[Federal Register Volume 79, Number 250 (Wednesday, December 31, 2014)]
[Notices]
[Pages 78920-78924]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-30586]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73918; File Nos. SR-BATS-2014-055; SR-BYX-2014-030; SR-
EDGA-2014-25; SR-EDGX-2014-25]
Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-
Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Notice of
Amendments No. 2 and Order Granting Accelerated Approval to Proposed
Rule Changes, as Modified by Amendments Nos. 1 and 2, To Establish a
New Market Data Product Called the BATS One Feed
December 23, 2014
I. Introduction
On October 30, 2014, BATS Exchange, Inc. (``BATS''), BATS Y-
Exchange, Inc. (``BYX''), EDGA Exchange, Inc. (``EDGA''), and EDGX
Exchange, Inc.; (``EDGX'') (collectively, the ``Exchanges'') 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\ proposed rule changes to establish a new
market data product called the ``BATS One Feed.'' On November 13, 2014,
each of the Exchanges filed an Amendment No. 1 to its proposed rule
change. The proposed rule changes, each as amended by an Amendment No.
1, were published for comment in the Federal Register on November 20,
2014.\3\ On December 15, 2014, each of the Exchanges filed an Amendment
No. 2 to its proposed rule change. On December 15, 2014, each of the
Exchanges submitted a comment letter on its proposed rule change, each
of which included a redline showing the changes made by their
Amendments No. 2.\4\ No other comments on the proposed rule changes
have been received. However, similar proposed rule changes were filed
with the Commission by the Exchanges earlier this year and subsequently
withdrawn; \5\ three
[[Page 78921]]
comment letters were received in response to two of those proposed rule
changes.\6\ The Commission is publishing this Notice and Order to
solicit comment on the Amendments No. 2 and to approve each of the
proposed rule changes, as modified by Amendments Nos. 1 and 2, on an
accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release Nos. 73594 (Nov. 14,
2014), 79 FR 69142 (SR-BATS-2014-055); 73595 (Nov. 14, 2014) 79 FR
69160 (SR-BYX-2014-030); 73596 (Nov. 14, 2014), 79 FR 69148 (SR-
EDGA-2014-25); and 73597 (Nov. 14, 2014), 79 FR 69180 (SR-EDGX-2014-
25).
\4\ See Letter from Chris Solgan, Assistant General Counsel,
DirectEdge, dated December 12, 2014 (SR-BATS-2014-055); Letter from
Chris Solgan, Assistant General Counsel, DirectEdge, dated December
12, 2014 (SR-BYX-2014-030); Letter from Chris Solgan, Assistant
General Counsel, DirectEdge, dated December 12, 2014 (SR-EDGA-2014-
25); and Letter from Chris Solgan, Assistant General Counsel,
DirectEdge, dated December 12, 2014 (SR-EDGX-2014-25).
\5\ Those proposed rule changes were published for comment in
the Federal Register on August 1, 2014. See Securities Exchange Act
Release Nos. 72688 (July 28, 2014), 79 FR 44941 (SR-BATS-2014-028);
72690 (July 28, 2014), 79 FR 44929 (SR-BYX-2014-011); 72689 (July
28, 2014), 79 FR 44917 (SR-EDGA-2014-16); and 56415 (July 28, 2014),
79 FR 44892 (SR-EDGX-2014-19). On September 15, 2014, the Commission
extended its review period until October 30, 2014. See Securities
Exchange Act Release Nos. 73099, 79 FR 56418 (Sept. 19, 2014) (SR-
BATS-2014-028); 73102, 79 FR 56419 (Sept. 19, 2014) (SR-BYX-2014-
011); 73098, 79 FR 56415 (Sept. 19, 2014) (SR-EDGA-2014-16); and
73099, 79 FR 56418 (Sept. 19, 2014) (SR-EDGX-2014-19). On October
29, 2014, the Exchanges withdrew these proposed rule changes.
\6\ See Letter from Sal Arnuk and Joe Saluzzi, Themis Trading
LLC, to Elizabeth M. Murphy, Secretary, Commission, dated August 21,
2014 (SR-BATS-2014-028) (``Themis Letter''); Letter from Ira D.
