80 FR 54625 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC Options Facility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 175 (September 10, 2015)
Federal Register Volume 80, Issue 175 (September 10, 2015)
| Page Range | 54625-54627 | |
| FR Document | 2015-22743 |
[Federal Register Volume 80, Number 175 (Thursday, September 10, 2015)] [Notices] [Pages 54625-54627] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-22743] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75828; File No. SR-BOX-2015-30] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC Options Facility September 3, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 1, 2015, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``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 proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend the Fee Schedule on the BOX Market LLC (``BOX'') options facility. While changes to the fee schedule pursuant to this proposal will be effective upon filing, the changes will become operative on September 1, 2015. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the 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 [[Page 54626]] 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 Exchange proposes to amend the Fee Schedule for trading on BOX to amend how PIP and COPIP Orders \5\ executing on the BOX Book are treated within the BOX Fee Schedule. Specifically, the Exchange proposes to now treat both sides of these transactions as Non-Auction transactions in regards to both Exchange Fees (Section I) and Liquidity Fees and Credits (Section II). While this type of interaction is not common, the Exchange believes that doing so will add greater clarity to the Fee Schedule and reduce Participant confusion about how these executions are treated. --------------------------------------------------------------------------- \5\ A PIP Order or COPIP Order is a Customer Order (an agency order for the account of either a customer or a broker-dealer) designated for the PIP or COPIP, respectively. --------------------------------------------------------------------------- The Exchange first proposes to add subsection 3 to Section I.B. (PIP and COPIP Orders Executed Against Orders on the BOX Book) and state that each PIP or COPIP Order which executes against an Unrelated Order on the BOX Book shall be treated as a Non-Auction transaction and be subject to Section I.A. Exchange Fees (Non-Auction Transactions).\6\ The Exchange then proposes to amend Section II.A. (PIP and COPIP Transactions) to add language which specifies that each PIP Order or COPIP Order that executes against an Unrelated Order on the BOX Book shall be treated as a Non-Auction transaction and deemed exempt from Liquidity Fees and Credits. --------------------------------------------------------------------------- \6\ For the PIP, an Unrelated Order is a non-Improvement Order entered into the BOX market during a PIP. For the COPIP, an Unrelated Order is a non-Improvement Order entered on BOX during a COPIP or BOX Book Interest during a COPIP. --------------------------------------------------------------------------- The Exchange does not believe that this change will have a noticeable impact on the fees assessed on its Participants.\7\ Almost all PIP and COPIP Orders executing against orders on the BOX Book will be Public Customer orders, which are not assessed an Exchange fee. Similarly, under the Non-Auction fee structure Public Customers are also never assessed a fee. The Exchange notes that the Public Customer in this scenario may actually receive an additional rebate of up to $0.70 under Section I.A.1. (Tiered Volume Rebate for Non-Auction Transactions.) --------------------------------------------------------------------------- \7\ The Exchange notes that in almost all scenarios the PIP and COPIP Order would be considered a taker of liquidity for purposes of the Non-Auction transaction fee structure. --------------------------------------------------------------------------- While unlikely that a Participant other than a Public Customer would be interacting with the order on the BOX Book, the Exchange notes that a Market Maker who submits a PIP or COPIP Order that executes against an order on the BOX Book would be charged anywhere from $0.05 to $0.55 in Penny Pilot Classes and $0.10 to $0.90 in Non-Penny Pilot Classes depending on the Participant type that the Order interacted with. The Market Maker would also be eligible for the Tiered Volume Rebate of up to $0.10 per contract depending on its monthly average daily volume. Comparatively, the same Market Maker would be assessed a $0.20 Exchange fee for the PIP and COPIP Order and a credit for removing liquidity of $0.35 (Penny Pilot Classes) and $0.75 (Non-Penny Pilot Classes). A Professional Customer or Broker Dealer who submits a PIP or COPIP Order that executes against an order on the BOX Book could be charged anywhere from $0.40 to $0.64 in Penny Pilot Classes and $0.40 to $0.99 in Non-Penny Pilot Classes. The same Professional Customer or Broker Dealer would be assessed a $0.37 Exchange fee for the PIP and COPIP Order and a credit for removing liquidity of $0.35 (Penny Pilot Classes) and $0.75 (Non-Penny Pilot Classes). The Exchange also proposes to remove obsolete language in this subsection that references immediately marketable Unrelated Orders, specifically the language that states that ``an Unrelated Order that is not immediately marketable will be charged as an Improvement Order when it executes against a PIP Order or a COPIP Order,'' as well as ``When a non-immediately marketable order executes against a PIP Order or a COPIP Order, therefore becoming an Unrelated Order, it shall be charged as an Improvement Order.'' Since the introduction of the pro-rata allocation algorithm within the PIP and COPIP,\8\ all Unrelated Orders are systematically treated as immediately marketable. Therefore the Exchange believes this language is no longer necessary and removing it will reduce participant confusion about how these executions are treated within the Fee Schedule. The Exchange also proposes to remove footnotes which are referenced in the text that is being removed. