80_FR_28834 80 FR 28738 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adjust the Preferred Market Maker Quoting Obligations

80 FR 28738 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adjust the Preferred Market Maker Quoting Obligations

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 96 (May 19, 2015)

Page Range28738-28739
FR Document2015-12029

Federal Register, Volume 80 Issue 96 (Tuesday, May 19, 2015)
[Federal Register Volume 80, Number 96 (Tuesday, May 19, 2015)]
[Notices]
[Pages 28738-28739]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-12029]



[[Page 28738]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74952; File No. SR-BOX-2015-19]


Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Adjust the Preferred Market Maker Quoting Obligations

May 13, 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 May 5, 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 BOX Rule 7300 (Preferenced Orders) 
to adjust the Preferred Market Maker quoting obligations. 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.

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

1. Purpose
    The Exchange proposes to amend BOX Rule 7300 (Preferenced Orders) 
to revise the quoting obligations for Preferred Market Makers. 
Specifically, the Exchange proposes to (i) decrease the percentage of 
time a Preferred Market Maker is required to continuously quote from 
99% to 90%; (ii) decrease the percentage of series the Preferred Market 
Maker is required to continuously quote; and (iii) modify the series 
the continuous quoting obligations apply to for Preferred Market 
Makers. Each of these changes, which are described in detail below, 
will make BOX's Preferred Market Maker obligations more consistent with 
the comparable market maker obligations at other options exchanges.\3\
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    \3\ See MIAX Rule 514 and 604(e)(2); CBOE Rule 1.1(ccc); Phlx 
Rule 1014(b)(ii)(D)(1); and ISE Rule 804(e)(2)(iii).
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    BOX Rule 7300 currently provides that during trading hours, a 
Preferred Market Maker \4\ must maintain a continuous two-sided market, 
pursuant to Rule 8050(c)(1), throughout the trading day, in option 
classes for which it accepts Preferenced Orders, for 99% of the time 
the Exchange is open for trading in each such option class; provided, 
however, that for purposes of this requirement, a Preferred Market 
Maker is not required to quote in intra-day add-on series or series 
that have a time to expiration of nine months or more in the classes 
for which it receives Preferenced Orders and a Market Maker may still 
be a Preferred Market Maker in any such series if the Market Maker 
otherwise complies with Rule 7300(a)(2).
---------------------------------------------------------------------------

    \4\ The term ``Preferred Market Maker'' means a Market Maker 
designated as such by a Participant with respect to an order 
submitted by such Participant to BOX. See BOX Rule 7300.
---------------------------------------------------------------------------

    The rule also provides that if a technical failure or limitation of 
a system of the Exchange prevents a Preferred Market Maker from 
maintaining, or prevents a Preferred Market Maker from communicating to 
the Exchange, timely and accurate electronic quotes in an option class, 
the duration of such failure will be disregarded in determining whether 
the Preferred Market Maker has satisfied this requirement. The Exchange 
may also consider other exceptions to this obligation based on a 
demonstrated legal or regulatory requirement or other mitigating 
circumstances.
    The Exchange first proposes to reduce the percentage of time which 
a Preferred Market Maker is required to provide continuous quotes in an 
appointed options class to 90% of the time. The Exchange then proposes 
to amend the continuous quoting obligation for Preferred Market Makers 
from 100% to 99% of the options series of each class for which it 
accepts Preferenced Orders. Finally, the Exchange proposes to add the 
language ``non-adjusted options series'' to indicate that Preferred 
Market Maker will not be obligated to maintain continuous quotes in 
adjusted options series and to define the term adjusted options series. 
Compliance with the Preferred Market Maker's continuous quoting 
requirement will still be determined on a monthly basis; and this does 
not relieve a Preferred Market Maker from meeting this quoting 
requirement on a daily basis, nor does it prohibit the Exchange from 
taking disciplinary action against a Preferred Market Maker for failing 
to meet this requirement each trading day.
    The Exchange does not believe that the proposed rule change will 
adversely affect the quality of the Exchange's market or lead to a 
material decrease in liquidity. Rather, the Exchange believes that 
lowering the continuous quoting requirements may increase liquidity by 
attracting more Preferred Market Makers to the Exchange. Preferred 
Market Makers will still have to meet heightened quoting requirements 
when compared to the quoting requirements of Market Makers on the 
Exchange.\5\ Additionally, the Exchange Rules will continue to impose a 
number of other obligations on Preferred Market Makers to ensure that 
they create and maintain a fair and orderly market in the option 
classes to which they are assigned.\6\
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    \5\ Under BOX Rule 8050(e) on a daily basis a Market Maker must 
post valid quotes at least sixty percent (60%) of the time that the 
classes are open for trading.
    \6\ For example, in order to receive the allocation preference 
the Preferred Market Maker must also be quoting at the NBBO at the 
time the Preferenced Order was received.
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    The Exchange believes this proposal will make the quoting 
requirements of Preferred Market Makers more comparable to those at 
other options exchanges and is therefore essential for competitive 
purposes.\7\
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    \7\ See supra, note 3.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Securities Exchange Act of 1934 
(the ``Act''), in general, and Section 6(b)(5) of the Act, in 
particular, in that it is 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 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

