80 FR 29118 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data BX Utilizes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 97 (May 20, 2015)

Page Range		29118-29121
FR Document		2015-12142

Federal Register, Volume 80 Issue 97 (Wednesday, May 20, 2015)

[Federal Register Volume 80, Number 97 (Wednesday, May 20, 2015)]
[Notices]
[Pages 29118-29121]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-12142]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74962; File No. SR-BX-2015-026]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Update
the Public Disclosure of Sources of Data BX Utilizes

May 14, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 6, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II, below, which Items
have been prepared by the Exchange. 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 Substance
of the Proposed Rule Change

The Exchange proposes to update the public disclosure of the
sources of data that BX utilizes when performing (1) order handling and
execution; (2) order routing; and (3) related compliance processes.
The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are bracketed.
* * * * *
4759. Data Feeds Utilized
[BX shall publicly disclose the proprietary and network processor
feeds utilized by the System for the handling, routing, and execution
of orders, as well as for the regulatory compliance processes related
to those functions. This information shall be displayed on
www.nasdaqtrader.com, and it shall be updated promptly each time BX
determines to add, subtract, or otherwise modify a data source.]
The BX System utilizes the below proprietary and network processor
feeds utilized by the System for the handling, routing, and execution
of orders, as well as for the regulatory compliance processes related
to those functions. The Secondary Source of data is utilized only in
emergency market conditions and only until those emergency conditions
are resolved.

[[Page 29119]]

------------------------------------------------------------------------
Market center Primary source Secondary source
------------------------------------------------------------------------
A--NYSE MKT (AMEX)............. CQS/UQDF.......... n/a
B--NASDAQ OMX BX............... BX ITCH 5.0....... CQS/UQDF
D--FINRA ADF................... CQS/UQDF.......... n/a
J--DirectEdge A................ EdgeBook.......... CQS/UQDF
K--DirectEdge X................ EdgeBook.......... CQS/UQDF
M--CSX......................... CQS/UQDF.......... n/a
N--NYSE........................ NYSE OpenBook CQS/UQDF
Ultra.
P--NYSE Arca................... ArcaBook Binary CQS/UQDF
uncompacted.
T/Q--NASDAQ.................... ITCH 5.0.......... CQS/UQDF
X--NASDAQ OMX PSX.............. PSX ITCH 5.0...... CQS/UQDF
Y--BATS Y-Exchange............. BATS PITCH........ CQS/UQDF
Z--BATS Exchange............... BATS PITCH........ CQS/UQDF
------------------------------------------------------------------------

* * * * *
(b) Not applicable.
(c) Not applicable.

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
In her June 5, 2014 market structure speech, the Chair requested
that all national securities exchanges review and disclose their
policies and procedures governing the market data used when performing
important exchange functions.\3\ In a letter dated June 20, 2014, the
Director of the Division of Trading and Markets codified this request:
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\3\ See Mary Jo White, Chair, Securities and Exchange
Commission, Speech at the Sandler O'Neill & Partners L.P. Global
Exchange and Brokerage Conference (June 5, 2014).

We believe there is a need for clarity regarding whether (1) the
SIP data feeds, (2) proprietary data feeds, or (3) a combination
thereof, are used by the exchanges for purposes of (1) order
handling and execution (e.g., with pegged or midpoint orders), (2)
order routing, and (3) regulatory compliance, as applicable. . . .
Accordingly, we ask that proposed rule changes be filed that
disclose the particular market data feeds that are used for each of
these purposes. Consistent with your recent discussions with
Commission staff, we ask that each SRO file these proposed rule
changes with the Commission by July 15, 2014.\4\
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\4\ See Letter from Steven Luparello, Director, SEC Division of
Trading and Markets, to Robert Greifeld, Chief Executive Officer,
NASDAQ OMX Group, Inc., dated June 20, 2014.

