Document ID: SEC-2016-0075-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: EDGX Exchange, Inc.
Posted Date: 2016-01-13T05:00Z

[Federal Register Volume 81, Number 8 (Wednesday, January 13, 2016)]
[Notices]
[Pages 1651-1654]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00467]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76853; File No. SR-EDGX-2015-68]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 
11.17, Registration of Market Makers, and 11.20, Obligations of Market 
Makers

January 7, 2016.
    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 December 24, 2015, EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') 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. The Exchange 
has designated this proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it 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).
    \4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend Rules 11.17, Registration of 
Market Makers, and 11.20, Obligations of Market Makers, in order to 
update certain provisions and conform to the rules of BATS Exchange, 
Inc. (``BZX''), BATS Y-Exchange, Inc. (``BYX''), Exchange's equity 
options trading platform (``EDGX Options''), BZX's equity options 
trading platform (``BZX Options''), and the Nasdaq Stock Market LLC 
(``Nasdaq'').\5\
---------------------------------------------------------------------------

    \5\ See BYX and BZX Rules 11.5 and 11.8; BZX Options Rule 
22.6(d)(4), (5), and (7); EDGX Options Rule 22.6(d)(4), (5), and 
(7); and Nasdaq Rules Rule 4613(a)(2)(ii), 4613(a)(2)(D) and (E).
---------------------------------------------------------------------------

    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
    In early 2014, the Exchange and its affiliate, EDGA Exchange, Inc. 
(``EDGA'') received approval to effect a merger (the ``Merger'') of the 
Exchange's parent company, Direct Edge Holdings LLC, with BATS Global 
Markets, Inc., the parent of BZX and the BYX (together with BZX, EDGA 
and EDGX, the ``BGM Affiliated Exchanges'').\6\ In the context of the 
Merger, the BGM Affiliated Exchanges are working to align their rules, 
retaining only intended differences between the BGM Affiliated 
Exchanges. Thus, the Exchange proposes to amend Rules 11.17, 
Registration of Market Makers, and 11.20, Obligations of Market Makers, 
in order to update certain provisions and conform to the rules of BYX 
and BZX and provide a consistent rule set across each of the BGM 
Affiliated Exchanges.\7\ As amended, Exchange Rules 11.17 and 11.20 
would be identical to BYX and BZX Rules 11.5 and 11.8 but for different 
cross references to Exchange Rules that are due to the different rule 
numbering amongst the Exchange, BYX and BZX.\8\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 71449 (January 30, 
2014), 79 FR 6961 (February 5, 2014) (SR-EDGX-2013-43; SR-EDGA-2013-
34).
    \7\ The Exchange notes that EDGA intends to file an identical 
proposal with the Commission to amend its Rules 11.17 and 11.20 to 
update certain provisions and conform to BYX and BZX Rules 11.5 and 
11.8. The Exchange notes that BYX and BZX intend to file proposed 
rule changes to make related changes to their Rules 11.5 and 11.8 to 
conform with the changes proposed herein.
    \8\ The Exchange notes that the substance of the rules that are 
cross-referenced in Rule 11.17 and 11.20 are identical or 
substantially similar to the corresponding BYX and BZX Rules.
---------------------------------------------------------------------------

Rule 11.17, Registration of Market Makers
    Like BYX and BZX Rule 11.5, Exchange Rule 11.17 governs the 
registration of Market Makers on the Exchange. In particular, 
paragraphs (a) and (b) of Rule 11.17 set forth the application process 
for Members seeking to register as Market Makers on the Exchange. To 
harmonize Exchange Rule 11.17(a) with BYX and BZX Rule 11.5(a), the 
Exchange proposes to replace the word ``under'' with ``of'' when 
referencing Rule 15c3-1 of the Exchange Act. But for different cross-
referencing to Exchange rules that are identical or substantially 
similar to corresponding BYX and BZX rules, this change would make 
Exchange Rule 11.17 identical to BYX and BZX Rule 11.5.
    The Exchange also proposes to amend paragraphs (c)(4) and (e) to 
update rule cross-references to reflect the renumbering of certain 
rules as part of an earlier exchange rule filing.\9\ Within paragraph 
(c)(4) to Rule 11.17, the Exchange proposes to replace reference to 
Rule 11.19(b)(5) with Rule 11.18(b)(5). The Exchange also proposes to 
amend paragraph (e) to Rule 11.17 to replace references to Rules 11.18, 
11.19, and 11.20 with Rules 11.17, 11.18, and 11.19.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 73468 (October 29, 
2014), 79 FR 65450 (November 4, 2014) (SR-EDGX-2014-18).
---------------------------------------------------------------------------

