80 FR 53211 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Manipulative Operations
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 170 (September 2, 2015)
Federal Register Volume 80, Issue 170 (September 2, 2015)
| Page Range | 53211-53213 | |
| FR Document | 2015-21665 |
[Federal Register Volume 80, Number 170 (Wednesday, September 2, 2015)] [Notices] [Pages 53211-53213] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-21665] [[Page 53211]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75773; File No. SR-Phlx-2015-73] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Manipulative Operations August 27, 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 19, 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 proposes to amend Rules 782, entitled ``Manipulative Operations'' to enumerate manipulative trading practices which are already prohibited, but not specified. 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. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to amend Rule 782, entitled ``Manipulative Operations'' to specify other manipulative trading practices which are currently prohibited. Today the manipulative trade practices specified in the amended rule text are prohibited from being transacted on the Exchange pursuant to both federal laws \3\ and Exchange Rules.\4\ The enumerated manipulative practices in Rule 782, including the amended rule text, is not an exhaustive list, rather, these activities serve as guidance to certain trading practices that are prohibited on Phlx. --------------------------------------------------------------------------- \3\ See 17 CFR 10b-5. \4\ Phlx Rule 782 currently states, ``[n]o member, member organization, partner or stockholder therein shall directly or indirectly participate in or have any interest in the profits of a manipulative operation or knowingly manage or finance a manipulative operation.'' Also, Phlx Rule 707 prohibits conduct inconsistent with just and equitable principles of trade and Rule 708 prohibits acts detrimental to the welfare of the Exchange. --------------------------------------------------------------------------- The Exchange proposes to adopt the rule text currently in The NASDAQ Stock Market LLC (``Nasdaq'') Rule 3351, entitled ``Trading Practices'' to provide market participants with additional guidance related to prohibited trading practices.\5\ The proposed rule text would enumerate certain manipulative trading practices, which are currently prohibited. Phlx Rule 782 applies to both equities and options transactions. --------------------------------------------------------------------------- \5\ Nasdaq Rule 3351 is an equities rule. --------------------------------------------------------------------------- The new rule text would enumerate prohibitions such that no member or member organization shall be permitted to execute or cause to be executed or participate in an account for which there are executed purchases of any listed security, at successively higher prices, or sales of any such security at successively lower prices, for the purpose of creating or inducing a false, misleading or artificial appearance of activity in such security or for the purpose of unduly or improperly influencing the market price for such security or for the purpose of establishing a price which does not reflect the true state of the market in such security. No member or member organization would be permitted to create or induce a false or misleading appearance of activity in a listed security or create or induce a false or misleading appearance with respect to the market in such security for these types of activities in the amended rule text: (1) Execute any transaction in such security which involves no change in the beneficial ownership thereof; or (2) enter any order or orders for the purchase of such security with the knowledge that an order or orders of substantially the same size, and at substantially the same price, for the sale of any such security, has been or will be entered by or for the same or different parties; or (3) enter any order or orders for the sale of any such security with the knowledge that an order or orders of substantially the same size, and at substantially the same price, for the purchase of such security, has been or will be entered by or for the same or different parties. The new rule text would specify that no member or member organization would be permitted to execute purchases or sales of a listed security for any account in which such member or member organization is directly or indirectly interested, which purchases or sales are excessive in view of the member's or member organization's financial resources or in view of the market for such security. The rule text enumerates a prohibition for members and member organizations from participating directly or indirectly, in the profits of a manipulative operation or knowingly managing or financing a manipulative operation. This would include: (1) Any pool, syndicate or joint account organized or used intentionally for the purpose of unfairly influencing the market price of a listed security; (2) the solicitation of subscriptions to or the acceptance of discretionary orders from any such pool, syndicate or joint account; or (3) the carrying on margin of a position in such securities or the advancing of credit through loans to any such pool, syndicate or joint account. The rule text specifies that no member or member organization shall make any statement or circulate and disseminate any information concerning a listed security which such member knows or has reasonable grounds for believing is false or