80 FR 37333 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 125 (June 30, 2015)
Federal Register Volume 80, Issue 125 (June 30, 2015)
| Page Range | 37333-37335 | |
| FR Document | 2015-15982 |
[Federal Register Volume 80, Number 125 (Tuesday, June 30, 2015)] [Notices] [Pages 37333-37335] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15982] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75286; File No. SR-Phlx-2015-54] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted June 24, 2015. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on June 18, 2015, NASDAQ OMX PHLX LLC (``Phlx'' 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing with the Commission a proposal to amend Phlx Rule 1034 (Minimum Increments) to extend through June 30, 2016 or the date of permanent approval, if earlier, the Penny Pilot Program in options classes in certain issues (``Penny Pilot'' or ``Pilot''), and to change the date when delisted classes may be replaced in the Penny Pilot.\3\ --------------------------------------------------------------------------- \3\ The Penny Pilot was established in January 2007 and was last extended in 2014. See Securities Exchange Act Release Nos. 55153 (January 23, 2007), 72 FR 4553 (January 31, 2007)(SR-Phlx-2006- 74)(notice of filing and approval order establishing Penny Pilot); and 73688 (November 25, 2014), 79 FR 71484 (December 2, 2014)(SR- Phlx-2014-77)(notice of filing and immediate effectiveness extending the Penny Pilot through June 30, 2015). --------------------------------------------------------------------------- The text of the amended Exchange rule is set forth immediately below. Proposed new language is in italics and proposed deleted language is [bracketed]. NASDAQ OMX PHLX Rules Options Rules * * * * * Rule 1034. Minimum Increments (a) Except as provided in sub-paragraphs (i)(B) and (iii) below, all options on stocks, index options, and Exchange Traded Fund Shares quoting in decimals at $3.00 or higher shall have a minimum increment of $.10, and all options on stocks and index options quoting in decimals under $3.00 shall have a minimum increment of $.05. (i)(A) No Change. (B) For a pilot period scheduled to expire June 30, [2015]2016 or the date of permanent approval, if earlier (the ``pilot''), certain options shall be quoted and traded on the Exchange in minimum increments of $0.01 for all series in such options with a price of less than $3.00, and in minimum increments of $0.05 for all series in such options with a price of $3.00 or higher, except that options overlying the PowerShares QQQ Trust (``QQQQ'')[supreg], SPDR S&P 500 Exchange Traded Funds (``SPY''), and iShares Russell 2000 Index Funds (``IWM'') shall be quoted and traded in minimum increments of $0.01 for all series regardless of the price. A list of such options shall be communicated to membership via an Options Trader Alert (``OTA'') posted on the Exchange's Web site. The Exchange may replace any pilot issues that have been delisted with the next most actively traded multiply listed options classes that are not yet included in the pilot, based on trading activity in the previous six months. The replacement issues may be added to the pilot on the second trading day following July 1, 2015 and January 1, [2015]2016. (C) No Change. (ii)-(v) No Change. * * * * * The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. [[Page 37334]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend Phlx Rule 1034 to extend the Penny Pilot through June 30, 2016 or the date of permanent approval, if earlier, and to change the date when delisted classes may be replaced in the Penny Pilot. The Exchange believes that extending the Penny Pilot will allow for further analysis of the Penny Pilot and a determination of how the program should be structured in the future. Under the Penny Pilot, the minimum price variation for all participating options classes, except for the Nasdaq-100 Index Tracking Stock (``QQQQ''), the SPDR S&P 500 Exchange Traded Fund (``SPY'') and the iShares Russell 2000 Index Fund (``IWM''), is $0.01 for all quotations in options series that are quoted at less than $3 per contract and $0.05 for all quotations in options series that are quoted at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01 increments for all options series. The Penny Pilot is currently scheduled to expire on June 30, 2015. The Exchange proposes to extend the time period of the Penny Pilot through June 30, 2016 or the date of permanent approval, if earlier, and to provide a revised date for adding replacement issues to the Penny Pilot. The Exchange proposes that any Penny Pilot Program issues that have been delisted may be replaced on the second trading day following July 1, 2015 and January 1, 2016. The replacement issues will be selected based on trading activity in the previous six months.\4\ --------------------------------------------------------------------------- \4\ The replacement issues will be announced to the Exchange's membership via an Options Trader Alert (OTA) posted on the Exchange's Web site. The Exchange proposes in its Penny Pilot rule that replacement issues will be selected based on trading activity in the previous six months. The replacement issues would be identified based on The Options Clearing Corporation's trading volume data. For example, for the July replacement, trading volume from December 1, 2014 through May 30, 2015 would be analyzed. The month immediately preceding the replacement issues' addition to the Pilot Program (i.e., June) would not be used for purposes of the six-month analysis. --------------------------------------------------------------------------- This filing does not propose any substantive changes to the Penny Pilot Program; all classes currently participating in the Penny Pilot will remain the same and all minimum increments will remain unchanged. The Exchange believes the benefits to public customers and other market participants who will be able to express their true prices to buy and sell options have been demonstrated to outweigh the potential increase in quote traffic. 