
[Federal Register Volume 79, Number 29 (Wednesday, February 12, 2014)]
[Notices]
[Pages 8520-8524]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03005]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71498; File No. SR-BATS-2013-066]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing of Amendment No. 1, and Order Granting Accelerated Approval of a 
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Rules To 
Hold a Volatility Closing Auction

February 6, 2014.

I. Introduction

    On December 19, 2013, BATS Exchange, Inc. (the ``Exchange'' or 
``BATS'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Exchange Rule 11.23 to add a new auction 
type known as the Volatility Closing Auction. The proposed rule change 
was published for comment in the Federal Register on December 27, 
2013.\3\ The Commission received one comment on the proposal.\4\ On 
January

[[Page 8521]]

14, 2014, BATS filed Amendment No. 1 to the proposed rule change.\5\ 
This order approves the proposed rule change, as modified by Amendment 
No. 1, on an accelerated basis.
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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. 71162 (December 20, 
2013), 78 FR 79030 (``Notice'').
    \4\ See Letter to Elizabeth M. Murphy, Secretary, Commission, 
from Abraham Kohen, AK FE Consultants LLC, dated December 23, 2013 
(``Kohen Letter''). The commenter questioned the Exchange's 
determination to refer to the new auction type as the Volatility 
Closing Auction and suggested that a more specific Web site address 
should be used within the Notice to direct readers to the text of 
the proposed rule change. The Exchange did not respond to the 
comment.
    \5\ In Amendment No. 1, BATS amended the proposal to make clear 
that where a halt occurs before 3:50 p.m. E.T. and the Quote-Only 
Period for the associated Halt Auction would be extended between 
3:50 p.m. and 4:00 p.m. E.T. such Halt Auction will, instead of 
being extended, immediately become a Volatility Closing Auction. The 
Amendment also proposes to amend the definition of ``Quote-Only 
Period'' as defined in Exchange Rule 11.23(a)(17) to include 
Volatility Closing Auctions.
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II. Description of the Proposal

