80 FR 19377 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Deletion of Rule 2.50

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 69 (April 10, 2015)

Page Range		19377-19378
FR Document		2015-08199
Federal Register, Volume 80 Issue 69 (Friday, April 10, 2015)
[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)]
[Notices]
[Pages 19377-19378]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-08199]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74651; File No. SR-CBOE-2015-033]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Relating to the Deletion of Rule 2.50

April 6, 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 March 24, 2015, Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange 
Commission (the ``Commission'') the proposed rule change as described 
in Items I, II, and III below, which Items have been prepared by the 
Exchange. The Exchange filed the proposal as a ``non-controversial'' 
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 
\3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to delete Rule 2.50 as it is no longer 
relevant.
    The text of the proposed rule change is available on the Exchange's 
Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 
at the Exchange's Office of the Secretary, 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 aspects of such 
statements.

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

1. Purpose
    The purpose of this filing is to delete Rule 2.50 that sets forth 
the Exchange's policy with respect to the National Stock Exchange 
(``NSX''), previously a wholly owned subsidiary of CBOE Stock Exchange 
LLC (``CBSX'').\5\ Rule 2.50 states that as long as the Exchange is a 
partial owner of CBSX and CBSX controls NSX, the Exchange will assist 
NSX with the appropriate allocation of its resources in order to 
fulfill its self-regulatory obligations under the Exchange Act, as well 
as refrain from knowingly taking any actions related to NSX's 
activities that would prevent NSX's fulfillment of its self-regulatory 
obligations. The Exchange believes this rule is no longer relevant 
because CBSX no longer owns or is affiliated with NSX; as such, the 
Exchange believes the elimination of this rule from the CBOE Rulebook 
is appropriate.
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    \5\ CBSX, a former stock trading facility of CBOE, is owned in 
part by CBOE.
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    The Commission recently approved an NSX rule filing that authorized 
the sale of NSX from CBSX to an unaffiliated third party.\6\ The 
transaction was completed on February 18, 2015, and CBSX no longer owns 
or is affiliated with NSX; thus, Rule 2.50 is no longer relevant and 
should be deleted in its entirety to avoid confusion.
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    \6\ See Securities Exchange Act Release No. 74270 (February 13, 
2015), 80 FR 9286 (February 20, 2015) (order granting approval of 
SR-NSX-2014-017).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\7\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \8\ requirements that the rules of an exchange be 
designed to remove impediments to and perfect the

[[Page 19378]]

mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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    In particular, the Exchange believes that the deletion of Rule 2.50 
is appropriate because it is obsolete now that CBSX no longer owns or 
is affiliated with NSX. Additionally, if the current rule text language 
remains, confusion could arise as to whether or not NSX is still a 
wholly owned subsidiary of CBSX.

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

    CBOE does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange does not believe 
the proposed rule change imposes any burden on intramarket competition 
because it applies to all market participants. Additionally, the 
Exchange does not believe the proposed rule change will impose any 
burden on intermarket competition as it is merely attempting to delete 
Rule 2.50 in its entirety as the rule text is no longer relevant 
because CBSX no longer owns or is affiliated with NSX. The Exchange 
does not propose any substantive changes to the Exchange's operations 
or its rules that the Exchange believes could have any impact on 
competition (intermarket or intramarket).

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

    The Exchange neither solicited nor received written comments on the 
proposed rule changes submitted in this filing.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
Because the foregoing proposed rule change does not: (1) Significantly 
affect the protection of investors or the public interest; (2) impose 
any significant burden on competition; and (3) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\ thereunder. 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 will institute proceedings to determine whether 
the proposed rule change should be approved or disapproved.
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and 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. The 
Exchange has satisfied this requirement.
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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-CBOE-2015-033 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2015-033. 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-CBOE-2015--033 and should be 
submitted on or before May 1, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-08199 Filed 4-9-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 19377

