[Federal Register Volume 82, Number 97 (Monday, May 22, 2017)]
[Notices]
[Pages 23320-23323]
[FR Doc No: 2017-10305]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80683; File No. SR-BatsBZX-2017-34]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Introduce Bats Market Close, a
Closing Match Process for Non-BZX Listed Securities Under New Exchange
Rule 11.28

May 16, 2017.
    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 May 5, 2017, Bats BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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
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.
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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 introduce Bats Market Close, a
closing match process for non-BZX Listed Securities \3\ under new
Exchange Rule 11.28.
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    \3\ A BZX Listed security is a security listed on the Exchange
pursuant to Chapter 14 of the Exchange's Rules and includes both
corporate listed securities and Exchange Traded Products (``ETPs'').
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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 proposes to introduce Bats Market Close, a closing
match process for non-BZX Listed Securities under new Exchange Rule
11.28. In sum, all buy and sell Market-On-Close Orders (``MOC'') \4\
designated for participation in Bats Market Close would be matched at
the official closing price for such security published by the primary
listing market, as further described below. The Exchange proposes Bats
Market Close in response to interest from market participants who seek
an alternative to participation on the primary listing market's closing
auction while still receiving an execution at the official closing
price.
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    \4\ The term ``Market-On-Close'' or ``MOC'' means a BZX market
order that is designated for execution only in the Closing Auction.
See Exchange Rule 11.23(a)(15). The Exchange proposes to amend the
description of Market-On-Close orders to include orders designated
to execute in the proposed Bats Market Close.
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    Over recent years, the total volume executed in the primary listing
markets' closing auctions has increased over 70% from 200 million
shares per day in 2012 to almost 350 million shares per day in 2016.\5\
Over that same period of time, continuous trading volume has increased
13% from 6.11 billion shares per day in 2012 to 6.93 billion shares per
day in 2016.\6\ Closing auctions on the primary listing markets
amounted to almost 5% of the total executed volume in 2016.\7\ The
official closing price for any listed security is generally determined
by the closing auction for that security held at the primary listing
market. Market participants seeking to transact at the official closing
price must, therefore, participate in the listing market's closing
auction to receive the official closing price, as evidenced by recent
marketing materials \8\ from the New York Stock Exchange, Inc.
(``NYSE'') stating that their closing auction receives 100% of the
market share in all Tape A securities (NYSE listed). The NYSE and the
Nasdaq Stock Market LLC (``Nasdaq'') have taken

