80 FR 19388 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of the Rule Change To Allow Market Orders To Sell in No-bid Series To Be Entered Into the Electronic Order Book From a PAR Workstation
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 69 (April 10, 2015)
Federal Register Volume 80, Issue 69 (April 10, 2015)
| Page Range | 19388-19389 | |
| FR Document | 2015-08202 |
[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)] [Notices] [Pages 19388-19389] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08202] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74654; File No. SR-CBOE-2015-034] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of the Rule Change To Allow Market Orders To Sell in No-bid Series To Be Entered Into the Electronic Order Book From a PAR Workstation 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 April 1, 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. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change There is no proposed change to the rule language. 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 On October 22, 2014, rule change SR-CBOE-2014-067 \5\ became effective. The filing amended Rule 6.13(b)(vi) to increase the $0.30 parameter to $0.50. Although not contained in the amended rule text, the filing also amended Rule 6.13(b)(vi) to allow market orders to sell in no-bid series that get routed to a PAR workstation of a TPH User to be entered into the electronic order book at the minimum increment.\6\ The filing indicated that the implementation date of the amendments would be no later than 180 days following the effective date of the filing (i.e., no later than April 28, 2015). Although the parameter change from $0.30 to $0.50 was implemented,\7\ the Exchange is still in the process of making the necessary modifications to the CBOE Hybrid System (the ``System'') to allow market orders to sell in no-bid series that get routed to a PAR workstation to be entered into the electronic order book at the minimum increment. --------------------------------------------------------------------------- \5\ Securities Exchange Act Release No. 34-73487 (October 31, 2014), 79 FR 66016 (November 6, 2014) (SR-CBOE-2014-067). \6\ Id. at 66017. \7\ See CBOE Regulatory Circular RG15-002--Automatic Order Handling Process in No-bid Series (January 2, 2015). --------------------------------------------------------------------------- The Exchange does not believe the modifications to the System will be completed prior to the current April 28th deadline; therefore, the Exchange seeks to delay the implementation date deadline for the portion of SR-CBOE-2014-067 related to allowing market orders to sell in no-bid series that were routed to a PAR workstation to be entered into the electronic order book. The Exchange will announce the implementation date in a Regulatory Circular to be published no later than 90 days following the effective date of this filing. The implementation date will be no later than 180 days following the effective date of this filing. 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.\8\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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 of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \10\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes delaying the implementation deadline to allow the Exchange the necessary time to finish the modifications to the System, which will provide the functionality to route market orders to sell in no-bid series from a PAR workstation to an electronic order book, helps protect investors by ensuring the PAR workstation functions as intended. [[Page 19389]] 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. More specifically, the Exchange does not believe that the proposed rule change will impose any burden on intramarket or intermarket competition because this filing simply seeks to delay the implementation deadline of SR-CBOE-2014-067. 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 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: A. significantly affect the protection of investors or the public interest; B. impose any significant burden on competition; and C. 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. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 CommentsUse 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-2015-034 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-CBOE-2015-034. 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-2015-034 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\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-08202 Filed 4-9-15; 8:45 am] BILLING CODE 8011-01-P
![19388 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
rules/sro.shtml). Copies of the change as described in Items I, II, and System (the ‘‘System’’) to allow market
submission, all subsequent III below, which Items have been orders to sell in no-bid series that get
amendments, all written statements prepared by the Exchange. The routed to a PAR workstation to be
with respect to the proposed rule Exchange filed the proposal as a ‘‘non- entered into the electronic order book at
change that are filed with the controversial’’ proposed rule change the minimum increment.
Commission, and all written pursuant to Section 19(b)(3)(A)(iii) of The Exchange does not believe the
communications relating to the the Act 3 and Rule 19b–4(f)(6) modifications to the System will be
proposed rule change between the thereunder.4 The Commission is completed prior to the current April
Commission and any person, other than publishing this notice to solicit
28th deadline; therefore, the Exchange
those that may be withheld from the comments on the proposed rule change
seeks to delay the implementation date
public in accordance with the from interested persons.
deadline for the portion of SR–CBOE–
provisions of 5 U.S.C. 552, will be
I. Self-Regulatory Organization’s 2014–067 related to allowing market
available for Web site viewing and
Statement of the Terms of Substance of orders to sell in no-bid series that were
printing in the Commission’s Public
the Proposed Rule Change routed to a PAR workstation to be
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official There is no proposed change to the entered into the electronic order book.
business days between the hours of rule language. The Exchange will announce the
10:00 a.m. and 3:00 p.m. Copies of the implementation date in a Regulatory
II. Self-Regulatory Organization’s Circular to be published no later than 90
filing also will be available for Statement of the Purpose of, and
inspection and copying at the principal days following the effective date of this
Statutory Basis for, the Proposed Rule filing. The implementation date will be
office of the Exchange. All comments Change
received will be posted without change; no later than 180 days following the
the Commission does not edit personal In its filing with the Commission, the effective date of this filing.