its reasons for so finding or (ii) as to For the Commission, by the Division of the proposed rule change and discussed
which the Exchange consents, the Trading and Markets, pursuant to delegated any comments it received on the
Commission shall: (a) By order approve authority.22 proposed rule change. The text of these
or disapprove such proposed rule Brent J. Fields statements may be examined at the
change, or (b) institute proceedings to Secretary places specified in Item IV below. The
determine whether the proposed rule [FR Doc. 2015–08201 Filed 4–9–15; 8:45 am] Exchange has prepared summaries, set
change should be disapproved. BILLING CODE 8011–01–P forth in sections A, B, and C below, of
IV. Solicitation of Comments the most significant aspects of such
statements.
Interested persons are invited to SECURITIES AND EXCHANGE
submit written data, views, and COMMISSION A. Self-Regulatory Organization’s
arguments concerning the foregoing, Statement of the Purpose of, and
including whether the proposed rule [Release No. 34–74651; File No. SR–CBOE– Statutory Basis for, the Proposed Rule
change is consistent with the Act. 2015–033] Change
Comments may be submitted by any of 1. Purpose
Self-Regulatory Organizations;
the following methods:
Chicago Board Options Exchange, The purpose of this filing is to delete
Electronic Comments Incorporated; Notice of Filing and Rule 2.50 that sets forth the Exchange’s
• Use the Commission’s Internet Immediate Effectiveness of a Proposed policy with respect to the National
comment form (http://www.sec.gov/ Rule Change Relating to the Deletion Stock Exchange (‘‘NSX’’), previously a
rules/sro.shtml); or of Rule 2.50 wholly owned subsidiary of CBOE Stock
• Send an email to rule-comments@ April 6, 2015.
Exchange LLC (‘‘CBSX’’).5 Rule 2.50
sec.gov. Please include File Number SR– states that as long as the Exchange is a
Pursuant to Section 19(b)(1) of the
NASDAQ–2015–023 on the subject line. partial owner of CBSX and CBSX
Securities Exchange Act of 1934 (the
controls NSX, the Exchange will assist
Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2
NSX with the appropriate allocation of
• Send paper comments in triplicate notice is hereby given that on March 24,
its resources in order to fulfill its self-
to Brent J. Fields, Secretary, Securities 2015, Chicago Board Options Exchange,
regulatory obligations under the
and Exchange Commission, 100 F Street Incorporated (the ‘‘Exchange’’ or
Exchange Act, as well as refrain from
NE., Washington, DC 20549–1090. ‘‘CBOE’’) filed with the Securities and
knowingly taking any actions related to
All submissions should refer to File Exchange Commission (the
NSX’s activities that would prevent
Number SR–NASDAQ–2015–023. This ‘‘Commission’’) the proposed rule
NSX’s fulfillment of its self-regulatory
file number should be included on the change as described in Items I, II, and
obligations. The Exchange believes this
subject line if email is used. To help the III below, which Items have been
rule is no longer relevant because CBSX
Commission process and review your prepared by the Exchange. The
no longer owns or is affiliated with
comments more efficiently, please use Exchange filed the proposal as a ‘‘non-
NSX; as such, the Exchange believes the
only one method. The Commission will controversial’’ proposed rule change
elimination of this rule from the CBOE
post all comments on the Commission’s pursuant to Section 19(b)(3)(A)(iii) of
Rulebook is appropriate.
Internet Web site (http://www.sec.gov/ the Act 3 and Rule 19b–4(f)(6)
The Commission recently approved
rules/sro.shtml). Copies of the thereunder.4 The Commission is an NSX rule filing that authorized the
submission, all subsequent publishing this notice to solicit sale of NSX from CBSX to an
amendments, all written statements comments on the proposed rule change unaffiliated third party.6 The
with respect to the proposed rule from interested persons.
transaction was completed on February
change that are filed with the I. Self-Regulatory Organization’s 18, 2015, and CBSX no longer owns or
Commission, and all written Statement of the Terms of Substance of is affiliated with NSX; thus, Rule 2.50
communications relating to the the Proposed Rule Change is no longer relevant and should be
proposed rule change between the deleted in its entirety to avoid
Commission and any person, other than The Exchange is proposing to delete
confusion.
those that may be withheld from the Rule 2.50 as it is no longer relevant.
public in accordance with the The text of the proposed rule change 2. Statutory Basis
provisions of 5 U.S.C. 552, will be is available on the Exchange’s Web site The Exchange believes the proposed
available for Web site viewing and (http://www.cboe.com/AboutCBOE/ rule change is consistent with the
printing in the Commission’s Public CBOELegalRegulatoryHome.aspx), at Securities Exchange Act of 1934 (the
Reference Room, 100 F Street NE., the Exchange’s Office of the Secretary, ‘‘Act’’) and the rules and regulations
Washington, DC 20549 on official and at the Commission’s Public thereunder applicable to the Exchange
business days between the hours of Reference Room. and, in particular, the requirements of
10:00 a.m. and 3:00 p.m. Copies of such II. Self-Regulatory Organization’s Section 6(b) of the Act.7 Specifically,
filing also will be available for Statement of the Purpose of, and the Exchange believes the proposed rule
inspection and copying at the principal Statutory Basis for, the Proposed Rule change is consistent with the Section
office of the Exchange. All comments Change 6(b)(5) 8 requirements that the rules of
received will be posted without change; an exchange be designed to remove
In its filing with the Commission, the
mstockstill on DSK4VPTVN1PROD with NOTICES