Hammerman, General Counsel, SIFMA, to Kevin O'Neill, Deputy
Secretary, Commission, dated August 22, 2014 (SR-BATS-2014-028)
(``SIFMA Letter''); and Letter from Suzanne Hamlet Shatto to the
Commission, dated August 19, 2014 (SR-EDGA-2014-16) (``Shatto
Letter'').
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II. Description of the Proposals
The Exchanges propose to establish a new market data product called
the BATS One Feed, which would be offered by each of the Exchanges. The
BATS One Feed would be a consolidated data feed based on market data
derived from underlying data feeds offered by each of the Exchanges.
Specifically, the Exchanges would use the following data feeds, which
are also available to other vendors, to create the proposed BATS One
Feed: the EdgeBook Depth feed for EDGX, the EdgeBook Depth feed for
EDGA, the BYX PITCH Feed, and the BATS PITCH Feed. The Exchanges have
represented that they will continue to make these individual underlying
feeds available and that, as a result, the source of the market data
they would use to create the proposed BATS One Feed would be the same
as the source available to other vendors. As described more fully
below, the BATS One Feed would be a data feed that disseminates, on a
real-time basis, the aggregate best bid and offer (``BBO'') of all
displayed orders for securities traded on the Exchanges and for which
the Exchanges report quotes under the Consolidated Tape Association
(``CTA'') Plan or the Nasdaq/UTP Plan. The BATS One Feed would also
contain the individual last sale information for each of the Exchanges.
In addition, the BATS One Feed would include messages from the
Exchanges about trading on their markets. Finally, the BATS One Feed
would contain an optional functionality that would enable recipients to
elect to receive aggregated two-sided quotations from the Exchanges for
up to five (5) price levels.
Description of the BATS One Feed
The BATS One Feed would contain the aggregate BBO of the Exchanges
for all securities that are traded on the Exchanges and for which the
Exchanges report quotes under the CTA Plan or the Nasdaq/UTP Plan. The
aggregate BBO would include the total size of all orders at the BBO
available on all Exchanges.\7\ The BATS One Feed would also disseminate
last sale information for each of the individual Exchanges. The last
sale information would include the price, size, time of execution, and
the individual Exchange on which the trade was executed. The last sale
message would also include the cumulative number of shares executed on
all Exchanges for that trading day. The Exchanges have represented that
they would disseminate the aggregate BBO of the Exchanges and last sale
information through the BATS One Feed no earlier than each individual
Exchange provides its BBO and last sale information to the processors
under the CTA Plan or the Nasdaq/UTP Plan.
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\7\ The Exchanges have stated that quotations of odd lot size,
which is generally less than 100 shares, would be included in the
total size of all orders at a particular price level in the BATS One
Feed but are currently not reported by the Exchanges to the
consolidated tape.
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The BATS One Feed would also include Symbol Summary, Market Status,
Retail Liquidity Identifier on behalf of BYX, Trading Status, and Trade
Break messages. The Symbol Summary message would include the total
executed volume across all of the Exchanges. The Market Status message
would be disseminated to reflect a change in the status of one of the
Exchanges. For example, the Market Status message would indicate
whether one of the Exchanges is experiencing a systems issue or
disruption and quotation or trade information from that market is not
currently being disseminated via the BATS One Feed as part of the
aggregated BBO. The Market Status message would also indicate when an
Exchange is no longer experiencing a systems issue or disruption to
properly reflect the status of the aggregated BBO.
The Retail Liquidity Identifier indicator message would be
disseminated via the BATS One Feed on behalf of the BYX only pursuant
to BYX's Retail Price Improvement (``RPI'') Program.\8\ The Retail
Liquidity Identifier indicates when RPI interest priced at least $0.001
better than BYX's Protected Bid or Protected Offer for a particular
security is available in the System. The Exchanges propose to
disseminate the Retail Liquidity Indicator via the BATS One Feed in the
same manner as it is currently disseminated through consolidated data
streams (i.e., pursuant to the Consolidated Tape Association Plan/
Consolidated Quotation Plan, or CTA/CQ, for Tape A and Tape B
securities, and the Nasdaq UTP Plan for Tape C securities) as well as
through proprietary BYX data feeds. The Retail Liquidity Identifier
reflects the symbol and the side (buy or sell) of the RPI interest, but
does not include the price or size of the RPI interest. In particular,
like CQ and UTP quoting outputs, the BATS One Feed would include a
field for codes related to the Retail Price Improvement Identifier. The
codes indicate RPI interest that is priced better than BYX's Protected
Bid or Protected Offer by at least the minimum level of price
improvement as required by the Program.