identifying information from Exchange included statements
concerning the purpose of and basis for 2. Statutory Basis
submissions. You should submit only
information that you wish to make the proposed rule change and discussed The Exchange believes the proposed
available publicly. All submissions any comments it received on the rule change is consistent with the
should refer to File Number SR–C2– proposed rule change. The text of these Securities Exchange Act of 1934 (the
2015–005 and should be submitted on statements may be examined at the
‘‘Act’’) and the rules and regulations
or before May 1, 2015. places specified in Item IV below. The
thereunder applicable to the Exchange
Exchange has prepared summaries, set
For the Commission, by the Division of and, in particular, the requirements of
forth in sections A, B, and C below, of
Trading and Markets, pursuant to delegated Section 6(b) of the Act.8 Specifically,
authority.14
the most significant aspects of such
statements. the Exchange believes the proposed rule
Brent J. Fields, change is consistent with the Section
Secretary. A. Self-Regulatory Organization’s 6(b)(5) 9 requirements that the rules of
[FR Doc. 2015–08203 Filed 4–9–15; 8:45 am] Statement of the Purpose of, and an exchange be designed to prevent
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule fraudulent and manipulative acts and
Change practices, to promote just and equitable
1. Purpose principles of trade, to foster cooperation
SECURITIES AND EXCHANGE and coordination with persons engaged
COMMISSION On October 22, 2014, rule change SR– in regulating, clearing, settling,
CBOE–2014–067 5 became effective. The processing information with respect to,
[Release No. 34–74654; File No. SR–CBOE– filing amended Rule 6.13(b)(vi) to
2015–034] and facilitating transactions in
increase the $0.30 parameter to $0.50. securities, to remove impediments to
Although not contained in the amended and perfect the mechanism of a free and
Self-Regulatory Organizations;
rule text, the filing also amended Rule open market and a national market
Chicago Board Options Exchange,
6.13(b)(vi) to allow market orders to sell
Incorporated; Notice of Filing and system, and, in general, to protect
in no-bid series that get routed to a PAR
Immediate Effectiveness of a Proposed investors and the public interest.
workstation of a TPH User to be entered
Rule Change To Delay the Additionally, the Exchange believes the
into the electronic order book at the
Implementation Date of the Rule proposed rule change is consistent with
minimum increment.6 The filing
Change To Allow Market Orders To the Section 6(b)(5) 10 requirement that
indicated that the implementation date
Sell in No-bid Series To Be Entered the rules of an exchange not be designed
Into the Electronic Order Book From a of the amendments would be no later
to permit unfair discrimination between
than 180 days following the effective
PAR Workstation customers, issuers, brokers, or dealers.
date of the filing (i.e., no later than April
April 6, 2015. 28, 2015). Although the parameter In particular, the Exchange believes
Pursuant to Section 19(b)(1) of the change from $0.30 to $0.50 was delaying the implementation deadline
Securities Exchange Act of 1934 (the implemented,7 the Exchange is still in to allow the Exchange the necessary
‘‘Act’’),1 and Rule 19b–4 thereunder,2 the process of making the necessary time to finish the modifications to the
notice is hereby given that on April 1, modifications to the CBOE Hybrid System, which will provide the
2015, Chicago Board Options Exchange, functionality to route market orders to
mstockstill on DSK4VPTVN1PROD with NOTICES
Incorporated (the ‘‘Exchange’’ or 3 15 U.S.C. 78s(b)(3)(A)(iii). sell in no-bid series from a PAR
‘‘CBOE’’) filed with the Securities and 4 17 CFR 240.19b–4(f)(6). workstation to an electronic order book,
Exchange Commission (the 5 Securities Exchange Act Release No. 34–73487
helps protect investors by ensuring the
(October 31, 2014), 79 FR 66016 (November 6, 2014) PAR workstation functions as intended.
‘‘Commission’’) the proposed rule (SR–CBOE–2014–067).
6 Id. at 66017.
14 17 CFR 200.30–3(a)(12). 7 See CBOE Regulatory Circular RG15–002— 8 15 U.S.C. 78f(b).
1 15 U.S.C. 78s(b)(1). 9 15 U.S.C. 78f(b)(5).
Automatic Order Handling Process in No-bid Series
2 17 CFR 240.19b–4. (January 2, 2015). 10 Id.
