Document ID: SEC-2015-0554-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BATS Exchange, Inc.
Posted Date: 2015-04-01T04:00Z

[Federal Register Volume 80, Number 62 (Wednesday, April 1, 2015)]
[Notices]
[Pages 17518-17522]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07363]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74589; File No. SR-BATS-2015-23]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Related to 
Fees for Use of BATS Exchange, Inc.

March 26, 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 March 17, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') 
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 
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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

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 BATS Rules 
15.1(a) and (c). Changes to the fee schedule pursuant to this proposal 
are effective upon filing.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    The text of the proposed rule change is available at the Exchange's 
Web site at 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.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to modify its fee schedule in order to: (1) 
Modify the requirements for meeting Add Volume Tiers 5 and 6; (2) 
delete Tier 3 of the Cross-Asset Step-Up Tiers; (3) adjust rebates for 
orders that yield fee code A; (4) add new fee code RN; (5) add a 
clarifying statement regarding fee codes applicable to certain orders 
routed to NYSE Arca, Inc. (``NYSE Arca''); and (6) to make a non-
substantive change to remove a typographical error.
Modifying Add Volume Tiers 5 and 6
    The Exchange proposes to amend its fee schedule to raise the ADAV 
\6\ as a percentage of TCV \7\ required to meet Tiers 5 and 6 of the 
Add Volume Tiers

[[Page 17519]]

from 0.75% and 1.00% to 1.00% and 1.25%, respectively. Currently, the 
Exchange offers a $0.0031 rebate per share added to Members that 
qualify for Tier 5 of the Add Volume Tiers by having an ADAV as a 
percentage of TCV equal to or greater than 0.75% or an ADV \8\ as a 
percentage of TCV equal to or greater than 1.40%. The Exchange also 
offers a $0.0032 rebate per share added to Members that qualify for 
Tier 6 of the Add Volume Tiers by having an ADAV as a percentage of TCV 
equal to or greater than 1.00% or an ADV as a percentage of TCV equal 
to or greater than 1.75%. The Exchange is not proposing to change the 
rebates or ADV as a percentage of TCV thresholds associated with Tiers 
5 and 6.
---------------------------------------------------------------------------

    \6\ ``ADAV'' means average daily volume calculated as the number 
of shares added per day on a monthly basis.
    \7\ ``TCV'' means total consolidated volume calculated as the 
volume reported by all exchanges and trade reporting facilities to a 
consolidated transaction reporting plan for the month for which the 
fees apply.
    \8\ ``ADV'' means average daily volume calculated as the number 
of shares added or removed, combined, per day on a monthly basis.
---------------------------------------------------------------------------

Cross-Asset Step-Up Tiers
    The Exchange is also proposing to eliminate Tier 3 of the Cross-
Asset Step-Up Tiers. Currently, the Exchange offers a $0.0032 rebate 
per share added to Members that qualify for Tier 3 of the Cross-Asset 
Step-Up Tiers by having a Step-Up Add TCV \9\ from December 2014 equal 
to or greater than 0.15% and an Options Step-Up Add TCV \10\ equal to 
or greater than 0.60%. As stated above, the Exchange is proposing to 
eliminate Tier 3, but is not proposing to make any changes to existing 
Tiers 1 and 2. As part of this change, the Exchange is also proposing 
to remove the third column from the Cross-Asset Step-Up Tiers chart 
because the deletion of Tier 3 removes any need for a column related to 
a Member's Step-Up Add TCV from December 2014. The Exchange also 
proposes to eliminate the column that includes the word ``and'' between 
the third column and the Options Step-Up Add TCV column.
---------------------------------------------------------------------------

    \9\ ``Step-Up Add TCV'' means ADAV as a percentage of TCV in the 
relevant baseline month subtracted from current ADAV as a percentage 
of TCV.
    \10\ ``Options Step-Up Add TCV'' means ADAV as a percentage of 
TCV in January 2014 subtracted from current ADAV as a percentage of 
TCV, using the definitions of ADAV and TCV as provided under the 
Exchange's fee schedule for BATS Options.
---------------------------------------------------------------------------

