Document ID: SEC-2017-1933-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Bats BZX Exchange, Inc.
Posted Date: 2017-11-24T05:00Z

[Federal Register Volume 82, Number 225 (Friday, November 24, 2017)]
[Notices]
[Pages 55894-55895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25353]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82108; File No. SR-BatsBZX-2017-34]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Introduce Bats Market Close, a Closing Match Process for Non-BZX Listed 
Securities Under New Exchange Rule 11.28

November 17, 2017.
    On May 5, 2017, Bats BZX Exchange, Inc. (now known as Cboe BZX 
Exchange, Inc.) (``BZX'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to adopt Bats Market Close, a 
closing match process for non-BZX Listed Securities. The proposed rule 
change was published for comment in the Federal Register on May 22, 
2017.\3\ On July 3, 2017, the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether the 
proposed rule change should be disapproved.\4\ The Commission received 
54 comment letters on the proposed rule change, including a response 
from the Exchange.\5\ On August 18, 2017, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Exchange Act \6\ to 
determine whether to approve or disapprove the proposed rule change.\7\ 
Since then, the Commission has received four more comment letters, 
including a response from the Exchange.\8\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80683 (May 16, 
2017), 82 FR 23320.
    \4\ See Securities Exchange Act Release No. 81072, 82 FR 31792 
(July 10, 2017).
    \5\ See Letters to Brent J. Fields, Secretary, Commission, from: 
(1) Donald K. Ross, Jr., Executive Chairman, PDQ Enterprise, LLC, 
dated June 6, 2017 (``PDQ Letter''); (2) Edward S. Knight, Executive 
Vice President and General Counsel, Nasdaq, Inc., dated June 12, 
2017 (``Nasdaq Letter 1''); (3) Ray Ross, Chief Technology Officer, 
Clearpool Group, dated June 12, 2017 (``Clearpool Letter''); (4) 
Venu Palaparthi, SVP, Compliance, Regulatory and Government Affairs, 
Virtu Financial, dated June 12, 2017 (``Virtu Letter''); (5) 
Theodore R. Lazo, Managing Director and Associate General Counsel, 
SIFMA, dated June 13, 2017 (``SIFMA Letter 1''); (6) Elizabeth K. 
King, General Counsel and Corporate Secretary, New York Stock 
Exchange, dated June 13, 2017 (``NYSE Letter 1''); (7) John M. 
Bowers, Bowers Securities, dated June 14, 2017 (``Bowers Letter''); 
(8) Jonathan D. Corpina, Senior Managing Partner, Meridian Equity 
Partners, dated June 16, 2017 (``Meridian Letter''); (9) Fady 
Tanios, Chief Executive Officer, and Brian Fraioli, Chief Compliance 
Officer, Americas Executions, LLC, dated June 16, 2017 (``Americas 
Executions Letter''); (10) Ari M. Rubenstein, Co-Founder and Chief 
Executive Officer, GTS Securities LLC, dated June 22, 2017 (``GTS 
Securities Letter 1''); (11) John Ramsay, Chief Market Policy 
Officer, Investors Exchange LLC, dated June 23, 2017 (``IEX 
Letter''); (12) Jay S. Sidhu, Chairman, Chief Executive Officer, 
Customers Bancorp, Inc., dated June 27, 2017 (``Customers Bancorp 
Letter''); (13) Joanne Freiberger, Vice President, Treasurer, 
Masonite International Corporation, dated June 27, 2017 (``Masonite 
International Letter''); (14) David B. Griffith, Investor Relations 
Manager, Orion Group Holdings, Inc., dated June 27, 2017 (``Orion 
Group Letter''); (15) Kieran O'Sullivan, Chairman, President and 
CEO, CTS Corporation, dated June 28, 2017 (``CTS Corporation 
Letter''); (16) Sherri Brillon, Executive Vice-President and Chief 
Financial Officer, Encana Corporation, dated June 29, 2017 (``Encana 
Letter''); (17) Steven C. Lilly, Chief Financial Officer, Triangle 
Capital Corporation, dated June 29, 2017 (``Triangle Capital 
Letter''); (18) Robert F. McCadden, Executive Vice President and 
Chief Financial Officer, Pennsylvania Real Estate Investment Trust, 
dated June 29, 2017 (``Pennsylvania REIT Letter''); (19) Andrew 
Stevens, General Counsel, IMC Financial Markets, dated June 30, 2017 
(``IMC Letter''); (20) Daniel S. Tucker, Senior Vice President and 
Treasurer, Southern Company, dated July 5, 2017 (``Southern Company 
Letter''); (21) Cole Stevens, Investor Relations Associate, Nobilis 
Health, dated July 6, 2017 (``Nobilis Health Letter''); (22) Mehmet 
Kinak, Head of Global Equity Market Structure & Electronic Trading, 
et. al., T. Rowe Price Associates, Inc., dated July 7, 2017 (``T. 