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\8\ For a description of BYX's RPI Program, see BYX Rule 11.24.
See also Securities Exchange Act Release No. 68303 (November 27,
2012), 77 FR 71652 (December 3, 2012) (SR-BYX-2012-019) (Order
Granting Approval of Proposed Rule Change, as Modified by Amendment
No. 2, to Adopt a Retail Price Improvement Program); Securities
Exchange Act Release No. 67734 (August 27, 2012), 77 FR 53242
(August 31, 2012) (SR-BYX-2019-019) (Notice of Filing of Proposed
Rule Change to Adopt a Retail Price Improvement Program).
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The Trade Break message would indicate when an execution on one of
the Exchanges has been broken in accordance with the individual
Exchange's rules.\9\ The Trading Status message would indicate the
current trading status of a security on each individual Exchange. For
example, a Trading Status message would be sent when a short sale price
restriction is in effect pursuant to Rule 201 of Regulation SHO
(``Short Sale Circuit Breaker''),\10\ or the security is subject to a
trading halt, suspension or pause declared by the listing market. A
Trading Status message would be sent whenever a security's trading
status changes.
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\9\ See, e.g., Exchange and EDGA Rule 11.13 (Clearly Erroneous
Executions) and BATS and BYX Rule 11.17 (Clearly Erroneous
Executions).
\10\ 17 CFR 242.200(g); 17 CFR 242.201.
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Optional Functionality for Aggregate Depth of Book. The BATS One
Feed would also offer an additional, optional functionality that would
enable recipients to receive two-sided quotations from the Exchanges
for five (5) price levels for all securities that are traded on the
Exchanges. The option for
[[Page 78922]]
receiving the BATS One Feed with this depth of book functionality is
referred to as the ``BATS One Premium Feed;'' the option for receiving
the BATS One Feed without this functionality is referred to as the
``BATS One Summary Feed.'' For each price level on one of the
Exchanges, the BATS One Premium Feed option of the BATS One Feed would
include a two-sided quote and the number of shares available to buy and
sell at that particular price level.\11\
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\11\ Recipients who do not elect to receive the BATS One Premium
Feed would receive the aggregate BBO of the Exchanges under the BATS
Summary Feed, which, unlike the BATS Premium Feed, would not
delineate the size available at the BBO on each individual Exchange.
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Distribution of the BATS One Feed. The Exchanges represent that
they have taken into consideration their affiliated relationships in
the design of the BATS One Feed to assure that vendors would be able to
offer a similar product on the same terms as the Exchanges, both from
the perspective of latency and cost. The Exchanges have stated that
they propose to offer the BATS One Feed voluntarily in response to
demand from vendors and subscribers that are interested in receiving
the aggregate BBO and last sale information from the Exchanges as part
of a single data feed. The Exchanges assert that the BATS One Feed can
be used by industry professionals and retail investors looking for a
cost effective, easy-to-administer, high quality market data product
with the characteristics of the BATS One Feed. The Exchanges also
assert that the BATS One Feed would help protect a free and open market
by providing vendors and subscribers additional choices in receiving
this type of market data, thus promoting competition and innovation.
With respect to latency, the Exchanges have represented that the
path for distribution by the Exchanges of BATS One Feed would not be
faster than the path for distribution that would be used by a vendor to
distribute an independently created a BATS One-like product.