Fee Code A
    In securities priced at or above $1.00, the Exchange currently 
provides a rebate of $0.0015 per share for Members' orders that yield 
fee code A, which routes to Nasdaq Stock Market LLC (``Nasdaq'') and 
adds liquidity. The Exchange proposes to amend its Fee Schedule to 
decrease this rebate to $0.0004 per share for Members' orders that 
yield fee code A. The proposed change represents a pass through of the 
lowest possible rebate that BATS Trading, Inc. (``BATS Trading''), the 
Exchange's affiliated routing broker-dealer, receives for adding 
liquidity on Nasdaq. When BATS Trading routes and adds liquidity to 
Nasdaq, it is rebated a standard rate of $0.0004 per share for orders 
in select symbols (``Nasdaq's Select Symbol Program''). When BATS 
Trading routes to Nasdaq in other symbols, it is rebated a standard 
rate of $0.0015 per share. Further, BATS Trading might qualify for 
tiered pricing that would increase the amount of the rebate received. 
However, due to billing system limitations that do not allow for 
separate rates on a security by security basis and in order to maintain 
a simple to understand fee schedule, the Exchange will provide a rebate 
of $0.0004 per share for executions in all Tapes A, B & C securities 
routed to Nasdaq that yield fee code A.
    The Exchange notes that the proposed change is in response to 
Nasdaq's January 2015 fee change where Nasdaq decreased the rebate it 
provides its customers, such as BATS Trading, for orders in symbols 
included in Nasdaq's Select Symbol Program from a rebate of $0.0015 per 
share to a rebate of $0.0004 per share.\11\
---------------------------------------------------------------------------

    \11\ See Securities Exchange Act Release No. 73967 (December 30, 
2014), 80 FR 594 (January 6, 2015) (SR-Nasdaq-2014-128).
---------------------------------------------------------------------------

Fee Code RN
    The Exchange proposes to adopt new fee code RN, which would be 
applied to orders routed to Nasdaq using the ROOC routing strategy that 
add liquidity. Orders that yield fee code RN will receive a rebate of 
$0.0015 per share. The ROOC Routing strategy routes orders to 
participate in the opening, re-opening (following a halt, suspension, 
or pause), or closing process of a primary listing market if received 
before the opening/re-opening/closing time of such market. In turn, an 
order that has been sent to participate in an opening or closing 
process may add liquidity prior to the commencement of such process. 
Proposed fee code RN represents a pass through of the standard rebate 
that BATS Trading, the Exchange's affiliated routing broker-dealer, is 
rebated for added liquidity on Nasdaq in securities not included in 
Nasdaq's Select Symbol Program (presuming it does not qualify for a 
volume tiered rebate). When BATS Trading routes to Nasdaq using the 
ROOC routing strategy and an order adds liquidity, BATS Trading 
receives a standard rebate of $0.0015 per share for securities that are 
not included in Nasdaq's Select Symbol Program. As noted above, due to 
billing system limitations that do not allow for separate rates on a 
security by security basis and in order to maintain a simple to 
understand fee schedule, the Exchange will pass through the rebate of 
$0.0015 per share for executions in all Tapes A, B & C securities 
routed to Nasdaq that yield fee code RN. The Exchange notes that fee 
code A above will continue to be applied to all orders routed to Nasdaq 
not utilizing the ROOC routing strategy that add liquidity.
    Orders routed via ROOC that add liquidity at Nasdaq have previously 
yielded fee code A, and thus, have received a rebate of $0.0015 per 
share. The Exchange has proposed to add fee code RN to maintain the 
applicable pricing (i.e., a rebate of $0.0015 per share) for orders 
that are routed via ROOC and add liquidity at Nasdaq. The Exchange 
notes that it has proposed to pass on the standard rebate for 
executions that yield fee code RN even though the Exchange will receive 
a lower rebate per share, $.0004 per share, for executions of 
securities that are included in Nasdaq's Select Symbol Program.
NYSE and NYSE MKT Rule 49
    The Exchange proposes to add a bullet under the General Notes 
section of the Fee Schedule to describe the rates that would apply 
where the New York Stock Exchange, Inc. (``NYSE'') or NYSE MKT LLC 
(``NYSE MKT'') declare an emergency condition under their Rule 49. 
Under NYSE and NYSE MKT Rule 49, the NYSE or NYSE MKT may invoke their 
emergency powers during an emergency condition and designate NYSE Arca 
as their backup facility to receive and process bids and offers and to 
execute orders on behalf of the NYSE or NYSE MKT. In such case, the 
Exchange will route any order that was intended to be routed to the 
NYSE or NYSE MKT to NYSE Arca and the Exchange's System will identify 
such trades as being executed on NYSE Arca, not the NYSE or NYSE MKT. 
Because the executions occurred on NYSE Arca, NYSE Arca will charge 
BATS Trading their applicable fee or rebate, and BATS Trading will pass 
through that fee or rebate to the Exchange who would, in turn, pass 
that rate along to its Members. Therefore, the Exchange proposes to add 
a bullet to its Fee Schedule stating that fee codes applicable to 
orders routed to NYSE Arca will be applied to orders routed to the NYSE 
or NYSE MKT where, pursuant to NYSE and NYSE MKT Rule 49, the NYSE or 
NYSE MKT have designated NYSE Arca as their backup facility to receive 
and process