[[Page 28739]]

general to protect investors and the public interest. In particular, 
the proposed rule change removes impediments to and perfects the 
mechanisms of a free and open market and a national market system 
because it is similar with the continuous quoting standards in place on 
other options exchanges. The Exchange believes the proposed rule change 
will not diminish, and in fact may increase market making activity and 
liquidity on the Exchange by establishing a quoting compliance standard 
that is reasonable and is similar to those already in place on other 
options exchanges. Specifically, the Exchange believes that the 
proposed quoting requirements will encourage greater participation by 
Market Makers to provide quotes on the Exchange as Preferred Market 
Makers. These additional responses should encourage greater competition 
on the Exchange, which should, in turn, benefit and protect investors 
and the public interest through the potential for greater volume of 
orders and executions.

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

    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. The proposed rule change 
applies to all Preferred Market Makers. Additionally, the proposed rule 
change is substantially similar to the rules in place at other options 
exchanges,\8\ which the exchange believes may enhance, rather than 
burden, competition among the options exchanges.
---------------------------------------------------------------------------

    \8\ See supra, note 3.
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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 \9\ and Rule 19b-4(f)(6) 
thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). 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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    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 [email protected]. Please include 
File Number SR-BOX-2015-19 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-2015-19. 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-2015-19, and should be 
submitted on or before June 9, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12029 Filed 5-18-15; 8:45 am]
 BILLING CODE 8011-01-P



                                              28738                             Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices

