[Federal Register Volume 79, Number 160 (Tuesday, August 19, 2014)]
[Notices]
[Pages 49136-49140]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-19578]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72830; File No. SR-BATS-2014-030]
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.
August 13, 2014.
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 August 1, 2014, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the 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.
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\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).
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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.
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\5\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
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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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify its fee schedule applicable to use
of the Exchange in order to: (i) Add an additional ``Step-Up Tier'' for
purposes of tiered pricing applicable to the Exchange's equities
trading platform (``BATS Equities''); (ii) introduce an ``Options Step-
Up Tier'' and a corresponding definition of ``Options Step-Up Add TCV''
for purposes of tiered pricing applicable to the Exchange's equity
options trading platform (``BATS Options''); (iii) reduce the fee
charged by BATS Options to remove liquidity for all Customer \6\ orders
in securities subject to the options penny pilot program (``Penny Pilot
Securities''); and (iv) increase the fee charged by BATS Options for
Professional,\7\ Firm, and Market Maker \8\ orders routed to and
executed at certain venues.
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\6\ As defined on the Exchange's fee schedule, a ``Customer''
order is any transaction identified by a Member for clearing in the
Customer range at the Options Clearing Corporation (``OCC''), except
for those designated as ``Professional''.
\7\ The term ``Professional'' is defined in Exchange Rule 16.1
to mean any person or entity that (A) is not a broker or dealer in
securities, and (B) places more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s).
\8\ As defined on the Exchange's fee schedule, the terms
``Firm'' and ``Market Maker'' apply to any transaction identified by
a member for clearing in the Firm or Market Maker range,
respectively, at the Options Clearing Corporation (``OCC'').
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Additional Step-Up Tier--BATS Equities
Currently, with respect to BATS Equities, the Exchange determines
the liquidity adding rebate that it will provide to Members using the
Exchange's tiered pricing structure, which is based on the Member
meeting certain volume tiers based on their
[[Page 49137]]
ADAV \9\ as a percentage of TCV \10\ or ADV \11\ as a percentage of
TCV. Under such pricing structure, a Member will receive an adding
rebate of anywhere between $0.0020 and $0.0032 per share executed,
depending on the volume tier for which such Member qualifies. The
Exchange also maintains two additional types of tiers in addition to
the volume tiers described above: Step-Up Tiers and a Cross-Asset Step-
Up tier. The Step-Up Tier and Cross-Asset Step-Up tier provide Members
with additional ways to qualify for enhanced rebates.
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\9\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``ADAV'' means average daily added volume
calculated as the number of shares added per day on a monthly basis;
the Exchange excludes from the ADAV calculation routed shares as
well as shares added on any day that the Exchange's system
experiences a disruption that lasts for more than 60 minutes during
regular trading hours (``Exchange System Disruption''), on any day
with a scheduled early market close and on the last Friday in June
(the ``Russell Reconstitution Day'').
\10\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``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, excluding volume on any day that the
Exchange experiences an Exchange System Disruption, on any with a
scheduled early market close and the Russell Reconstitution Day.
\11\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``ADV'' means average daily volume calculated as
the number of shares added or removed, combined, per day on a
monthly basis; the Exchange excludes from the ADV calculation routed
shares, and shares added on any day that the Exchange's system
experiences an Exchange System Disruption, on any day with a
scheduled early market close and on the Russell Reconstitution Day.
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As proposed, the existing volume tiers, including the Step-Up Tiers
and Cross-Asset Step-Up Tier will remain the same. However, the
Exchange proposes to add a new tier to its fee schedule as Step-Up Tier
1, and to re-number the existing tiers as Step-Up Tiers 2 and 3. The
new proposed Step-Up Tier 1 would provide a rebate of $0.0025 per share
where the Member's Step-Up Add TCV is equal to or greater than 0.07%.
For purposes of BATS Equities pricing, the Exchange defines the term
``Step-Up Add TCV'' within the definition of ADAV as a percentage of
TCV in January 2014 subtracted from current ADAV as a percentage of
TCV. This definition would remain unchanged.
A Member's Step-Up Add TCV is calculated as the increase in the
Member's current ADAV as a percentage of TCV (``Current ADAV'') over
the Member's ADAV as a percentage of TCV from January 2014 (``Baseline
ADAV''). By way of example, where a Member's Baseline ADAV is 0.07%,
the Member would qualify for new Step-Up Tier 1 if the Member's Current
ADAV is at least 0.14%. The Exchange is not proposing any changes to
pricing for BATS Equities other than the addition of the new Step-Up
Tier 1 and the re-numbering of the existing Step-Up Tiers.
The Exchange's Step-Up Tiers, including the new proposed tier, are
designed to incentivize Members to increase their participation on the
Exchange in terms of their ADAV compared to their January 2014 ADAV.