[[Page 17520]]

bids and offers and to execute orders on behalf of the NYSE or NYSE 
MKT.
Non-Substantive Change
    The Exchange is proposing to make a non-substantive change to 
revise references to ``the BZX Top'' and ``the BZX Last Sale'' that are 
currently present in the Market Data Fees section of the fee schedule. 
The Exchange is proposing to delete the word ``the'' from those 
references.
Implementation Date
    The Exchange proposes to implement the amendments to its fee 
schedule effective immediately.
2. Statutory Basis
    The Exchange believes that the proposed rule change 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 of the Act.\12\ 
Specifically, the Exchange believes that the proposed rule change is 
consistent with Sections 6(b)(4) of the Act and 6(b)(5) of the Act,\13\ 
in that it provides for the equitable allocation of reasonable dues, 
fees and other charges among members and other persons using any 
facility or system which the Exchange operates or controls. The 
Exchange 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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

Modifying Add Volume Tiers 5 and 6
    The Exchange believes that its proposal to increase the threshold 
of ADAV as a percentage of TCV that a Member must achieve in order to 
qualify for Tiers 5 and 6 of the Add Volume Tiers is reasonable, fair, 
and equitable because it will provide an incentive to Members to 
increase the amount of liquidity that they add on the Exchange. While 
the proposed changes would make it more difficult to meet or exceed the 
threshold to qualify for Tiers 5 and 6, the Exchange believes that the 
increased liquidity from incentivizing Members to increase their 
participation on the Exchange will benefit all investors by deepening 
the liquidity pool on the Exchange, supporting the quality of price 
discovery, promoting market transparency, and improving investor 
protection would offset the negative effects that such an increase 
would have. The Exchange believes that tiered pricing programs such as 
that proposed herein reward a Member's increased participation on the 
Exchange and that such increased volume increases the potential revenue 
to the Exchange, which will allow the Exchange to continue to provide 
and potentially expand the incentive programs operated by the Exchange. 
Such pricing programs are also fair and equitable and non-
discriminatory in that they are available to all Members. Further, 
volume-based rebates and fees such as the ones maintained by the 
Exchange, including those amendments proposed herein, have been widely 
adopted by equities and options exchanges and are equitable because 
they are open to all Members on an equal basis and provide additional 
benefits or discounts that are reasonably related to the value of an 
exchange's market quality associated with higher levels of market 
activity, such as higher levels of liquidity provision and/or growth 
patterns, and introduction of higher volumes of orders into the price 
and volume discovery processes.
Cross-Asset Step-Up Tiers
    The Exchange believes that its proposal to eliminate Tier 3 from 
the Cross-Asset Step-Up Tiers is reasonable, fair, and equitable for 
several of the reasons stated above. Specifically, the requirements to 
qualify for Tier 3 and the increased rebate associated therewith have 
not operated in the way that it was designed or the way the Exchange 
believed in that it has not resulted in an increase in liquidity or any 
of the ancillary benefits to the market that come from increased 
liquidity on the Exchange. As such, the Exchange believes that removing 
the tier from its fee schedule is reasonable, fair, and equitable. The 
Exchange also believes that the proposed amendment is non-
discriminatory because it applies uniformly to all Members.
Fee Code A
    The Exchange believes that its proposal to decrease the pass 
through rebate for Members' orders that yield fee code A from $0.0015 
to $0.0004 per share represents an equitable allocation of reasonable 
dues, fees, and other charges among Members and other persons using its 
facilities. Prior to the changes related to the Nasdaq Select Symbol 
Program, Nasdaq provided BATS Trading a rebate of $0.0015 per share for 
orders that added liquidity, which BATS Trading passed through to the 
Exchange and the Exchange passed through to its Members pursuant to fee 
code A. In January 2015, Nasdaq decreased the standard rebate it 
provides its customers, such as BATS Trading, from a rebate of $0.0015 
per share to a rebate of $0.0004 per share for orders that add 
liquidity on Nasdaq in symbols included in its Select Symbol 
Program.\14\ Therefore, the Exchange believes that the proposed change 
in fee code A from a rebate of $0.0015 per share to a rebate of $0.0004 
per share is equitable and reasonable because it accounts for the 
pricing changes on Nasdaq and is necessary due to billing system 
limitations and to maintain a simple to understand fee schedule. The 
Exchange notes that routing through BATS Trading is voluntary. Lastly, 
the Exchange also believes that the proposed amendment is non-
discriminatory because it applies uniformly to all Members.
---------------------------------------------------------------------------