advantage by charging higher fees for participation in their respective
closing auctions than for trading conducted during the trading day.
Both the NYSE and Nasdaq assess a fee on both sides of the transactions
that occur in their closing auction.\9\ As volume executed in the
primary listing markets' closing auctions has increased, a
disproportionate increase in fees has occurred.
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    \5\ Based on BZX's internal data.
    \6\ Id.
    \7\ Id.
    \8\ See NYSE Open and Closing Auctions, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Opening_and_Closing_Auctions_Fact_Sheet.pdf.
    \9\ Over the last few years, both the NYSE and Nasdaq have
increased their closing auction fees considerably--NYSE's base rate
has gone up by 16% to $.0011 per share (or a capture of $.0022 per
matched share). See Tier F under Execution Fees for the Nasdaq
Closing Cross in the Nasdaq fee schedule available at http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2; and Liquidity
Indicator 7 in the NYSE fee schedule available at https://www.nyse.com/markets/nyse/trading-info/fees. Nasdaq has also
increased its fee by a much larger 60% margin to $.0016 per share
(or a capture of $.0032 per share). Id. See Securities Exchange Act
Release No. 68150 (November 5, 2012), 77 FR 67431 (November 9, 2012)
(SR-NYSE-2012-56). The capture from the top tier for closing auction
would be $.0012 for NYSE and $.0018 for Nasdaq while that for
continuous trading would be $.00055 for NYSE and -$.00005 for
Nasdaq, which are much lower than the capture for their respective
closing auctions. See Securities Exchange Act Release No. 63852
(February 7, 2011), 76 FR 8791 (February 15, 2011) (SR-Nasdaq-2011-
017). Using $.00275 as the removal rate and $0.0022 as the top
tiered rebate for non-market makers and non-Supplemental Liquidity
Providers. See NYSE fee schedule available at s the top tiered
rebate for non-market makers. See Tier F under Execution Fees for
the Nasdaq Closing Cross in the Nasdaq fee schedule available at
http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2.
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    The Exchange believes there are two solutions by which one could
address the adverse conditions caused by the existing closing auction
and official closing price process, but only one is viable. First, one
could create a closing auction to directly compete with the primary
listing market for order flow and price discovery. As discussed below,
the Exchange believes this solution is not optimal as it further
fragments the market and impedes the closing auction's price discovery
process. Further, there are exchanges that currently offer closing
auctions in non-listed securities with minimal success.\10\ Second, one
could provide investors with alternative venues for securing the
primary closing print price, as proposed herein. The Exchange believes
this is a viable alternative as it does not fragment the market or
impact the price discovery process performed by the primary listing
market's closing auction.
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    \10\ See infra note 21 and accompanying text.
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    The Exchange proposes to adopt Bats Market Close in response to
requests from market participants, and buy-side firms in particular,
for an alternative to the primary listing markets' closing auction that
also provides an execution at the security's official closing price. As
described in proposed Exchange Rule 11.28, for non-BZX Listed
securities only, the System \11\ would seek to match buy and sell MOC
orders designated for participation in Bats Market Close at the
official closing price for such security published by the primary
listing market.\12\ Members \13\ would be able to enter, cancel or
replace MOC orders designated for participation in Bats Market Close
beginning at 6:00 a.m. Eastern Time up until 3:35 p.m. Eastern Time
(``MOC Cut-Off Time'').\14\ Members would not be able to enter, cancel
or replace MOC orders designated for participation in the proposed Bats
Market Close after the MOC Cut-Off Time.
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    \11\ The term ``System'' is defined as ``the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away.'' See Exchange Rule
1.5(aa).
    \12\ The Exchange notes that the official closing price may be
published by another exchange in the case the primary listing market
suffers an impairment and is unable to perform its closing action
process. See e.g., Securities Exchange Act Release No. 78015 (June
8, 2016), 81 FR 38747 (June 14, 2016) (SR-NYSE-2016-18) and (SR-
NYSEMKT-2016-31) (``OCP Approval Order''). See also Nasdaq Rule
4754(b)(8) and NYSE Arca Rule 1.1(ggP) [sic].