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![Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 19389
B. Self-Regulatory Organization’s • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Statement on Burden on Competition sec.gov. Please include File Number SR– COMMISSION
CBOE does not believe that the CBOE–2015–034 on the subject line.
proposed rule change will impose any Paper Comments [Release No. 34–74650; File No. SR–
burden on competition that is not NYSEMKT–2015–21]
necessary or appropriate in furtherance • Send paper comments in triplicate
of the purposes of the Act. More to Brent J. Fields, Secretary, Securities Self-Regulatory Organizations; NYSE
specifically, the Exchange does not and Exchange Commission, 100 F Street MKT LLC; Notice of Filing and
believe that the proposed rule change NE., Washington, DC 20549–1090. Immediate Effectiveness of Proposed
will impose any burden on intramarket Rule Change Amending Rule 1000—
or intermarket competition because this All submissions should refer to File Equities To Reflect That Exchange
filing simply seeks to delay the Number SR–CBOE–2015–034. This file Systems Will Reject Incoming Orders
implementation deadline of SR–CBOE– number should be included on the of Over 1,000,000 Shares That Are
2014–067. subject line if email is used. To help the Marketable Upon Arrival
Commission process and review your
C. Self-Regulatory Organization’s comments more efficiently, please use April 6, 2015.
Statement on Comments on the
only one method. The Commission will Pursuant to Section 19(b)(1) 1 of the
Proposed Rule Change Received From
post all comments on the Commission’s Securities Exchange Act of 1934 (the
Members, Participants, or Others
Internet Web site (http://www.sec.gov/ ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
The Exchange neither solicited nor rules/sro.shtml). Copies of the
received comments on the proposed notice is hereby given that on March 23,
submission, all subsequent 2015, NYSE MKT LLC (the ‘‘Exchange’’
rule change. amendments, all written statements or ‘‘NYSE MKT’’) filed with the
III. Date of Effectiveness of the with respect to the proposed rule Securities and Exchange Commission
Proposed Rule Change and Timing for change that are filed with the (the ‘‘Commission’’) the proposed rule
Commission Action Commission, and all written change as described in Items I and II
Because the foregoing proposed rule communications relating to the below, which Items have been prepared
change does not: proposed rule change between the by the self-regulatory organization. The
A. significantly affect the protection Commission and any person, other than Commission is publishing this notice to
of investors or the public interest; those that may be withheld from the solicit comments on the proposed rule
B. impose any significant burden on public in accordance with the change from interested persons.
competition; and provisions of 5 U.S.C. 552, will be
C. become operative for 30 days from available for Web site viewing and I. Self-Regulatory Organization’s
the date on which it was filed, or such printing in the Commission’s Public Statement of the Terms of Substance of
shorter time as the Commission may Reference Room, 100 F Street NE., the Proposed Rule Change
designate, it has become effective Washington, DC 20549 on official
pursuant to Section 19(b)(3)(A) of the The Exchange proposes to amend
business days between the hours of
Act 11 and Rule 19b–4(f)(6) 12 Rule 1000—Equities to reflect that
10:00 a.m. and 3:00 p.m. Copies of the
thereunder. At any time within 60 days Exchange systems will reject incoming
filing also will be available for
of the filing of the proposed rule change, orders of over 1,000,000 shares that are
inspection and copying at the principal
the Commission summarily may marketable upon arrival. The text of the
office of the Exchange. All comments
temporarily suspend such rule change if proposed rule change is available on the
received will be posted without change;
it appears to the Commission that such Exchange’s Web site at www.nyse.com,
action is necessary or appropriate in the the Commission does not edit personal
at the principal office of the Exchange,
public interest, for the protection of identifying information from
and at the Commission’s Public
investors, or otherwise in furtherance of submissions. You should submit only
Reference Room.
the purposes of the Act. If the information that you wish to make
Commission takes such action, the available publicly. All submissions II. Self-Regulatory Organization’s
Commission will institute proceedings should refer to File Number SR–CBOE– Statement of the Purpose of, and
to determine whether the proposed rule 2015–034 and should be submitted on Statutory Basis for, the Proposed Rule
change should be approved or or before May 1, 2015. Change
disapproved. For the Commission, by the Division of In its filing with the Commission, the
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
self-regulatory organization included
authority.13
Interested persons are invited to statements concerning the purpose of,
Brent J. Fields, and basis for, the proposed rule change
submit written data, views, and
arguments concerning the foregoing, Secretary. and discussed any comments it received
including whether the proposed rule [FR Doc. 2015–08202 Filed 4–9–15; 8:45 am] on the proposed rule change. The text
change is consistent with the Act. BILLING CODE 8011–01–P of those statements may be examined at
Comments may be submitted by any of the places specified in Item IV below.
the following methods: The Exchange has prepared summaries,
mstockstill on DSK4VPTVN1PROD with NOTICES
Electronic Comments set forth in sections A, B, and C below,
of the most significant parts of such
• Use the Commission’s Internet statements.
comment form (http://www.sec.gov/
rules/sro.shtml); or
1 15 U.S.C.78s(b)(1).
11 15 2 15 U.S.C. 78a.
U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6). 13 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2018-02-21 10:08:52
Document Modified: 2018-02-21 10:08:52
| 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 19388 |
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