Accordingly, the Exchanges have stated, the proposed BATS One data feed
is a data product that a competing vendor could create and sell without
being in a disadvantaged position relative to the Exchange. In
recognition that the Exchanges are the source of their own market data
and affiliated with one another, the Exchanges have represented that
the source of the market data they would use to create the proposed
BATS One Feed is available to other vendors. Specifically, the
Exchanges have represented that they would use the following data feeds
to create the proposed BATS One Feed, each of which is available to
other vendors: the EdgeBook Depth feed for EDGX, the EdgeBook Depth
feed for EDGA, the BYX PITCH Feed, and the BATS PITCH Feed. The
Exchanges have also represented that they will continue to make
available these individual underlying feeds and that, as a result, the
source of the market data they would use to create the proposed BATS
One Feed is the same as the source available to competing vendors.
The Exchanges have also made the following representations
regarding the latency of the BATS One Feed and any consolidated feed to
be offered by a competing vendor. In order to create the BATS One Feed,
the system creating and supporting the BATS One Feed would need to
receive the individual data feeds from each Exchange and, in turn,
aggregate and summarize that data to create the BATS One Feed and then
distribute it to end users. This is the same process a competing vendor
would undergo should it create a market data product similar to the
BATS One Feed to distribute to its end users. In addition, a competing
vendor could locate its servers in the same facilities as the system
creating and supporting the BATS One Feed and could therefore receive
the individual data feeds from each Exchange at the same time as the
system creating and supporting the BATS One Feed. Thus, the Exchanges
have stated that they would not have any unfair advantage over
competing vendors with respect to obtaining data from the individual
Exchanges, because the technology supporting the BATS One Feed would
similarly need to obtain the underlying data feeds and because this
connection would be on a level playing field with a competing vendor
located at the same facility as the Exchanges. Likewise, the BATS One
data feed would not have a speed advantage vis-[agrave]-vis competing
vendors with respect to access to end user customers, whether those end
users are also located in the same data center or not.
With regard to cost, the Exchanges have represented that they will
file a separate rule filing with the Commission to establish fees for
BATS One Feed and that these fees would be designed to ensure that
vendors could compete with the Exchanges by creating a similar product.
To ensure a vendor can compete with the Exchanges by creating the same
product as the BATS One Feed and selling it to their clients, the
Exchanges have also represented that they would charge their clients
for the BATS One Feed an amount that is no less than the cost to a
market data vendor to obtain all the underlying feeds, plus an amount
to be determined that would reflect the value of the aggregation and
consolidation function. Thus, the pricing for the BATS One Feed would
enable a vendor to receive the underlying data feeds and offer a
similar product on a competitive basis and with no pricing disadvantage
relative to the Exchanges.
Implementation Date
The Exchanges have represented that they anticipate making the BATS
One Feed available as soon as practicable after approval of the
proposed rule changes by the Commission and the effectiveness of rule
filings to establish the fees for the BATS One Feed.\12\
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\12\ Each of the Exchanges intend to file a separate proposal
establishing the fees for the BATS One Feed.
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III. Summary of Comments
As noted above, the Commission received three comment letters on
previous versions of the proposed changes filed by some of the
Exchanges.\13\ In their current proposals, the Exchanges have responded
to the points raised by these commenters.
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\13\ See SIFMA Letter, Shatto Letter, and Themis Letter, supra
note 6.
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The three commenters generally oppose the proposed BATS One Feed.
The Shatto Letter expressed general concerns about the transparency of
order flow information to regulators. The Themis Letter expressed
objections to the proposed BATS One Feed on the grounds that it would
introduce a new proprietary data feed and expressed concerns generally
about the complexity arising from the proliferation of new data
technologies. In their response to the commenters, the Exchanges argued
that the Themis Letter and Shatto Letter are not responsive to the
issues raised in the proposal or are aimed at existing elements of U.S.
market structure that have been previously approved by the Commission.
The SIFMA Letter primarily argues that the fees for the proposed
BATS One Feed do not meet the requirements of the Act, including the
requirement that such fees be ``fair and reasonable'' under section
11A(c)(1)(C) of the Act. SIFMA also contends that BATS has circumvented
the requirement to receive Commission approval for this product by
offering and marketing the BATS One Feed since August 1, 2014. In their
response to the SIFMA Letter, the Exchanges noted that the thrust of
the SIFMA Letter is aimed at the initially proposed fees, which have
now been removed from the proposed rule changes and are to be filed
with the Commission via separate rule filings.
