[Federal Register Volume 79, Number 182 (Friday, September 19, 2014)]
[Notices]
[Pages 56421-56425]
[FR Doc No: 2014-22326]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73093; File No. SR-BATS-2014-037]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing of a Proposed Rule Change to Rules 11.9 and 21.1 of BATS
Exchange, Inc.

September 15, 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 September 3, 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
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 the
Substance of the Proposed Rule Change

    The Exchange is proposing to add Rule 11.24, entitled ``Opening
Process for Non-BATS-Listed Securities,'' as well as to make several
corresponding changes in order to modify the manner in which the
Exchange opens trading for non-BATS-listed securities at the beginning
of the day and after trading halts.
    The text of the proposed rule addition 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend Exchange Rules
11.9(b), 11.18(f), and 11.23(a)(22), and to add new Rule 11.24 in order
to allow for the entry of Regular Hours Only orders in non-BATS-listed
securities and to amend the process by which the Exchange opens trading
for non-BATS-listed securities at the beginning of the day and after
trading halts. Specifically, the Exchange is proposing to accept
Regular Hours Only orders in all non-BATS-listed securities for queuing
throughout the Pre-Opening Session,\3\ as well as to establish a
process for handling queued orders in order to open trading on the
Exchange for Regular Trading Hours \4\ and following a halt. The
Exchange is proposing this rule change in order to create a more
orderly opening of trading in non-BATS-listed securities and to
facilitate the price formation process at the open of trading in non-
BATS-listed securities by allowing Users to enter orders during the
Pre-Market Session and during a halt rather than requiring them to
submit a flood of orders to the Exchange immediately following the
beginning of Regular Trading Hours or the resumption of trading
following a halt.
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    \3\ Pre-Opening Session is defined in BATS Rule 1.5(r).
    \4\ Regular Trading Hours is defined in BATS Rule 1.5(w).
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    Currently, the Exchange begins accepting orders in non-BATS-listed
securities for trading at the beginning of the Pre-Opening Session and
any such orders received by the Exchange are immediately eligible for
execution. Any such orders that are on the BATS Book \5\ at the
beginning of Regular Trading Hours remain on the BATS Book, subject to
the User's instruction, and trading continues into Regular Trading
Hours without any transition period. Upon a halt, the Exchange
currently cancels all orders on the BATS Book, except Eligible Auction
Orders,\6\ and does not accept any orders until the halt is lifted. The
time-in-force of Regular

Hours Only \7\ that the Exchange currently offers is only available in
BATS-listed securities.
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    \5\ BATS Book is defined in BATS Rule 1.5(e).
    \6\ Eligible Auction Order is defined in BATS Rule 11.23(a)(8).
    \7\ Regular Hours Only is defined in BATS Rule 11.23(a)(22).
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    The Exchange is proposing to implement a process by which the
Exchange will accept and queue orders that have a time-in-force of
Regular Hours Only (or ``RHO'') \8\ during the Pre-Opening Session for
execution at the midpoint of the NBBO \9\ shortly after the beginning
of Regular Trading Hours (the ``Opening Process''). The Exchange is
also proposing to implement a similar opening process after a halt,
suspension, or pause (a ``Halt'' and the ``Halt Opening Process'') in
which a User's orders will remain on the BATS Book, unless the User has
designated that its orders be cancelled upon a halt, as further
described below.
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    \8\ The Exchange is proposing to amend the definition of Regular
Hours Only to include non-BATS-listed securities and to move the
rule text from Rule 11.23(a)(22) to Proposed Rule 11.9(b)(7).
    \9\ NBBO is defined in BATS Rule 1.5(o).
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    As mentioned above, the Exchange is proposing to delete current
rule 11.23(a)(22) defining Regular Hours Only and simultaneously adding
Rule 11.9(b)(7) which would define RHO as a time-in-force that applies
to all securities, both BATS-listed and non-BATS-listed. Specifically,
the Exchange is proposing that RHO means a limit or market order that
is designated for execution only during Regular Trading Hours, which
includes the Opening Auction, the Closing Auction, and IPO/Halt
Auctions for BATS-listed securities and the Opening Process for non-
BATS-listed securities (as such terms are defined in Rule 11.23 and
11.24). Any portion of a market RHO order will be cancelled immediately
following any auction in which it is not executed. The Exchange is also
proposing to make a non-substantive change to Rule 11.9(b) in order to
delete the word ``limit'' because an RHO order can be both a limit
order or a market order. Each other time-in-force clearly states that
it applies only to limit orders.
