80 FR 10177 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Program That Suspends Certain Obvious Error Provisions During Limit Up-Limit Down States in Securities That Underlie Options Traded on the Exchange

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 37 (February 25, 2015)

Page Range		10177-10179
FR Document		2015-03814

Federal Register, Volume 80 Issue 37 (Wednesday, February 25, 2015)

[Federal Register Volume 80, Number 37 (Wednesday, February 25, 2015)]
[Notices]
[Pages 10177-10179]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-03814]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74306; File No. SR-BOX-2015-13]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Extend the Pilot Program That Suspends Certain Obvious Error Provisions
During Limit Up-Limit Down States in Securities That Underlie Options
Traded on the Exchange

February 19, 2015.
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 February 18, 2015, BOX Options Exchange LLC (the ``Exchange'')
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 self-regulatory organization. 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 proposes to amend Interpretive Material 1 to Rule 7080
to extend, through October 23, 2015, the pilot program that suspends
certain obvious error provisions during limit up-limit down states in
securities that underlie options traded on the Exchange. The text of
the proposed rule change is available from the principal office of the
Exchange, at the Commission's Public Reference Room and also on the
Exchange's Internet Web site at http://boxexchange.com.

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 self-regulatory organization
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 self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.

[[Page 10178]]

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to extend through October 23, 2015 the pilot
that permits the Exchange to suspend certain provisions in BOX Rule
7170 (Obvious and Catastrophic Errors) during limit up-limit down
states in securities that underlie options traded on the Exchange
(``Pilot''). The Pilot is currently scheduled to expire on February 20,
2015.
The Pilot allows the Exchange to exclude transactions executed
during a Limit State or Straddle State from provisions in BOX Rule
7170. This does not include Rule 7170(e) and (f), which specify when a
trade resulting from an erroneous print or quote in the underlying
security may be adjusted or busted.
The remaining provisions in BOX Rule 7170 provide a process by
which a transaction may be busted or adjusted when the execution price
of a transaction deviates from the option's theoretical price by a
certain amount. Under these provisions, the theoretical price is the
national best bid price for the option with respect to a sell order and
the national best offer for the option with respect to a buy order.
During a Limit State or Straddle State, options prices may deviate
substantially from those available prior to or following the limit
state. Consequently, the Exchange believed that these provisions would
be impracticable given the lack of a reliable national best bid or
offer in the options market during Limit States and Straddle States,
and could produce undesirable effects.
The Exchange proposes to extend the operation of this Pilot to
analyze the impact of the Limit and Straddle States. The Exchange will
also continue to evaluate whether adopting a provision for reviewing
trades on its own motion during Limit and Straddle States is necessary
and appropriate.
Additionally, the Exchange represents that it will conduct its own
analysis concerning the elimination of the obvious error rule during
Limit and Straddle States and agrees to provide the Commission with
relevant data to assess the impact of the Pilot. As part of its
analysis, the Exchange will evaluate (1) the options market quality
during Limit and Straddle States, (2) assess the character of incoming
order flow and transactions during Limit and Straddle States, and (3)
review any complaints from members and their customers concerning
executions during Limit and Straddle States. The Exchange also agrees
to provide to the Commission data requested to evaluate the impact of
the elimination of the obvious error rule, including data relevant to
assessing the various analyses noted above.
Specifically, the Exchange agrees to provide the following data to
the Commission and the public to help evaluate the impact of the Pilot.
By May 29, 2015 the Exchange shall provide an assessment relating to
the impact of the Plan and calibration of the Percentage Parameters. On
a monthly basis, the Exchange shall provide both the Commission and
public a dataset containing the data for each Straddle and Limit State
in optionable stocks.\3\
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\3\ The dataset will include the options for each underlying
security that reaches a limit or straddle state and has at least one
(1) trade on the Exchange during the straddle or limit state. For
each of those options affected the data record will contain the
stock symbol, option symbol, time at the start of the straddle or
limit state, an indicator for whether it is a straddle or limit
state. For activity on the Exchange the data record will contain the
executed volume, time-weighted quoted bid-ask spread, time-weighted
average quoted depth at the bid, time-weighted average quoted depth
at the offer, high execution price, low execution price, number of
trades for which a request for review for error was received during
straddle or limit states, an indicator variable for whether those
options outlined above have a price change exceeding 30% during the
underlying stock's straddle or limit state compared to the last
available option price as reported by OPRA before the start of the
straddle or limit state (1 if observe 30% and 0 otherwise), and
another indicator variable for whether the option price within five
minutes of the underlying stock leaving straddle or limit state (or
halt if applicable) is 30% away from the price before the start of
the straddle or limit state.
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2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\4\ in general, and Section
6(b)(5) of the Act,\5\ in particular, in that it is designed to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism for a free and open market and a national market
system and, in general, to protect investors and the public interest.
In particular, the proposed extension will allow the Pilot to remain in
effect until the end of the pilot period of the Plan to Address
Extraordinary Market Volatility (``Plan'').\6\ The Exchange believes
that it continues to be necessary and appropriate in the interest of
promoting fair and orderly markets to exclude transactions executed
during a Limit State or Straddle State from the provision of BOX Rule
7170. Specifically the Exchange believes the application of the current
rule will be impracticable given the lack of a reliable national best
bid or offer in the options market during Limit States and Straddle
States, and that the resulting actions (i.e., busted trades or adjusted
prices) may not be appropriate given market conditions.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ See Securities Exchange Act Release No. 74110 (January 21,
2015), 80 FR 4321 (January 27, 2015) (Joint Industry Plan; Notice of
Filing of the Eighth Amendment to the National Market System Plan to
Address Extraordinary Market Volatility).
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B. Self-Regulatory Organization's Statement on Burden on Competition