Rule 11.20, Obligations of Market Makers
    Like BYX and BZX Rules 11.8, Exchange Rule 11.20 sets forth the 
obligations of Market Makers. In short, Members who are registered as 
Market Makers in one or more securities traded

[[Page 1652]]

on the Exchange must engage in a course of dealings for their own 
account to assist in the maintenance, insofar as reasonably 
practicable, of fair and orderly markets on the Exchange in accordance 
with these Rules. The Exchange proposes to make the following changes 
to harmonize Rule 11.20(a), (c), and (d) with BYX and BZX Rule 11.8:
     Amend subparagraph (a)(5) to replace in the second 
sentence the word ``entering'' with ``entry'';
     amend paragraph (c) to replace in the second sentence the 
word ``limits'' with ``will limit'';
     amend paragraph (d)(1) to: (i) Add the phrase ``is 
identified to the Exchange as the interest meeting the obligation and'' 
to the first sentence; (ii) add the word ``either'' to the fourth 
sentence; and (iii) add the phrase ``or by identifying existing 
interest on the EDGX Book that will satisfy this obligation'' to the 
last sentence; and
     amend paragraphs (d)(2)(A) and (B) to add to the last 
sentence of each paragraph the phrase ``, or must be able to identify 
to the Exchange current resting interest that satisfies the Two-Sided 
Obligation.''
    The Exchange also proposes to amend Rule 11.20(d)(1) to clarify the 
scenarios in which a Market Maker's two-sided quoting obligation may be 
temporarily suspended or alleviated. The provisions proposed to be 
added are each substantially similar to the rules of BZX Options and 
EDGX Options.\10\ Proposed Rule 11.20(d)(1)(A) addresses a Market 
Maker's ability to satisfy the quoting standard in the event of a 
technical failure or system limitation. In particular, if a technical 
failure or limitation of a system of the Exchange prevents the Market 
Maker from maintaining or communicating to the Exchange timely and 
accurate quotes in each security in which a Member is registered as a 
Market Maker, the duration of such failure shall not be considered in 
determining whether the Market Maker has satisfied the quoting standard 
with respect to that security.\11\
---------------------------------------------------------------------------

    \10\ See BZX Options Rule 22.6(d)(4), (5), and (7). See also 
EDGX Options Rule 22.6(d)(4), (5), and (7).
    \11\ See Securities Exchange Act Release No. 71229 (December 18, 
2013), 78 FR 77736 (December 24, 2013) (SR-BATS-2013-062) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Modify BATS Options Market Maker Continuous Quoting Obligation 
Rules).
---------------------------------------------------------------------------

    In addition, proposed Rule 11.20(d)(1)(B) addresses a Market 
Maker's ability to satisfy the quoting standard during a halt, 
suspension or pause. A Market Maker's quoting obligation under Rule 
11.20 would be suspended during a trading halt, suspension, or pause in 
the security.\12\ A Market Maker's quoting obligation would re-commence 
after the first regular way transaction on the primary listing market 
following such halt, suspension, or pause in the security, as reported 
by the responsible single plan processor.\13\ A Market Maker's quoting 
obligation would also be suspended under Rule 11.20(d)(1)(B) for the 
duration that an NMS stock is in a Limit State or a Straddle State 
declared pursuant to the Plan to Address Extraordinary Market 
Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the 
``Limit Up-Limit Down Plan'' or ``Plan'').\14\
---------------------------------------------------------------------------