BX fully supports the Commission's efforts to provide more clarity
in this area. Through this proposed rule change, BX is publicly
clarifying on a market-by-market basis the specific network processor
and proprietary data feeds that BX utilizes for the handling, routing,
and execution of orders, and for performing the regulatory compliance
checks related to each of those functions. These complex practices are
governed by a few, simple principles that are designed to ensure that
BX has the most accurate view of the trading interest available across
multiple markets, and to maximize the synchronization of the many
exchange functions that depend upon the calculation of an accurate NBBO
and top-of-book for each market. These principles are:
1. BX uses a proprietary data feed from each exchange that provides
a reliable proprietary data feed. Where no reliable proprietary data
feed is available, BX uses the network processor feed;
2. Where BX uses a proprietary data feed for an exchange quote, it
also maintains access to the network processor feed as a back-up in the
event a specific proprietary feed become [sic] unavailable or unusable
for any reason;
3. BX uses the same proprietary data feed when performing order
handling, routing, and execution functions, and also when the execution
and routing system performs internal compliance checks related to those
functions; and
4. BX acquires and processes all proprietary and network processor
feeds via the same technological configuration (i.e., telecommunication
circuitry, switches, and feed handlers) to the greatest extent
possible.
5. BX calculates the National Best Bid and Offer (``NBBO'') and
top-of-book for each exchange at a single point within the BX System,
and then distributes that data simultaneously to numerous applications
performing order handling, routing, execution, and internal compliance
functions throughout the BX System.
6. BX aggregates odd-lot orders, including those in its own and
affiliated markets, when calculating the NBBO based upon a direct feed
from an away exchange. BX processes odd-lot orders from each exchange
direct feed in the same manner that that exchange aggregates odd-lots
when reporting its own quotations to the SIP.
7. BX utilizes the NBBO and top-of-book calculations described
above for the handling of orders that use those reference points,
including all variations of midpoint orders, pegged orders, and price-
to-comply orders described in BX Rule 4751(f), as well as Retail Price
Improving Orders described in BX Rule 4780(a).
8. When calculating the NBBO, the BX System does not utilize
feedback from other venues when calculating the NBBO. The BX System
assumes that a protected quotation to which it has routed an order has
been executed and can be removed from the NBBO; it does not await or
respond to execution reports from such routing activity.
As of the date of this filing, BX utilizes the following data feeds
for the handling, execution and routing of orders, as well as for
performing related compliance checks:

[[Page 29120]]

BX uses these feeds to calculate the NBBO via an application called
the ``NMSFeed.'' The NMSFeed consumes the BX Protected Quote Service
(``NPQS''), which provides an internal view of that exchange's own
market data as BX ITCH, plus the proprietary and network processor
market data feeds listed above. The NMSFeed calculates a Regulation
NMS-Compliant ``Best Bid or Offer'' (``Compliant BBO''), and then
delivers that information throughout the BX System, including to the
``OUCH'' order entry ports,\5\ the routing system, and various
compliance applications described below.
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\5\ OUCH is a protocol that allows BX participants to enter,
replace and cancel orders and receive executions. In addition to
OUCH, BX offers the FLITE protocol as an option for participants. In
this document, references to OUCH also include FLITE because they
are interchangeable for these purposes.
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Upon receipt of an update to a protected quote for a specific
venue, the NMSFeed updates its quote for that venue, recalculates the
consolidated BBO based upon the update, and recalculates the Compliant
BBO after applying BX's own BBO. Any portion of a quote that crosses
BX's BBO is ignored for purposes of calculating the NBBO. BX odd lot
orders at the same price are aggregated and considered in the NBBO
calculation if the sum is greater than or equal to a round lot.
Otherwise, they are not considered in the NBBO calculation. Out of the
remaining quotes, the most aggressive remaining bid and offer
(excluding BX \6\ and any destination which has been excluded from the
NBBO in compliance with the self-help procedures under Regulation NMS)
is selected and reported as the best quote. If away markets are
crossing the market after applying BX's BBO, orders will be accepted as
originally priced and have the potential to execute. Any order sent to
BX that is not an Intermarket Sweep Order (``ISO'') will have the
Compliant BBO check enforced by the system.\7\
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\6\ Deletion of BX's quote at this stage of the process is
necessary because otherwise the system would prevent valid
executions on BX in the erroneous belief that such executions would
be ``trade throughs'' in violation of Regulation NMS.
\7\ In general, any order that is sent to BX with an ISO flag is
not re-priced and will be processed at its original price. There are
a limited number of circumstances in which an order marked as an ISO
will be determined not to be executable at its original price and
will be re-priced. These include re-pricing under the Plan to
Address Extraordinary Market Volatility, re-pricing to comply with
Regulation SHO, and the re-pricing of an order with a post-only
condition if BX has an order at that price at the time the order is
accepted.
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The BX Routing and Special Handling System (``RASH'') utilizes the
Compliant BBO to determine if and when an order with special processing
directives is marketable either against one or more orders in either
the Core Matching System or a remote trading venue. RASH also receives
market data feeds from certain venues not displaying protected quotes
in the national market system for use in ``BDRK'' and ``BCST'' routing
strategies set forth in BX Rule 4758(a)(1)(A)(xiii) [sic] and (xiv)
[sic], respectively. RASH maintains a number of routing processes, or
Routers, unique to each venue that the System accesses. These Routers
maintain a limited set of details for orders that are configured as
routable by the user, while also monitoring the current best bid and
best offer prices on each exchange.
The BX System includes internal compliance applications related to
locked and crossed markets, trade throughs, limit-up/limit-down, and
Regulation SHO compliance. Each of these applications utilizes the
Compliant BBO to ensure compliance with applicable regulations. BX
operates a separate real-time surveillance system that is external to
the execution systems and that monitors the execution system's
compliance with applicable rules and regulations. The real-time
surveillance system utilizes a ``mirrored'' version of the internal
NMSFeed in various realtime surveillance patterns, including (1) Lock/
Cross, which detects lock/cross events across all markets, regardless
of whether or not BX is a participant in the event; (2) Trade Through,
which detects potential trade through events for all three NASDAQ
equity markets; and (3) RegSho, which detects potential RegSho
violations, alerting when a trade executes at or below the NBB at the
time of order entry while the stock is in a RegSho restricted state.
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\8\ in general and with Sections
[sic] 6(b)(5) of the Act,\9\ 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 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.
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\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that its proposal to describe the Exchange's
use of data feeds removes impediments to and perfects the mechanism of
a free and open market and protects investors and the public interest
because it provides additional specificity and transparency. The
Exchange's proposal will enable investors to better assess the quality
of the Exchange's execution and routing services. The proposal does not
change the operation of the Exchange or its use of data feeds; rather
it describes how, and for what purposes, the Exchange uses the quotes
disseminated from data feeds to calculate the NBBO for a security for
purposes of Regulation NMS, Regulation SHO and various order types that
update based on changes to the applicable NBBO. The Exchange believes
the additional transparency into the operation of the Exchange as
described in the proposal will remove