misleading or would improperly influence the market price of such security. No member, member organization or person associated with a member or member organization shall, directly or indirectly, hold any interest or participation in any joint account for buying or selling a listed security, unless such joint account is promptly reported to Phlx. The report should contain the following information for each account: (1) Name of the account, with names of all participants and their respective interests in profits and losses; (2) a statement regarding the purpose of [[Page 53212]] the account; (3) name of the member carrying and clearing the account; and (4) a copy of any written agreement or instrument relating to the account. The rule text states that no member or member organization shall offer that a transaction or transactions to buy or sell a listed security will influence the closing transaction on the Consolidated Tape or The Options Price Reporting Authority (``OPRA''). A member or member organization may, but is not obligated to, accept a stop order in a listed security. A buy stop order is an order to buy which becomes a market order when a transaction takes place at or above the stop price. A sell stop order is an order to sell which becomes a market order when a transaction takes place at or below the stop price. A member or member organization may, but is not obligated to, accept stop limit orders in listed securities. When a transaction occurs at the stop price, the stop limit order to buy or sell becomes a limit order at the limit price. No member, member organization or person associated with a member or member organization shall execute or cause to be executed, directly or indirectly, on a Phlx transaction in a security subject to an initial public offering until such security has first opened for trading on the national securities exchange listing the security, as indicated by the dissemination of an opening transaction in the security by the listing exchange via the Consolidated Tape or OPRA. The Exchange believes that the addition of this rule text will bolster the current rule and provide members and member organizations with guidance on the type of manipulative practices that are specifically prohibited on Phlx. Also, the Exchange believes that the addition of the rule text will serve to also conform the Exchange's rule to that of Nasdaq. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ 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 general, to protect investors and the public interest. The Exchange believes that the proposed rule text will prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, and better protect investors and the public interest. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes is the proposed rule change is consistent with principles of just and equitable principles of trade while also ensuring that members and member organizations may continue to engage in transactions that do not present the risk of abusive trading practices that the rule is intended to prevent. The Exchange believes that proposed rule text would enhance the protection of orders of market participants by specifically addressing various types of currently prohibited abusive trading that may be intended to take advantage of such orders. Specifically, the proposed rule change seeks to provide greater guidance by enumerating certain manipulative trading practices that are currently prohibited. As previously noted, the proposed rule text is similar to Nasdaq Rule 3351. While Nasdaq Rule 3351 applies to equity transactions, Phlx proposes to apply the amended rule text to both equity and options transactions, as is the case today with Rule 782 today. The Exchange believes that specifying the type of manipulative conduct that is already prohibited and described in Rule 782, including the amended rule text, on both the equities and options market will prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade and better protect investors and the public interest. The Exchange proposes to prohibit this type of behavior on the Exchange as a whole. The Exchange believes specifying the practices that are currently prohibited on both the equities and options markets promotes just and equitable principles of trade. B. Self-Regulatory Organization's Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues, rather it is designed to enable the Exchange to protect orders of market participants from abusive and manipulative conduct on both the equities and options markets, by offering additional guidance, while also harmonizing the rule to that of Nasdaq. The Exchange's proposed amendments seek to harmonize the Rulebook with that of Nasdaq. 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 \8\ and Rule 19b-4(f)(6) thereunder.\9\ 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 \10\ and Rule 19b- 4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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 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 requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ 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 proposed rule change may become operative immediately. --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange believes that the proposal would benefit investors and market participants by specifically enumerating certain abusive and manipulative trading practices, which the Exchange notes are currently prohibited. The Exchange further states that amending Phlx Rule 782 to provide market participants with additional guidance regarding such activity would ``benefit the protection of investors and the public interest.'' Based on the foregoing, the Commission finds that waiving the 30-day operative delay is consistent with the protection of [[Page 53213]] investors and the public interest and hereby designates the proposal operative upon filing.