    The Exchange proposes that prior to the beginning of Regular
Trading Hours, Users \10\ that wish to participate in the Opening
Process may enter orders to buy or sell with a time in force of Regular
Hours Only. Orders cancelled before the completion of the Opening
Process will not participate in the Opening Process. Any order that is
not designated as RHO will not be eligible for participation in the
Opening Process. Proposed Rule 11.24(a)(2) provides that all orders
that are marked as RHO may participate in the Opening Process except
BATS Post Only Orders,\11\ Partial Post Only at Limit Orders,\12\
ISO\13\ orders not modified by Rule 11.24(a)(1), as described below,
and Minimum Quantity Orders.\14\ Because RHO orders received prior to
the completion of the Opening Process are not immediately executable,
but rather queued for later participation in the Opening Process, BATS
Post Only Orders, Partial Post Only at Limit Orders, and Minimum
Quantity Orders marked as RHO do not make sense in the context of the
Opening Process and, thus, the Exchange is proposing to exclude them
from the Opening Process. Similarly, because an order designated as an
ISO implies that there is currently a protected bid or offer and there
are no protected bids or offers prior to 9:30 a.m. Eastern Time, the
Exchange proposes to reject any ISOs designated RHO entered prior to
the beginning of Regular Trading Hours. While this functionality is
opposite of the way that ISOs are handled on the Exchange's options
platform (``BATS Options'') (ISOs are converted to non-ISOs and entered
for queuing), the Exchange believes that because there is continuous
trading during the Pre-Opening Session on the Exchange while orders are
also being queued for participation in the Opening Process, an ISO tag
could be interpreted in various ways and there is no obvious way to
eliminate this confusion and, as such, the order should be rejected. On
BATS Options, on the other hand, there is no continuous book and all
orders entered prior to 9:30 a.m. Eastern Time are queued for
participation in the BATS Options opening process, so an ISO tag simply
does not make sense in that context and can reasonably be ignored and
converted to a non-ISO for queuing. Consistent with this logic and as
further detailed below, the Exchange is also proposing that, prior to a
re-opening after a halt, any ISO that is not IOC or FOK be converted
into a non-ISO for queuing and participation in the re-opening process
because there is no continuous trading while a security is halted.
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    \10\ User is defined in BATS Rule 1.5(cc).
    \11\ BATS Post Only Order is defined in BATS Rule 11.9(c)(6).
    \12\ Partial Post Only at Limit Order is defined in BATS Rule
11.9(c)(7).
    \13\ ISO is defined in BATS Rule 11.9(d).
    \14\ Minimum Quantity Order is defined in BATS Rule 11.9(c)(5).
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    Limit orders with a Reserve Quantity \15\ may participate to the
full extent of their displayed size and Reserve Quantity. Discretionary
Orders \16\ may participate only up to their ranked price for buy
orders or down to their ranked price for sell orders. The discretionary
range of such orders will not be eligible for participation in the
Opening Process. All Pegged Orders and Mid-Point Peg Orders, as defined
in Rule 11.9(c)(8) and (9), will be eligible for execution in the
Opening Process based on their pegged prices.
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    \15\ Reserve Quantity is defined in BATS Rule 11.9(c)(1).
    \16\ Discretionary Order is defined in BATS Rule 11.9(c)(10).