[[Page 29121]]

impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest.

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

The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. To
the contrary, the Exchange believes the proposal would enhance
competition because describing the Exchange's use of data feeds
enhances transparency and enables investors to better assess the
quality of the Exchange's execution and routing services.

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

No written comments were either solicited or received.

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, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6)
thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \12\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \13\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing, noting that
waiver of the operative delay would permit the Exchange to immediately
enhance transparency. The Commission believes the waiver of the
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the operative
delay and designates the proposal operative upon filing.\14\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-BX-2015-026 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-BX-2015-026. 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 will also 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-BX-2015-026 and should be
submitted on or before June 10, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12142 Filed 5-19-15; 8:45 am]
BILLING CODE 8011-01-P

29118 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices

readily favor competing exchanges. In All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2
such an environment, the Exchange Number SR–BOX–2015–17. This file notice is hereby given that on May 6,
must continually review, and consider number should be included on the 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or
adjusting, its fees and credits to remain subject line if email is used. To help the ‘‘Exchange’’) filed with the Securities
competitive with other exchanges. For Commission process and review your and Exchange Commission (‘‘SEC’’ or
the reasons described above, the comments more efficiently, please use ‘‘Commission’’) the proposed rule
Exchange believes that the proposed only one method. The Commission will change as described in Items I and II,
rule change reflects this competitive post all comments on the Commission’s below, which Items have been prepared
environment. Internet Web site (http://www.sec.gov/ by the Exchange. The Commission is
rules/sro.shtml). Copies of the
C. Self-Regulatory Organization’s publishing this notice to solicit
submission, all subsequent
Statement on Comments on the comments on the proposed rule change
amendments, all written statements
Proposed Rule Change Received From with respect to the proposed rule from interested persons.
Members, Participants, or Others change that are filed with the I. Self-Regulatory Organization’s
No written comments were either Commission, and all written Statement of the Terms of Substance of
solicited or received. communications relating to the the Proposed Rule Change
proposed rule change between the
III. Date of Effectiveness of the Commission and any person, other than The Exchange proposes to update the
Proposed Rule Change and Timing for those that may be withheld from the public disclosure of the sources of data
Commission Action public in accordance with the that BX utilizes when performing (1)
The foregoing rule change has become provisions of 5 U.S.C. 552, will be order handling and execution; (2) order
effective pursuant to Section available for Web site viewing and routing; and (3) related compliance
19(b)(3)(A)(ii) of the Exchange Act 21 printing in the Commission’s Public processes.
and Rule 19b–4(f)(2) thereunder,22 Reference Room, 100 F Street NE.,
Washington, DC 20549 on official The text of the proposed rule change
because it establishes or changes a due,
or fee. business days between the hours of is below. Proposed new language is
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such italicized; proposed deletions are
filing of the proposed rule change, the filing also will be available for bracketed.
Commission summarily may inspection and copying at the principal * * * * *
temporarily suspend the rule change if office of the Exchange. All comments
received will be posted without change; 4759. Data Feeds Utilized
it appears to the Commission that the
action is necessary or appropriate in the the Commission does not edit personal [BX shall publicly disclose the
public interest, for the protection of identifying information from proprietary and network processor feeds
investors, or would otherwise further submissions. You should submit only
utilized by the System for the handling,
the purposes of the Act. If the information that you wish to make
routing, and execution of orders, as well