\14\ --------------------------------------------------------------------------- \14\ For purposes only of waiving the 30-day operative delay, 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 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 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 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-2015-73 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-2015-73. 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 offices 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-2015-73, and should be submitted on or before September 23, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12), (59). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-21665 Filed 9-1-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Notices 53211
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s the amended rule text: (1) Execute any
COMMISSION Statement of the Purpose of, and transaction in such security which
Statutory Basis for, the Proposed Rule involves no change in the beneficial
[Release No. 34–75773; File No. SR–Phlx– Change ownership thereof; or (2) enter any order
2015–73]
or orders for the purchase of such
1. Purpose
security with the knowledge that an
The purpose of this proposed rule order or orders of substantially the same
Self-Regulatory Organizations;
change is to amend Rule 782, entitled size, and at substantially the same price,
NASDAQ OMX PHLX LLC; Notice of
‘‘Manipulative Operations’’ to specify for the sale of any such security, has
Filing and Immediate Effectiveness of other manipulative trading practices been or will be entered by or for the
Proposed Rule Change to Manipulative which are currently prohibited. Today same or different parties; or (3) enter
Operations the manipulative trade practices any order or orders for the sale of any
August 27, 2015. specified in the amended rule text are such security with the knowledge that
prohibited from being transacted on the an order or orders of substantially the
Pursuant to Section 19(b)(1) of the Exchange pursuant to both federal same size, and at substantially the same
Securities Exchange Act of 1934 laws 3 and Exchange Rules.4 The price, for the purchase of such security,
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 enumerated manipulative practices in has been or will be entered by or for the
notice is hereby given that on August Rule 782, including the amended rule same or different parties.
19, 2015, NASDAQ OMX PHLX LLC text, is not an exhaustive list, rather, The new rule text would specify that
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the these activities serve as guidance to no member or member organization
Securities and Exchange Commission certain trading practices that are would be permitted to execute
(‘‘SEC’’ or ‘‘Commission’’) the proposed prohibited on Phlx. purchases or sales of a listed security for
rule change as described in Items I and The Exchange proposes to adopt the any account in which such member or
II below, which Items have been rule text currently in The NASDAQ member organization is directly or
prepared by the Exchange. The Stock Market LLC (‘‘Nasdaq’’) Rule indirectly interested, which purchases
Commission is publishing this notice to 3351, entitled ‘‘Trading Practices’’ to or sales are excessive in view of the
provide market participants with member’s or member organization’s
solicit comments on the proposed rule
additional guidance related to financial resources or in view of the
change from interested persons.
prohibited trading practices.5 The market for such security.
I. Self-Regulatory Organization’s proposed rule text would enumerate The rule text enumerates a
Statement of the Terms of Substance of certain manipulative trading practices, prohibition for members and member
the Proposed Rule Change which are currently prohibited. Phlx organizations from participating directly
Rule 782 applies to both equities and or indirectly, in the profits of a
The Exchange proposes to amend options transactions. manipulative operation or knowingly
Rules 782, entitled ‘‘Manipulative The new rule text would enumerate managing or financing a manipulative
Operations’’ to enumerate manipulative prohibitions such that no member or operation. This would include: (1) Any
trading practices which are already member organization shall be permitted pool, syndicate or joint account
prohibited, but not specified. to execute or cause to be executed or organized or used intentionally for the
participate in an account for which purpose of unfairly influencing the
The text of the proposed rule change there are executed purchases of any market price of a listed security; (2) the
is available on the Exchange’s Web site listed security, at successively higher solicitation of subscriptions to or the
at http:// prices, or sales of any such security at acceptance of discretionary orders from
nasdaqomxphlx.cchwallstreet.com/, at successively lower prices, for the any such pool, syndicate or joint
the principal office of the Exchange, and purpose of creating or inducing a false, account; or (3) the carrying on margin of
at the Commission’s Public Reference misleading or artificial appearance of a position in such securities or the
Room. activity in such security or for the advancing of credit through loans to any
purpose of unduly or improperly such pool, syndicate or joint account.