The Exchange notes that the Step-Up tiers are similar to step-up tiers
currently employed by NYSE Arca, Inc. (``Arca'').\12\ As is currently
the case pursuant to the fee schedule, a Member will receive the higher
of the volume rebates, step-up rebates, or cross-asset step-up rebates
for which they qualify.
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\12\ See Exchange Act Release No. 64820 (July 12, 2011), 76 FR
40974 (July 6, 2011) (SR-NYSEArca-2011-41) [sic].
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Options Step-Up Tier--BATS Options
The Exchange also proposes to introduce an ``Options Step-Up Tier''
and a corresponding definition of ``Options Step-Up Add TCV'' for
purposes of tiered pricing applicable to adding liquidity in Penny
Pilot Securities to BATS Options. The Exchange notes that it already
maintains an Options Step-Up Tier for purposes of tiered pricing
applicable to BATS Equities. The Exchange also notes that the
definitions within the Options Pricing portion of the fee schedule of
TCV (``Options TCV'') \13\ and ADAV (``Options ADAV'') \14\ are similar
to but different than those under the Equities Pricing portion of the
fee schedule.
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\13\ As provided in the fee schedule, for purposes of BATS
Options pricing, ``TCV'' means total consolidated volume calculated
as the volume reported by all exchanges to the consolidated
transaction reporting plan for the month for which the fees apply,
excluding volume on any day that the Exchange experiences an
Exchange System Disruption and on any day with a scheduled early
market close.
\14\ As provided in the fee schedule, for purposes of BATS
Options pricing, ``ADAV'' means average daily volume calculated as
the number of contracts added or removed, combined, per day on a
monthly basis; the Exchange excludes from the ADAV calculation
routed contracts, contracts added or removed on any day that the
Exchange experiences an Exchange System Disruption, and contracts
added or removed on any day with a scheduled early market close.
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The Exchange notes that its proposed definition of Options Step-Up
Add TCV for BATS Options pricing mirrors the definition of Options
Step-Up Add TCV under BATS Equities pricing with the exception of the
applicable baseline, which, for BATS Options is proposed to be June
2014 and for BATS Equities is January 2014. Thus, for purposes of BATS
Options pricing, the Exchange proposes to define ``Options Step-Up Add
TCV'' within the definition of ADAV as ``ADAV as a percentage of TCV in
June 2014 subtracted from current ADAV as a percentage of TCV, using
the definitions of ADAV and TCV.''
Currently, for BATS Options, the Exchange provides a rebate of
$0.40 per contract for any Professional, Firm or Market Maker order
that adds liquidity in Penny Pilot Securities to the BATS Options order
book. In addition, Professional, Firm and Market Maker orders can
qualify for additional rebates to the extent they establish a new NBBO
and are submitted by a Member that qualifies based on volume conducted
on BATS Options (the ``NBBO Setter Program''). Further, Market Makers
(but only Market Makers) can qualify for additional rebates under the
Quoting Incentive Program (``QIP''), which is a program that
incentivizes Market Maker registration and quoting.
In order to provide an additional incentive to Members to submit to
the Exchange Professional and Firm orders, the Exchange proposes to
adopt an Options Step-Up Tier for BATS Options that would provide a
rebate of $0.44 per contract for any Professional or Firm order that
adds liquidity to BATS Options and was submitted by a Member that has
an Options Step-Up Add TCV equal to or greater than 0.50%.
A Member's Options Step-Up Add TCV would be calculated as the
increase in the Member's current ADAV as a percentage of TCV (``Current
Options ADAV'') over the Member's ADAV as a percentage of TCV from June
2014 (``Baseline Options ADAV''). By way of example, where a Member's
Baseline Options ADAV is 0.04% the Member would need to achieve a
Current Options ADAV of 0.54% in order to qualify for the Options Step-
Up Tier and its $0.44 per contract rebate.
The Exchange proposes to continue to provide a rebate $0.40 per
contract for all other Professional, Firm and Market Maker orders and
does not propose any changes to applicable additional rebates such as
QIP and NBBO Setter rebates.
Customer Fee To Remove Liquidity--BATS Options
The Exchange proposes to reduce the fee charged by BATS Options to
remove liquidity for all Customer orders in Penny Pilot Securities.
Currently, pricing on BATS Options for removing liquidity is based on
the capacity of the order that is executed (i.e., Customer or ``non-
Customer'', which includes all Professional, Firm and Market Maker
orders) as well as whether or not the
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security is a Penny Pilot Security. BATS Options currently charges a
fee of $0.47 per contract for all Customer orders that remove liquidity
in Penny Pilot Securities. To encourage Members to submit Customer
orders to the Exchange, the Exchange proposes to reduce this fee to a
fee of $0.45 per contract for all Customer orders that remove liquidity
in Penny Pilot Securities.