    In its filing with the Commission, the Exchange proposes to add a 
new auction type to its rules, a Volatility Closing Auction, which will 
apply any time that an Exchange-listed security is halted during the 
last 10 minutes of Regular Trading Hours \6\ or where the Quote-Only 
Period \7\ of a Halt Auction would be extended during the last 10 
minutes of Regular Trading Hours. In particular, the Exchange proposes 
to add the Volatility Closing Auction in preparation for the operation 
during the last 15 minutes of Regular Trading Hours of the National 
Market System Plan to Address Extraordinary Market Volatility (the 
``Limit Up-Limit Down Plan'' or ``Plan'').\8\
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    \6\ Regular Trading Hours are defined in Exchange Rule 1.5(w) as 
the time between 9:30 a.m. to 4:00 p.m. E.T.
    \7\ Quote-Only Period means a designated period of time prior to 
a Halt Auction or an IPO Auction during which Users may submit 
orders to the Exchange for participation in the auction. See 
Exchange Rule 11.23(a)(17).
    \8\ See Securities Exchange Act Release No. 67091 (May 31, 
2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (Order Approving, 
on a Pilot Basis, the National Market System Plan To Address 
Extraordinary Market Volatility).
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    The Plan is designed to prevent trades in individual NMS Stocks 
from occurring outside of specified Price Bands.\9\ The requirements of 
the Plan are coupled with Trading Pauses, or halts, to accommodate more 
fundamental price moves (as opposed to erroneous trades or momentary 
gaps in liquidity). The Commission approved the Plan, as amended, on a 
one-year pilot basis.\10\ The Plan first became operational in April of 
2013, with a staged rollout with respect to the portion of the trading 
day to which the Plan applies as well as the securities subject to the 
Plan. All trading centers in NMS Stocks, including both those operated 
by Participants and those operated by members of Participants, are 
required to establish, maintain, and enforce written policies and 
procedures that are reasonably designed to comply with the requirements 
specified in the Plan. The Exchange is a Participant in the Plan.
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    \9\ Unless otherwise specified, capitalized terms used herein 
are based on the defined terms of the Plan.
    \10\ See supra note 8.
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    As currently implemented, the Limit Up-Limit Down Plan applies to 
securities between 9:30 a.m. and 3:45 p.m. E.T. each trading day. In 
the near future, the operation of the Plan will be extended to include 
the time between 3:45 p.m. and 4:00 p.m. E.T., which is the end of 
Regular Trading Hours on the Exchange and is when the Exchange 
typically conducts a Closing Auction for each of its listed securities. 
The Exchange proposes to adopt rules for a Volatility Closing Auction 
in connection with the extension of the Plan to the end of Regular 
Trading Hours.
    The Exchange proposes to add new paragraph (e) to Rule 11.23 to 
govern the operation of Volatility Closing Auctions on the Exchange, 
which will be auctions of Exchange-listed securities that are halted in 
the last 10 minutes of Regular Trading Hours or where the Quote-Only 
Period of a Halt Auction would be extended during the last 10 minutes 
of Regular Trading Hours.\11\ As noted by the Exchange, a Volatility 
Closing Auction would operate in certain respects like an Exchange Halt 
Auction as described in Exchange Rule 11.23(d) and in other respects 
like an Exchange Closing Auction as described in Exchange Rule 
11.23(c).\12\
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    \11\ See Notice, supra note 3 at 79031.
    \12\ See Id.
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    According to the Exchange, similar to a Halt Auction on the 
Exchange, a Volatility Closing Auction will have a period of time that 
orders are accepted for participation in such auction during which no 
trading is occurring on the Exchange (the ``Quote-Only Period'').\13\ 
The Quote-Only Period with respect to a Volatility Closing Auction 
would commence at the time a security is halted between 3:50 p.m. and 
4:00 p.m. and will end at 4:00 p.m.\14\ Thus, to the extent the 
Exchange halts a security after 3:55 p.m. but before 4:00 p.m., such 
security will be halted for less than five minutes prior to the 
Volatility Closing Auction.\15\ The Exchange believes this is 
appropriate because it will ensure that the final auction of the day in 
all Exchange-listed securities consistently occurs at 4:00 p.m. 
E.T.\16\
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    \13\ See Id.
    \14\ See Proposed Rule 11.23(e).
    \15\ See Notice, supra note 3 at 79031. The Exchange clarified 
that where a halt occurs before 3:50 p.m. E.T. and the Quote-Only 
Period for the associated Halt Auction would be extended between 
3:50 p.m. and 4:00 p.m. E.T., such Halt Auction will, instead of 
being extended, immediately become a Volatility Closing Auction. See 
Amendment No. 1.
    \16\ See Id.
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    The Exchange notes it will not extend the Quote-Only Period 
associated with a Volatility Closing Auction, which is the same as with 
a Closing Auction.\17\ In contrast, the Exchange's rules related to 
Exchange Halt Auctions provide that the Quote-Only Period may be 
extended where there are unmatched market orders on the auction book 
associated with the auction and where the indicative price moves the 
greater of 10% or fifty (50) cents in the fifteen (15) seconds prior to 
the Halt Auction, both to ensure that there is sufficient interest and 
stability after a halt to reopen the security for trading.\18\ Halt 
Auctions, however, occur during Regular Trading Hours and the Exchange 
retains discretion to not extend the Quote-Only Period of a Halt 
Auction such that it would interfere with a Closing Auction. While the 
Exchange acknowledges that some of the same issues for which the 
ability to extend the Quote-Only Period of a Halt Auction may exist 
where there are unmatched market orders or dramatic price movements 
near the end of the Quote-Only Period of the Volatility Closing 
Auction, the Exchange believes that these concerns are outweighed by 
the importance of providing members and the investing public with a 
definitive market close and an official closing price at 4:00 p.m. E.T. 
The Exchange believes that the clarity that comes from requiring that a 
Volatility Closing Auction occurs at 4:00 p.m. E.T. will help reduce 
uncertainty for members participating in the Volatility Closing 
Auction.\19\
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    \17\ See Id.
    \18\ See Exchange Rule 11.23(d)(2)(B).
    \19\ See Notice, supra note 3 at 79031-2.
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    The Exchange highlights certain elements of its closing process 
that promote a fair and orderly closing, despite its determination to 
have Volatility Closing Auctions conclude at 4:00 p.m. E.T. First, the 
Exchange notes that, even where a halt is declared very near 4:00 p.m. 
E.T., it has proposed that all Volatility Closing Auctions be required 
to close at a price level within the Collar Price Range \20\ in order 
to ensure that the Volatility Closing Auction price is based on 
rational and current market conditions.\21\ Second,