    \13\ 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).
    \14\ Currently, the NYSE designates the cut-off time for the
entry of Market At-the-Close Orders as 3:45 p.m. Eastern Time. See
NYSE Rule 123C. Nasdaq, in turn, designates the ``end of the order
entry period'' as 3:50 p.m. Eastern Time. See Nasdaq Rule 4754.
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    At the MOC Cut-Off Time, the System would match for execution all
buy and sell MOC orders entered into the System based on time
priority.\15\ Any remaining balance of unmatched shares would then be
cancelled back to the Member(s). The System would then disseminate, via
the Bats Auction Feed,\16\ the total size of all buy and sell orders
matched per each security via Bats Market Close. All matched buy and
sell MOC orders would then remain on the System until the publication
of the official closing price by the primary listing market. Upon
publication of the official closing price by the primary listing
market, the System would execute all previously matched buy and sell
MOC orders at that official closing price.\17\
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    \15\ As set forth in proposed Interpretation and Policy .02, the
Exchange would cancel all MOC orders designated to participate in
Bats Market Close in the event the Exchange becomes impaired prior
to the MOC Cut-Off Time and is unable to recover within 5 minutes
from the MOC Cut-Off Time. This would provide Members time to route
their orders to the primary listing market's closing auction. Should
the Exchange become impaired after the MOC Cut-Off Time, it would
retain all matched MOC orders and execute those orders at the
official closing price once it is operational.
    \16\ The Bats Auction Feed disseminates information regarding
the current status of price and size information related to auctions
conducted by the Exchange and is provided at no charge. See Exchange
Rule 11.22(i). The Exchange proposed to amend Exchange Rule 11.22(i)
to reflect that the Bats Auction Feed would also include the total
size of all buy and sell orders matched via Bats Market Close.
    \17\ The Exchange would report the execution of all previously
matched buy and sell orders to applicable securities information
processor and will designate such trades as ``.P'', Prior Reference
Price. See e.g., Section 4.8, Trade Condition Table, of the UTP
Participant Input Specifications, available at http://www.utpplan.com/DOC/UtpBinaryInputSpec.pdf. See also Section 408,
Prior Reference Price Transactions, of FINRA's Trade Reporting
Frequently Asked Questions, available at http://www.finra.org/industry/trade-reporting-faq#408.
    As set forth in proposed Interpretation and Policy .01, the
Exchange will utilize the official closing price published by the
exchange designated by the primary listing market in the case where
the primary listing market suffers an impairment and is unable to
perform its closing action process. See supra note 12. As set forth
in proposed Interpretation and Policy .03, up until the closing of
the applicable securities information processor at 8:00 p.m. Eastern
Time, the Exchange intends to monitor the initial publication of the
official closing price, and any subsequent changes to the published
official closing price and adjust the price of such trades
accordingly. If there is no initial official closing price published
by 8:00 p.m. Eastern Time for any security, the Exchange would
cancel all matched MOC orders in such security.
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    The Exchange has designed Bats Market Close to provide an
alternative means to obtain an execution at the official closing price
without compromising the price discovery function performed by the
primary listing market's closing auctions. By matching only MOC orders,
and not limit orders, and executing those matched MOC orders that
naturally pair off with each other and effectively cancel each other
out, the Exchange believes the proposed Bats Market Close would avoid
an impact on price discovery. The Exchange believes it is important to
provide market participants an alternative venue to obtain executions
at the official closing price.\18\
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    \18\ It is the Exchange's intention, upon the Commission's
approval of the proposed rule change, to file a separate proposal to
offer executions of MOC orders at the official closing price, to the
extent matched on the Exchange, at a rate less than the fee charged
by the applicable primary listing market. It is further the
Exchange's intention that such fee would remain lower than the fee
charged by the applicable primary listing market.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and