Rowe Price Letter''); (23) David L. Dragics, Senior Vice President, 
Investor Relations, CACI International Inc., dated July 7, 2017 
(``CACI Letter''); (24) Mark A. Stegeman, Senior Vice President & 
CFO, Turning Point Brands, Inc., dated July 12, 2017 (``Turning 
Point Letter''); (25) Jon R. Moeller, Vice Chair and Chief Financial 
Officer, and Deborah J. Majoras, Chief Legal Officer and Secretary, 
The Proctor & Gamble Company, dated July 12, 2017 (``P&G Letter''); 
(26) Christopher A. Iacovella, Chief Executive Officer, Equity 
Dealers of America, dated July 12, 2017 (``EDA Letter''); (27) Rob 
Bernshteyn, Chief Executive Officer, Chairman Board of Directors, 
Coupa Software, Inc., dated July 12, 2017 (``Coupa Software 
Letter''); (28) Sally J. Curley, Senior Vice President, Investor 
Relations, Cardinal Health, Inc., dated July 14, 2017 (``Cardinal 
Health Letter''); (29) Mickey Foster, Vice President, Investor 
Relations, FedEx Corporation, dated July 14, 2017 (``FedEx 
Letter''); (30) Alexander J. Matturri, CEO, S&P Dow Jones Indices, 
dated July 18, 2017 (``SPDJI Letter''); (31) John L. Killea, Chief 
Legal Officer, Stewart Information Services, dated July 19, 2017 
(``Stewart Letter''); (32) M. Farooq Kathwari, Chairman, President & 
CEO, Ethan Allen Interiors, Inc., dated July 24, 2017 (``Ethan Allen 
Letter''); (33) Jeff Green, Founder, Chief Executive Officer and 
Chairman of the Board of Directors, The Trade Desk Inc., dated July 
26, 2017 (``Trade Desk Letter''); (34) James J. Angel, Associate 
Professor, McDonough School of Business, Georgetown University, 
dated July 30, 2017 (``Angel Letter''); (35) Jon Stonehouse, CEO, 
and Tom Staab, CFO, BioCryst Pharmaceuticals, Inc., dated July 31, 
2017 (``BioCryst Letter''); (36) Peter Campbell, Chief Financial 
Officer, Mimecast, dated July 31, 2017 (``Mimecast Letter''); (37) 
Joanne Moffic-Silver, Executive Vice President, General Counsel, and 
Corporate Secretary, Bats Global Markets, Inc., dated August 2, 2017 
(``BZX Letter 1''); (38) David M. Weisberger, Head of Equities, 
ViableMkts, dated August 3, 2017 (``ViableMkts Letter''); (39) 
Charles Beck, Chief Financial Officer, Digimarc Corporation, dated 
August 3, 2017 (``Digimarc Letter''); (40) Elizabeth K. King, 
General Counsel and Corporate Secretary, New York Stock Exchange, 
dated August 9, 2017 (``NYSE Letter 2''); (41) Representative Sean 
P. Duffy and Representative Gregory W. Meeks, dated August 9, 2017 
(``Duffy/Meeks Letter''); (42) Michael J. Chewens, Senior Executive 
Vice President & Chief Financial Officer, NBT Bancorp Inc., dated 
August 11, 2017 (``NBT Bancorp Letter''); (43) Barry Zwarenstein, 
Chief Financial Officer, Five9, Inc., dated August 11, 2017 (``Five9 
Letter''); (44) William A. Backus, Chief Financial Officer & 
Treasurer, Balchem Corporation, dated August 15, 2017 (``Balchem 
Letter''); (45) Raiford Garrabrant, Director, Investor Relations, 
Cree, Inc., dated August 15, 2017 (``Cree Letter''); (46) Steven 
Paladino, Executive Vice President & Chief Financial Officer, Henry 
Schein, Inc., dated August 16, 2017 (``Henry Schein Letter''); (47) 