[[Page 8522]]

the Exchange further restricts the price of a Volatility Closing 
Auction by using the Final Last Sale Eligible Trade as the Volatility 
Closing Auction price where no limit orders from one or both sides 
would participate in the Volatility Closing Auction.\22\ According to 
the Exchange, this restriction ensures that there is crossed limit 
interest in the Volatility Closing Auction if the Volatility Closing 
Auction price is going to look to the entered limit interest to 
determine the price, which prevents a single limit order from 
interacting with market orders to determine the Volatility Closing 
Auction Price.\23\ Finally, the Exchange notes that it retains 
discretion under Rule 11.23(f) (re-numbered pursuant to this proposal) 
to adjust the timing of or suspend an auction with prior notice to 
Users where the interests of a fair and orderly market so require.\24\ 
As noted by the Exchange, in a situation where the Exchange deemed it 
necessary to adjust the timing of a Volatility Closing Auction in order 
to maintain a fair and orderly market, i.e., to a time later than 4:00 
p.m. E.T., the Exchange would notify Exchange Users in advance of the 
time that the auction would occur and would provide for a Quote-Only 
period prior to such auction.\25\
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    \20\ See Exchange Rule 11.23(a)(6).
    \21\ See Notice, supra note 3 at 79032.
    \22\ See Proposed Rule 11.23(e)(2)(B).
    \23\ See Notice, supra note 3 at 79032.
    \24\ See Proposed Rule 11.23(f).
    \25\ See Notice, supra note 3 at 79032.
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    During the Quote-Only Period of a Volatility Closing Auction, the 
Exchange will accept all orders eligible to participate in both a Halt 
Auction and a Closing Auction in order to avoid participant confusion 
and to facilitate participation in the Volatility Closing Auction. This 
includes limit and market orders as well as any Eligible Auction Orders 
applicable to a Closing Auction on the Exchange. Thus, the Exchange 
will accept Regular Hours Only orders (``RHOs''), Limit-On-Close orders 
(``LOCs''), Late-Limit-On-Close orders (``LLOCs'') and Market-On-Close 
orders (``MOCs'') for participation in a Volatility Closing Auction, 
and the typical restrictions on such orders will apply. For instance, 
as with a Closing Auction, the Exchange will not accept any LOCs or 
MOCs after 3:55 p.m. E.T. Similarly, the Exchange will not accept any 
LLOCs before 3:55 p.m. E.T. The Exchange notes, however, that, while 
these restrictions remain in place, regular limit and market orders can 
be entered and cancelled without restriction at any time prior to 
execution. In contrast to a typical Closing Auction, however, because 
the Exchange is accepting Eligible Auction Orders only to facilitate 
participation in and avoid confusion during the Volatility Closing 
Auction and because a User could alternatively enter and cancel limit 
orders and market orders without restriction during the Quote-Only 
Period, Eligible Auction Orders associated with a Volatility Closing 
Auction may also be cancelled at any time prior to execution.\26\ The 
Exchange believes that allowing participants to cancel orders 
specifically designated for a Closing Auction up to the time of the 
Volatility Closing Auction is appropriate because halts or extensions 
of a Quote-Only Period of a Halt Auction in the last 10 minutes of the 
trading day necessitating a Volatility Closing Auction may be 
indicative of price dislocation in a security and because such orders 
may have been entered well before such event occurred.\27\
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    \26\ In a Closing Auction, LOC and MOC orders cannot be 
cancelled in the five minutes leading up to the auction.
    \27\ See Notice, supra note 3 at 79033.
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    With respect to market data, the Exchange represents that it will 