II. Self-Regulatory Organization’s
influencing the market price for such The rule text specifies that no member
Statement of the Purpose of, and
security or for the purpose of or member organization shall make any
Statutory Basis for, the Proposed Rule establishing a price which does not statement or circulate and disseminate
Change reflect the true state of the market in any information concerning a listed
In its filing with the Commission, the such security. security which such member knows or
No member or member organization has reasonable grounds for believing is
Exchange included statements
would be permitted to create or induce false or misleading or would improperly
concerning the purpose of and basis for a false or misleading appearance of
the proposed rule change and discussed influence the market price of such
activity in a listed security or create or security.
any comments it received on the induce a false or misleading appearance No member, member organization or
proposed rule change. The text of these with respect to the market in such person associated with a member or
statements may be examined at the security for these types of activities in member organization shall, directly or
places specified in Item IV below. The indirectly, hold any interest or
Exchange has prepared summaries, set 3 See 17 CFR 10b–5. participation in any joint account for
forth in sections A, B, and C below, of 4 Phlx Rule 782 currently states, ‘‘[n]o member,
mstockstill on DSK4VPTVN1PROD with NOTICES
buying or selling a listed security,
the most significant aspects of such member organization, partner or stockholder
therein shall directly or indirectly participate in or unless such joint account is promptly
statements. have any interest in the profits of a manipulative reported to Phlx. The report should
operation or knowingly manage or finance a contain the following information for
manipulative operation.’’ Also, Phlx Rule 707 each account: (1) Name of the account,
prohibits conduct inconsistent with just and
equitable principles of trade and Rule 708 prohibits with names of all participants and their
1 15 U.S.C. 78s(b)(1). acts detrimental to the welfare of the Exchange. respective interests in profits and losses;
2 17 CFR 240.19b–4. 5 Nasdaq Rule 3351 is an equities rule. (2) a statement regarding the purpose of
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![Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Notices 53213
investors and the public interest and Washington, DC 20549 on official II. Description
hereby designates the proposal business days between the hours of
operative upon filing.14 10:00 a.m. and 3:00 p.m. Copies of such Under the VPR Program, BOX 4
At any time within 60 days of the filing also will be available for Options Participants 5 (‘‘Participants’’)
filing of the proposed rule change, the inspection and copying at the principal that take part in the Program will have
Commission summarily may offices of the Exchange. All comments the right to acquire equity in, and
temporarily suspend such rule change if received will be posted without change; receive distributions from, BOX
it appears to the Commission that such the Commission does not edit personal Holdings Group LLC (‘‘Holdings’’), an
action is necessary or appropriate in the identifying information from affiliate of the Exchange and direct
public interest, for the protection of submissions. You should submit only parent entity of BOX, in exchange for a
investors, or otherwise in furtherance of information that you wish to make nominal cash payment and the
the purposes of the Act. If the achievement of certain order flow
available publicly. All submissions
Commission takes such action, the volume commitments over a period of
should refer to File Number SR–Phlx–
Commission shall institute proceedings five years.6 Pursuant to the VPR
2015–73, and should be submitted on or
to determine whether the proposed rule Program, Volume Performance Rights
change should be approved or before September 23, 2015.
