Exchange may detect a single execution that 
breaches the Numerical Guidelines but is not the subject of a ruling 
request. This provision gives the Exchange the ability to review such 
executions. Additionally, in practice, clearly erroneous executions 
commonly involve multiple parties and multiple executions. In such 
instances, all affected parties may not request a ruling. The Exchange 
proposes this provision to permit an Officer of the Exchange or other 
senior level employee designee to rule on a group of transactions 
related to the same occurrence or event as a whole, without a formal 
request for a ruling from every affected party.
    As noted above, the proposed rule is the result of a market-wide 
effort to harmonize the clearly erroneous rules of U.S. equities 
exchanges so that market participants receive more uniform rulings 
regarding their executions on different exchanges. To best achieve such 
harmonization, the Exchange believes that the rules those national 
securities exchanges that are amending their rules should be amended as 
of the same date, and such implementation is currently planned for 
October 5, 2009.
2. Statutory Basis
    The rule change proposed in this submission is consistent with the 
requirements of the Act and the rules and regulations thereunder that 
are applicable to a national securities exchange, and, in particular, 
with the requirements of Section 6(b) of the Act.\10\ Specifically, the 
proposed change is consistent with Section 6(b)(5) of the

[[Page 51921]]

Act,\11\ because it would promote just and equitable principles of 
trade, remove impediments to, and perfect the mechanism of, a free and 
open market and a national market system. The proposed rule change 
provides transparency and finality for participants and creates 
consistent results across U.S. equities exchanges with respect to 
clearly erroneous executions. This proposed change further promotes the 
maintenance of a fair and orderly market, the protection of investors 
and the protection of the public interest.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change imposes 
any burden on competition.

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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \14\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \15\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange requests 
that the Commission waive the 30-day operative delay so that it may 
implement the new rule on October 5, 2009, the same date as the other 
equities exchanges. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because it will allow the Exchange to begin applying 
the new rule on the same date as the other equities exchanges.\16\ 
Application of the new rule on this date should help foster 
transparency and consistency among those exchanges that adopt clearly 
erroneous execution rules substantially similar to those previously 
approved by the Commission.\17\ For these reasons, the Commission 
designates that the proposed rule change become operative on October 5, 
2009.
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    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \17\ See Securities Exchange Act Release No. 60706 (September 
22, 2009) 74 FR 49416 (September 28, 2009) (NYSEArca-2009-36).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate 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.

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 e-mail to rule-comments@sec.gov. Please include 
File Number SR-BATS-2009-030 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-BATS-2009-030. This file 
number should be included on the subject line if e-mail 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 inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 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 publicly available. All 
submissions should refer to File Number SR-BATS-2009-030 and should be 
submitted on or before October 29, 2009.

    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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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24247 Filed 10-7-09; 8:45 am]

BILLING CODE 8011-01-P