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 72848 (August 14, 2014), 79 FR 49361 (August 20, 2014)(Order Granting Approval of a Proposed Rule Change To Adopt New Trade Allocation Algorithms for Matching Trades at the Conclusion of the PIP and the COPIP). --------------------------------------------------------------------------- The Exchange notes that the fees for immediately marketable Unrelated Orders remain unchanged. These orders continue to be charged as Non-Auction transactions for purposes of the BOX Fee schedule. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, in general, and Section 6(b)(4) and 6(b)(5)of the Act,\9\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among BOX Participants and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. The proposed changes will allow the Exchange to be competitive with other exchanges and to apply fees and credits in a manner that is equitable among all BOX Participants. Further, the Exchange operates within a highly competitive market in which market participants can readily direct order flow to any other competing exchange if they determine fees at a particular exchange to be excessive. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes treating PIP and COPIP Orders that execute against an Unrelated Order on the BOX Book as Non-Auction transactions is reasonable, equitable and not unfairly discriminatory. As the Exchange noted above, almost all PIP and COPIP Orders are from the accounts of Public Customers. If this type of interaction does take place the Public Customer will still not be charged a fee and may also receive a credit depending on its ADV for the month. Additionally, the Exchange believes it is reasonable to potentially assess Market Makers, Broker Dealers, and Professional Customers with higher fees if their PIP or COPIP Orders execute on the BOX Book. While this scenario is rare, the Exchange notes that it has adopted similar methodology for Complex Orders that execute on the BOX Book, and while the result of this structure is that the BOX Participant does not know the fee it will be charged when submitting a PIP or COPIP Order, the Participant must recognize that it could be charged the highest applicable fee on the exchange's schedule. For example, while a Market Maker's PIP Order in a Penny Pilot Class would currently expect to be charged a $0.20 exchange fee and receive a $0.35 removal ``credit'' if the Order executed [[Page 54627]] against a Primary Improvement Order or Improvement Order in the PIP or COPIP, if that Order interacted with an Unrelated Order on the BOX Book the Market Maker could now be charged anywhere from $0.00 to $0.51. Therefore, the Participant must recognize that it could be charged the highest applicable fee on the Exchange's schedule, which may, instead, be lowered or changed depending upon how the PIP or COPIP Order interacts. This way, a Participant will never be charged a higher fee than they expected when submitting a PIP or COPIP Order. Further, a majority of PIP and COPIP Orders execute as intended in the PIP and COPIP mechanisms, so the Exchange believes that any increase in fees will be nominal at most. Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing exchanges. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange also does not believe that this change would disincentivize a market participant from sending in a PIP or COPIP Order, as the proposed rule change is meant to provide clarity to the BOX Fee Schedule so that Participants understand the fees they can be charged in this scenario. Under the proposed change PIP and COPIP Orders that execute against an Unrelated Order on the BOX Book will be subject to fees already in place on the Exchange. Further, almost all these transactions the PIP or COPIP Order will be from the account of the Public Customer and there will be no change to the fees assessed on these Participants. In rare cases, Market Makers, Broker Dealers and Professional Customers could be assessed a higher fee but the Exchange believes any fees assessed would be nominal. Finally, the Exchange does not believes that treating PIP and COPIP Orders that execute against an Unrelated Order on the BOX Book as Non- Auction transactions will impose a burden on competition among various Exchange Participants because all Participants will be affected to the same extent. 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act \10\ and Rule 19b-4(f)(2) thereunder,\11\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). \11\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further 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 CommentsUse 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-BOX-2015-30 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-BOX-2015-30. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2015-30, and should be submitted on or before October 1, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-22743 Filed 9-9-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices 54625
credits for these transactions will be Paper Comments SECURITIES AND EXCHANGE
higher, they will only be assessed COMMISSION
against the portion of the order that • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–75828; File No. SR–BOX–
executes against a response in the 2015–30]
auctions. The Exchange believes that Commission, 100 F Street NE.,
participants submitting responses in Washington, DC 20549–1090. Self-Regulatory Organizations; BOX
these auctions are willing to pay a All submissions should refer to File Options Exchange LLC; Notice of
higher fee for liquidity discovery in less Number SR–BOX–2015–29. This file Filing and Immediate Effectiveness of
liquid names. Further, as stated above number should be included on the a Proposed Rule Change To Amend
the fees and credits proposed are in line subject line if email is used. To help the the Fee Schedule on the BOX Market
with the facilitation and solicitation fees Commission process and review your LLC Options Facility
and credits on at least one other options comments more efficiently, please use
exchange. September 3, 2015.