    \12\ The Exchange notes that proposed Rule 11.20(d)(1)(B) would 
differ from BZX Options and EDGX Options Rules 22.6(d)(5) in so far 
as proposed Rule 11.20(d)(1)(B) references ``security'' rather than 
``underlying security'' in order to conform to the equities markets.
    \13\ See also Nasdaq Stock Market LLC (``Nasdaq'') Rule 
4613(a)(2)(ii).
    \14\ See EDGA and EDGX Rules 11.16(e). See also BZX and BYX 
Rules 11.18(e). Securities Exchange Act Release No. 67091 (May 31, 
2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down 
Release'').
---------------------------------------------------------------------------

    Under proposed Rule 11.20(d)(1)(C), the Exchange would have the 
ability to consider other exceptions to the Two-Sided Obligation based 
on demonstrated legal or regulatory requirements or other mitigating 
circumstances. For example, a Market Maker must implement the pre-trade 
and other risk controls required by Rule 15c3-5 of the Act (the 
``Market Access Rule'') with respect to all of their quoting activity. 
These pre-trade risk controls must be reasonably designed to 
systemically limit financial exposure and ensure compliance with all 
regulatory requirements. The risk controls a Market Maker may have in 
place to comply with the Market Access Rule may prevent that Market 
Maker from satisfying its quoting obligation. In such case, the 
Exchange would consider whether the Market Maker's failure to satisfy 
its quoting obligation due to its compliance with the Market Access 
Rule was proper.
    Lastly, the Exchange proposes to amend its definitions of 
``Designated Percentage'' and ``Defined Limit'' under Rules 
11.8(d)(2)(D) and (E) respectively to be substantially similar to 
Nasdaq Rules 4613(a)(2)(D) and (E). The pricing obligations applicable 
to quotations of Market Makers are based on the Designated Percentage 
and the Defined Limit, which are determined based on the applicable 
trigger percentage. The amended definitions would include additional 
specificity and updated descriptions of the categories of securities 
that are subject to those percentages. Notably, the Exchange proposes 
to replace references to the terms Original Circuit Breaker Securities 
(defined below) with Tier 1 or Tier 2 NMS Stocks under the Limit Up-
Limit Down Plan (also defined below), as the Exchange believes these 
terms more accurately describe the securities to which a certain 
percentage applies. The Exchange is not proposing new percentages 
governing a Market Maker's quoting obligations; it is seeking to adopt 
revised definitions that are substantially similar to that of Nasdaq in 
order to provide consistent rules with regard to Market Maker's quoting 
obligations.\15\ The Exchange believes consistent definitions would 
avoid confusion amongst market participants that make markets on 
multiple venues.
---------------------------------------------------------------------------

    \15\ The Exchange proposed to categorize securities included in 
the S&P 500[supreg] Index, Russell 1000[supreg] Index, and a pilot 
list of Exchange Traded Products as Tier 1 NMS Stocks under the 
under the Limit Up-Limit Down Plan. Securities not included in the 
S&P 500[supreg] Index, Russell 1000[supreg] Index, or in the pilot 
list of Exchange Traded Products would be categorized as Tier 2 NMS 
Stocks under the under the Limit Up-Limit Down Plan. Nasdaq Rule 
4613(a)(2)(D) and (E) references securities as included in the S&P 
500[supreg] Index, Russell 1000[supreg] Index, and a pilot list of 
Exchange Traded Products as such and those that are not as Tier 2 
NMS Stocks. The Exchange notes that BYX and BZX also intent to amend 
their definitions of Designated Percentage and Defined Limit to 
mirror that proposed herein.
---------------------------------------------------------------------------

    The Exchange currently defines Designated Percentage under Rule 
11.20(d)(2)(D) as 8% with respect to securities included in the S&P 
500[supreg] Index and the Russell 1000[supreg] Index, as well as a 
pilot list of Exchange Traded Products for securities subject to an 
individual stock pause trigger under the applicable rules of a primary 
listing market (``Original Circuit Breaker Securities''). For times 
during Regular Trading Hours \16\ when stock pause triggers are not in 
effect under the rules of the primary listing market, the Designated 
Percentage shall be 20% for Original Circuit Breaker Securities. Under 
Rule 11.20(d)(2)(E), the Designated Percentage shall be 28% for all NMS 
securities that are not Original Circuit Breaker Securities with a 
price equal to or greater than $1.00, and 30% for all NMS securities 
that are not Original Circuit Breaker Securities with a price less than 
$1.00.
---------------------------------------------------------------------------

