[Federal Register Volume 77, Number 202 (Thursday, October 18, 2012)]
[Notices]
[Page 64180]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25652]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68049; File No. SR-BYX-2012-019]


Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change To Adopt a Retail Price Improvement Program

October 12, 2012.
    On August 14, 2012, BATS Y-Exchange, Inc. (the ``Exchange'' or 
``BYX'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to establish a Retail Price Improvement (``RPI'') 
Program (``proposed rule change'') to attract additional retail order 
flow to the Exchange while also providing the potential for price 
improvement to such order flow. The proposed rule change was published 
for comment in the Federal Register on August 31, 2012.\3\ The 
Commission received one comment on the proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 67734 (August 27, 
2012), 77 FR 53242 (SR-BYX-2012-019).
    \4\ See Letter from Theodore R. Lazo, Managing Director and 
Associate General Counsel, Securities Industry and Financial Markets 
Association, to Elizabeth M. Murphy, Secretary, Commission, dated 
September 26, 2012 (``SIFMA Letter'').
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of filing of a proposed rule change, or within 
such longer period up to 90 days as the Commission may designate if it 
finds such longer period to be appropriate and publishes its reasons 
for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is October 15, 2012.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period to take action on the proposed 
rule change so that it has sufficient time to consider the Exchange's 
proposal, which would allow the Exchange to utilize non-displayed 
orders that offer price improvement to retail order flow potentially in 
sub-penny increments, and the comment letter that has been submitted in 
connection with it.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\6\ the 
Commission designates November 29, 2012 as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25652 Filed 10-17-12; 8:45 am]
BILLING CODE 8011-01-P