    \14\ See supra note 11.
---------------------------------------------------------------------------

Fee Code RN
    The Exchange believes its proposal to adopt new fee code RN, which 
would be applied to orders routed to Nasdaq using the ROOC routing 
strategy that add liquidity, 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 Nasdaq through BATS Trading using the ROOC routing strategy. 
Proposed fee code RN represents a pass through of the standard rebate 
that BATS Trading, the Exchange's affiliated routing broker-dealer, 
receives for adding liquidity to Nasdaq in securities not included in 
Nasdaq's Select Symbol Program (presuming BATS Trading does not qualify 
for a volume tiered rebate). The Exchange believes the proposal to 
provide proposed fee code RN a rebate of $0.0015 per share is equitable 
and reasonable because it accounts for pricing on Nasdaq in securities 
not subject to the Select Symbol Program and it allows the Exchange to 
continue to provide its Members a pass-through rebate of $0.0015 per 
share for orders that are routed to Nasdaq using the ROOC routing 
strategy. The Exchange notes that it has proposed to pass on the 
standard rebate of $0.0015 for executions that yield fee code RN even 
though the Exchange will receive a lower rebate per share, $0.0004 per 
share, for executions of securities that are included in Nasdaq's 
Select Symbol Program. The Exchange believes that the proposed fee 
structure is equitable and reasonable because it does not represent a 
change from the current pricing applicable to orders sent through such 
strategy that add liquidity at Nasdaq and

[[Page 17521]]