    \16\ See Exchange Rule 1.5(y).
---------------------------------------------------------------------------

    As amended, Designated Percentage would be defined solely under 
Exchange Rule 11.20(d)(2)(D) as 8% for Tier 1 NMS Stocks under the 
Limit Up-Limit Down Plan,\17\ 28% for Tier 2 NMS Stocks under the Limit 
Up-Limit Down

[[Page 1653]]

Plan \18\ with a price equal to or greater than $1.00, and 30% for Tier 
2 NMS Stocks under the Limit Up-Limit Down Plan with a price less than 
$1.00, except that between 9:30 a.m. and 9:45 a.m. and between 3:35 
p.m. and the close of trading, when Exchange Rule 11.16(e) is not in 
effect, the Designated Percentage shall be 20% for Tier 1 NMS Stocks 
under the Limit Up-Limit Down Plan, 28% for Tier 2 NMS Stocks under the 
Limit Up-Limit Down Plan with a price equal to or greater than $1.00, 
and 30% for Tier 2 NMS Stocks under the Limit Up-Limit Down Plan with a 
price less than $1.00.
---------------------------------------------------------------------------

    \17\ Tier 1 NMS Stocks under the Limit Up-Limit Down Plan are 
securities that are included in the S&P 500[supreg] Index, Russell 
1000[supreg] Index, and a pilot list of Exchange Traded Products. 
See the Limit Up-Limit Down Release supra note 14.
    \18\ Tier 2 NMS Stocks under the Limit Up-Limit Down Plan are 
securities that are not included in the S&P 500[supreg] Index, 
Russell 1000[supreg] Index, and a pilot list of Exchange Traded 
Products. Id.
---------------------------------------------------------------------------

    The Exchange currently defines Defined Limit under Rule 
11.20(d)(2)(F) and (G) as 9.5% for Original Circuit Breaker Securities. 
For times during Regular Trading Hours when stock pause triggers are 
not in effect under the rules of the primary listing market, the 
Defined Limit shall be 21.5% for Original Circuit Breaker Securities. 
The Defined Limit is 29.5% for all NMS securities that are not Original 
Circuit Breaker Securities with a price equal to or greater than $1.00, 
and 31.5% for all NMS securities that are not Original Circuit Breaker 
Securities with a price less than $1.00.
    As amended, subparagraphs (d)(2)(F) and (G) of Exchange Rule 11.20 
would be deleted and Defined Limit would be defined solely under 
Exchange Rule 11.20(d)(2)(E) as 9.5% for Tier 1 NMS Stocks under the 
Limit Up-Limit Down Plan, 29.5% for Tier 2 NMS Stocks under the Limit 
Up-Limit Down Plan with a price equal to or greater than $1.00, and 
31.5% for Tier 2 NMS Stocks under the Limit Up-Limit Down Plan with a 
price less than $1.00, except that between 9:30 a.m. and 9:45 a.m. and 
between 3:35 p.m. and the close of trading, when Exchange Rule 11.16(e) 
is not in effect, the Defined Limit shall be 21.5% for Tier 1 NMS 
Stocks under the Limit Up-Limit Down Plan, 29.5% for Tier 2 NMS Stocks 
under the Limit Up-Limit Down Plan with a price equal to or greater 
than $1.00, and 31.5% for Tier 2 NMS Stocks under the Limit Up-Limit 
Down Plan with a price less than $1.00. Exchange Rule 11.8(d)(2)(E) 
also states that for times during Regular Trading Hours when stock 
pause triggers are not in effect under the rules of the primary listing 
market, the Defined Limit will be 21.5% for securities included in the 
S&P 500[supreg] Index, Russell 1000[supreg] Index, and a pilot list of 
Exchange Traded Products. The Defined Limit will remain the same 
throughout Regular Trading Hours for all other NMS stocks.
    The Exchange proposes to delete Interpretation and Policy .01 to 
Rule 11.20 as its content is not included in BYX and BZX Rules 11.8 and 
its requirement to furnished records to the Exchange are duplicative 
with current Exchange Rule 4.2.
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(b) of the Act.\19\ 
Specifically, the proposed change is consistent with Section 6(b)(5) of 
the Act,\20\ because it is designed to promote just and equitable 
principles of trade, to remove impediments to, and perfect the 
mechanism of, a free and open market and a national market system, and, 
in general, to protect investors and the public interest. As mentioned 
above, the proposed rule changes, combined with the planned filing for 
the BYX, BZX, and EDGA would allow the BGM Affiliated Exchanges to 
provide a consistent set of rules as it relates to the registration and 
obligations of Market Makers. Consistent rules, in turn, will simplify 
the regulatory requirements for Market Makers on the Exchange that are 
also Market Makers on EDGA, BZX, and/or BYX. The proposed rule change 
would provide greater harmonization between rules of similar purpose on 
the BGM Affiliated Exchanges, resulting in greater uniformity and less 
burdensome and more efficient regulatory compliance and understanding 
of Exchange Rules. As such, the proposed rule change would foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities and would remove impediments to and perfect 
the mechanism of a free and open market and a national market system. 
Similarly, the Exchange also believes that, by harmonizing the rules 
across each BGM Affiliated Exchange, the proposal will enhance the 
Exchange's ability to fairly and efficiently regulate its Market Makers 
by utilizing a consistent rule set and obligations across each of the 
BGM Affiliated Exchanges. Consistent rules would enable the Exchange to 
apply identical standards to that of its affiliates, alleviating 
confusion by Market Makers who may also be registered as such on BYX, 
EDGA, or EDGX, thereby promoting just and equitable principles of trade 
in accordance with Section 6(b)(5) of the Act.\21\
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
    \21\ Id.
---------------------------------------------------------------------------

