[Federal Register Volume 79, Number 203 (Tuesday, October 21, 2014)]
[Notices]
[Pages 63011-63015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-24943]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73356; File No. SR-BATS-2014-045]


 Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 11.16 of BATS Exchange, Inc.

October 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 October 7, 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 and 
II 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 proposed rule change to amend paragraph (f) of 
Rule 11.16 to provide Members \3\ with additional time within which to 
submit a written claim for compensation for ``losses resulting directly 
from the malfunction of the Exchange's physical equipment, devices and/
or programming or the negligent acts or omissions of its employees'' 
(``Exchange Systems Issues''). In addition, the Exchange proposes to 
add a new paragraph (g) to Rule 11.16 to permit the Exchange, subject 
to certain conditions and limitations, to compensate Members for 
certain losses incurred in connection with orders or portions of orders 
routed by the Exchange through its affiliated routing broker-dealer, 
BATS Trading, Inc. (``BATS Trading''), to Trading Centers \4\ where 
such losses are claimed by the Member to have resulted directly from a 
malfunction of the physical equipment, devices and/or programming, or 
the negligent acts or omissions of the employees, of such Trading 
Centers (``Trading Center Systems Issue'').
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    \3\ The term ``Member'' is defined as ``any registered broker or 
dealer that has been admitted to membership in the Exchange. A 
Member will have the status of a ``member'' of the Exchange as that 
term is defined in Section 3(a)(3) of the Act. Membership may be 
granted to a sole proprietor, partnership, corporation, limited 
liability company or other organization which is a registered broker 
or dealer pursuant to Section 15 of the Act, and which has been 
approved by the Exchange.'' See Exchange Rule 1.5(n).
    \4\ Rule 600(b)(78) of Regulation NMS, 17 CFR 242.600(b)(78), 
defines a ``Trading Center'' as ``a national securities exchange or 
national securities association that operates an SRO trading 
facility, an alternative trading system, an exchange market maker, 
an OTC market maker, or any other broker or dealer that executes 
orders internally by trading as principal or crossing orders as 
agent.'' See also Exchange Rule 2.11(a).
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    The proposed rule change is substantially similar to the existing 
functionality on EDGX Exchange, Inc. (``EDGX'') and EDGA Exchange, Inc. 
(``EDGA'').\5\ The Exchange has

[[Page 63012]]