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    The Exchange will then attempt to perform the Opening Process, as
described in proposed Rule 11.24(b), in which the Exchange matches buy
and sell orders that are executable at the midpoint of the NBBO as
described in proposed Rule 11.24(c) below. All orders eligible to trade
at the midpoint will be processed in time sequence, beginning with the
order with the oldest time stamp. The Exchange believes that handling
orders in time priority makes more sense than price-time priority for
the Opening Process because the price of the order is not particularly
important to the Opening Process, so long as the order is priced at or
more aggressively than the Opening Price and, as such, there is no
reason to reward a more aggressive order with priority in the Opening
Process. Thus, the Exchange is proposing that all orders that are
priced equal to or more aggressively than the Opening Price be matched
based only on time priority and will be matched until there is no
remaining volume or there is an imbalance of orders (the ``Opening
Match''). All MTP modifiers, as defined in Rule 11.9(f), will be
ignored as it relates to executions occurring as part of the Opening
Match because the counterparty against which an order executes is
mostly random and completely out of the control of the User entering
the order. It does not make sense to cancel an order because the order
happens to execute against an order entered using the same MPID, but to
allow both orders to execute at the exact same price to the exact same
effect where the orders happen to execute against different orders. An
imbalance of orders on the buy side or sell side may result in orders
that are not executed in whole or in part. Such orders may, in whole or
in part, be placed on the BATS Book, cancelled, executed, or routed to
other away Trading Centers \17\ in accordance with Rule 11.13(a)(2). If
no matches can be made, the Opening Process will conclude with all
orders that participated in the Opening Process being placed in the
BATS Book,

cancelled, executed, or routed to away Trading Centers in accordance
with Rule 11.13(a)(2) related to order execution and routing. Because
an RHO order is not executable until the Opening Process (rather than
upon entry), to the extent that any order is not executed during the
Opening Process and is placed on the BATS Book, such order will receive
a time stamp that reflects the time that the order was placed on the
BATS Book during the Opening Process and not the time that the order
was entered for queuing.
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    \17\ Trading Center is defined in BATS Rule 2.11(a).
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    Under proposed Rule 11.24(c), the Exchange will determine the price
of the Opening Process by using the midpoint of the NBBO, as follows:
(a) When the listing exchange is either the NYSE or NYSE MKT, the
Opening Process will be priced at the midpoint of the: (i) First NBBO
subsequent to the first reported trade on the listing exchange after
9:30:00 a.m. Eastern Time; or (ii) then prevailing NBBO when the first
two-sided quotation is published by the listing exchange after 9:30:00
a.m. Eastern Time if no first trade is reported by the listing exchange
within one second of publication of the first two-sided quotation by
the listing exchange; or (b) for any other listing market except for
the Exchange, the Opening Process will be priced at the midpoint of the
first NBBO disseminated after 9:30:00 a.m. Eastern Time. The Exchange
is proposing to differentiate the treatment between NYSE and NYSE MKT
listed securities and securities listed on any other exchange because
NYSE and NYSE MKT do not offer continuous trading prior to 9:30:00 a.m.
Eastern Time and the market for trading in securities listed on these
exchanges may take a moment to develop. Using the first NBBO
disseminated for NYSE and NYSE MKT listed securities to establish the
Opening Price may result in executions that are not necessarily
reflective of market conditions after the first execution on the
listing market or one second after the listing market's first quote.
Every other listing exchange allows for continuous trading prior to
9:30:00 a.m. Eastern Time, which results in a more fully developed
market immediately after 9:30:00 a.m. Eastern Time and, thus, a more
immediately reliable Opening Price.
    Proposed Rule 11.24(a)(1) provides that during the period between
9:30 a.m. Eastern Time and the occurrence of the Opening Process, all
non-RHO orders, subject to order instructions, and ISOs designated RHO
may execute against eligible Pre-Opening Session contra-side interest
resting in the BATS Book. The Exchange will convert any unexecuted
portion of an ISO designated RHO entered during this period into a non-
ISO and queue the order for participation in the Opening Process.
    If the conditions to establish the price of the Opening Process set
forth under proposed Rule 11.24(c) do not occur by 9:45:00 a.m. Eastern
Time, proposed Rule 11.24(d) describes a contingent opening process
(the ``Contingent Open Process'') in which instead of matching orders
at the midpoint of the NBBO, orders will be handled in time sequence,
beginning with the order with the oldest time stamp, and will be placed
on the BATS Book, routed, cancelled, or executed in accordance with the
terms of the order. Because an RHO order is not executable until the
Opening Process (rather than upon entry), any order subject to the
Contingent Open Process that is placed on the BATS Book will receive a
time stamp that reflects the time that the order was placed on the BATS
Book during the Opening Process and not the time that the order was
entered for queuing.