furthers the objectives of Section 6(b)(5) of the Act,\20\ in
particular, in that it is designed to promote just and equitable
principles of trade, and to remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it will provide for a competitive alternative to sending orders
to the primary listing market's closing auction. The proposed rule
change would further remove impediments to and perfect the mechanisms
of a free and open market and a national market system by promoting
competition among national securities exchanges in the execution of MOC
orders at the official closing price without disrupting the price
discovery process of the primary listing markets' respective closing
processes.
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    \19\ 15 U.S.C. 78f.
    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange understands that other exchanges have implemented
closing auction processes for securities listed on other markets. For
example, Nasdaq and NYSE Arca LLC (``NYSE Arca'') perform closing
auction processes for securities listed on other exchanges.\21\ In the
Exchange's view, conducting auctions in non-listed securities does not
offer true competition to the primary listing markets' closing
auctions, since a separate auction creates its own auction price which
can differ meaningfully from the primary market's official closing
price which conflicts with industry desires and expectations. Thus,
Nasdaq's and NYSE Arca's attempts to offer closing auctions in non-
listed securities do not provide useful market competition to the
primary listing markets,\22\ because Nasdaq and NYSE Arca are not
offering viable product alternatives (i.e., the product does not
provide the official closing price, which is what investors and their
intermediaries want). In order to truly introduce competition, any
closing execution must be at the price generally accepted by investors
as the official closing price. The Exchange, therefore, believes that
an alternative venue must provide the ability to receive an execution
at the official closing price.
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    \21\ See Nasdaq Rule 4754 and NYSE Arca Rule 7.35(d).
    \22\ For example, on March 30, 2017, both Nasdaq and NYSE Arca
executed 100 shares in Bank of America (BAC), a NYSE-listed
security, at $23.88 in their respective closing auctions. NYSE
executed over 2.6 million shares of BAC in its closing auction at
the official closing price of $23.87.
     On the same trading day, Nasdaq executed 200 shares in the
Financial Select Sector SPDR Fund (XLF), a NYSE Arca-listed
security, at $23.92 in its closing auction. NYSE Arca executed
nearly 1.2 million shares of XFL at the official closing price of
$23.93.
     On the same trading day, NYSE Arca executed 111 shares in Apple
Inc. (AAPL), a Nasdaq-listed security, at $143.92 in its closing
auction. Nasdaq executed close to 1 million shares of AAPL at the
official closing price of $143.93.
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    Bats Market Close would not disrupt price discovery, as it would
only execute matched contra-side MOC orders, and not limit orders,
since limit orders are the basis from which price formation occurs.\23\
MOC orders are recipients of that price formation, but do not
contribute to the price formation process. By matching only MOC orders,
and not limit orders, and executing those matched MOC orders that
naturally pair off with each other and effectively cancel each other
out, the Exchange believes the proposed Bats Market Close would avoid
an impact on price discovery.\24\ While the proposal may reduce the
number of market orders pooled together at the primary listing markets,
the Exchange seeks to remove any perceived adverse impact on the
primary listing market's close by publishing the number of matched
market order shares by security in advance of the primary market's
cutoff time. In this way, the Exchange seeks to provide a transparent
tally to reflect the added auction depth from the MOC orders for which
it is responsible and for which market participants may utilize in
making their own order execution decisions. The Exchange notes that
while market participants that typically send limit orders to
participate in the primary listing market close could opt to send MOC
orders to participate in the proposed Bats Market Close, such a
decision involves the risk of receiving an execution without any limit
price protection and is unlikely to be deployed except in stable market
conditions.
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    \23\ The Exchange recognizes limit orders as the basis from
which price formation occurs reflected by its offering of
functionality that enables Members to route their orders to
participate in the opening, reopening, or closing process of the
primary listing market. See Exchange Rule 11.13(b)(3)(m) and (n).
    \24\ In addition, NYSE offers after hours crossing session which
permits the entry and execution after Regular Trading Hours of
orders at the NYSE's official closing price. See NYSE Rule 902. One
could argue that by permitting the entry of orders after the closing
auction has occurred while guaranteeing the official closing price
the crossing session could possibly siphon orders from the closing
auction.
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    An auction that competes with a primary listing market, while
offering separate price formation, siphons limit orders from the
primary listing market, which can harm the overall price discovery
process. At the same time, these auctions further fragment the market
and can produce bad auction prices on the non-primary market itself. In
contrast, the proposed rule change does not seek to fundamentally alter
the primary listing market's closing auction functionality. As such,
the Exchange's proposed Bats Market Close provides the official closing
price disseminated by the primary listing market, avoids siphoning
limit orders from it, and may provide transaction fee competition to
the ultimate benefit of Members and investors without distorting the
auction's price formation. Drawing limit orders away from a primary
listing market could create undesirable market fragmentation, and the
proposed rule change is designed to avoid doing so.
    While the Exchange recognizes that the proposed Bats Market Close's
lack of price formation may be subject to regulatory challenge, it
believes that on balance the proposed process provides value in a way
that is materially better than competing price-formation auctions
currently performed by Nasdaq and NYSE Arca. The Exchange believes that
its proposal to offer Bats Market Close to satisfy market participants'
requests for a fee competitive alternative to the primary listing
markets' closing auction, would not violate the Act or interfere with
the Exchange's core responsibilities under the Act. In addition, the
Exchange believes that it is a well-established practice for an
exchange to price buy and sell orders based upon reference data, even
where the price is based on quote or trade data not originating on that
exchange itself. For example, the Exchange, Nasdaq, NYSE, and NYSE
Arca, and other exchanges allow orders to be executed at the mid-point
of the national best bid and offer (the ``NBBO''), regardless of
whether the current national best bid (the ``NBB'') or national best
offer (the ``NBO'') exists on that particular exchange.\25\ In
addition, several pegged order types on various exchanges, including
Bats EDGX Exchange, Inc. (``EDGX''), NYSE Arca, and Nasdaq, are set in
some relationship to the NBBO, regardless of which exchange established
or currently has liquidity at the NBB or NBO.\26\ The Exchange also
notes that in the event a primary listing market cannot perform a
closing auction due to a systems issue, in some