designated the proposed rule change as non-controversial and provided 
the Commission with the notice required by Rule 19b-4(f)(6)(iii) under 
the Act.\6\
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    \5\ See EDGA Rules 11.12(d)(3) and (e); EDGX Rules 11.12(d)(3) 
and (e). See also Securities Exchange Act Release Nos. 71061 
(December 12, 2013), 78 FR 76685 (December 18, 2013) (SR-EDGA-2013-
36) (Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Amend EDGX Rule 11.12, Limitations of Liability); and 
71062 (December 12, 2013), 78 FR 76693 (December 18, 2013) (SR-EDGX-
2013-45) (Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Amend EDGX Rule 11.12, Limitations of Liability). The 
Exchange notes that proposed Rule 11.16(g)(4) refers [sic] the 
liability limits under BATS Rule 11.16(d)(1)-(3), which differ from 
the existing EDGA and EDGX monthly liability limit of $500,00 
referenced under EDGA and EDGX Rules 11.12(e)(4) and set forth under 
EDGA and EDGX Rules 11.12(d)(1). The Exchange understands that both 
EDGA and EDGX intend to submit a proposed rule change to harmonize 
its liability limits with those of BATS and BYX.
    \6\ 17 CFR 240.19b-4(f)(6)(iii).
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    The text of the proposed rule change 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 Exchange proposes to amend Rule 11.16 to: (i) Amend paragraph 
(f) to provide Members with additional time within which to submit a 
written claim for compensation for Exchange Systems Issues; and (ii) 
add a new paragraph (g) permitting the Exchange, subject to certain 
conditions and limitations, to compensate Members for certain losses 
incurred in connection with orders or portions of orders routed by the 
Exchange through BATS Trading to Trading Centers where such losses are 
claimed by the Member to have resulted directly from a Trading Center 
Systems Issue.
    Earlier this year, the Exchange and its affiliate BATS Y-Exchange, 
Inc. (``BYX'') received approval to effect a merger (the ``Merger'') of 
the Exchange's parent company, BATS Global Markets, Inc., with Direct 
Edge Holdings LLC, the indirect parent of EDGX and EDGA (together with 
BATS, BYX, EDGA and EDGX, the ``BGM Affiliated Exchanges'').\7\ In the 
context of the Merger, the BGM Affiliated Exchanges are working to 
align certain rules, retaining only intended differences between the 
BGM Affiliated Exchanges. Thus, the proposal set forth below is 
intended to align the requirements for Member reimbursements with that 
of EDGX and EDGA in order to provide consistent requirement for users 
of the BGM Affiliated Exchanges.\8\
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    \7\ See Securities Exchange Act Release No. 71375 (January 23, 
2014), 79 FR 4771 (January 29, 2014) (SR-BATS-2013-059; SR-BYX-2013-
039).
    \8\ The Exchange understands that BYX is to file a proposed rule 
change with the Commission to adopt similar requirements.
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Extension of Deadline To Submit Claims
    Rule 11.16 currently states that, except as provided in subsection 
(d) of the Rule, the Exchange and its affiliates shall not be liable 
for any losses, damages, or other claims arising out of the Exchange or 
its use. Exchange Rule 11.16(d) provides a limited exception to its 
general limitation of liability that allows for the payment of 
compensation to Members for Exchange Systems Issues, subject to certain 
conditions. Subsection (d)(1) thru (3) of Rule 11.16 sets forth the 
aggregate limits of all claims made by market participants related to 
the use of the Exchange.
    Currently, Rule 11.16(f) requires Members to submit claims for 
compensation to the Exchange by the opening of trading on the business 
day following the day on which the Member's use of the Exchange gave 
