[Federal Register Volume 81, Number 123 (Monday, June 27, 2016)]
[Notices]
[Pages 41617-41619]
[FR Doc No: 2016-15076]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78112; File No. SR-BatsEDGX-2016-23]

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

June 21, 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 June 8, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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 EDGX Rules
15.1(a) and (c) (``Fee Schedule'') to add fee codes NA and NB.
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    \5\ The term ``Member'' is defined as ``any registered broker or
dealer that has been admitted to membership in the Exchange.'' See
Exchange Rule 1.5(n).
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    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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange previously filed a proposed rule change with the
Commission to include a Non-Displayed \6\ instruction on orders routed
to an away Trading Center.\7\ The Exchange intends to implement this
functionality on June 1, 2016.\8\ Because other Trading Centers
typically provide different rebates or fees with respect to non-
displayed liquidity the Exchange proposes to amend its Fee Schedule to
add fee codes NA and NB, which would apply to orders routed with a Non-
Displayed instruction. Proposed fee code NA would be applied to orders
that include a Non-Displayed instruction that are routed to and add
liquidity on Bats BZX Exchange, Inc. (``BZX''), the New York Stock
Exchange, Inc. (``NYSE''), NYSE Arca, Inc. (``NYSE Arca''), NYSE MKT
LLC (``NYSE MKT''), or the Nasdaq Stock Market LLC (``Nasdaq'').\9\
Orders that yield fee code NA would not be charged a fee nor receive a
rebate in both securities priced at or above $1.00 or below $1.00.
Proposed fee code NB would be applied to orders that include a Non-
Displayed instruction and are routed to and add liquidity on any
exchange not listed in proposed fee code NA. Orders that yield fee code
NB would be charged a fee of $0.0030 per share in securities priced at
or above $1.00 and 0.30% of the trade's total dollar value in
securities priced below $1.00.
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    \6\ See Exchange Rule 11.6(e)(2).
    \7\ The Exchange notes that the Exchange also amended its rules
to route orders with a Reserve Quantity (as defined in Rule 11.6(m))
as such to other Trading Centers. See Securities Exchange Act 77189
(February 19, 2016), 81 FR 9571 (February 25, 2016) (SR-EDGX-2016-
08). Orders to be routed with a Non-Displayed instruction or a
Reserve Quantity would be handled in accordance with the rules of
the Trading Center to which they are routed. Id. This proposal does
not impact orders routed with a Reserve Quantity.
    \8\ See Bats Announces Support for Hidden Post-to-Away Routed
Orders, available at http://cdn.batstrading.com/resources/release_notes/2016/Bats-Announces-Support-for-Hidden-Post-to-Away-Routed-Orders.pdf.
    \9\ Today, all orders that are routed to post to an away market
are routed for display on such market and receive the following
rates: (i) Rebate of $0.0015 per share for orders routed to the
NYSE; (ii) rebate of $0.0021 per share for Tapes A and C securities
and a rebate of $0.0022 per share for Tape B securities for orders
routed to NYSE Arca; (iii) rebate of $0.0015 per share for orders
routed to NYSE MKT; (iv) rebate of $0.0015 per share for orders
routed to Nasdaq; and (v) a rebate of $0.0020 per share for orders
routed to BZX. See the Exchange's Fee Schedule available at http://batstrading.com/support/fee_schedule/edga/. These rates generally
represent a pass through of the rate that Bats Trading, Inc. (``Bats
Trading''), the Exchange's affiliated routing broker-dealer, is
provided for adding displayed liquidity at NYSE, NYSE Arca, NYSE
MKT, Nasdaq, or BZX when it does not qualify for a volume tiered
reduced fee or enhanced rebate.
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Implementation Date
    The Exchange proposes to implement these amendments to its Fee
Schedule effective immediately.\10\
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    \10\ The Exchange initially filed the proposed fee change on May
31, 2016 (SR-BatsEDGX-2016-20). On June 8, 2016, the Exchange
withdrew SR-BatsEDGX-2016-20 and submitted this filing.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\11\ in general, and
furthers the objectives of Section 6(b)(4),\12\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange also 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. The proposed rule changes reflect a competitive
pricing structure designed to incent market participants to direct
their order flow to the Exchange. The Exchange believes that the
proposed fee codes are equitable and non-discriminatory in they would
apply uniformly to all Members. The Exchange believes the rates remains
competitive with those charged by other venues and, therefore,
reasonable and equitably allocated to Members.
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    \11\ 15 U.S.C. 78f.
    \12\ 15 U.S.C. 78f(b)(4).
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    In particular, the Exchange believes that the proposed fee codes
represent an equitable allocation of reasonable dues, fees, and other
charges. The proposed fees are similar to and based on the fees and
rebates assessed or provided to Bats Trading when routing to away
Trading Centers. For instance, like proposed fee code NA, the NYSE,
NYSE Arca, and Nasdaq charge no fee nor provide a rebate for non-
displayed orders that add liquidity.\13\ In addition, the exchanges
that would be covered by proposed fee code NB charge a fee of up to
$0.0030 per share to add liquidity.\14\ In addition, the proposed rate
for fee code NB is equal to or greater than similar routing fees
charged by other exchanges. For example, the NYSE, NYSE MKT, Nasdaq,
and BZX charge a fee of $0.0030 per share and NYSE Arca charges a fee
of $0.0035 per share regardless of which destination the order is
routed.\15\
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    \13\ See the NYSE fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf (dated
May 23, 2016); the NYSE Arca fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (dated May 23, 2016); and the Nasdaq
fee schedule available at http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. The Exchange notes that NYSE MKT
and BZX provide a rebate of $0.0016 and $0.0017 per share
respectively for non-displayed orders that add liquidity. See the
NYSE MKT fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/nyse-mkt/NYSE_MKT_Equities_Price_List.pdf (dated May
23, 2016); and the BZX fee schedule available at http://batstrading.com/support/fee_schedule/bzx/.
    \14\ See the Bats BYX Exchange Inc. fee schedule available at
http://batstrading.com/support/fee_schedule/byx/; the Bats EDGA
Exchange, Inc. fee schedule available at http://batstrading.com/support/fee_schedule/edga/; and the Nasdaq BX, Inc. fee schedule
available at http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing.
The Exchange notes that it currently does not provide for routing
orders to post on the Chicago Stock Exchange, Inc. or the National
Stock Exchange, Inc.
    \15\ See supra note 13. Nasdaq charges a fee of $0.0035 per
share for routed orders that are directed to another market. See the
Nasdaq fee schedule at id.