disseminate the same information that it does for other auctions 
conducted on the Exchange.\28\ Thus, coinciding with the beginning of 
the Quote-Only Period for a security and updated every five seconds 
thereafter, the Reference Price, Indicative Price, Auction Only Price, 
and the lesser of Reference Buy Shares and Reference Sell Shares 
associated with the Volatility Closing Auction will be disseminated by 
the Exchange via electronic means.
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    \28\ Id. at 79031.
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    The Exchange represents that it will conduct a Volatility Closing 
Auction in a manner similar to a Halt Auction. Specifically, orders 
will be executed at the price that maximizes the number of shares 
executed in the auction.\29\ For ETPs, orders will be executed at the 
price level within the Collar Price Range that maximizes the number of 
shares executed in the auction. In the event of a volume based tie at 
multiple price levels, the price level closest to the Final Last Sale 
Eligible Trade will be used for Volatility Closing Auctions. Where no 
limit orders from one or both sides (the buy side, the sell side, or 
both the buy and sell side) would participate in a Volatility Closing 
Auction, the Volatility Closing Auction will occur at the price of the 
Final Last Sale Eligible Trade. According to the Exchange, the only 
differences between the processing of a Halt Auction and a Volatility 
Closing Auction are that: (1) The Volatility Closing Auction price will 
be used as the official closing price for dissemination to the 
consolidated tape (the ``BATS Official Closing Price''), and (2) a 
Volatility Closing Auction will not be delayed due to a market order 
imbalance or due to a significant change in the Indicative Price, which 
can extend the Quote-Only Period of a Halt Auction, as explained 
above.\30\
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    \29\ See Proposed Rule 11.23(e)(2)(B).
    \30\ See Notice, supra note 3 at 79032.
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    The Exchange also proposes to process a Volatility Closing Auction 
in a manner consistent with auctions conducted by the Exchange, in 
that, as proposed, market orders, including MOCs, will have higher 
priority than other Volatility Closing Auction Eligible Orders.\31\ To 
the extent there is executable contra side interest, such market orders 
will be executed at the BATS Official Closing Price according to time 
priority. After the execution of all market orders, the remaining 
orders priced at or more aggressively than the BATS Official Closing 
Price will be executed on the basis of price/time priority.\32\
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    \31\ See Proposed Rule 11.23(e)(2)(C).
    \32\ See Id.
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    The Exchange will transition to the After Hours Trading Session 
\33\ following a Volatility Closing Auction in much the way that it 
does for a Closing Auction.\34\ Thus, limit order shares that are not 
executed in the Volatility Closing Auction will remain on the 
Exchange's order book during the After Hours Trading Session, subject 
to a User's instructions and the fact that certain auction specific 
limit orders will be cancelled.\35\ RHO, LOC, LLOC, MOC and market 
order shares that are not executed in the Volatility Closing Auction 
will be cancelled at the conclusion of the Volatility Closing 
Auction.\36\ According to the Exchange, the only difference between 
this transition and a typical Closing Auction is that market orders are 
also cancelled, which differs only because such orders may enter the 
Volatility Closing Auction in the first place.\37\ Other than MOCs, 
which are specifically designated for a Closing Auction, market orders 
cannot participate in Closing Auctions because they do not post to the 
Continuous Book,\38\ and thus the Exchange does not