    In the event of a Halt, the proposed amendment to Rule 11.18(f)
provides that, except where a User has designated that its orders be
cancelled, all outstanding orders in the System \18\ will remain on the
BATS Book. Proposed Rule 11.24(e) then provides that the Exchange will
accept orders for queuing prior to the resumption of trading in order
to participate in the Halt Opening Process. While a non-BATS-listed
security is subject to a Halt, the Exchange will accept orders for
queuing prior to the resumption of trading in the security for
participation in the Halt Opening Process. The Halt Opening Process
will occur in the same manner described in proposed Rules 11.24(a)(2)
and (b) with the following exceptions: (1) Non-RHO orders will be
eligible for participation in the re-opening, but IOC,\19\ FOK, BATS
Post Only Orders, Partial Post Only at Limit Orders, and Minimum
Quantity Orders will be cancelled or rejected, as applicable, and any
ISO that is not IOC or FOK will be converted into a non-ISO and be
queued for participation in the Halt Opening Process; and (2) the re-
opening will occur at the midpoint of the: (i) First NBBO subsequent to
the first reported trade on the listing exchange following the
resumption of trading after a Halt; or (ii) NBBO when the first two-
sided quotation is published by the listing exchange following the
resumption of trading after a Halt if no first trade is reported by the
listing exchange within one second of publication of the first two-
sided quotation by the listing exchange. Similar to the rationale for
waiting for the sooner of the first execution on the primary or one
second to use the midpoint of the NBBO for the Opening Process for NYSE
and NYSE MKT, the Exchange is proposing to wait until the sooner of the
first execution on the primary or one second to use the midpoint of the
NBBO for the Halt Opening Process because there is no continuous
trading occurring on any market during a Halt and waiting will provide
time for the market to be more fully established before determining the
price at which the Halt Opening Process will occur. Where neither of
the above conditions required to establish the price of the re-opening
have occurred, the security may be opened for trading at the discretion
of the Exchange. Where the security is opened by the Exchange subject
to this discretion, orders will be handled in the same manner as the
Contingent Open Process.
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    \18\ System is defined in BATS Rule 1.5(aa).
    \19\ IOC is defined in BATS Rule 11.9(b)(1).
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2. Statutory Basis
    The rule change proposed in this submission 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(b) of the Act.\20\ Specifically, the
proposed change is consistent with Section 6(b)(5) of the Act,\21\
because it is designed to promote just and equitable principles of
trade, to remove impediments to, and perfect the mechanism of, a free
and open market and a national market system, and, in general, to
protect investors and the public interest. The Exchange believes that
allowing for the entry of RHO orders in non-BATS-listed securities
during the Pre-Opening Session and transitioning into Regular Trading
Hours pursuant to the Opening Process will help to ensure that the
Exchange opens trading in a fair and orderly manner. Specifically, the
Exchange believes that allowing Users to enter and cancel orders in
non-BATS-listed securities during the Pre-Opening Session to be queued
for execution at the midpoint of the NBBO and/or entry on to the BATS
Book shortly following the beginning of Regular Trading Hours will
create a more orderly opening and facilitate the price formation
process at the opening of trading because Users are able to enter
orders to participate in the Opening Process during the Pre-Market
Session rather than having a flood of orders submitted to the Exchange
immediately following the beginning of

Regular Trading Hours. Similarly, the Exchange believes that
implementing substantially similar functionality in non-BATS listed
securities for accepting orders during re-opening after a Halt will
also create a more orderly opening and facilitate price formation as a
security is coming out of a Halt. Additionally, using the midpoint of
the NBBO as the price for the Opening Process (regardless of the time
at which such NBBO is selected as described under proposed Rule
11.24(c)) will further create a more orderly opening and facilitation
of the price formation process by basing the price at which the Opening
Process will occur on the best available pricing under current market
conditions.
