80 FR 50677 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of the Rule Change To Allow Market Orders To Sell in No-Bid Series To Be Entered Into the Electronic Order Book From a PAR Workstation

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 161 (August 20, 2015)

Page Range		50677-50678
FR Document		2015-20543

Federal Register, Volume 80 Issue 161 (Thursday, August 20, 2015)

[Federal Register Volume 80, Number 161 (Thursday, August 20, 2015)]
[Notices]
[Pages 50677-50678]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-20543]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75699; File No. SR-CBOE-2015-069]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delay the Implementation Date of the Rule
Change To Allow Market Orders To Sell in No-Bid Series To Be Entered
Into the Electronic Order Book From a PAR Workstation

August 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 August 3, 2015, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II, and III below, which Items have been prepared by the
Exchange. The Exchange filed the proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to delay the implementation date of the rule
change to allow market orders to sell in no-bid series to be entered
into the electronic book from a PAR workstation. There is no proposed
change to the rule language. The text of the proposed rule change is
available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
On October 22, 2014, rule change SR-CBOE-2014-067 \5\ became
effective. The filing amended Rule 6.13(b)(vi) to increase the $0.30
parameter to $0.50. Although not contained in the amended rule text,
the filing also amended Rule 6.13(b)(vi) to allow market orders to sell
in no-bid series that get routed to a PAR workstation of a TPH User to
be entered into the electronic order book at the minimum increment.\6\
The filing indicated that the implementation date of the amendments
would be no later than 180 days following the effective date of the
filing (i.e., no later than April 28, 2015). Although the parameter
change from $0.30 to $0.50 was implemented,\7\ the Exchange filed SR-
CBOE-2015-034 in order to delay the implementation date of the change
to allow market orders to sell in no-bid series to be entered into the
electronic order book from a PAR workstation.\8\ The Exchange is still
in the process of making the necessary modifications to the CBOE Hybrid
System (the ``System'') to allow market orders to sell in no-bid series
that get routed to a PAR workstation to be entered into the electronic
order book at the minimum increment.
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\5\ Securities Exchange Act Release No. 34-73487 (October 31,
2014), 79 FR 66016 (November 6, 2014) (SR-CBOE-2014-067).
\6\ Id. at 66017.
\7\ See CBOE Regulatory Circular RG15-002--Automatic Order
Handling Process in No-bid Series (January 2, 2015).
\8\ Securities Exchange Act Release No. 74654 (April 6, 2015),
80 FR 19388 (April 10, 2015) (SR-CBOE-2015-034).
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The Exchange does not believe the modifications to the System will
be completed prior to the current September deadline; therefore, the
Exchange seeks to delay the implementation date deadline for the
portion of SR-CBOE-2014-067 related to allowing market orders to sell
in no-bid series that were routed to a PAR workstation to be entered
into the electronic order book. The Exchange will announce the
implementation date in a Regulatory Circular to be published at least
60 days prior to the

[[Page 50678]]

implementation date. The implementation date will be no later than 365
days following the effective date of this filing.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Id.
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In particular, the Exchange believes delaying the implementation
deadline to allow the Exchange the necessary time to finish the
modifications to the System, which will provide the functionality to
route market orders to sell in no-bid series from a PAR workstation to
an electronic order book, helps protect investors by ensuring the PAR
workstation functions as intended.

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

CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. More specifically, the Exchange
does not believe that the proposed rule change will impose any burden
on intramarket or intermarket competition because this filing simply
seeks to delay the implementation deadline of SR-CBOE-2014-067.

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

The Exchange neither solicited nor received comments on the
proposed rule change.