the Commission does not edit personal impediments to and perfect the
Exchange included statements
identifying information from
concerning the purpose of and basis for
submissions. You should submit only 5 CBSX, a former stock trading facility of CBOE,

information that you wish to make is owned in part by CBOE.
22 17 CFR 200.30–3(a)(12). 6 See Securities Exchange Act Release No. 74270
available publicly. All submissions 1 15 U.S.C. 78s(b)(1). (February 13, 2015), 80 FR 9286 (February 20, 2015)
should refer to File Number SR– 2 17 CFR 240.19b–4. (order granting approval of SR–NSX–2014–017).
NASDAQ–2015–023, and should be 3 15 U.S.C. 78s(b)(3)(A)(iii). 7 15 U.S.C. 78f(b).

submitted on or before May 1, 2015. 4 17 CFR 240.19b–4(f)(6). 8 15 U.S.C. 78f(b)(5).

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19378 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices

mechanism of a free and open market 4(f)(6) 12 thereunder. At any time within Reference Room, 100 F Street NE.,
and a national market system, and, in 60 days of the filing of the proposed rule Washington, DC 20549, on official
general, to protect investors and the change, the Commission summarily may business days between the hours of
public interest. temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
In particular, the Exchange believes it appears to the Commission that such filing also will be available for
that the deletion of Rule 2.50 is action is necessary or appropriate in the inspection and copying at the principal
appropriate because it is obsolete now public interest, for the protection of office of the Exchange. All comments
that CBSX no longer owns or is investors, or otherwise in furtherance of received will be posted without change;
affiliated with NSX. Additionally, if the the purposes of the Act. If the the Commission does not edit personal
current rule text language remains, Commission takes such action, the identifying information from
confusion could arise as to whether or Commission will institute proceedings submissions. You should submit only
not NSX is still a wholly owned to determine whether the proposed rule information that you wish to make
subsidiary of CBSX. change should be approved or available publicly. All submissions
disapproved. should refer to File Number SR–CBOE–
B. Self-Regulatory Organization’s 2015-–033 and should be submitted on
Statement on Burden on Competition IV. Solicitation of Comments or before May 1, 2015.
CBOE does not believe that the Interested persons are invited to For the Commission, by the Division of
proposed rule change will impose any submit written data, views, and Trading and Markets, pursuant to delegated
burden on competition that is not arguments concerning the foregoing, authority.13
necessary or appropriate in furtherance including whether the proposed rule Brent J. Fields,
of the purposes of the Act. The change is consistent with the Act. Secretary.
Exchange does not believe the proposed Comments may be submitted by any of [FR Doc. 2015–08199 Filed 4–9–15; 8:45 am]
rule change imposes any burden on the following methods: BILLING CODE 8011–01–P
intramarket competition because it
applies to all market participants. Electronic Comments
Additionally, the Exchange does not • Use the Commission’s Internet SECURITIES AND EXCHANGE
believe the proposed rule change will comment form (http://www.sec.gov/ COMMISSION
impose any burden on intermarket rules/sro.shtml); or
competition as it is merely attempting to • Send an email to rule-comments@ [Release No. 34–74652; File No. SR–CFE–
2015–003]
delete Rule 2.50 in its entirety as the sec.gov. Please include File Number SR–
rule text is no longer relevant because CBOE–2015–033 on the subject line. Self-Regulatory Organizations; CBOE
CBSX no longer owns or is affiliated Futures Exchange, LLC; Notice of
Paper Comments
with NSX. The Exchange does not Filing and Immediate Effectiveness of