because orders that use the ROOC routing strategy could only add 
liquidity at Nasdaq immediately prior to the opening or closing 
processes rather than throughout the day. The Exchange notes that 
routing through BATS Trading is voluntary. Lastly, the Exchange also 
believes that the proposed amendment is non-discriminatory because it 
applies uniformly to all Members.
NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes 
section of the Fee Schedule to describe the rates that would apply 
where the NYSE or NYSE MKT declare an emergency condition under their 
Rule 49 is reasonable because it is designed to provide greater 
transparency to Members by describing which rates would apply in such 
circumstances. In the case when NYSE or NYSE MKT invoke their Rule 49, 
the Exchange will route any order that was intended for the NYSE or 
NYSE MKT to NYSE Arca and the Exchange's System will identify such 
trades as being executed on NYSE Arca, not the NYSE or NYSE MKT. 
Because the executions occurred on NYSE Arca, NYSE Arca will charge 
their applicable fee or rebate. The proposed bullet is intended to make 
clear within the Fee Schedule which rate would apply where the NYSE or 
NYSE MKT invoke their emergency powers under their Rule 49, thereby 
eliminating potential investor confusion, removing impediments to and 
perfecting the mechanism of a free and open market and a national 
market system, and, in general, protecting investors and the public 
interest. The Exchange notes that routing through BATS Trading is 
voluntary. Lastly, the Exchange also believes that the proposed 
amendment is non-discriminatory because it applies uniformly to all 
Members.
Non-Substantive Changes
    Finally, the Exchange believes that the non-substantive changes 
discussed above would contribute to the protection of investors and the 
public interest by helping to avoid confusion with respect the Exchange 
fee schedule.

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

    As further described below, the Exchange does not believe that the 
proposed rule change will result in any burden on competition that is 
not necessary or appropriate in furtherance of the purposes of the Act, 
as amended. The Exchange does not believe that the proposed 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 the Exchange's pricing if 
they believe that alternatives offer them better value. Accordingly, 
the Exchange does not believe that the proposed changes will impair the 
ability of Members or competing venues to maintain their competitive 
standing in the financial markets.
Modifying Add Volume Tiers 5 and 6
    The Exchange believes that the proposed changes to the Add Volume 
Tiers will allow the Exchange to compete more ably with other execution 
venues by drawing additional volume to the Exchange, thereby making it 
a more desirable destination venue for its customers. Further, the 
Exchange does not believe that these proposed 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 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.
Cross-Asset Step-Up Tiers
    The Exchange believes that its proposal to eliminate Tier 3 from 
the Cross-Asset Step-Up Tiers will have no effect on competition 
because, as explained above, the tier has not had a significant impact 
on trading activity on the Exchange.
Fee Code A
    The Exchange also believes that its proposal to amend the pricing 
for orders routed to Nasdaq would enhance the Exchange's ability to 
compete because the change is designed to insure that it is not 
providing a greater rebate than is being provided to BATS Trading by 
Nasdaq for an execution. The Exchange believes that its proposal would 
not burden intramarket competition because the proposed rate would 
apply uniformly to all Members.
Fee Code RN
    The Exchange believes that its proposal to add fee code RN for 
orders that route to Nasdaq using the ROOC routing strategy and pass 
through a rebate of $0.0015 per share to Members would increase 
intermarket competition because it offers customers an alternative 
means to route orders to Nasdaq to participate in their opening, re-
opening or closing process for a similar rate as entering orders in 
certain symbols on Nasdaq directly. The Exchange believes that its 
proposal would not burden intramarket competition because the proposed 
rate would apply uniformly to all Members.
NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes 
section of the Fee Schedule to describe which rates that would apply 
where the NYSE or NYSE MKT declare an emergency condition under their 
Rule 49 would not affect intermarket nor intramarket competition 
because none of these changes are designed to amend any rebate or alter 
the manner in which the Exchange calculates rebates. This change is not 
designed to have a competitive impact. Rather, it is intended to make 
clear to Members and investors within the Fee Schedule which rate would 
apply where the NYSE or NYSE MKT invoke their emergency powers under 
their Rule 49, thereby eliminating potential investor confusion.
Non-Substantive Changes
    The Exchange believes that the non-substantive changes to the fee 
schedule would not affect intermarket nor intramarket competition 
because none of the proposed changes are designed to amend any fee or 
rebate or to alter the manner in which the Exchange asses fees or 
rebates. The changes are intended to make the fee schedule as clear and 
concise as possible.

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 \15\ and paragraph (f) of Rule 19b-4 
thereunder.\16\ 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

[[Page 17522]]

investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-BATS-2015-23 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BATS-2015-23. 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 such filing also will be available 
for inspection and copying at the principal offices 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-BATS-2015-23, 
and should be submitted on or before April 22, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-07363 Filed 3-31-15; 8:45 am]
BILLING CODE 8011-01-P