Because the proposed rule change does not impose any new or
additional burden on BOX Options Participants, and only extends the
current Pilot, 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.

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 comments on the
proposed rule change.

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

Because the 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 from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6)(iii) thereunder.\8\
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
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The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest,
as it

[[Page 10179]]

will allow the obvious error pilot program to continue uninterrupted
while the industry gains further experience operating under the Plan,
and avoid any investor confusion that could result from a temporary
interruption in the pilot program. For this reason, the Commission
designates the proposed rule change to be operative upon filing.\9\
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\9\ For purposes only of waiving the 30-day operative delay, the
Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 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 rule-comments@sec.gov. Please include
File Number SR-BOX-2015-13 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-BOX-2015-13. 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 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-BOX-2015-13, and should be
submitted on or before March 18, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-03814 Filed 2-24-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10177

Exchange has not received any arguments concerning the foregoing, SECURITIES AND EXCHANGE
unsolicited written comments from including whether the proposed rule COMMISSION
members or other interested parties. change is consistent with the Act.
Comments may be submitted by any of [Release No. 34–74306; File No. SR–BOX–
III. Date of Effectiveness of the
the following methods: 2015–13]
Proposed Rule Change and Timing for
Commission Action Electronic Comments
Self-Regulatory Organizations; BOX
Because the proposed rule change • Use the Commission’s Internet Options Exchange LLC; Notice of
does not (i) significantly affect the comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of
protection of investors or the public rules/sro.shtml); or a Proposed Rule Change To Extend
interest; (ii) impose any significant • Send an email to rule- the Pilot Program That Suspends
burden on competition; and (iii) become comments@sec.gov. Please include File Certain Obvious Error Provisions
operative for 30 days from the date on Number SR–ISEGemini–2015–05 on the During Limit Up-Limit Down States in
which it was filed, or such shorter time subject line. Securities That Underlie Options
as the Commission may designate if Traded on the Exchange
Paper Comments
consistent with the protection of
investors and the public interest, the • Send paper comments in triplicate February 19, 2015.
proposed rule change has become to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the
effective pursuant to Section 19(b)(3)(A) and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
of the Act 11 and Rule 19b–4(f)(6)(iii) NE., Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
thereunder.12 All submissions should refer to File notice is hereby given that on February
The Exchange has asked the Number SR–ISEGemini–2015–05. This 18, 2015, BOX Options Exchange LLC
Commission to waive the 30-day file number should be included on the (the ‘‘Exchange’’) filed with the
operative delay so that the proposal may subject line if email is used. To help the Securities and Exchange Commission
become operative immediately upon Commission process and review your (‘‘Commission’’) the proposed rule
filing. The Commission believes that comments more efficiently, please use change as described in Items I and II
waiving the 30-day operative delay is only one method. The Commission will below, which Items have been prepared