[[Page 78923]]
The Exchanges also noted that, while the SIFMA Letter correctly states
that BATS has marketed the BATS One Feed since August 1, 2014, the
SIFMA Letter incorrectly asserts that BATS has offered the BATS One
Feed since that same date. The Exchanges have represented that all of
their marketing materials have included statements that the BATS One
Feed's implementation was pending to Commission approval, and at no
point have the Exchanges offered the BATS One product for any use other
than for testing and certification.
IV. Discussion and Commission Findings
After carefully considering the proposals and the comments
submitted, the Commission finds that the proposed rule changes, as
modified by Amendments Nos. 1 and 2, are consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to national securities exchanges.\14\ In particular, the
Commission finds that the proposed rule changes are consistent with the
requirements of section 11A(c)(1)(C) of the Act \15\ and with Rule
603(a)(2) of Regulation NMS thereunder,\16\ which requires that any
national securities exchange, national securities association, broker,
or dealer that distributes information with respect to quotations for
or transactions in an NMS stock to a securities information processor,
broker, dealer, or other persons shall do so on terms that are not
unreasonably discriminatory. The Commission also finds that the
proposed rule changes are consistent with section 6(b)(5) of the Act,
which requires that the rules of an exchange be designed to promote
just and equitable principles of trade, remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest,
and section 6(b)(8) of the Act, which requires that the rules of an
exchange not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.\17\
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\14\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
\15\ Section 11A(c)(1)(C) of the Act requires, among other
things, that no self-regulatory organization, member thereof,
securities information processor, broker or dealer make use of the
mails or any means or instrumentality of interstate commerce to
collect, process, distribute, publish or prepare for distribution or
publication any information with respect to quotations for or
transactions in any security other than an exempted security in
contravention of such rules and regulations as the Commission shall
prescribe as necessary or appropriate in the public interest, for
the protection of investors, or otherwise in furtherance of the
purposes of the Act to assure that all securities information
processors may, for purposes of distribution and publication, obtain
on fair and reasonable terms such information with respect to
quotations for and transactions in such securities as is collected,
processed, or prepared for distribution or publication by an
exclusive processor of such information acting in such capacity. 15
U.S.C. 78k-1(c)(1)(C).
\16\ 17 CFR 242.603(a)(2).
\17\ 15 U.S.C. 78f(b)(5) and (b)(8).
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The Commission notes that, to create the BATS One Feed, the
Exchanges would use underlying data feeds that belong to the Exchanges:
the EdgeBook Depth feed for EDGX, the EdgeBook Depth feed for EDGA, the
BYX PITCH Feed, and the BATS PITCH Feed. Accordingly, the Commission's
review of the Exchanges' proposals has focused, in particular, on
whether the proposals would result in affiliated exchanges--which are
separate self-regulatory organizations under the Act--making their data
products or services available to one another at terms (e.g., content,
pricing, or latency) that are more favorable than those available to
unaffiliated market participants.
The Exchanges have represented that the BATS One Feed would be
created using underlying data feeds that are available for subscription
by vendors. In recognition that the Exchanges are the source of their
own market data and that they are affiliated with one another, the
Exchanges have also represented that they will continue to make
available all of the individual underlying feeds and that the source of
the market data they would use to create the proposed BATS One Feed is
the same as the source available to competing vendors.
With respect to latency, the Exchanges have represented that
competing vendors could locate their servers in the same facilities as
the system creating and supporting the BATS One Feed, and, therefore,
could receive the underlying data feeds at the same time as the system
creating and supporting the BATS One Feed. Therefore, the Exchanges
have contended that, a competing vendor could obtain the underlying
data feeds from the Exchanges on the same latency basis as the system
that would be performing the aggregation and consolidation of the
proposed BATS One Feed and could provide the same kind of product to
its customers with the same latency they could achieve by purchasing
the BATS One Feed from the Exchanges.\18\ The Exchanges have also
represented that they have designed the BATS One Feed so that they
would have no advantages over a competing vendor with respect to the
speed of access to the underlying feeds.