Routing Fees--BATS Options
Finally, the Exchange proposes to increase the fee charged by BATS
Options for Professional, Firm, and Market Maker orders routed to and
executed at certain venues.
The Exchange currently charges certain flat rates for routing to
other options exchanges that have been placed into groups based on the
approximate cost of routing to such venues. The grouping of away
options exchanges is based on the cost of transaction fees assessed by
each venue as well as costs to the Exchange for routing (i.e., clearing
fees, connectivity and other infrastructure costs, membership fees,
etc.) (collectively, ``Routing Costs'').
The Exchange currently charges $0.57 per contract for Professional,
Firm, and Market Maker orders routed to and executed at NYSE MKT LLC
(``AMEX''), the Chicago Board Options Exchange, Incorporated
(``CBOE''), the Miami International Securities Exchange, LLC
(``MIAX''), NASDAQ OMX BX, Inc. (``BX Options'') in Penny Pilot
Securities and the International Securities Exchange, LLC (``ISE'') in
Non-Penny Pilot Securities.
Based on execution fees charged by some of these venues that exceed
the fees currently charged by the Exchange for Professional, Firm and
Market Maker orders routed to and executed at such venues (even without
taking other Routing Costs into consideration), the Exchange proposes
to increase fees for the options venues listed above.\15\ Specifically,
the Exchange proposes to charge $0.60 per contract for Customer orders
executed at AMEX, CBOE, MIAX, BX Options (Penny Pilot Securities) and
ISE (Non-Penny Pilot Securities). The Exchange is not proposing any
changes to pricing for Customer orders routed to and executed at these
options venues, which is currently set at a fee of $0.11 per contract.
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\15\ In particular, AMEX currently charges $0.58 to non-Customer
orders that remove liquidity in non-Penny Pilot Securities and CBOE
currently charges $0.60 to non-Customer orders that remove liquidity
in non-Penny Pilot Securities.
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Implementation Date
The Exchange proposes to implement these amendments to its fee
schedule on August 1, 2014.
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.\16\
Specifically, the Exchange believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\17\ 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.
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\16\ 15 U.S.C. 78f.
\17\ 15 U.S.C. 78f(b)(4).
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Step-Up Tiers--BATS Equities and BATS Options
The Exchange believes that providing additional financial
incentives to Members that demonstrate an increase over their Baseline
ADAV (or Options Baseline ADAV) through the Step-Up Tiers already in
place on BATS Equities and the proposed Step-Up Tier for BATS Options
offer additional, flexible ways to achieve financial incentives from
the Exchange and encourage Members to add increasing amounts of
liquidity to both BATS Equities and BATS Options. The Exchange believes
that these incentives are reasonable, fair and equitable because the
increased liquidity from each of these proposals also benefits all
investors by deepening the BATS Equities and BATS Options liquidity
pools, offering additional flexibility for all investors to enjoy cost
savings, supporting the quality of price discovery, promoting market
transparency and improving investor protection. Such pricing programs
thereby reward a Member's growth pattern and such increased volume
increase potential revenue to the Exchange, and will allow the Exchange
to continue to provide and potentially expand the incentive programs
operated by the Exchange. These pricing programs are also fair and
equitable in that they are available to all Members and will result in
Members receiving either the same or an increased rebate than they
would currently receive. Although non-Customer orders are typically
treated consistently by the Exchange and the Options Step-Up Tier will
only be applied to Professional and Firm orders, and not Market Maker
orders, the Exchange believes that this proposal is reasonable not
unfairly discriminatory because Market Makers are already able to reach
the same rebate level through the QIP, which is not available to
Professional or Firm orders. The Exchange also notes that the proposed
step-up tier are similar to pricing tiers currently available on
Arca.\18\
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\18\ See supra note 12.
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Volume-based rebates and fees such as the ones maintained on both
BATS Equities and BATS Options as well as the BATS Equities Step-Up
Tiers and the new BATS Options Step-Up Tier 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 to 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. Further, the Exchange believes
that the Step-Up Tiers will provide such enhancements in market quality
on both BATS Equities and BATS Options by incentivizing increased
participation on both platforms. The Exchange notes that it is not
proposing to modify any existing tiers (other than to re-number the
Equities Step-Up Tiers), but rather to add new tiers that will provide
Members with additional ways to receive higher rebates. Accordingly,
under the proposal a Member will receive either the same or a higher
rebate than they would receive today. Accordingly, the Exchange
believes that the proposed additions to the Exchange's tiered pricing
structure and incentives are not unfairly discriminatory because they
will apply uniformly to all Members and are consistent with the overall
goals of enhancing market quality on both BATS Equities and BATS
Options. The Exchange again notes that it believes that restricting the
availability of the proposed Options Step-Up Tier for BATS Options to
Professional and Firm orders is reasonable and not unreasonably
discriminatory because Market Maker orders are already afforded an
opportunity to receive QIP rebates up to an additional $0.04 per
contract that is not available to
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Professional and Firm orders. Thus, currently, Professional and Firm
orders can never receive the same maximum rebate that Market Maker
orders can receive but, pursuant to the proposal, there would be a way
for all three non-Customer capacities to achieve such maximum rebate.