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act,\5\ in general, and furthers the objectives of section 6(b)(5) of the Act,\6\ 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, and 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the proposed rule change, which extends the Penny Pilot for an additional twelve months through June 30, 2016 or the date of permanent approval, if earlier, and changes the date for replacing Penny Pilot issues that were delisted to the second trading day following July 1, 2015 and January 1, 2016, will enable public customers and other market participants to express their true prices to buy and sell options for the benefit of all market participants. This is consistent with the Act. 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. To the contrary, this proposal is pro-competitive because it allows Penny Pilot issues to continue trading on the Exchange. Moreover, the Exchange believes that the proposed rule change will allow for further analysis of the Pilot and a determination of how the Pilot should be structured in the future; and will serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. The Pilot is an industry-wide initiative supported by all other option exchanges. The Exchange believes that extending the Pilot will allow for continued competition between market participants on the Exchange trading similar products as their counterparts on other exchanges, while at the same time allowing the Exchange to continue to compete for order flow with other exchanges in option issues trading as part of the Pilot. 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 The Exchange has filed the proposed rule change pursuant to section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\ 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 prior to 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 and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(iii). \8\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally does not become operative prior to 30 days after the date of the filing.\10\ However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may 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. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because doing so will allow the Pilot Program to continue without interruption in a manner that is consistent with the Commission's prior approval of the extension and expansion of the Pilot Program and will allow the Exchange and the Commission additional time to analyze the impact of the Pilot Program. Accordingly, the Commission designates the proposed [[Page 37335]] rule change as operative upon filing with the Commission.\12\ --------------------------------------------------------------------------- \9\ 17 CFR 240.19b-4(f)(6). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change along with a brief description and 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. The Exchange has satisfied this pre-filing requirement. \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 under section 19(b)(2)(B) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-Phlx-2015-54 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-Phlx-2015-54. 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 20549-1090 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-Phlx-2015-54 and should be submitted on or before July 21, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-15982 Filed 6-29-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 125 / Tuesday, June 30, 2015 / Notices 37333
Electronic Comments SECURITIES AND EXCHANGE in decimals at $3.00 or higher shall have
COMMISSION a minimum increment of $.10, and all
• Use the Commission’s Internet options on stocks and index options
comment form (http://www.sec.gov/ [Release No. 34–75286; File No. SR–Phlx–
2015–54] quoting in decimals under $3.00 shall
rules/sro.shtml); or have a minimum increment of $.05.
• Send an email to rule-comments@ Self-Regulatory Organizations; (i)(A) No Change.
sec.gov. Please include File Number SR– NASDAQ OMX PHLX LLC; Notice of
NYSEArca–2015–51 on the subject line. Filing and Immediate Effectiveness of (B) For a pilot period scheduled to
a Proposed Rule Change Relating to expire June 30, [2015]2016 or the date
Paper Comments Extension of the Exchange’s Penny of permanent approval, if earlier (the
Pilot Program and Replacement of ‘‘pilot’’), certain options shall be quoted
• Send paper comments in triplicate
Penny Pilot Issues That Have Been and traded on the Exchange in
to Secretary, Securities and Exchange
Delisted minimum increments of $0.01 for all
Commission, 100 F Street, NE.,
series in such options with a price of
Washington, DC 20549–1090. June 24, 2015. less than $3.00, and in minimum
All submissions should refer to File Pursuant to section 19(b)(1) of the increments of $0.05 for all series in such
Securities Exchange Act of 1934 options with a price of $3.00 or higher,
Number SR–NYSEArca–2015–51. This
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
file number should be included on the except that options overlying the
notice is hereby given that on June 18,
subject line if email is used. To help the PowerShares QQQ Trust (‘‘QQQQ’’)®,
2015, NASDAQ OMX PHLX LLC
Commission process and review your (‘‘Phlx’’ or ‘‘Exchange’’) filed with the SPDR S&P 500 Exchange Traded Funds
comments more efficiently, please use Securities and Exchange Commission (‘‘SPY’’), and iShares Russell 2000 Index
only one method. The Commission will (‘‘SEC’’ or ‘‘Commission’’) the proposed Funds (‘‘IWM’’) shall be quoted and
post all comments on the Commission’s rule change as described in Items I and traded in minimum increments of $0.01
Internet Web site (http://www.sec.gov/ II below, which Items have been for all series regardless of the price. A
rules/sro.shtml). Copies of the prepared by the Exchange. The list of such options shall be
submission, all subsequent Commission is publishing this notice to communicated to membership via an
amendments, all written statements solicit comments on the proposed rule Options Trader Alert (‘‘OTA’’) posted on
with respect to the proposed rule change from interested persons. the Exchange’s Web site.