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\18\ The Exchanges have represented that, in order to create the
BATS One Feed, the system creating and supporting the BATS One Feed
would need to receive the underlying data feeds from each Exchange
and, in turn, aggregate and summarize that data to create the BATS
One Feed and then distribute it to end users. The Exchanges have
stated that this is the same process a competing vendor would
undergo should it create a market data product similar to the BATS
One Feed to distribute to its end users.
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With respect to pricing, although specific fees to be charged for
the BATS One Feed are not part of the proposed rule changes, the
Exchanges have represented that they will assess a fee that is at least
equal to the aggregate cost of the underlying feeds (i.e., at least as
much as the cost to a vendor of subscribing to each of the underlying
data feeds), plus an additional amount (to be determined) that would
reflect the value of the aggregation and consolidation function
performed to create the BATS One Feed.\19\
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\19\ SIFMA has objected to the BATS One Feed primarily over
concerns about fees for this product being ``fair and reasonable,''
consistent with section 11A(c)(1)(C) of the Act. The Commission
notes, however, that the proposed rule changes do not contain
proposed fees and that Exchanges have represented that they will not
offer the BATS One Feed until the requisite fee filings under
section 19(b) of the Act have been filed and are effective. The
Commission will review any such filings when they have been
submitted.
SIFMA has also argued that BATS has circumvented the process of
receiving Commission approval and has been actively offering and
marketing the BATS One Feed for months. The Commission notes,
however, that the Exchanges have represented that, although they
have been marketing the BATS One Feed, all of their marketing
materials have included statements that the BATS One Feed's
implementation was pending to Commission approval and at no point
have the Exchanges offered the BATS One product for any use other
than for testing and certification.
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Based on the Exchange's representations with respect to the
content, latency, and pricing of the BATS One Feed--which are central
to the Commission's analysis of the proposal--the Commission finds that
the Exchanges' proposals are consistent with the Act and the rules and
regulations thereunder applicable to national securities exchanges. The
Commission believes that these representations are designed to ensure
that BATS, BYX, EDGA, and EDGX, which are separate self-regulatory
organizations, do not, because of their relationship as affiliates,
offer one another products or services on a more favorable basis than
that available to other competing market participants.
For the foregoing reasons, the Commission finds that the proposed
rule changes, as amended, are consistent with section 11A(c)(1)(C) of
the Act and Rule 603(a)(2) of Regulation NMS
[[Page 78924]]
thereunder,\20\ and sections 6(b)(5) and (b)(8) of the Act.\21\
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\20\ 15 U.S.C. 78k-1(c)(1)(C) and 17 CFR 242.603(a)(2).
\21\ 15 U.S.C. 78f(b)(5) and (b)(8).
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V. Accelerated Approval of Proposed Rule Changes, as Modified by
Amendments No. 2
The Amendments No. 2 revised the proposed rule changes to: (i)
Clarify how the BATS One Feed would be created, (ii) make additional
clarifying statements with respect to the latency and cost of the BATS
One Feed, and (iii) bring together the discussion of key aspects of the
description of the proposal in the same section. Accordingly, the
Commission does not believe that the Amendments No. 2 raises any novel
regulatory issues and therefore finds that good cause exists to approve
the proposals, as modified by Amendments Nos. 1 and 2, on an
accelerated basis.
VI. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendments No. 2
to the proposed rule changes are 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 Numbers SR-BATS-2014-055; SR-BYX-2014-030; SR-EDGA-2014-25; or SR-
EDGX-2014-25 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 Numbers SR-BATS-2014-055; SR-BYX-
2014-030; SR-EDGA-2014-25; or SR-EDGX-2014-25. 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 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 Numbers SR-BATS-2014-055; SR-BYX-2014-
030; SR-EDGA-2014-25; or SR-EDGX-2014-25 and should be submitted on or
before January 21, 2015.
VII. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\22\ that the proposed rule changes, as modified by Amendments Nos.
1 and 2, (SR-BATS-2014-055; SR-BYX-2014-030; SR-EDGA-2014-25; SR-EDGX-
2014-25) be, and hereby are, approved on an accelerated basis.
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\22\ 15 U.S.C. 78s(b)(2).
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. 2014-30586 Filed 12-30-14; 8:45 am]
BILLING CODE 8011-01-P