consistent with the protection of post all comments on the Commission’s by the self-regulatory organization. The
investors and the public interest, as it Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
will allow the obvious error pilot rules/sro.shtml). Copies of the solicit comments on the proposed rule
program to continue uninterrupted submission, all subsequent change from interested persons.
while the industry gains further amendments, all written statements
experience operating under the Plan, with respect to the proposed rule I. Self-Regulatory Organization’s
and avoid any investor confusion that change that are filed with the Statement of the Terms of the Substance
could result from a temporary Commission, and all written of the Proposed Rule Change
interruption in the pilot program. For communications relating to the The Exchange proposes to amend
this reason, the Commission designates proposed rule change between the Interpretive Material 1 to Rule 7080 to
the proposed rule change to be operative Commission and any person, other than extend, through October 23, 2015, the
upon filing.13 those that may be withheld from the pilot program that suspends certain
At any time within 60 days of the public in accordance with the obvious error provisions during limit
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be up-limit down states in securities that
Commission summarily may available for Web site viewing and underlie options traded on the
temporarily suspend such rule change if printing in the Commission’s Public Exchange. The text of the proposed rule
it appears to the Commission that such Reference Room, 100 F Street NE., change is available from the principal
action is necessary or appropriate in the Washington, DC 20549 on official office of the Exchange, at the
public interest, for the protection of business days between the hours of Commission’s Public Reference Room
investors, or otherwise in furtherance of 10:00 a.m. and 3:00 p.m. Copies of such and also on the Exchange’s Internet Web
the purposes of the Act. If the filing also will be available for site at http://boxexchange.com.
Commission takes such action, the inspection and copying at the principal
Commission shall institute proceedings office of the Exchange. All comments II. Self-Regulatory Organization’s
to determine whether the proposed rule received will be posted without change; Statement of the Purpose of, and
should be approved or disapproved. the Commission does not edit personal Statutory Basis for, the Proposed Rule
identifying information from Change
IV. Solicitation of Comments
submissions. You should submit only In its filing with the Commission, the
Interested persons are invited to information that you wish to make self-regulatory organization included
submit written data, views, and available publicly. All submissions statements concerning the purpose of,
should refer to File Number SR– and basis for, the proposed rule change
11 15 U.S.C. 78s(b)(3)(A). ISEGemini–2015–05, and should be and discussed any comments it received
12 17 CFR 240.19b–4(f)(6)(iii). As required under submitted on or before March 18, 2015. on the proposed rule change. The text
Rule 19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file For the Commission, by the Division of of these statements may be examined at
asabaliauskas on DSK5VPTVN1PROD with NOTICES

the proposed rule change, along with a brief Trading and Markets, pursuant to delegated the places specified in Item IV below.
description and the text of the proposed rule authority.14
change, at least five business days prior to the date The self-regulatory organization has
of filing of the proposed rule change, or such Brent J. Fields, prepared summaries, set forth in
shorter time as designated by the Commission. Secretary. Sections A, B, and C below, of the most
13 For purposes only of waiving the 30-day
[FR Doc. 2015–03822 Filed 2–24–15; 8:45 am] significant aspects of such statements.
operative delay, the Commission has also
considered the proposed rule’s impact on BILLING CODE 8011–01–P
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.