circumstances it may determine their official closing price pursuant to
contingency procedures that do not utilize a closing auction process.
In such case, the official closing price may be either the: (i) Volume-
weighted average price (``VWAP'') of the consolidated last-sale-
eligible prices of the last five minutes of trading during Regular
Trading Hours as calculated by the applicable securities information
processor; or (ii) the last consolidated last-sale-eligible trade for
the security during regular trading hours on that trading day.\27\ Both
of these calculations include executions that may occur on other
exchanges, which could be utilizing a single execution reported by
another exchange. Therefore, the Exchange believes executing trades at
the official closing price disseminated by the primary listing market
is consistent with the order types and practices discussed above and
does not present any novel issues not already considered by the
Commission when those orders types and practices were established.
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    \25\ See Exchange Rule 11.9(c)(9) (Mid-Point Peg Order); see
also Nasdaq Rule 4702(b)(5)(A) (Midpoint Peg Post-Only order); NYSE
Arca Equities Rule 7.31(h)(3) (Mid-Point Passive Liquidity Orders);
EDGX Rule 11.8(d) (MidPoint Peg Orders). What these order types have
in common is that their execution prices are derived from the top of
book prices of all ``Protected Quotations'', as such term is defined
in Rule 600(b)(58) of Regulation NMS under the Exchange Act.
    \26\ See Exchange Rule 11.9(c)(8); EDGX Rule 11.6(j) (Pegged
instruction); Bats EDGA Exchange, Inc. (``EDGA') Rule 11.6(j)
(Pegged instruction); Nasdaq Rule 4703(d) (Pegging); and NYSE Arca
Rule 7.31(h)(1) and (2) (Primary Pegged Orders and Market Pegged
Orders).
    \27\ See Exchange Rule 11.23(i); see also Securities Exchange
Act Release No. 78015 (June 8, 2016), 81 FR 38747 (June 14, 2016)
(SR-NYSE-2016-18) and (SR-NYSEMKT-2016-31) (``OCP Approval Order'').
See also Nasdaq Rule 4754(b)(8) and NYSE Arca Rule 1.1(ggP) [sic].
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    The proposed rule change will also remove impediments to and
perfect the mechanism of a free and open market and a national market
system by providing a mechanism for market participants to execute
their orders at the official closing price should a system disruption
occur on the primary listing market that prevents them from entering
orders prior to the Exchange's proposed MOC Cut-Off Time.\28\ In such
case, market participants may send MOC orders to the Exchange prior to
the proposed MOC Cut-Off Time to participate in Bats Market Close. The
Exchange would, in turn, execute those orders at the official closing
price determined by the primary listing market's secondary contingency
procedures.\29\ Therefore, the Exchange believes the proposed rule
change would benefit market participants seeking an execution at the
official closing price where they are unable to enter orders to
participate in the primary listing market's closing auction due to a
systems issue.
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    \28\ For example, on March 20, 2017, NYSE Arca was unable to
perform a closing auction in approximately 1,500 of their Exchange
Traded Products and cancelled all orders. See NYSE Arca Suffers
Glitch During Closing Auction, by Asjylyn Loder, Wall Street
Journal, March 20, 2017. See also Headaches for Traders with NYSE
Glitch Near Market Close, by Annie Massa, Bloomberg News, March 21,
2017. Had this systems issue occurred prior to the MOC Cut-Off time
as set forth in this proposal, market participants whose orders were
cancelled on NYSE Arca could have submitted MOC orders to
participate in the proposed Bats Market Close and receive the
official closing price determined by the primary listing market's
secondary contingency procedures.
    \29\ Id.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes the
proposal would increase competition by offering a competitive
alternative to the primary listing markets' closing auction process as
requested by market participants. The proposed rule change will promote
competition among national securities exchanges in the execution of MOC
orders at the official closing price without disrupting the price
discovery process performed by the primary listing markets' closing
processes. The Exchange also notes that other exchanges may file
proposed rule changes with the Commission seeking to adopt alternatives
to the auction the Exchange conducts in BZX-listed securities should
they feel they can offer improved price discovery or lower transaction
costs without further fragmenting the market.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.