Customer Fee To Remove Liquidity--BATS Options
The Exchange believes that its proposal to reduce the Customer fee
to remove liquidity from BATS Options in Penny Pilot Securities is
reasonable, fair and equitably allocated because it will reduce the
cost of removing liquidity for all Customer orders and is intended to
enhance the competitiveness of the Exchange's pricing model. The fee
remains consistent with the fees changes by other markets with similar
fee structures, such as NYSE Arca and NOM. The Exchange believes that
the proposal is not unreasonably discriminatory because it will apply
equally to all Customer orders and is only slightly discounted as
compared to the fee to remove liquidity charged for non-Customer
orders.
Routing Fees--BATS Options
As explained above, the Exchange generally attempts to approximate
the cost of routing to other options exchanges, including other
applicable costs to the Exchange for routing. The Exchange believes
that a pricing model based on approximate Routing Costs is a
reasonable, fair and equitable approach to pricing. Specifically, the
Exchange believes that its proposal to increase fees applicable to
Professional, Firm and Market Maker orders routed to and executed at
AMEX, CBOE, MIAX, BX Options (Penny Pilot Securities) and ISE (Non-
Penny Pilot Securities) is fair, equitable and reasonable because the
fees are generally an approximation of the cost to the Exchange for
routing orders to such exchanges. The Exchange believes that its flat
fee structure for orders routed to various venues is a fair and
equitable approach to pricing, as it provides certainty with respect to
execution fees at groups of away options exchanges. Under its flat fee
structure, taking all costs to the Exchange into account, the Exchange
may operate at a slight gain or slight loss for orders routed to and
executed at other options exchanges. As a general matter, the Exchange
believes that the proposed fees will allow it to recoup and cover its
costs of providing routing services to such exchanges. The Exchange
also believes that the proposed fee structure for orders routed to and
executed at these away options exchanges is fair and equitable and not
unreasonably discriminatory in that it applies equally to all Members.
The Exchange reiterates 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 to be excessive or providers
of routing services if they deem fee levels to be excessive. Finally,
the Exchange notes that it constantly evaluates its routing fees,
including profit and loss attributable to routing, as applicable, in
connection with the operation of a flat fee routing service, and would
consider future adjustments to the proposed pricing structure to the
extent it was recouping a significant profit or loss from routing to
other options exchanges.
B. Self-Regulatory Organization's Statement on Burden on Competition
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. With
respect to the proposed new tiered rebates, the Exchange does not
believe that any such changes burden competition, but instead, enhance
competition, as they are intended to increase the competitiveness of
and draw additional volume to both BATS Equities and BATS Options. The
Exchange also believes the proposed step-up tiers would enhance
competition because they are similar to pricing tiers currently
available on Arca.\19\ Similarly, the proposal to reduce the fee for
Customer orders that remove liquidity in Penny Pilot Securities is a
competitive proposal that is intended to draw volume to BATS Options.
As stated above, the Exchange notes that it operates in a highly
competitive market in which market participants can readily direct
order flow to competing venues if the deem fee structures to be
unreasonable or excessive. Finally, the Exchange notes that the
proposed change to routing fees to certain options exchanges is not
intended as a competitive change to create an incentive or disincentive
to use the Exchange's routing strategies to route to these exchanges.
Rather, the proposed changes will assist the Exchange in recouping
costs for routing orders to other options exchanges on behalf of its
participants in a manner that is a better approximation of actual costs
than is currently in place. The Exchange also notes that Members may
choose to mark their orders as ineligible for routing to avoid
incurring routing fees.\20\
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\19\ See supra note 12.
\20\ See BATS Rule 21.1(d)(8) (describing ``BATS Only'' orders
for BATS Options) and BATS Rule 21.9(a)(1) (describing the BATS
Options routing process, which requires orders to be designated as
available for routing).
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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 \21\ and paragraph (f) of Rule 19b-4
thereunder.\22\ 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.
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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-BATS-2014-030 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-2014-030. 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
[[Page 49140]]
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street NE., Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-BATS-2014-030, and should be
submitted on or before September 9, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-19578 Filed 8-18-14; 8:45 am]
BILLING CODE 8011-01-P