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10178 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices

A. Self-Regulatory Organization’s Straddle States. The Exchange also continues to be necessary and
Statement of the Purpose of, and agrees to provide to the Commission appropriate in the interest of promoting
Statutory Basis for, the Proposed Rule data requested to evaluate the impact of fair and orderly markets to exclude
Change the elimination of the obvious error transactions executed during a Limit
rule, including data relevant to State or Straddle State from the
1. Purpose
assessing the various analyses noted provision of BOX Rule 7170.
The Exchange proposes to extend above. Specifically the Exchange believes the
through October 23, 2015 the pilot that Specifically, the Exchange agrees to application of the current rule will be
permits the Exchange to suspend certain provide the following data to the impracticable given the lack of a reliable
provisions in BOX Rule 7170 (Obvious Commission and the public to help national best bid or offer in the options
and Catastrophic Errors) during limit evaluate the impact of the Pilot. By May market during Limit States and Straddle
up-limit down states in securities that 29, 2015 the Exchange shall provide an States, and that the resulting actions
underlie options traded on the Exchange assessment relating to the impact of the (i.e., busted trades or adjusted prices)
(‘‘Pilot’’). The Pilot is currently Plan and calibration of the Percentage may not be appropriate given market
scheduled to expire on February 20, Parameters. On a monthly basis, the conditions.
2015. Exchange shall provide both the
The Pilot allows the Exchange to Commission and public a dataset B. Self-Regulatory Organization’s
exclude transactions executed during a containing the data for each Straddle Statement on Burden on Competition
Limit State or Straddle State from and Limit State in optionable stocks.3 Because the proposed rule change
provisions in BOX Rule 7170. This does does not impose any new or additional
not include Rule 7170(e) and (f), which 2. Statutory Basis burden on BOX Options Participants,
specify when a trade resulting from an The Exchange believes that the and only extends the current Pilot, the
erroneous print or quote in the proposal is consistent with the Exchange does not believe that the
underlying security may be adjusted or requirements of Section 6(b) of the Act,4 proposed rule change will impose any
busted. in general, and Section 6(b)(5) of the burden on competition not necessary or
The remaining provisions in BOX Act,5 in particular, in that it is designed appropriate in furtherance of the
Rule 7170 provide a process by which to foster cooperation and coordination purposes of the Act.
a transaction may be busted or adjusted with persons engaged in regulating,
when the execution price of a clearing, settling, processing C. Self-Regulatory Organization’s
transaction deviates from the option’s information with respect to, and Statement on Comments on the
theoretical price by a certain amount. facilitating transactions in securities, to Proposed Rule Change Received From
Under these provisions, the theoretical remove impediments to and perfect the Members, Participants, or Others
price is the national best bid price for mechanism for a free and open market The Exchange has neither solicited
the option with respect to a sell order and a national market system and, in nor received comments on the proposed
and the national best offer for the option general, to protect investors and the rule change.
with respect to a buy order. During a public interest. In particular, the III. Date of Effectiveness of the
Limit State or Straddle State, options proposed extension will allow the Pilot Proposed Rule Change and Timing for
prices may deviate substantially from to remain in effect until the end of the Commission Action
those available prior to or following the pilot period of the Plan to Address
limit state. Consequently, the Exchange Extraordinary Market Volatility Because the proposed rule change
believed that these provisions would be (‘‘Plan’’).6 The Exchange believes that it does not (i) significantly affect the
impracticable given the lack of a reliable protection of investors or the public
national best bid or offer in the options 3 The dataset will include the options for each interest; (ii) impose any significant
market during Limit States and Straddle underlying security that reaches a limit or straddle burden on competition; and (iii) become
state and has at least one (1) trade on the Exchange operative for 30 days from the date on
States, and could produce undesirable during the straddle or limit state. For each of those
effects. which it was filed, or such shorter time
options affected the data record will contain the
The Exchange proposes to extend the stock symbol, option symbol, time at the start of the as the Commission may designate if
operation of this Pilot to analyze the straddle or limit state, an indicator for whether it consistent with the protection of
impact of the Limit and Straddle States. is a straddle or limit state. For activity on the investors and the public interest, the
Exchange the data record will contain the executed proposed rule change has become
The Exchange will also continue to volume, time-weighted quoted bid-ask spread, time-
evaluate whether adopting a provision weighted average quoted depth at the bid, time- effective pursuant to Section 19(b)(3)(A)
for reviewing trades on its own motion weighted average quoted depth at the offer, high of the Act 7 and Rule 19b–4(f)(6)(iii)
during Limit and Straddle States is execution price, low execution price, number of thereunder.8
trades for which a request for review for error was The Exchange has asked the
necessary and appropriate. received during straddle or limit states, an indicator
Additionally, the Exchange represents variable for whether those options outlined above
Commission to waive the 30-day
that it will conduct its own analysis have a price change exceeding 30% during the operative delay so that the proposal may
concerning the elimination of the underlying stock’s straddle or limit state compared become operative immediately upon
to the last available option price as reported by filing. The Commission believes that
obvious error rule during Limit and OPRA before the start of the straddle or limit state
Straddle States and agrees to provide waiving the 30-day operative delay is
(1 if observe 30% and 0 otherwise), and another
the Commission with relevant data to indicator variable for whether the option price consistent with the protection of
assess the impact of the Pilot. As part of within five minutes of the underlying stock leaving investors and the public interest, as it
asabaliauskas on DSK5VPTVN1PROD with NOTICES