                                              SECURITIES AND EXCHANGE                                    revise the quoting obligations for                    for which it accepts Preferenced Orders.
                                              COMMISSION                                                 Preferred Market Makers. Specifically,                Finally, the Exchange proposes to add
                                                                                                         the Exchange proposes to (i) decrease                 the language ‘‘non-adjusted options
                                              [Release No. 34–74952; File No. SR–BOX–
                                              2015–19]
                                                                                                         the percentage of time a Preferred                    series’’ to indicate that Preferred Market
                                                                                                         Market Maker is required to                           Maker will not be obligated to maintain
                                              Self-Regulatory Organizations; BOX                         continuously quote from 99% to 90%;                   continuous quotes in adjusted options
                                              Options Exchange LLC; Notice of                            (ii) decrease the percentage of series the            series and to define the term adjusted
                                              Filing and Immediate Effectiveness of                      Preferred Market Maker is required to                 options series. Compliance with the
                                              a Proposed Rule Change To Adjust the                       continuously quote; and (iii) modify the              Preferred Market Maker’s continuous
                                              Preferred Market Maker Quoting                             series the continuous quoting                         quoting requirement will still be
                                              Obligations                                                obligations apply to for Preferred Market             determined on a monthly basis; and this
                                                                                                         Makers. Each of these changes, which                  does not relieve a Preferred Market
                                              May 13, 2015.                                              are described in detail below, will make              Maker from meeting this quoting
                                                 Pursuant to Section 19(b)(1) of the                     BOX’s Preferred Market Maker                          requirement on a daily basis, nor does
                                              Securities Exchange Act of 1934 (the                       obligations more consistent with the                  it prohibit the Exchange from taking
                                              ‘‘Act’’),1 and Rule 19b–4 thereunder,2                     comparable market maker obligations at                disciplinary action against a Preferred
                                              notice is hereby given that on May 5,                      other options exchanges.3                             Market Maker for failing to meet this
                                              2015, BOX Options Exchange LLC (the                           BOX Rule 7300 currently provides                   requirement each trading day.
                                              ‘‘Exchange’’) filed with the Securities                    that during trading hours, a Preferred                   The Exchange does not believe that
                                              and Exchange Commission                                    Market Maker 4 must maintain a                        the proposed rule change will adversely
                                              (‘‘Commission’’) the proposed rule                         continuous two-sided market, pursuant                 affect the quality of the Exchange’s
                                              change as described in Items I and II                      to Rule 8050(c)(1), throughout the                    market or lead to a material decrease in
                                              below, which Items have been prepared                      trading day, in option classes for which              liquidity. Rather, the Exchange believes
                                              by the self-regulatory organization. The                   it accepts Preferenced Orders, for 99%                that lowering the continuous quoting
                                              Commission is publishing this notice to                    of the time the Exchange is open for                  requirements may increase liquidity by
                                              solicit comments on the proposed rule                      trading in each such option class;                    attracting more Preferred Market Makers
                                              change from interested persons.                            provided, however, that for purposes of               to the Exchange. Preferred Market
                                              I. Self-Regulatory Organization’s                          this requirement, a Preferred Market                  Makers will still have to meet
                                              Statement of the Terms of the Substance                    Maker is not required to quote in intra-              heightened quoting requirements when
                                              of the Proposed Rule Change                                day add-on series or series that have a               compared to the quoting requirements
                                                                                                         time to expiration of nine months or                  of Market Makers on the Exchange.5
                                                 The Exchange proposes to amend                          more in the classes for which it receives             Additionally, the Exchange Rules will
                                              BOX Rule 7300 (Preferenced Orders) to                      Preferenced Orders and a Market Maker                 continue to impose a number of other
                                              adjust the Preferred Market Maker                          may still be a Preferred Market Maker in
                                              quoting obligations. The text of the                                                                             obligations on Preferred Market Makers
                                                                                                         any such series if the Market Maker                   to ensure that they create and maintain
                                              proposed rule change is available from                     otherwise complies with Rule
                                              the principal office of the Exchange, at                                                                         a fair and orderly market in the option
                                                                                                         7300(a)(2).                                           classes to which they are assigned.6
                                              the Commission’s Public Reference                             The rule also provides that if a                      The Exchange believes this proposal
                                              Room and also on the Exchange’s                            technical failure or limitation of a                  will make the quoting requirements of
                                              Internet Web site at http://                               system of the Exchange prevents a                     Preferred Market Makers more
                                              boxexchange.com.                                           Preferred Market Maker from                           comparable to those at other options
                                              II. Self-Regulatory Organization’s                         maintaining, or prevents a Preferred                  exchanges and is therefore essential for
                                              Statement of the Purpose of, and                           Market Maker from communicating to                    competitive purposes.7
                                              Statutory Basis for, the Proposed Rule                     the Exchange, timely and accurate
                                              Change                                                     electronic quotes in an option class, the             2. Statutory Basis
                                                                                                         duration of such failure will be                         The Exchange believes that the
                                                 In its filing with the Commission, the                  disregarded in determining whether the
                                              self-regulatory organization included                                                                            proposal is consistent with the
                                                                                                         Preferred Market Maker has satisfied                  requirements of Section 6(b) of the
                                              statements concerning the purpose of,                      this requirement. The Exchange may
                                              and basis for, the proposed rule change                                                                          Securities Exchange Act of 1934 (the
                                                                                                         also consider other exceptions to this                ‘‘Act’’), in general, and Section 6(b)(5) of
                                              and discussed any comments it received                     obligation based on a demonstrated
                                              on the proposed rule change. The text                                                                            the Act, in particular, in that it is
                                                                                                         legal or regulatory requirement or other              designed to prevent fraudulent and
                                              of these statements may be examined at                     mitigating circumstances.
                                              the places specified in Item IV below.                                                                           manipulative acts and practices, to
                                                                                                            The Exchange first proposes to reduce              promote just and equitable principles of
                                              The self-regulatory organization has                       the percentage of time which a Preferred
                                              prepared summaries, set forth in                                                                                 trade, to foster cooperation and
                                                                                                         Market Maker is required to provide                   coordination with persons engaged in
                                              Sections A, B, and C below, of the most                    continuous quotes in an appointed
                                              significant aspects of such statements.                                                                          facilitating transactions in securities, to
                                                                                                         options class to 90% of the time. The                 remove impediments to and perfect the
                                              A. Self-Regulatory Organization’s                          Exchange then proposes to amend the                   mechanism of a free and open market
                                              Statement of the Purpose of, and                           continuous quoting obligation for                     and a national market system, and, in
                                              Statutory Basis for, the Proposed Rule                     Preferred Market Makers from 100% to
                                              Change                                                     99% of the options series of each class                 5 Under BOX Rule 8050(e) on a daily basis a
tkelley on DSK3SPTVN1PROD with NOTICES