change that are filed with the I. Self-Regulatory Organization’s The Exchange may replace any pilot
Commission, and all written Statement of the Terms of Substance of issues that have been delisted with the
communications relating to the the Proposed Rule Change next most actively traded multiply
proposed rule change between the listed options classes that are not yet
The Exchange is filing with the
Commission and any person, other than included in the pilot, based on trading
Commission a proposal to amend Phlx
those that may be withheld from the activity in the previous six months. The
Rule 1034 (Minimum Increments) to
public in accordance with the replacement issues may be added to the
extend through June 30, 2016 or the date
provisions of 5 U.S.C. 552, will be of permanent approval, if earlier, the pilot on the second trading day
available for Web site viewing and Penny Pilot Program in options classes following July 1, 2015 and January 1,
printing in the Commission’s Public in certain issues (‘‘Penny Pilot’’ or [2015]2016.
Reference Section, 100 F Street NE., ‘‘Pilot’’), and to change the date when (C) No Change.
Washington, DC 20549–1090 on official delisted classes may be replaced in the (ii)–(v) No Change.
business days between the hours of Penny Pilot.3
10:00 a.m. and 3:00 p.m. Copies of the The text of the amended Exchange * * * * *
filing will also be available for rule is set forth immediately below. The text of the proposed rule change
inspection and copying at the NYSE’s Proposed new language is in italics is available on the Exchange’s Web site
principal office and on its Internet Web and proposed deleted language is at http://
site at www.nyse.com. All comments [bracketed]. nasdaqomxphlx.cchwallstreet.com, at
received will be posted without change; NASDAQ OMX PHLX Rules the principal office of the Exchange, and
the Commission does not edit personal at the Commission’s Public Reference
identifying information from Options Rules Room.
submissions. You should submit only * * * * *
II. Self-Regulatory Organization’s
information that you wish to make Rule 1034. Minimum Increments Statement of the Purpose of, and
available publicly. All submissions
(a) Except as provided in sub- Statutory Basis for, the Proposed Rule
should refer to File Number SR–
paragraphs (i)(B) and (iii) below, all Change
NYSEArca–2015–51 and should be
options on stocks, index options, and
submitted on or before July 21,2015. In its filing with the Commission, the
Exchange Traded Fund Shares quoting
For the Commission, by the Division of Exchange included statements
Trading and Markets, pursuant to delegated 1 15
U.S.C. 78s(b)(1). concerning the purpose of and basis for
authority.16 2 17
CFR 240.19b–4. the proposed rule change and discussed
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Robert W. Errett,
3 The Penny Pilot was established in January 2007 any comments it received on the
and was last extended in 2014. See Securities proposed rule change. The text of these
Deputy Secretary. Exchange Act Release Nos. 55153 (January 23,
2007), 72 FR 4553 (January 31, 2007)(SR–Phlx–
statements may be examined at the
[FR Doc. 2015–15977 Filed 6–29–15; 8:45 am]
2006–74)(notice of filing and approval order places specified in Item IV below. The
BILLING CODE 8011–01–P
establishing Penny Pilot); and 73688 (November 25, Exchange has prepared summaries, set
2014), 79 FR 71484 (December 2, 2014)(SR–Phlx– forth in sections A, B, and C below, of
2014–77)(notice of filing and immediate
effectiveness extending the Penny Pilot through the most significant aspects of such
16 17 CFR 200.30–3(a)(12). June 30, 2015). statements.
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![Federal Register / Vol. 80, No. 125 / Tuesday, June 30, 2015 / Notices 37335
rule change as operative upon filing Reference Room, 100 F Street NE., II. Self-Regulatory Organization’s
with the Commission.12 Washington, DC 20549–1090 on official Statement of the Purpose of, and
At any time within 60 days of the business days between the hours of Statutory Basis for, the Proposed Rule
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the Change
Commission summarily may filing will also be available for In its filing with the Commission, the
temporarily suspend such rule change if inspection and copying at the principal Exchange included statements
it appears to the Commission that such office of the Exchange. All comments concerning the purpose of and basis for
action is necessary or appropriate in the received will be posted without change; the proposed rule change and discussed
public interest, for the protection of the Commission does not edit personal
investors, or otherwise in furtherance of any comments it received on the
identifying information from proposed rule change. The text of these
the purposes of the Act. If the submissions. You should submit only
Commission takes such action, the statements may be examined at the
information that you wish to make places specified in Item IV below. The
Commission shall institute proceedings available publicly. All submissions
under section 19(b)(2)(B) 13 of the Act to Exchange has prepared summaries, set
should refer to File Number SR–Phlx– forth in sections A, B, and C below, of
determine whether the proposed rule 2015–54 and should be submitted on or
change should be approved or the most significant aspects of such
before July 21, 2015. statements.
disapproved.