straddle or limit state (or halt if applicable) is 30%
its analysis, the Exchange will evaluate away from the price before the start of the straddle 7 15 U.S.C. 78s(b)(3)(A).
(1) the options market quality during or limit state. 8 17 CFR 240.19b–4(f)(6)(iii). As required under
Limit and Straddle States, (2) assess the 4 15 U.S.C. 78f(b).
Rule 19b–4(f)(6)(iii), the Exchange provided the
character of incoming order flow and 5 15 U.S.C. 78f(b)(5).
Commission with written notice of its intent to file
6 See Securities Exchange Act Release No. 74110 the proposed rule change, along with a brief
transactions during Limit and Straddle
(January 21, 2015), 80 FR 4321 (January 27, 2015) description and the text of the proposed rule
States, and (3) review any complaints (Joint Industry Plan; Notice of Filing of the Eighth change, at least five business days prior to the date
from members and their customers Amendment to the National Market System Plan to of filing of the proposed rule change, or such
concerning executions during Limit and Address Extraordinary Market Volatility). shorter time as designated by the Commission.

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Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10179

will allow the obvious error pilot those that may be withheld from the Systems), Section 8 (BX Opening and
program to continue uninterrupted public in accordance with the Halt Cross) of the Exchange’s Options
while the industry gains further provisions of 5 U.S.C. 552, will be rules. The proposal would update or
experience operating under the Plan, available for Web site viewing and add Section 1 and Section 8 definitions
and avoid any investor confusion that printing in the Commission’s Public in respect of the BX Opening and Halt
could result from a temporary Reference Room, 100 F Street NE., Cross. The proposal would also make
interruption in the pilot program. For Washington, DC 20549 on official changes regarding: The criteria for
this reason, the Commission designates business days between the hours of opening of trading or resumption of
the proposed rule change to be operative 10:00 a.m. and 3:00 p.m. Copies of such trading after a halt; BX posting on its
upon filing.9 filing also will be available for Web site any changes to the
At any time within 60 days of the inspection and copying at the principal dissemination interval or prior Order
filing of the proposed rule change, the office of the Exchange. All comments Imbalance Indicator; the procedure if
Commission summarily may received will be posted without change; more than one price exists; the
temporarily suspend such rule change if the Commission does not edit personal procedure if there are unexecuted
it appears to the Commission that such identifying information from contracts; and the ability of firms to
action is necessary or appropriate in the submissions. You should submit only elect that orders be returned in symbols
public interest, for the protection of information that you wish to make that were not opened on BX before the
investors, or otherwise in furtherance of available publicly. All submissions conclusion of the Opening Order Cancel
the purposes of the Act. If the should refer to File Number SR–BOX– Timer.
Commission takes such action, the 2015–13, and should be submitted on or The text of the proposed rule change
Commission shall institute proceedings before March 18, 2015. is available on the Exchange’s Web site
to determine whether the proposed rule For the Commission, by the Division of at http://nasdaqomxbx.cchwallstreet
should be approved or disapproved. Trading and Markets, pursuant to delegated .com/, at the principal office of the
IV. Solicitation of Comments authority.10 Exchange, and at the Commission’s
Brent J. Fields, Public Reference Room.
Interested persons are invited to
Secretary.
submit written data, views, and II. Self-Regulatory Organization’s
[FR Doc. 2015–03814 Filed 2–24–15; 8:45 am]
arguments concerning the foregoing, Statement of the Purpose of, and