                                                                                                                                                               Market Maker must post valid quotes at least sixty
                                              1. Purpose                                                   3 See MIAX Rule 514 and 604(e)(2); CBOE Rule        percent (60%) of the time that the classes are open
                                                                                                         1.1(ccc); Phlx Rule 1014(b)(ii)(D)(1); and ISE Rule   for trading.
                                                 The Exchange proposes to amend
                                                                                                         804(e)(2)(iii).                                         6 For example, in order to receive the allocation
                                              BOX Rule 7300 (Preferenced Orders) to                        4 The term ‘‘Preferred Market Maker’’ means a       preference the Preferred Market Maker must also be
                                                                                                         Market Maker designated as such by a Participant      quoting at the NBBO at the time the Preferenced
                                                1 15   U.S.C. 78s(b)(1).                                                                                       Order was received.
                                                                                                         with respect to an order submitted by such
                                                2 17   CFR 240.19b–4.                                    Participant to BOX. See BOX Rule 7300.                  7 See supra, note 3.




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                                                                               Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices                                                      28739

                                              general to protect investors and the                      effective pursuant to Section 19(b)(3)(A)               available for Web site viewing and
                                              public interest. In particular, the                       of the Act 9 and Rule 19b–4(f)(6)                       printing in the Commission’s Public
                                              proposed rule change removes                              thereunder.10                                           Reference Room, 100 F Street NE.,
                                              impediments to and perfects the                              At any time within 60 days of the                    Washington, DC 20549 on official
                                              mechanisms of a free and open market                      filing of the proposed rule change, the                 business days between the hours of
                                              and a national market system because it                   Commission summarily may                                10:00 a.m. and 3:00 p.m. Copies of such
                                              is similar with the continuous quoting                    temporarily suspend such rule change if                 filing also will be available for
                                              standards in place on other options                       it appears to the Commission that such                  inspection and copying at the principal
                                              exchanges. The Exchange believes the                      action is necessary or appropriate in the               office of the Exchange. All comments
                                              proposed rule change will not diminish,                   public interest, for the protection of                  received will be posted without change;
                                              and in fact may increase market making                    investors, or otherwise in furtherance of               the Commission does not edit personal
                                              activity and liquidity on the Exchange                    the purposes of the Act. If the                         identifying information from
                                              by establishing a quoting compliance                      Commission takes such action, the                       submissions. You should submit only
                                              standard that is reasonable and is                        Commission shall institute proceedings                  information that you wish to make
                                              similar to those already in place on                      to determine whether the proposed rule                  available publicly. All submissions
                                              other options exchanges. Specifically,                    should be approved or disapproved.                      should refer to File Number SR–BOX–
                                              the Exchange believes that the proposed                                                                           2015–19, and should be submitted on or
                                              quoting requirements will encourage                       IV. Solicitation of Comments
                                                                                                                                                                before June 9, 2015.
                                              greater participation by Market Makers                      Interested persons are invited to                       For the Commission, by the Division of
                                              to provide quotes on the Exchange as                      submit written data, views, and                         Trading and Markets, pursuant to delegated
                                              Preferred Market Makers. These                            arguments concerning the foregoing,                     authority.11
                                              additional responses should encourage                     including whether the proposed rule                     Robert W. Errett,
                                              greater competition on the Exchange,                      change is consistent with the Act.                      Deputy Secretary.
                                              which should, in turn, benefit and                        Comments may be submitted by any of
                                                                                                                                                                [FR Doc. 2015–12029 Filed 5–18–15; 8:45 am]
                                              protect investors and the public interest                 the following methods:
                                                                                                                                                                BILLING CODE 8011–01–P
                                              through the potential for greater volume
                                                                                                        Electronic Comments
                                              of orders and executions.
                                                                                                          • Use the Commission’s Internet
                                              B. Self-Regulatory Organization’s                                                                                 SECURITIES AND EXCHANGE
                                                                                                        comment form (http://www.sec.gov/
                                              Statement on Burden on Competition                                                                                COMMISSION
                                                                                                        rules/sro.shtml); or
                                                The Exchange does not believe that                        • Send an email to rule-comments@                     [Release No. 34–74954; File No. SR–Phlx–