rise to the claim. To be consistent with EDGX and EDGA, the Exchange 
proposes to extend the deadline to submit a claim to no later than 4:00 
p.m. Eastern Time, or 1:00 p.m. in the event of an early market 
close,\9\ on the second business day following the day on which the 
Member's use of the Exchange gave rise to the claim. The Exchange 
believes that such expansion of time is reasonable given that Members 
often do not have all the necessary information to substantiate all 
facts bearing on the accuracy and completeness of a claim within the 
required current timeframe under Rule 11.16(f). The expansion of time 
to submit compensation claims should, therefore, increase the 
likelihood that Members will be able to submit claims to the Exchange 
in a timely manner. In addition, the proposed extended deadline is 
identical to that contained in EDGX Rule 11.12(d)(3) and EDGA Rule 
11.12(d)(3).\10\
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    \9\ Regular trading hours for days when the markets close early 
are typically 9:30 a.m. to 1:00 p.m. Eastern Time on the day after 
Thanksgiving and on Christmas Eve, unless Christmas Eve happens to 
fall on a weekend. See, e.g., BATS Exchange Trading Hours available 
at http://batstrading.com/support/hours/.
    \10\ See supra note 5.
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Reimbursement for Losses Sustained at Trading Centers
    The Exchange also proposes to amend Exchange Rule 11.16 to add a 
new paragraph (g) that would authorize the Exchange, subject to express 
conditions and limitations, to compensate Members for losses relating 
to orders routed by the Exchange through BATS Trading to Trading 
Centers that the Member claims resulted directly from a Trading Center 
Systems Issue. Proposed Rule 11.16(g) is substantially similar to EDGX 
Rule 11.12(e) and EDGA Rule 11.12(e).\11\
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    \11\ See supra note 5.
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    The Exchange believes that the proposed rule change will provide a 
remedy, not currently available under Rule 11.16, to Members that 
experience losses due to Trading Center Systems Issues after BATS 
Trading routed the Members' orders to a Trading Center that experienced 
such issues. The Exchange's authority to compensate Members for losses 
under Rule 11.16(d) only covers losses incurred as a result of Exchange 
Systems Issues, and does not currently extend to Trading Center Systems 
Issues. Even if the Exchange, via BATS Trading, were to seek and 
receive compensation on behalf of a Member from a Trading Center 
relating to a Trading Center Systems Issue, it does not currently have 
the authority to, in turn, pass such compensation along to the affected 
Member. The Exchange, therefore, proposes to add a new paragraph (g) to 
Rule 11.16 as an accommodation to Members, whereby the Exchange, via 
BATS Trading, would employ reasonable efforts to submit Members' claims 
for compensation on such Members' behalf to a Trading Center, and pass 
along to such Members the full amount of compensation, if any, obtained 
by BATS Trading from such Trading Center.\12\
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    \12\ BATS Trading is considered a facility of the Exchange, and, 
therefore, claims for compensation due to an Exchange Systems Issue 
experienced by BATS Trading must be submitted in accordance with 
Exchange Rule 11.16(d).
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    Under proposed Rule 11.16(g), the Exchange would undertake to 
accept claims for losses submitted by Members, which claims must 
contain representations from such Members as to the accuracy of the 
information contained therein and that any losses incurred were the 
direct result of a Trading Center Systems Issue.\13\ The