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

Because the foregoing proposed rule change does not (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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 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 will institute proceedings to
determine whether the proposed rule change 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-CBOE-2015-069 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2015-069. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2015-069 and should be
submitted on or before September 10, 2015.
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\14\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-20543 Filed 8-19-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 161 / Thursday, August 20, 2015 / Notices 50677

• Send an email to rule-comments@ SECURITIES AND EXCHANGE any comments it received on the
sec.gov. Please include File Number SR– COMMISSION proposed rule change. The text of these
BX–2015–047 on the subject line. statements may be examined at the
[Release No. 34–75699; File No. SR–CBOE–
places specified in Item IV below. The
Paper Comments 2015–069]
Exchange has prepared summaries, set
• Send paper comments in triplicate Self-Regulatory Organizations; forth in sections A, B, and C below, of
Chicago Board Options Exchange, the most significant aspects of such
to Secretary, Securities and Exchange
Incorporated; Notice of Filing and statements.
Commission, 100 F Street NE.,
Washington, DC 20549–1090. Immediate Effectiveness of a Proposed A. Self-Regulatory Organization’s
Rule Change To Delay the Statement of the Purpose of, and
All submissions should refer to File Implementation Date of the Rule Statutory Basis for, the Proposed Rule
Number SR–BX–2015–047. This file Change To Allow Market Orders To Change
number should be included on the Sell in No-Bid Series To Be Entered
subject line if email is used. To help the Into the Electronic Order Book From a 1. Purpose
Commission process and review your PAR Workstation On October 22, 2014, rule change SR–
comments more efficiently, please use CBOE–2014–067 5 became effective. The
August 14, 2015. filing amended Rule 6.13(b)(vi) to
only one method. The Commission will
post all comments on the Commission’s Pursuant to Section 19(b)(1) of the increase the $0.30 parameter to $0.50.
Securities Exchange Act of 1934 Although not contained in the amended
Internet Web site (http://www.sec.gov/
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 rule text, the filing also amended Rule
rules/sro.shtml).
notice is hereby given that, on August 6.13(b)(vi) to allow market orders to sell
Copies of the submission, all 3, 2015, Chicago Board Options in no-bid series that get routed to a PAR
subsequent amendments, all written Exchange, Incorporated (the ‘‘Exchange’’ workstation of a TPH User to be entered
statements with respect to the proposed or ‘‘CBOE’’) filed with the Securities into the electronic order book at the
rule change that are filed with the and Exchange Commission (the minimum increment.6 The filing
Commission, and all written ‘‘Commission’’) the proposed rule indicated that the implementation date
communications relating to the change as described in Items I, II, and of the amendments would be no later
proposed rule change between the III below, which Items have been than 180 days following the effective
Commission and any person, other than prepared by the Exchange. The date of the filing (i.e., no later than April
those that may be withheld from the Exchange filed the proposal as a ‘‘non- 28, 2015). Although the parameter
public in accordance with the controversial’’ proposed rule change change from $0.30 to $0.50 was
provisions of 5 U.S.C. 552, will be pursuant to Section 19(b)(3)(A)(iii) of implemented,7 the Exchange filed SR–
available for Web site viewing and the Act 3 and Rule 19b–4(f)(6) CBOE–2015–034 in order to delay the
printing in the Commission’s Public thereunder.4 The Commission is implementation date of the change to
Reference Room, 100 F Street NE., publishing this notice to solicit allow market orders to sell in no-bid
Washington, DC 20549, on official comments on the proposed rule change series to be entered into the electronic
business days between the hours of from interested persons. order book from a PAR workstation.8
10:00 a.m. and 3:00 p.m. Copies of the I. Self-Regulatory Organization’s The Exchange is still in the process of
Statement of the Terms of Substance of making the necessary modifications to
filing also will be available for
the Proposed Rule Change the CBOE Hybrid System (the ‘‘System’’)
inspection and copying at the principal
to allow market orders to sell in no-bid
office of the Exchange. All comments The Exchange proposes to delay the series that get routed to a PAR
received will be posted without change; implementation date of the rule change workstation to be entered into the
the Commission does not edit personal to allow market orders to sell in no-bid electronic order book at the minimum
identifying information from series to be entered into the electronic increment.
submissions. You should submit only book from a PAR workstation. There is The Exchange does not believe the
information that you wish to make no proposed change to the rule modifications to the System will be
available publicly. language. The text of the proposed rule completed prior to the current
All submissions should refer to File change is available on the Exchange’s September deadline; therefore, the
Number SR–BX–2015–047 and should Web site (http://www.cboe.com/ Exchange seeks to delay the
be submitted on or before September 10, AboutCBOE/ implementation date deadline for the
2015. CBOELegalRegulatoryHome.aspx), at portion of SR–CBOE–2014–067 related
the Exchange’s Office of the Secretary, to allowing market orders to sell in no-
For the Commission, by the Division of and at the Commission’s Public bid series that were routed to a PAR
Trading and Markets, pursuant to delegated Reference Room. workstation to be entered into the
authority.35 electronic order book. The Exchange
II. Self-Regulatory Organization’s
Robert W. Errett, will announce the implementation date
Statement of the Purpose of, and
Deputy Secretary. in a Regulatory Circular to be published
Statutory Basis for, the Proposed Rule
[FR Doc. 2015–20549 Filed 8–19–15; 8:45 am] at least 60 days prior to the
Change
BILLING CODE 8011–01–P
In its filing with the Commission, the 5 Securities Exchange Act Release No. 34–73487