propose any substantive changes to the • Send paper comments in triplicate a Proposed Rule Change Proposed
Exchange’s operations or its rules that to Secretary, Securities and Exchange Rule Change Regarding Open Interest
the Exchange believes could have any Commission, 100 F Street NE., Reporting
impact on competition (intermarket or Washington, DC 20549–1090.
intramarket). All submissions should refer to File April 6, 2015.
Number SR–CBOE–2015–033. This file Pursuant to Section 19(b)(7) of the
C. Self-Regulatory Organization’s Securities Exchange Act of 1934
Statement on Comments on the number should be included on the
subject line if email is used. To help the (‘‘Act’’),1 notice is hereby given that on
Proposed Rule Change Received From March 23, 2015 CBOE Futures
Members, Participants or Others Commission process and review your
comments more efficiently, please use Exchange, LLC (‘‘CFE’’ or ‘‘Exchange’’)
The Exchange neither solicited nor only one method. The Commission will filed with the Securities and Exchange
received written comments on the post all comments on the Commission’s Commission (‘‘SEC’’ or ‘‘Commission’’)
proposed rule changes submitted in this Internet Web site (http://www.sec.gov/ the proposed rule change described in
filing. rules/sro.shtml). Copies of the Items I, II, and III below, which Items
submission, all subsequent have been prepared by CFE. The
III. Date of Effectiveness of the
amendments, all written statements Commission is publishing this notice to
Proposed Rule Change and Timing for
with respect to the proposed rule solicit comments on the proposed rule
Commission Action
change that are filed with the change from interested persons. CFE
The Exchange has filed the proposed also has filed this proposed rule change
Commission, and all written
rule change pursuant to Section with the Commodity Futures Trading
communications relating to the
19(b)(3)(A)(iii) of the Act 9 and Rule Commission (‘‘CFTC’’). CFE filed a
proposed rule change between the
19b–4(f)(6) thereunder.10 Because the Commission and any person, other than written certification with the CFTC
foregoing proposed rule change does those that may be withheld from the under Section 5c(c) of the Commodity
not: (1) Significantly affect the public in accordance with the Exchange Act (‘‘CEA’’) 2 on March 20,
protection of investors or the public provisions of 5 U.S.C. 552, will be 2015.
interest; (2) impose any significant available for Web site viewing and
burden on competition; and (3) become I. Self-Regulatory Organization’s
printing in the Commission’s Public Description of the Proposed Rule
operative for 30 days from the date on
Change
mstockstill on DSK4VPTVN1PROD with NOTICES

which it was filed, or such shorter time 12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
as the Commission may designate, it has 4(f)(6)(iii) requires the Exchange to give the The Exchange proposes to amend its
become effective pursuant to Section Commission written notice of the Exchange’s intent rules related to open interest reporting.
19(b)(3)(A) of the Act 11 and Rule 19b– to file the proposed rule change, along with a brief The scope of this filing is limited solely
description and text of the proposed rule change,
at least five business days prior to the date of filing
9 15 U.S.C. 78s(b)(3)(A). 13 17 CFR 200.30–3(a)(12).
of the proposed rule change, or such shorter time
10 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(7).
as designated by the Commission. The Exchange
11 15 U.S.C. 78s(b)(3)(A). has satisfied this requirement. 2 7 U.S.C. 7a–2(c).

VerDate Sep<11>2014 20:09 Apr 09, 2015 Jkt 235001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 E:\FR\FM\10APN1.SGM 10APN1
Document Created: 2018-02-21 10:08:49
Document Modified: 2018-02-21 10:08:49
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 19377