[[Page 63013]]

Exchange would employ reasonable efforts to submit such claims, via 
BATS Trading, to the Trading Center in question. If and to the extent 
that BATS Trading were to receive compensation from a Trading Center in 
response to a claim submitted on behalf of a Member, the full amount of 
such compensation would be passed through to the Member.
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    \13\ Members receive reports from the Exchange shortly after a 
trade is consummated indicating whether their order, or a portion 
thereof, was executed at a Trading Center. The report will indicate 
the size and price of the execution on the Trading Center.
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    Proposed Rule 11.16(g)(1) would require that a Member seeking 
compensation for a loss due to a Trading Center Systems Issue must 
submit its claim to the Exchange in writing. The proposed rule would 
not include a specific deadline by which Members must submit claims for 
compensation. The Exchange notes that Trading Centers that are national 
securities exchanges impose different deadlines by which their Members 
must submit claims for compensation,\14\ and that many Trading Centers 
that are not national securities exchanges either do not impose any 
deadline or otherwise handle requests for compensation on a case-by-
case basis. It is, therefore, incumbent on, and the sole responsibility 
of, the Member to submit claims to the Exchange in a timely manner so 
that the Exchange may then forward such claim, via BATS Trading, in 
advance of any deadline required by that Trading Center. Upon receipt 
of a Member's claim, the Exchange would only verify that a valid order 
was submitted by the Member and accepted and acknowledged by the 
Exchange, that the Member's order or a portion of the order was routed 
by the Exchange via BATS Trading to a Trading Center, and that the 
Member represented that it incurred a loss as a result of a Trading 
Center Systems Issue. The Exchange would then use reasonable efforts to 
forward the claim, via BATS Trading, to such Trading Center.
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    \14\ See Nasdaq Stock Market LLC Rule 4626 (requiring claims for 
compensation to be submitted by 12:00 p.m. Eastern Time on T+1). See 
also NYSE Arca, Inc. Options Rule 14.2, NYSE MKT LLC Rule 905NY, 
Chicago Board Options Exchange, Incorporated Rule 6.7 (requiring 
claims for compensation to be submitted by the open of regular 
trading hours on T+1).
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    Proposed Rule 11.16(g)(2) would state that the Exchange would pass 
along to the Member the full amount of any compensation that the 
Exchange, via BATS Trading, received from a Trading Center as a result 
of a claim submitted on behalf of the Member. Any compensation paid to 
the Member would be paid solely from the compensation, if any, 
recovered from that Trading Center and not from any other source.
    Proposed Rule 11.16(g)(3) would account for the circumstance where 
more than one Member submitted a claim for loss resulting from the same 
Trading Center Systems Issue and the total amount of compensation 
received from the Trading Center is insufficient to fully satisfy the 
claims of all such Members. In such case, the Exchange would 
proportionally allocate the total amount received from the Trading 
Center, if any, among all such Members' claims based on the proportion 
that each such claim bears to the sum of all such claims. The Exchange 
believes that this provision will provide for equitable compensation 
among all Members that submit a valid claim related to a Trading Center 
Systems Issue by ensuring that Members are compensated on a pro rata 
basis.
    The payment of claims submitted in response to an Exchange Systems 
Issue would be separate and apart from any pass-through of compensation 
paid due to a Trading Center Systems Issue. Proposed Rule 11.16(g)(4) 
would state that any pass-through of compensation to a Member in 
accordance with Rule 11.16(g) would be unrelated to any other claims 
for compensation that are made due to an Exchange Systems Issues under 
Exchange Rule 11.16(d). Accordingly, proposed Rule 11.16(g)(4) would 
state that any compensation paid to Members from reimbursement 
recovered from a Trading Center would not count against the Exchange's 
liability limits set forth in Rule 11.16(d), nor any applicable 
insurance maintained by the Exchange.
    Notwithstanding the foregoing, the Exchange is not proposing to 
undertake or assume any responsibility to: (1) Independently validate 
information submitted by a Member in connection with a claim for 
compensation for loss arising out of a Trading Center Systems Issue, 
other than the ticker, size and side of the affected orders and the 
Trading Center to which the affected orders were routed and alleged to 
have experienced a Trading Center Systems Issue; (2) ascertain or 
comply with any mandatory deadlines within which to submit claims for 
compensation to a Trading Center; (3) guarantee that any compensation 
will be procured from a Trading Center; (4) negotiate agreements with 
any Trading Centers to require compensation under any circumstances; or 
(5) take any additional steps with respect to a Trading Center Systems 
Issue if such Trading Center denies or fails to respond to any claim 
for compensation, in whole or in part. In other words, the Exchange 
will, upon receipt of a claim for compensation from a Member for loss 
resulting from a Trading Center Systems Issue, reasonably endeavor to 
submit such claim, via BATS Trading, to the applicable Trading Center 
as soon as reasonably practicable, and if BATS Trading in turns 
receives an accommodation from such Trading Center, such accommodation 
will be passed along to the Member via the Exchange. Neither the 
Exchange nor BATS Trading will be under any obligation to know any 
Trading Center's rules, procedures and/or customs, to the extent any 
exist, for the submission of claims for compensation, nor to dispute a 
Trading Center's denial of a claim, whether in whole or in part, nor to 
take any further actions with respect to such claim in the event that 
the Trading Center does not respond at all to the claim. Accordingly, 
with this proposed rule change, the Exchange is not assuming any 
additional liability to Members for losses claimed to have resulted 
from Trading Center Systems Issues; rather, it proposes to serve a 
purely ministerial role, given the contractual privity that exists 
between BATS Trading and Trading Centers, in the submission of Members' 
claims for compensation to such Trading Centers on their behalf. To 
that end, proposed Rule 11.16(g)(5) would make clear that under no 
circumstances will the Exchanges' inability to procure compensation 
from a Trading Center, in whole or in part, for whatever reason, give 
rise to a claim for compensation from the Exchange pursuant to 
paragraph (d) of Rule 11.16 as a ``negligent act or omission of an 
Exchange employee.'' Proposed Rule 11.16(g)(5) would further state that 
the Exchange would not be liable should the Trading Center deny such 
claim made pursuant to proposed Rule 11.16(g), in whole or in part, for 
any reason.
    The Exchange believes that the provisions outlined in the above 
paragraph are equitable because any claim submitted under the proposed 
Rule 11.16(g) would be subject to the rules, procedures, and discretion 
of the Trading Center in question. It is the Trading Center, and not 
the Exchange or BATS Trading, that ultimately decides whether to 
approve or deny a Member's claim, or even whether to act on such 
request at all. For example, the Exchange has no discretion over or 
responsibility for the information provided by the Member in its claim, 
and no discretion over or responsibility for whether such information 
is sufficient for the Trading Center to