Exchange included statements (October 31, 2014), 79 FR 66016 (November 6, 2014)
tkelley on DSK3SPTVN1PROD with NOTICES

concerning the purpose of and basis for (SR–CBOE–2014–067).
6 Id. at 66017.
the proposed rule change and discussed 7 See CBOE Regulatory Circular RG15–002—

Automatic Order Handling Process in No-bid Series
1 15 U.S.C. 78s(b)(1). (January 2, 2015).
2 17 CFR 240.19b–4. 8 Securities Exchange Act Release No. 74654
3 15 U.S.C. 78s(b)(3)(A)(iii).
(April 6, 2015), 80 FR 19388 (April 10, 2015) (SR–
35 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6). CBOE–2015–034).

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50678 Federal Register / Vol. 80, No. 161 / Thursday, August 20, 2015 / Notices

implementation date. The C. Self-Regulatory Organization’s All submissions should refer to File
implementation date will be no later Statement on Comments on the Number SR–CBOE–2015–069. This file
than 365 days following the effective Proposed Rule Change Received From number should be included on the
date of this filing. Members, Participants, or Others subject line if email is used. To help the
Commission process and review your
2. Statutory Basis The Exchange neither solicited nor comments more efficiently, please use
received comments on the proposed only one method. The Commission will
The Exchange believes the proposed rule change. post all comments on the Commission’s
rule change is consistent with the
III. Date of Effectiveness of the Internet Web site (http://www.sec.gov/
Securities Exchange Act of 1934 (the rules/sro.shtml). Copies of the
Proposed Rule Change and Timing for
‘‘Act’’) and the rules and regulations submission, all subsequent
Commission Action
thereunder applicable to the Exchange amendments, all written statements
and, in particular, the requirements of Because the foregoing proposed rule with respect to the proposed rule
Section 6(b) of the Act.9 Specifically, change does not (i) significantly affect change that are filed with the
the Exchange believes the proposed rule the protection of investors or the public Commission, and all written
change is consistent with the Section interest; (ii) impose any significant communications relating to the
6(b)(5) 10 requirements that the rules of burden on competition; and (iii) become proposed rule change between the
an exchange be designed to prevent operative for 30 days from the date on Commission and any person, other than
fraudulent and manipulative acts and which it was filed, or such shorter time those that may be withheld from the
practices, to promote just and equitable as the Commission may designate, it has public in accordance with the
become effective pursuant to Section provisions of 5 U.S.C. 552, will be
principles of trade, to foster cooperation
19(b)(3)(A) of the Act 12 and Rule 19b– available for Web site viewing and
and coordination with persons engaged
4(f)(6) thereunder.13 printing in the Commission’s Public
in regulating, clearing, settling,
At any time within 60 days of the Reference Room, 100 F Street NE.,
processing information with respect to,
filing of the proposed rule change, the Washington, DC 20549, on official
and facilitating transactions in
Commission summarily may business days between the hours of
securities, to remove impediments to temporarily suspend such rule change if
and perfect the mechanism of a free and 10:00 a.m. and 3:00 p.m. Copies of the
it appears to the Commission that such filing also will be available for
open market and a national market action is necessary or appropriate in the inspection and copying at the principal
system, and, in general, to protect public interest, for the protection of office of the Exchange. All comments
investors and the public interest. investors, or otherwise in furtherance of received will be posted without change;
Additionally, the Exchange believes the the purposes of the Act. If the the Commission does not edit personal
proposed rule change is consistent with Commission takes such action, the identifying information from
the Section 6(b)(5) 11 requirement that Commission will institute proceedings submissions. You should submit only
the rules of an exchange not be designed to determine whether the proposed rule information that you wish to make
to permit unfair discrimination between change should be approved or available publicly. All submissions
customers, issuers, brokers, or dealers. disapproved. should refer to File Number SR–CBOE–
In particular, the Exchange believes IV. Solicitation of Comments 2015–069 and should be submitted on
delaying the implementation deadline or before September 10, 2015.
to allow the Exchange the necessary Interested persons are invited to For the Commission, by the Division of
time to finish the modifications to the submit written data, views and Trading and Markets, pursuant to delegated
arguments concerning the foregoing, authority.14
System, which will provide the
including whether the proposed rule Robert W. Errett,
functionality to route market orders to
change is consistent with the Act. Deputy Secretary.
sell in no-bid series from a PAR
Comments may be submitted by any of [FR Doc. 2015–20543 Filed 8–19–15; 8:45 am]
workstation to an electronic order book, the following methods:
helps protect investors by ensuring the BILLING CODE 8011–01–P