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    The Exchange notes that routing through Bats Trading is voluntary.
The Exchange is providing a service to allow Members to post orders
with a Non-Displayed instruction to these destinations and that those
Members seeking to post such orders to away destinations may connect to
those destinations directly and be charged the fee or provided the
rebate from that destination. Therefore, the Exchange believes the
rates for proposed fee codes NA and NB are equitable and reasonable
because they are related to the rates provided by the away exchange and
reasonably account for the routing service provided for by the
Exchange. Lastly, the Exchange believes that the proposed amendments
are non-discriminatory because it applies uniformly to all Members and
that the proposed rates are directly related to rates provided by the
destinations to which the orders may be routed.

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

    The Exchange does not believe its proposed amendment to its Fee
Schedule would impose any burden on competition that is not necessary
or appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed changes represents a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor the Exchange's pricing if they believe that alternatives offer
them better value. For example, routing through Bats Trading is
voluntary and Members seeking to post such orders to away destinations
may connect to those destinations directly and be charged the fee or
provide the rebate from that destination. Accordingly, the Exchange
does not believe that the proposed changes will impair the ability of
Members or competing venues to maintain their competitive standing in
the financial markets. The Exchange believes that its proposal would
not burden intramarket competition because the proposed rate would
apply uniformly to all Members.