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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
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    The Exchange also believes that excluding BATS Post Only Orders,
Partial Post Only at Limit Orders, ISOs, and Minimum Quantity Orders
from participation in the Opening Process is designed to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and, in general, to protect investors and the public interest; and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers because, as described above, such order
types combined with an RHO time-in-force do not make sense in the
context of queuing orders for the Opening Process. Further, the
Exchange believes that allowing certain RHO orders and all non-RHO
orders to interact with interest (and, in the case of non-RHO orders,
to be added to the BATS Book where there is no contra-side interest)
from the Pre-Opening Session after 9:30 a.m. Eastern Time, but before
the completion of the Opening Process will also create a more orderly
opening and facilitate the price formation process because Users will
have the option to enter orders that will either participate in the
Opening Process or immediately interact with liquidity from the Pre-
Opening Session, allowing trading to continue while the Exchange is
waiting for the conditions necessary to complete the Opening Process.
The Exchange also believes that allowing an ISO marked RHO to execute
against eligible Pre-Opening Session interest after 9:30 a.m. Eastern
and before completion of the Opening Process and then converting the
unexecuted portion of the order into a non-ISO for queuing for
participation in the Opening Process is consistent with the Act because
it is consistent with the requirements of Regulation NMS.\22\ In
particular, because after 9:30 a.m. Eastern Time there may be a
protected bid or offer displayed by the Exchange that the User entering
the order is trying to execute against, the Exchange is proposing to
allow an ISO designated as an RHO to interact with liquidity currently
on the BATS Book prior to queuing for participation in the Opening
Process.
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    \22\ 17 CFR 242.600.
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    The Exchange also believes that the proposal is designed to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general to protect investors and the
public interest because it would create a contingent opening process
under which the orders queued for participation in the Opening Process
would be entered on to the BATS Book in the event that the conditions
for determining the price of the Opening Process are not met prior to
9:45:00 a.m. Eastern Time, which will further help to ensure that the
Exchange opens trading in a fair and orderly manner by providing a
means for trading in a non-BATS-listed security to open where there is
no two-sided NBBO in the security for fifteen minutes after the
beginning of Regular Trading Hours. The Exchange believes that fifteen
minutes is a reasonable amount of time to wait for the establishment of
a two-sided NBBO because it marks a point at which the market in a
security has had a sufficient amount of time to develop while
simultaneously providing a reasonable cut-off point at which the
Exchange may open the security for Regular Trading Hours trading. The
Exchange also believes that handling all orders queued for
participation in the Opening Process in time sequence after fifteen
minutes will help to ensure that trading opens in as fair and orderly a
manner as possible.
    The implementation of the Opening Process will also provide Users
with greater control and flexibility with respect to entering orders,
allowing them to enter orders for participation during Regular Trading
Hours in all non-BATS-listed securities during the Pre-Opening Session,
rather than only after Regular Trading Hours begin at 9:30 a.m. Eastern
Time. This simplifies the order entry process for Users that do not
want to participate in the Pre-Opening Session by allowing them to
enter their orders designated as Regular Hours Only prior to Regular
Trading Hours, which removes impediments to a free and open market and
benefits all Users of the Exchange.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the act. To the contrary, the Exchange's
inability to accept orders in non-BATS-listed securities prior to 9:30
a.m. Eastern Time for participation during Regular Trading Hours limits
competition in that the listing exchange is able to begin accepting
orders in such securities, while the Exchange cannot accept such
orders. Thus, approval of the proposed rule change will promote
competition because it will allow the Exchange to offer its Users the
ability to enter orders prior to the beginning of Regular Trading Hours
for queuing and entry during Regular Trading Hours and thus compete
more directly with other exchanges for order flow that a User may not
have directed to the Exchange if they were not able to enter orders for
queuing prior to Regular Trading Hours.

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

    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-BATS-2014-037 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-2014-037. 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 at 100 F Street NE.,
Washington, DC 20549-1090 on official business days between the hours
of 10:00 a.m. and 3:00 p.m. Copies of such 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-2014-037, and should be submitted on or before October 10, 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. 2014-22326 Filed 9-18-14; 8:45 am]
BILLING CODE 8011-01-P