Theodore Jenkins, Senior Director, Investor Relations and 
Communications, Corbus Pharmaceuticals, Inc., dated August 17, 2017 
(``Corbus Letter''); (48) Ari M. Rubenstein, Co-Founder and Chief 
Executive Officer, GTS Securities LLC, dated August 17, 2017 (``GTS 
Securities Letter 2''); (49) Cameron Bready, Senior Executive VP, 
Chief Financial Officer, Global Payments Inc., dated August 17, 2017 
(``Global Payments Letter''); (50) Mike Gregoire, CEO, CA 
Technologies, dated August 17, 2017 (``CA Technologies Letter''); 
(51) Patrick L. Donnelly, Executive Vice President & General 
Counsel, Sirius XMHoldings Inc., dated August 17, 2017 (``Sirius 
Letter''); (52) Theodore R. Lazo, Managing Director and Associate 
General Counsel, SIFMA, dated August 18, 2017 (``SIFMA Letter 2''); 
(53) Donald Bollerman, dated August 18, 2017 (``Bollerman Letter''); 
and (54) Sarah A. O'Dowd, Senior Vice President, Chief Legal Officer 
and Secretary, Lam Research Corporation, dated August 18, 2017 
(``Lam Letter'').
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 81437, 82 FR 40202 
(August 24, 2017).
    \8\ See Letters to Brent J. Fields, Secretary, Commission, from: 
(1) Gabrielle Rabinovitch, VP, Investor Relations, PayPal Holdings, 
Inc., dated September 12, 2017 (``PayPal Letter''); (2) Edward S. 
Knight, Executive Vice President and General Counsel, Nasdaq, Inc., 
dated September 18, 2017 (``Nasdaq Letter 2''); (3) Joanne Moffic-
Silver, Executive Vice President, General Counsel, and Corporate 
Secretary, Bats Global Markets, Inc., dated October 11, 2017 (``BZX 
Letter 2''); and (4) Elizabeth K. King, General Counsel and 
Corporate Secretary, New York Stock Exchange, dated November 3, 2017 
(``NYSE Letter 3''). All comments on the proposed rule change are 
available at: https://www.sec.gov/comments/sr-batsbzx-2017-34/batsbzx201734.htm.
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may, however, extend the period for issuing an order 
approving or

[[Page 55895]]

disapproving the proposed rule change by not more than 60 days if the 
Commission determines that a longer period is appropriate and publishes 
the reasons for such determination. The proposed rule change was 
published for notice and comment in the Federal Register on May 22, 
2017. November 18, 2017 is 180 days from that date, and January 17, 
2018 is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change, the issues raised in the comment letters that have been 
submitted in connection therewith, and the Exchange's responses to the 
comments. The Commission also notes that any data received, or analyses 
or studies received by the Commission or performed by Commission staff, 
will be posted on the Commission's Internet Web site at https://www.sec.gov/comments/sr-batsbzx-2017-34/batsbzx201734.htm. Accordingly, 
the Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates 
January 17, 2018, as the date by which the Commission should either 
approve or disapprove the proposed rule change (File No. SR-BatsBZX-
2017-34).
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25353 Filed 11-22-17; 8:45 am]
BILLING CODE 8011-01-P