PAR workstation functions as intended. Electronic Comments
B. Self-Regulatory Organization’s • Use the Commission’s Internet SECURITIES AND EXCHANGE
Statement on Burden on Competition comment form (http://www.sec.gov/ COMMISSION
rules/sro.shtml); or
CBOE does not believe that the • Send an email to rule-comments@ [Release No. 34–75701; File No. SR–
NASDAQ–2015–099]
proposed rule change will impose any sec.gov. Please include File Number SR–
burden on competition that is not CBOE–2015–069 on the subject line. Self-Regulatory Organizations; The
necessary or appropriate in furtherance Paper Comments NASDAQ Stock Market LLC; Notice of
of the purposes of the Act. More Filing and Immediate Effectiveness of
specifically, the Exchange does not • Send paper comments in triplicate Proposed Rule Change To Amend
believe that the proposed rule change to Secretary, Securities and Exchange Nasdaq Rules 7014 and 7018
will impose any burden on intramarket Commission, 100 F Street NE.,
Washington, DC 20549–1090. August 14, 2015.
or intermarket competition because this
Pursuant to Section 19(b)(1) of the
filing simply seeks to delay the
12 15 U.S.C. 78s(b)(3)(A). Securities Exchange Act of 1934
implementation deadline of SR–CBOE–
tkelley on DSK3SPTVN1PROD with NOTICES

13 17 CFR 240.19b–4(f)(6). As required under Rule (‘‘Act’’),1 and Rule 19b–4 thereunder,2
2014–067. 19b-4(f)(6)(iii), the Exchange provided the notice is hereby given that on August
Commission with written notice of its intent to file 12, 2015, The NASDAQ Stock Market
the proposed rule change, along with a brief
9 15
description and the text of the proposed rule
U.S.C. 78f(b). 14 17 CFR 200.30–3(a)(12).
change, at least five business days prior to the date
10 15 U.S.C. 78f(b)(5). 1 15
of filing of the proposed rule change, or such U.S.C. 78s(b)(1).
11 Id. shorter time as designated by the Commission. 2 17 CFR 240.19b–4.

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Document Created: 2015-12-15 11:08:38
Document Modified: 2015-12-15 11:08:38

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 50677