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-BatsBZX-2017-34 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-BatsBZX-2017-34. 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-BatsBZX-2017-34, and should
be submitted on or before June 12, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10305 Filed 5-19-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 69 (Wednesday, April 12, 2017)]
[Rules and Regulations]
[Pages 17560-17561]
[FR Doc No: 2017-07383]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2017-0018]

Drawbridge Operation Regulation; Gulf Intracoastal Waterway,
Belle Chasse, Louisiana

AGENCY: Coast Guard, DHS.

ACTION: Notice of deviation from drawbridge regulations.

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SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the State Route 23 Bridge across the
Gulf Intracoastal Waterway (Algiers Alternate Route), mile 3.8, at
Belle Chasse, Plaquemines Parish, Louisiana. The deviation is necessary
to facilitate movement of vehicular traffic for the 2017 New Orleans
Air Show to be held at the U.S. Naval Air Station, Joint Reserve Base
at Belle Chasse, Louisiana. This deviation allows the bridge to remain
in the closed-to-navigation position for several hours on two
afternoons to accommodate the additional volume of vehicular traffic
following the event.

DATES: This temporary deviation is effective from 4 p.m. on Saturday,
April 22, 2017 through 6:30 p.m. on Sunday, April 23, 2017.

ADDRESSES: The docket for this deviation, [USCG-2017-0018] is available
at http://www.regulations.gov. Type the docket number in the ``SEARCH''
box and click ``SEARCH''. Click on Open Docket Folder on the line
associated with this deviation.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email Giselle MacDonald, Bridge
Administration Branch, Coast Guard, telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION: The Department of the Navy requested a
temporary deviation from the operating schedule of the State Route 23
vertical lift span bridge across the Gulf Intracoastal Waterway, mile
3.8, at Belle Chasse, Plaquemines Parish, Louisiana. The 2017 New
Orleans Air Show is being held on the weekend of April 22-23, 2017. The
deviation will accommodate the anticipated vehicle traffic associated
with the large amount of the general public that will attend this
popular event. This temporary deviation will allow the bridge to remain
in the closed-to-navigation position from 4 p.m. until 6:30 p.m. on
Saturday, April 22, 2017 and from 4 p.m. until 6:30 p.m. on Sunday,
April 23, 2017.
    In accordance with 33 CFR 117.451(b), the bridge currently opens on
signal; except that, from 6 a.m. to 8:30 a.m. and from 3:30 p.m. to
5:30 p.m. Monday through Friday, except Federal holidays, the draw need
not be opened for the passage of vessels.
    The State Route 23 vertical lift span bridge across the Gulf
Intracoastal Waterway (Algiers Alternate Route), mile 3.8, at Belle
Chasse, Louisiana has a vertical clearance of 40 feet above mean high
water in the closed-to-navigation position and 100 feet above mean high
water in the open-to-navigation position. Navigation on the waterway
consists primarily of tugs with tows, commercial fishing vessels, and
occasional recreational craft. Mariners may use the Gulf Intracoastal
Waterway (Harvey Canal) as an alternate.
    The Coast Guard has coordinated the closure with waterway users,
industry, and other Coast Guard units. It has been determined that this
closure will not have a significant effect on vessel traffic. The
bridge will not be able to open for emergencies during the closure
period.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: March 31, 2017.
Eric A. Washburn,
Bridge Administrator, Eighth Coast Guard District.
[FR Doc. 2017-07383 Filed 4-11-17; 8:45 am]
BILLING CODE 9110-04-P