[[Page 63014]]

provide compensation. In addition, any claim submitted under the 
proposal would be subject to compensation only to the extent that the 
Trading Center provided such compensation to BATS Trading. Accordingly, 
because it is the Trading Center, and not the Exchange or BATS Trading, 
that ultimately decides whether a claim for compensation would be 
granted, the Exchange believes the proposal is fair and just in 
limiting the Exchange's liability in the event a Trading Center 
determines, for any reason, to deny a claim, in whole or in part, or 
even not to respond to such claim.
Implementation Date
    The Exchange intends to implement the proposed rule changes as soon 
as practicable and will announce its availability via a trading notice 
to be posted on the Exchange's Web site.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \15\ and furthers the objectives of 
Section 6(b)(5) of the Act,\16\ in that it is designed promote just and 
equitable principles of trade, remove impediments to, and perfect the 
mechanism of, a free and open market and a national market system, and, 
in general, protect investors and the public interest. In addition, the 
Exchange believes that the proposed rule change is not designed to 
permit unfair discrimination between customers, issuers, brokers or 
dealers. The proposed rule change is substantially similar to the 
existing rules of EDGX and EDGA.\17\ The proposed rule change is 
intended to add certain requirements for Member reimbursements 
currently offered by EDGA and EDGX in order to provide a consistent 
rules across the BGM Affiliated Exchanges. Consistent rules, in turn, 
will simplify the regulatory requirements for Members of the Exchange 
that are also participants on EDGA and EDGX. The proposed rule change 
would provide greater harmonization between Exchange and EDGX and EDGA 
rules of similar purpose, resulting in greater uniformity and less 
burdensome and more efficient regulatory compliance. As such, the 
proposed rule change would foster cooperation and coordination with 
persons engaged in facilitating transactions in securities and would 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ See supra note 7.
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Extension of Deadline To Submit Claims
    Extending the deadline by which claims for compensation are 
submitted to the Exchange is designed to increase the likelihood that 
Members will be able to submit claims in a timely manner. The Exchange 
believes that such expansion of time is reasonable given that Members 
often do not have all the necessary information to substantiate all 
facts bearing on the accuracy and completeness of a claim within the 
required current timeframe under Rule 11.16(f). Therefore, the Exchange 
believes the proposed rule change is equitable and will promote 
fairness in the market place by providing Members increased time to 
submit claims that result from an Exchange Systems Issue.
Reimbursement for Losses Sustained at Other Trading Centers
    Like EDGX Rule 11.12(e) and EDGA Rule 11.12(e),\18\ proposed Rule 
11.16(g) would enable the Exchange to pass through to Members any 
compensation that the Exchange is able to procure, via BATS Trading, 
from a Trading Center for losses claimed by Members to have resulted 
from a Trading Center Systems Issue. The proposal specifies a 
standardized method for Members to submit claims for compensation from 
a Trading Center, and for the Exchange to pass through to its Members 
any such compensation obtained, if and to the extent the Exchange, via 
BATS Trading, is able to obtain such compensation from the Trading 
Center. Furthermore, any compensation obtained by the Exchange from a 
Trading Center would be passed on to the Member who requested such 
reimbursement. If the amount received by the Exchange from the Trading 
Center was insufficient to satisfy all claims, it would be allocated 
among the claimants proportionally based on the percentage that each 
claimant's claim in relation to the sum of all claims received by the 
Exchange. In addition, the proposed pro-rata allocation methodology 
that the Exchange would employ would provide for equitable compensation 
among all Members who submit a claim related to a Trading Center 
Systems Issue and deter the risk of preferential treatment of certain 
Members by the Exchange. Therefore, the Exchange believes that the 
proposed rule change would protect investors and the public interest by 
potentially providing Members with a remedy not currently available to 
them to recover for losses incurred as a result of Trading Center 
Systems Issues, which generally arise from factors unrelated to their 
trading activities.
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    \18\ See supra note 5.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change would not impose any burden on 
competition. The proposed rule change is designed to promote fairness 
in the marketplace by increasing the time within which a Member is to 
submit claims for Exchange System Issues and to be compensated for 
losses that result from Trading Center Systems Issues. The Exchange 
believes that the proposed rule changes will not burden intramarket 
competition because all Members would be subject to the same deadline 
to submit a claim for Exchange Systems Issues and be able to submit 
claims for reimbursement for certain losses incurred due to Trading 
Center System Issues. The proposed rule change is not designed to 
address any competitive issues but rather is designed to provide 
greater harmonization among Exchange and EDGA and EDGX rules of similar 
purpose, resulting in less burdensome and more efficient regulatory 
compliance for common members of the BGM Affiliated Exchanges.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(6) \20\ 
thereunder.
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    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

[[Page 63015]]

action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act. If the Commission takes such action, the Commission shall 
institute proceedings to determine whether the proposed rule should be 
approved or 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 protected]. Please include 
File Number SR-BATS-2014-045 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BATS-2014-045. 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-BATS-2014-045 and should be 
submitted on or before November 12, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-24943 Filed 10-20-14; 8:45 am]
BILLING CODE 8011-01-P