[[Page 8523]]

address their transition to the After Hours Trading Session in its 
Closing Auction transition process.
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    \33\ The After Hours Trading Session is defined in Exchange Rule 
1.5(c) and currently means the time between 4:00 p.m. to 5:00 p.m. 
E.T.
    \34\ See Proposed Rule 11.23(e)(3).
    \35\ See Id.
    \36\ See Id.
    \37\ See Notice, supra note 3 at 79032.
    \38\ Market orders received by the Exchange are executed or 
routed by the Exchange to other market centers but do not post to 
the Exchange's Continuous Book. See Rules 11.9(a)(2), 11.13(a)(1) 
and 11.13(a)(2). The Continuous Book is defined in Exchange Rule 
11.23(a)(7) as all orders on the BATS Book that are not Eligible 
Auction Orders.
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    In addition to the changes described above, in order to correct a 
typographical error in the original filing that proposed Rule 11.23, 
the Exchange proposes to re-number paragraphs (g), (h) and (i) as (f), 
(g) and (h), respectively. Finally, the Exchange proposes to add a 
reference to the new auction type, a Volatility Closing Auction, to 
current paragraph (h) (to be re-numbered as (g).

III. Discussion and Commission Findings

    After careful review of the proposal, as modified by Amendment No. 
1, and the comment letter received \39\ the Commission finds that the 
proposed rule change is consistent with the requirements of the Act and 
the rules and regulations thereunder that are applicable to a national 
securities exchange.\40\ In particular, the Commission finds that the 
proposed rule change is consistent with Section 6(b)(5) of the Act,\41\ 
which requires, among other things, that the rules of an exchange be 
designed to 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.
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    \39\ See Kohen Letter. The Commission believes that the Exchange 
may refer to this new auction as the Volatility Closing Auction as 
it directly relates to the policies and procedures necessary to 
implement the Limit Up-Limit Down Plan. The Commission believes that 
the commenter's more general comments regarding the domain address 
where an Exchange's rules are posted are not germane to this 
proposed rule change.
    \40\ In approving the proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \41\ 15 U.S.C. 78f(b)(1).
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    The Exchange notes that all aspects of the proposed Volatility 
Closing Auction are based upon existing processes built into both the 
Exchanges' Halt Auction and the Exchange's Closing Auction. Consistent 
with existing auctions, the Exchange will accept all orders eligible to 
participate in both a Halt Auction and a Closing Auction and market 
orders, including MOCs, will have higher priority than other Volatility 
Closing Auction Eligible Orders. Such market orders, including MOCs, 
will be executed at the BATS Official Closing Price according to time 
priority to the extent there is executable contra side interest, after 
which remaining orders priced at or more aggressively than the BATS 
Official Closing Price will be executed on the basis of price/time 
priority.\42\ Additionally, the Exchange will continue to disseminate 
the same market data information for Volatility Closing Auctions as it 
does with existing auctions.
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    \42\ See Proposed Rule 11.23(e)(2)(C).
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    Without the proposal, the Exchange notes that it could potentially 
have a Halt Auction within minutes of the Closing Auction, which could 
cause unnecessary confusion. The Exchanges believes that this proposal 
is consistent with the Act and that the operation of a Volatility 
Closing Auction for securities listed on the Exchange will assist in 
the price discovery process and help to ensure a fair and orderly 
market for securities listed on the Exchange that are halted at the end 
of the trading day. The Exchange believes this proposal will ensure 
that market participants have a single closing price at the end of the 
trading day.
    The Exchange's proposed Volatility Closing Auctions differs from 
its Halt Auctions and Closing Auctions in certain ways that it believes 
are appropriate and consistent with the Act. As discussed above, the 
Exchange's Volatility Closing Auction differs from its Halt Auction in 
that the Quote-Only Period for the Volatility Closing Auction will not, 
as a general matter, be extended. While the Exchange acknowledges that 
some of the same issues for which the ability to extend the Quote-Only 
Period of a Halt Auction may exist where there are unmatched market 
orders or dramatic price movements near the end of the Quote-Only 
Period of the Volatility Closing Auction, the Exchange believes that 