Commission takes such action, the available publicly. All submissions
should refer to File Number SR–BOX– as for the regulatory compliance
Commission shall institute proceedings
2015–17, and should be submitted on or processes related to those functions.
to determine whether the proposed rule
before June 10, 2015. This information shall be displayed on
should be approved or disapproved.
www.nasdaqtrader.com, and it shall be
IV. Solicitation of Comments For the Commission, by the Division of
Trading and Markets, pursuant to delegated
updated promptly each time BX
Interested persons are invited to authority.23 determines to add, subtract, or
submit written data, views, and Robert W. Errett, otherwise modify a data source.]
arguments concerning the foregoing, Deputy Secretary. The BX System utilizes the below
including whether the proposed rule [FR Doc. 2015–12173 Filed 5–19–15; 8:45 am] proprietary and network processor feeds
change is consistent with the Act. BILLING CODE 8011–01–P utilized by the System for the handling,
Comments may be submitted by any of routing, and execution of orders, as well
the following methods: as for the regulatory compliance
Electronic Comments SECURITIES AND EXCHANGE processes related to those functions. The
COMMISSION Secondary Source of data is utilized
• Use the Commission’s Internet
[Release No. 34–74962; File No. SR–BX– only in emergency market conditions
comment form (http://www.sec.gov/
2015–026] and only until those emergency
rules/sro.shtml); or
conditions are resolved.
• Send an email to rule-comments@ Self-Regulatory Organizations;
sec.gov. Please include File Number SR– NASDAQ OMX BX, Inc.; Notice of Filing
BOX–2015–17 on the subject line. and Immediate Effectiveness of
Paper Comments Proposed Rule Change To Update the
Public Disclosure of Sources of Data
• Send paper comments in triplicate BX Utilizes
to Secretary, Securities and Exchange
Commission, 100 F Street NE., May 14, 2015.
mstockstill on DSK4VPTVN1PROD with NOTICES

Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
21 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
22 17 CFR 240.19b–4(f)(2). 23 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 PO 00000 Frm 00190 Fmt 4703 Sfmt 4703 E:\FR\FM\20MYN1.SGM 20MYN1

Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices 29121

impediments to and perfect the transparency. The Commission believes provisions of 5 U.S.C. 552, will be
mechanism of a free and open market the waiver of the operative delay is available for Web site viewing and
and a national market system, and, in consistent with the protection of printing in the Commission’s Public
general, protect investors and the public investors and the public interest. Reference Room, 100 F Street NE.,
interest. Therefore, the Commission hereby Washington, DC 20549, on official
waives the operative delay and business days between the hours of
B. Self-Regulatory Organization’s
designates the proposal operative upon 10:00 a.m. and 3:00 p.m. Copies of the
Statement on Burden on Competition
filing.14 filing will also be available for
The Exchange does not believe that At any time within 60 days of the inspection and copying at the principal
the proposed rule change will result in filing of the proposed rule change, the office of the Exchange. All comments
any burden on competition that is not Commission summarily may received will be posted without change;
necessary or appropriate in furtherance temporarily suspend such rule change if the Commission does not edit personal
of the purposes of the Act, as amended. it appears to the Commission that such identifying information from
To the contrary, the Exchange believes action is necessary or appropriate in the submissions. You should submit only
the proposal would enhance public interest, for the protection of information that you wish to make
competition because describing the investors, or otherwise in furtherance of available publicly. All submissions
Exchange’s use of data feeds enhances the purposes of the Act. If the should refer to File Number SR–BX–
transparency and enables investors to Commission takes such action, the 2015–026 and should be submitted on
better assess the quality of the Commission shall institute proceedings or before June 10, 2015.
Exchange’s execution and routing to determine whether the proposed rule
services. should be approved or disapproved. For the Commission, by the Division of
Trading and Markets, pursuant to delegated
C. Self-Regulatory Organization’s IV. Solicitation of Comments authority.15
Statement on Comments on the Interested persons are invited to
Proposed Rule Change Received From Robert W. Errett,
submit written data, views, and Deputy Secretary.
Members, Participants, or Others arguments concerning the foregoing,
[FR Doc. 2015–12142 Filed 5–19–15; 8:45 am]
No written comments were either including whether the proposed rule
solicited or received. change is consistent with the Act. BILLING CODE 8011–01–P