(‘‘VPRs’’) were issued to Participants
disapproved. For the Commission, by the Division of that elected to participate, met the
Trading and Markets, pursuant to delegated eligibility criteria and made the initial
IV. Solicitation of Comments authority.15 cash payment (‘‘Subscribers’’).7
Interested persons are invited to Robert W. Errett,
submit written data, views, and Each VPR is comprised of the right to
Deputy Secretary. receive 8.5 unvested new Class C
arguments concerning the foregoing,
[FR Doc. 2015–21665 Filed 9–1–15; 8:45 am] Membership Units of Holdings (‘‘Class C
including whether the proposed rule
change is consistent with the Act. BILLING CODE 8011–01–P Units’’), upon effectiveness of this
Comments may be submitted by any of proposed rule change. One VPR per
the following methods: Tranche will be eligible to vest each
SECURITIES AND EXCHANGE quarter of the five (5) year Program
Electronic Comments COMMISSION period, subject to the Subscriber
• Use the Commission’s Internet meeting its volume commitment for that
comment form (http://www.sec.gov/ [Release No. 34–75766; File No. SR–BOX– quarter. In addition, VPRs may be
rules/sro.shtml); or 2015–22] reallocated among Subscribers based
• Send an email to rule-comments@ upon exceeding or failing to meet
sec.gov. Please include File Number SR– Self-Regulatory Organizations; BOX Subscribers’ volume commitments
Phlx–2015–73 on the subject line. Options Exchange LLC; Order during the VPR Program period.8
Granting Approval of a Proposed Rule
Paper Comments Change To Implement the Governance A. Ownership Units
• Send paper comments in triplicate Provisions of an Equity Rights
As described in more detail in the
to Secretary, Securities and Exchange Program Notice,9 in order to implement certain
Commission, 100 F Street NE.,
Washington, DC 20549–1090. August 27, 2015. aspects of the VPR Program, Holdings
would amend its existing Limited
All submissions should refer to File I. Introduction Liability Company Agreement (the
Number SR–Phlx–2015–73. This file ‘‘Holdings LLC Agreement’’) by
number should be included on the On June 25, 2015, BOX Options
adopting an Amended and Restated
subject line if email is used. To help the Exchange LLC (the ‘‘Exchange’’) filed
Limited Liability Company Agreement
Commission process and review your with the Securities and Exchange
of Holdings (the ‘‘Restated Holdings
comments more efficiently, please use Commission (‘‘Commission’’), pursuant
LLC Agreement’’), to create Class C
only one method. The Commission will to section 19(b)(1) of the Securities
post all comments on the Commission’s Exchange Act of 1934 (‘‘Act’’),1 and 4 ‘‘BOX’’ means BOX Market LLC, an options
Internet Web site (http://www.sec.gov/ Rule 19b–4 thereunder,2 a proposed rule trading facility of the Exchange. See BOX Rule
rules/sro.shtml). Copies of the change to implement the governance 100(a)(7).
submission, all subsequent provisions of a volume performance 5 ‘‘Options Participant’’ or ‘‘Participant’’ means a
amendments, all written statements rights program (the ‘‘VPR Program’’). firm, or organization that is registered with the
with respect to the proposed rule Exchange pursuant to the Rule 2000 Series for
The proposed rule change was purposes of participating in options trading on BOX
change that are filed with the published for comment in the Federal as an ‘‘Order Flow Provider’’ or ‘‘Market Maker.’’
Commission, and all written Register on July 13, 2015.3 The See BOX Rule 100(a)(40).
communications relating to the Commission received no comments on
6 See Securities Exchange Act Release No. 74114
proposed rule change between the (January 22, 2015), 80 FR 4611 (January 28, 2015)
the proposal. This order approves the (SR–BOX–2015–03) (the ‘‘VPR Filing’’). See also
Commission and any person, other than
proposed rule change. Securities Exchange Act Release No. 74171 (January
those that may be withheld from the 29, 2015), 80 FR 6153 (February 4, 2015) (SR–BOX–
public in accordance with the 2015–05) (extending the deadline to participate in
provisions of 5 U.S.C. 552, will be the VPR program until January 14, 2015) (the
mstockstill on DSK4VPTVN1PROD with NOTICES
‘‘Second VPR Filing’’).
available for Web site viewing and 7 See Notice, supra note 3, at 40101. The VPRs
printing in the Commission’s Public 15 17 were issued in tranches of twenty (20) VPRs (each,
CFR 200.30–3(a)(12), (59).
Reference Room, 100 F Street NE., 1 15
a ‘‘Tranche’’) with a minimum subscription of two
U.S.C. 78s(b)(1). (2) Tranches per Subscriber. According to the
2 17 CFR 240.19b–4.
14 For purposes only of waiving the 30-day Exchange, twenty-seven (27) Tranches have been
operative delay, the Commission has considered the 3 See Securities Exchange Act Release No. 75374 issued in connection with the VPR Program. See id.
(July 7, 2015), 80 FR 40100 (SR–BOX–2015–22) 8 See Notice, supra note 3, at 40101.
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). (‘‘Notice’’). 9 See id.
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Document Created: 2018-02-26 10:10:47
Document Modified: 2018-02-26 10:10:47
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 53211 |
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