including whether the proposed rule BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
change is consistent with the Act. Change
Comments may be submitted by any of In its filing with the Commission, the
SECURITIES AND EXCHANGE
the following methods: Exchange included statements
COMMISSION
Electronic Comments concerning the purpose of and basis for
[Release No. 34–74310; File No. SR–BX–
• Use the Commission’s Internet the proposed rule change and discussed
2015–010]
comment form (http://www.sec.gov/ any comments it received on the
rules/sro.shtml); or Self-Regulatory Organizations; proposed rule change. The text of these
• Send an email to rule-comments@ NASDAQ OMX BX, Inc.; Notice of Filing statements may be examined at the
sec.gov. Please include File Number SR– and Immediate Effectiveness of places specified in Item IV below. The
BOX–2015–13 on the subject line. Proposed Rule Change To Modify and Exchange has prepared summaries, set
Reorganize Chapter VI (Trading forth in sections A, B, and C below, of
Paper Comments Systems), Section 8 (BX Opening and the most significant aspects of such
• Send paper comments in triplicate Halt Cross) of the Exchange’s Options statements.
to Brent J. Fields, Secretary, Securities Rules A. Self-Regulatory Organization’s
and Exchange Commission, 100 F Street Statement of the Purpose of, and
NE., Washington, DC 20549–1090. February 19, 2015.
Pursuant to Section 19(b)(1) of the Statutory Basis for, the Proposed Rule
All submissions should refer to File Change
Number SR–BOX–2015–13. This file Securities Exchange Act of 1934
number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 1. Purpose
subject line if email is used. To help the notice is hereby given that on February
The purpose of the proposed rule
Commission process and review your 9, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’
change is to modify BX Chapter VI,
comments more efficiently, please use or ‘‘Exchange’’) filed with the Securities
Section 1 and Section 8 to update or add
only one method. The Commission will and Exchange Commission (‘‘SEC’’ or
definitions, which include Current
post all comments on the Commission’s ‘‘Commission’’) the proposed rule
Reference Price, BX Opening Cross,
Internet Web site (http://www.sec.gov/ change as described in Items I and II
Eligible Interest, Valid Width National
rules/sro.shtml). Copies of the below, which Items have been prepared
Best Bid or Offer (‘‘Valid Width
submission, all subsequent by the Exchange. The Commission is
NBBO’’), Away Best Bid or Offer
amendments, all written statements publishing this notice to solicit
(‘‘ABBO’’), and On the Open Order
with respect to the proposed rule comments on the proposed rule change
(‘‘OPG’’). The purpose is to also make
change that are filed with the from interested persons.
changes regarding: The criteria for
Commission, and all written I. Self-Regulatory Organization’s opening of trading or resumption of
asabaliauskas on DSK5VPTVN1PROD with NOTICES

communications relating to the Statement of the Terms of the Substance trading after a halt; BX posting on its
proposed rule change between the of the Proposed Rule Change Web site any changes to the
Commission and any person, other than The Exchange proposes to modify and dissemination interval or prior Order
reorganize Chapter VI (Trading Imbalance Indicator; the procedure if
9 For purposes only of waiving the 30-day
more than one price exists; the
operative delay, the Commission has also
considered the proposed rule’s impact on
10 17 CFR 200.30–3(a)(12). procedure if there are unexecuted
efficiency, competition, and capital formation. See 1 15 U.S.C. 78s(b)(1). contracts; and the ability of firms to
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. elect that orders be returned in symbols

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Document Created: 2015-12-18 13:09:32
Document Modified: 2015-12-18 13:09:32

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 10177