III. Date of Effectiveness of the Comments may be submitted by any of
Proposed Rule Change and Timing for the following methods:
SECURITIES AND EXCHANGE
Commission Action Electronic Comments COMMISSION
Because the proposed rule change • Use the Commission’s Internet
does not (i) significantly affect the comment form (http://www.sec.gov/ [Release No. 34–74969; File No. SR–CBOE–
protection of investors or the public rules/sro.shtml); or 2015–042]
interest; (ii) impose any significant • Send an email to rule-comments@
burden on competition; and (iii) become sec.gov. Please include File Number SR– Self-Regulatory Organizations;
operative for 30 days from the date on BX–2015–026 on the subject line. Chicago Board Options Exchange,
which it was filed, or such shorter time Incorporated; Notice of Filing and
Paper Comments
as the Commission may designate, the Immediate Effectiveness of a Proposed
proposed rule change has become • Send paper comments in triplicate Rule Change Regarding Limitation of
effective pursuant to Section 19(b)(3)(A) to Secretary, Securities and Exchange Liability
of the Act 10 and Rule 19b–4(f)(6) Commission, 100 F Street NE.,
thereunder.11 Washington, DC 20549–1090. May 14, 2015.
A proposed rule change filed All submissions should refer to File Pursuant to Section 19(b)(1) of the
pursuant to Rule 19b–4(f)(6) under the Number SR–BX–2015–026. This file Securities Exchange Act of 1934 (the
Act 12 normally does not become number should be included on the ‘‘Act’’),1 and Rule 19b–4 thereunder,2
operative for 30 days after the date of its subject line if email is used. To help the notice is hereby given that on May 5,
filing. However, Rule 19b–4(f)(6)(iii) 13 Commission process and review your 2015, Chicago Board Options Exchange,
permits the Commission to designate a comments more efficiently, please use Incorporated (the ‘‘Exchange’’ or
shorter time if such action is consistent only one method. The Commission will ‘‘CBOE’’) filed with the Securities and
with the protection of investors and the post all comments on the Commission’s Exchange Commission (the
public interest. The Exchange has asked Internet Web site (http://www.sec.gov/ ‘‘Commission’’) the proposed rule
the Commission to waive the 30-day rules/sro.shtml). Copies of the change as described in Items I and II
operative delay so that the proposal may submission, all subsequent below, which Items have been prepared
become operative immediately upon amendments, all written statements by the Exchange. The Exchange filed the
filing, noting that waiver of the with respect to the proposed rule proposal as a ‘‘non-controversial’’
operative delay would permit the change that are filed with the proposed rule change pursuant to
Exchange to immediately enhance Commission, and all written Section 19(b)(3)(A)(iii) of the Act 3 and
communications relating to the Rule 19b–4(f)(6) thereunder.4 The
10 15 U.S.C. 78s(b)(3)(A). proposed rule change between the Commission is publishing this notice to
11 17 CFR 240.19b–4(f)(6). As required under Rule Commission and any person, other than
mstockstill on DSK4VPTVN1PROD with NOTICES

19b–4(f)(6)(iii), the Exchange provided the solicit comments on the proposed rule
those that may be withheld from the
Commission with written notice of its intent to file change from interested persons.
the proposed rule change, along with a brief public in accordance with the
description and the text of the proposed rule
15 17 CFR 200.30–3(a)(12).
change, at least five business days prior to the date 14 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1).
of filing of the proposed rule change, or such operative delay, the Commission has also
shorter time as designated by the Commission. considered the proposed rule’s impact on
2 17 CFR 240.19b–4.
12 17 CFR 240.19b–4(f)(6). 3 15 U.S.C. 78s(b)(3)(A)(iii).
efficiency, competition, and capital formation. See
13 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 4 17 CFR 240.19b–4(f)(6).

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Document Created: 2018-02-21 10:29:28
Document Modified: 2018-02-21 10:29:28

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 29118