    The Exchange also believes the proposed amendments to Rule 11.8(d) 
are consistent with Section 6(b)(5) of the Act,\22\ because they are 
designed to promote just and equitable principles of trade, to remove 
impediments to, and perfect the mechanism of, a free and open market 
and a national market system, and, in general, to protect investors and 
the public interest. The proposed amendments to Rule 11.8(d)(1) are 
meant to clarify the scenarios in which a Market Maker's two-sided 
quoting obligation may be temporarily suspended or alleviated. The 
provisions proposed to be added are each substantially similar to the 
rules of the BZX Options, EDGX Options and Nasdaq.\23\ The Exchange 
believes it is appropriate to have consistent rules across its equities 
and options platforms. Consistent rules would aid in alleviating 
confusion amongst those that are Members on both platforms. The 
Exchange believes it is reasonable to suspend or alleviate a Market 
Maker's quoting obligations in the event of a technical or system 
limitation, during a trading halt, suspension or pause, as well as 
where demonstrated legal or regulatory requirements prevent the Market 
Maker from quoting. In each scenario, the Exchange will review the 
reasons behind the Market Maker inability to quote for compliance with 
the Rule. The Exchange is not proposing new percentages governing a 
Market Maker's quoting obligations; it is seeking to adopt revised 
definitions that are substantially similar to those of Nasdaq in order 
to provide a consistent rules with regard to Market Makers quoting 
obligations.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(5).
    \23\ See supra notes 10 and 13.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the act. To the contrary, allowing the 
Exchange to implement substantively identical rules across each of the 
BGM Affiliated Exchanges regarding Market Maker registration and their 
obligations does not present any competitive issues, but rather is 
designed to provide greater harmonization among Exchange, BYX, BZX, and 
EDGA rules of similar purpose. The proposed rule change

[[Page 1654]]

should, therefore, result in less burdensome and more efficient 
regulatory compliance and understanding of Exchange Rules for common 
members of the BGM Affiliated Exchanges and an enhanced ability of the 
BGM Affiliated Exchanges to fairly and efficiently regulate Market 
Makers.

(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:
    A. Significantly affect the protection of investors or the public 
interest;
    B. impose any significant burden on competition; and
    C. 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 \24\ and 
Rule 19b-4(f)(6) \25\ thereunder. The Exchange has given the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change,
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposal 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 No. SR-EDGX-2015-68 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 No. SR-EDGX-2015-68. 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 will also 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 No. SR-EDGX-2015-68 and should be 
submitted on or before February 3, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00467 Filed 1-12-16; 8:45 am]
BILLING CODE 8011-01-P