For the Commission, by the Division of
IV. Solicitation of Comments Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
authority.14 Statement of the Purpose of, and the
Interested persons are invited to Statutory Basis for, the Proposed Rule
submit written data, views, and Robert W. Errett,
Deputy Secretary.
Change
arguments concerning the foregoing,
including whether the proposed rule [FR Doc. 2015–15982 Filed 6–29–15; 8:45 am] 1. Purpose
change is consistent with the Act. BILLING CODE 8011–01–P The Penny Pilot Program (the ‘‘Pilot
Comments may be submitted by any of Program’’) is scheduled to expire on
the following methods: June 30, 2015. C2 proposes to extend the
SECURITIES AND EXCHANGE
Electronic Comments Pilot Program until June 30, 2016. C2
COMMISSION
believes that extending the Pilot
• Use the Commission’s Internet
[Release No. 34–75278; File No. SR–C2– Program will allow for further analysis
comment form (http://www.sec.gov/
2015–015] of the Pilot Program and a
rules/sro.shtml); or
• Send an email to rule-comments@ determination of how the Pilot Program
Self-Regulatory Organizations; C2 should be structured in the future.
sec.gov. Please include File Number SR–
Options Exchange, Incorporated; During this extension of the Pilot
Phlx–2015–54 on the subject line.
Notice of Filing and Immediate Program, C2 proposes that it may
Paper Comments Effectiveness of a Proposed Rule replace any option class that is currently
• Send paper comments in triplicate Change Relating to Amending Rule 6.4 included in the Pilot Program and that
to Secretary, Securities and Exchange To Extend the Penny Pilot through has been delisted with the next most
Commission, 100 F Street NE., June 30, 2016 actively traded, multiply listed option
Washington, DC 20549–1090. class that is not yet participating in the
June 24, 2015.
All submissions should refer to File Pilot Program (‘‘replacement class’’).
Pursuant to Section 19(b)(1) of the Any replacement class would be
Number SR-Phlx-2015–54. This file Securities Exchange Act of 1934 (the
number should be included on the determined based on national average
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 daily volume in the preceding six
subject line if email is used. To help the notice is hereby given that on June 17,
Commission process and review your months,3 and would be added on the
2015, C2 Options Exchange, second trading day following July 1,
comments more efficiently, please use Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
only one method. The Commission will 2015 and January 1, 2016. C2 will
filed with the Securities and Exchange announce to its Trading Permit Holders
post all comments on the Commission’s Commission (the ‘‘Commission’’) the
Internet Web site (http://www.sec.gov/ by circular any replacement classes in
proposed rule change as described in the Pilot Program. The Exchange notes
rules/sro.shtml). Copies of the Items I and II below, which Items have
submission, all subsequent that it intends to utilize the same
been prepared by the Exchange. The parameters to prospective replacement
amendments, all written statements Commission is publishing this notice to
with respect to the proposed rule classes as was originally approved.
solicit comments on the proposed rule C2 is specifically authorized to act
change that are filed with the change from interested persons.
Commission, and all written jointly with the other options exchanges
communications relating to the I. Self-Regulatory Organization’s participating in the Pilot Program in
proposed rule change between the Statement of the Terms of Substance of identifying any replacement class.
Commission and any person, other than the Proposed Rule Change 2. Statutory Basis
those that may be withheld from the The text of the proposed rule change
public in accordance with the The Exchange believes the proposed
is available on the Exchange’s Web site rule change is consistent with the
provisions of 5 U.S.C. 552, will be
asabaliauskas on DSK5VPTVN1PROD with NOTICES
(http://www.cboe.com/AboutCBOE/ Securities Exchange Act of 1934 (the
available for Web site viewing and CBOELegalRegulatoryHome.aspx), at
printing in the Commission’s Public the Exchange’s Office of the Secretary, 3 The month immediately preceding a
and at the Commission’s Public replacement class’s addition to the Pilot Program
12 For purposes only of waiving the operative
Reference Room. (i.e., June) would not be used for purposes of the
delay for this proposal, the Commission has six-month analysis. Thus, a replacement class to be
considered the proposed rule’s impact on added on the second trading day following July 1,
14 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See 2015 would be identified based on The Option
15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1). Clearing Corporation’s trading volume data from
13 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. December 1, 2014 through May 31, 2015.
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Document Created: 2018-02-22 11:17:29
Document Modified: 2018-02-22 11:17:29
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 37333 |
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