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 unsolicited 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 \16\ and paragraph (f) of Rule 19b-4
thereunder.\17\ 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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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 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_ADDRESS>Please include
File Number SR-BatsEDGX-2016-23 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BatsEDGX-2016-23. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of 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-BatsEDGX-2016-23, and should
be submitted on or before July 18, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-15076 Filed 6-24-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: January 12, 2009 (Volume 74, Number 7)]
[Notices]
[Page 1214-1215]
[DOCID:fr12ja09-70]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP09-39-000]

Williston Basin Interstate Pipeline Company; Notice of Request
Under Blanket Authorization

January 5, 2009.
    Take notice that on December 18, 2008, Williston Basin Pipeline
Company (Williston Basin), 1250 West Century Avenue, Bismarck, North
Dakota 58503, filed a prior notice request pursuant to Parts 157.205
and 157.210 of the Commission's regulations under the Natural Gas Act
(NGA) and Williston Basin's blanket certificate issued in Docket Nos.
CP82-487-000, et al., for authorization for the construction and
operation of mainline gas compression facilities and appurtenances in
Carter County, Montana and Golden Valley County and Dunn County, North
Dakota, all as more fully set forth in the application, which is on
file with the Commission and open to public inspection. The filing may
also be viewed on the Web at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC at<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or
TTY,<PHONE_NUMBER>.
    Specifically, Williston Basin states that the proposed project will
include an increase of compressor horsepower by adding one unit at
Williston Basin's existing Manning Compressor Station in Dunn County,
North Dakota; a new two-unit compressor station (Golva Compressor
Station) in Golden Valley County, North Dakota; and a new two-unit
compressor station (Willow Creek Compressor Station) in Carter County,
Montana. Williston Basin proposes to install a new 4,735 horsepower
(HP) compressor at the Manning Compressor Station, making the total
design flow rate through the station 213,000 thousand cubic feet per
day (Mcf/d). Williston Basin states that the proposed Golva Compressor
Station will consist of two identical 3,550 HP compressors. Williston
Basin asserts that that total design flow rate for the Golva Compressor
Station will be 214,448 Mcf/d. Williston Basin states that the proposed
Willow Creek Compressor Station will consist of two identical 3,500 HP
compressors. Williston Basin asserts that the total design flow rate
for the Willow Creek Compressor Station will be 139,100 Mcf/d.
Williston Basin states that it has entered into binding Precedent
Agreements which provide that Williston Basin will deliver a Maximum
Daily Delivery Quantity (MDQ) of 75,000 Mcf/d firm transportation
service during the proposed project's first in-service year. Williston
Basin asserts that it projects an in-service date for the subject
facilities of August 1, 2009. Williston Basin states that the estimated
cost to construct the proposed facilities is approximately $28.3
million.
    Any questions regarding the application should be directed to Keith
A. Tiggelaar, Director of Regulatory Affairs, Williston Basin
Interstate Pipeline Company, 1250 West Century

Avenue, Bismarck, North Dakota 58503, at<PHONE_NUMBER>.
    Any person may, within 60 days after the issuance of the instant
notice by the Commission, file pursuant to Rule 214 of the Commission's
Procedural Rules (18 CFR 385.214) a motion to intervene or notice of
intervention. Any person filing to intervene or the Commission's staff
may, pursuant to section 157.205 of the Commission's regulations under
the NGA (18 CFR 157.205) file a protest to the request. If no protest
is filed within the time allowed therefore, the proposed activity shall
be deemed to be authorized effective the day after the time allowed for
protest. If a protest is filed and not withdrawn within 30 days after
the time allowed for filing a protest, the instant request shall be
treated as an application for authorization pursuant to section 7 of
the NGA.
    The Commission strongly encourages electronic filings of comments,
protests, and interventions via the internet in lieu of paper. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site (http://www.ferc.gov) under the ``e-Filing'' link.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-257 Filed 1-9-09; 8:45 am]

BILLING CODE 6717-01-P