                                              the proposed rule change will impose                      sec.gov. Please include File Number SR–                 2015–29]
                                              any burden on competition not                             BOX–2015–19 on the subject line.
                                              necessary or appropriate in furtherance                                                                           Self-Regulatory Organizations;
                                                                                                        Paper Comments                                          NASDAQ OMX PHLX LLC; Notice of
                                              of the purposes of the Act. The
                                              proposed rule change applies to all                         • Send paper comments in triplicate                   Designation of Longer Period for
                                              Preferred Market Makers. Additionally,                    to Brent J. Fields, Secretary, Securities               Commission Action on Proposed Rule
                                              the proposed rule change is                               and Exchange Commission, 100 F Street                   Change To Amend and Restate Certain
                                              substantially similar to the rules in                     NE., Washington, DC 20549–1090.                         Rules That Govern the NASDAQ PSX
                                              place at other options exchanges,8                        All submissions should refer to File                    May 13, 2015.
                                              which the exchange believes may                           Number SR–BOX–2015–19. This file                           On March 20, 2015, NASDAQ OMX
                                              enhance, rather than burden,                              number should be included on the                        PHLX LLC (‘‘Phlx’’) filed with the
                                              competition among the options                             subject line if email is used. To help the              Securities and Exchange Commission
                                              exchanges.                                                Commission process and review your                      (‘‘Commission’’), pursuant to Section
                                              C. Self-Regulatory Organization’s                         comments more efficiently, please use                   19(b)(1) of the Securities Exchange Act
                                              Statement on Comments on the                              only one method. The Commission will                    of 1934 (‘‘Act’’) 1 and Rule 19b–4
                                              Proposed Rule Change Received From                        post all comments on the Commission’s                   thereunder,2 a proposed rule change to
                                              Members, Participants, or Others                          Internet Web site (http://www.sec.gov/                  amend and restate certain Phlx rules
                                                                                                        rules/sro.shtml). Copies of the                         that govern NASDAQ OMX PSX in
                                                The Exchange has neither solicited                      submission, all subsequent                              order to provide a clearer and more
                                              nor received comments on the proposed                     amendments, all written statements                      detailed description of certain aspects of
                                              rule change.                                              with respect to the proposed rule                       its functionality. The proposed rule
                                              III. Date of Effectiveness of the                         change that are filed with the                          change was published for comment in
                                              Proposed Rule Change and Timing for                       Commission, and all written                             the Federal Register on April 6, 2015.3
                                              Commission Action                                         communications relating to the                          The Commission received no comment
                                                                                                        proposed rule change between the                        letters regarding the proposed rule
                                                 Because the proposed rule change
                                                                                                        Commission and any person, other than                   change.
                                              does not (i) significantly affect the
                                                                                                        those that may be withheld from the                        Section 19(b)(2) of the Act 4 provides
                                              protection of investors or the public
                                                                                                        public in accordance with the                           that within 45 days of the publication of
                                              interest; (ii) impose any significant
                                                                                                        provisions of 5 U.S.C. 552, will be                     notice of the filing of a proposed rule
                                              burden on competition; and (iii) become
                                              operative for 30 days from the date on                                                                            change, or within such longer period up
                                                                                                          9 15  U.S.C. 78s(b)(3)(A).                            to 90 days as the Commission may
tkelley on DSK3SPTVN1PROD with NOTICES




                                              which it was filed, or such shorter time                    10 17  CFR 240.19b–4(f)(6). As required under Rule
                                              as the Commission may designate if                        19b-4(f)(6)(iii), the Exchange provided the               11 17 CFR 200.30–3(a)(12).
                                              consistent with the protection of                         Commission with written notice of its intent to file      1 15 U.S.C. 78s(b)(1).
                                              investors and the public interest, the                    the proposed rule change, along with a brief
                                                                                                                                                                  2 17 CFR 240.19b–4.
                                                                                                        description and the text of the proposed rule
                                              proposed rule change has become                           change, at least five business days prior to the date     3 See Securities Exchange Act Release No. 74618

                                                                                                        of filing of the proposed rule change, or such          (March 31, 2015), 80 FR 18452.
                                                8 See   supra, note 3.                                  shorter time as designated by the Commission.             4 15 U.S.C. 78s(b)(2).




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Document Created: 2015-12-15 15:30:03
Document Modified: 2015-12-15 15:30:03
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 28738 

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