these concerns are outweighed by the importance of providing members 
and the investing public with a definitive market close and an official 
closing price at 4:00 p.m. E.T. The Exchange believes the clarity that 
comes from requiring a Volatility Closing Auction to occur at 4:00 p.m. 
E.T. will help reduce uncertainty for Members participating in the 
Volatility Closing Auction.\43\
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    \43\ See Notice, supra note 3 at 79031-2.
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    Despite its determination to have Volatility Closing Auctions 
conclude at 4:00 p.m. E.T., the Exchange highlights certain elements of 
its closing process that it believes promote a fair and orderly market 
and closing prices that are based on rational and current market 
conditions. As explained above, the Exchange has proposed certain price 
and execution constraints for the Volatility Closing Auction to ensure 
that the auction occurs at a price that is based on rational and 
current market conditions.\44\ Additionally, the Exchange reiterates 
that it retains discretion under Rule 11.23(f) to adjust the timing of 
or suspend an auction with prior notice to Users where the interests of 
a fair and orderly market so require.
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    \44\ See supra notes 21-26, 30, and accompanying text.
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    The proposed Volatility Closing Auction also differs from Closing 
Auctions. Specifically, orders specifically designated for the Closing 
Auction are not permitted to be canceled after a certain time for 
Closing Auctions. In contrast, the Exchange proposes to allow 
participants to cancel orders specifically designated for a Closing 
Auction up to the time of the Volatility Closing Auction. The Exchange 
states that this is appropriate because the halt of trading of a 
security or extension of the Quote-Only Period of a Halt Auction in the 
last 10 minutes of the trading day necessitating a Volatility Closing 
Auction may be indicative of price dislocation in a security and 
because such orders may have been entered well before such halt 
occurred.\45\ The Exchange believes it is appropriate and in the best 
interests of investors and the public interest to allow orders to be 
cancelled in such an event.
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    \45\ The Exchange notes that its existing Halt Auction process 
allows orders to be cancelled prior to such auction.
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    For the various reasons noted above, the Commission finds that the 
proposed rule change as modified by Amendment No. 1 is consistent with 
the Act, including Section 6(b)(5) of the Act,\46\ which requires, 
among other things, that the rules of an exchange be designed to 
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.
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    \46\ 15 U.S.C. 78f(b)(1).
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    The Commission finds good cause to approve the filing, as modified 
by Amendment No. 1 to the proposed rule change, prior to the thirtieth 
day after the date of the publication of notice of the filing thereof 
in the Federal Register. The proposed revisions should further enhance 
the Exchange's policies and procedures with respect to the operation of 
the Limit Up-Limit Down Plan. Accelerated approval would allow the 
Exchange to update its rule text immediately, thus providing users with 
greater clarity and certainty with respect to the use of the new 
Volatility Closing Auction functionality offered by the Exchange in 
anticipation of the application of the Limit Up-Limit Down

[[Page 8524]]

plan through the end of Regular Trading Hours. Accordingly, the 
Commission finds that good cause exists, consistent with Section 
6(b)(5) of the Act, to approve the filing, as modified by Amendment No. 
1, on an accelerated basis.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether Amendment No. 1 
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 rule-comments@sec.gov. Please include 
File Number SR-BATS-2013-066 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BATS-2013-066. 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 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 
offices 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-2013-066, and should be submitted on or before March 5, 2014.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\47\ that the proposed rule change, SR-BATS-2013-066, as modified 
by amendment No. 1, be, and hereby is, approved on an accelerated 
basis.
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    \47\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\48\
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    \48\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-03005 Filed 2-11-14; 8:45 am]
BILLING CODE 8011-01-P