only one method. The Commission will
BOX believes that this proposal will Pursuant to Section 19(b)(1) of the
post all comments on the Commission’s Securities Exchange Act of 1934 (the
enhance competition between
Internet Web site (http://www.sec.gov/ ‘‘Act’’),1 and Rule 19b–4 thereunder,2
exchanges because it is designed to
allow the Exchange to better compete rules/sro.shtml). Copies of the notice is hereby given that on
with other exchanges for Facilitation submission, all subsequent September 1, 2015, BOX Options
and Solicitation auction order flow. amendments, all written statements Exchange LLC (the ‘‘Exchange’’) filed
with respect to the proposed rule with the Securities and Exchange
C. Self-Regulatory Organization’s change that are filed with the Commission (‘‘Commission’’) the
Statement on Comments on the Commission, and all written proposed rule change as described in
Proposed Rule Change Received From communications relating to the Items I, II, and III below, which Items
Members, Participants, or Others proposed rule change between the have been prepared by the Exchange.
No written comments were either Commission and any person, other than The Exchange filed the proposed rule
solicited or received. those that may be withheld from the change pursuant to Section
III. Date of Effectiveness of the public in accordance with the 19(b)(3)(A)(ii) of the Act,3 and Rule
Proposed Rule Change and Timing for provisions of 5 U.S.C. 552, will be 19b–4(f)(2) thereunder,4 which renders
Commission Action available for Web site viewing and the proposal effective upon filing with
printing in the Commission’s Public the Commission. The Commission is
The foregoing rule change has become Reference Room, 100 F Street NE., publishing this notice to solicit
effective pursuant to Section comments on the proposed rule change
Washington, DC 20549 on official
19(b)(3)(A)(ii) of the Exchange Act 22 from interested persons.
business days between the hours of
and Rule 19b–4(f)(2) thereunder,23
10:00 a.m. and 3:00 p.m. Copies of such I. Self-Regulatory Organization’s
because it establishes or changes a due,
or fee. filing also will be available for Statement of the Terms of the Substance
At any time within 60 days of the inspection and copying at the principal of the Proposed Rule Change
filing of the proposed rule change, the office of the Exchange. All comments The Exchange is filing with the
Commission summarily may received will be posted without change; Securities and Exchange Commission
temporarily suspend the rule change if the Commission does not edit personal (‘‘Commission’’) a proposed rule change
it appears to the Commission that the identifying information from to amend the Fee Schedule on the BOX
action is necessary or appropriate in the submissions. You should submit only Market LLC (‘‘BOX’’) options facility.
public interest, for the protection of information that you wish to make While changes to the fee schedule
investors, or would otherwise further available publicly. All submissions pursuant to this proposal will be
the purposes of the Act. If the should refer to File Number SR–BOX– effective upon filing, the changes will
Commission takes such action, the 2015–29, and should be submitted on or become operative on September 1, 2015.
Commission shall institute proceedings before October 1, 2015. The text of the proposed rule change is
to determine whether the proposed rule For the Commission, by the Division of available from the principal office of the
should be approved or disapproved. Trading and Markets, pursuant to delegated Exchange, at the Commission’s Public
IV. Solicitation of Comments authority.24 Reference Room and also on the
Exchange’s Internet Web site at http://
Interested persons are invited to Robert W. Errett,
boxexchange.com.
submit written data, views, and Deputy Secretary.
arguments concerning the foregoing, [FR Doc. 2015–22741 Filed 9–9–15; 8:45 am] II. Self-Regulatory Organization’s
including whether the proposed rule Statement of the Purpose of, and
BILLING CODE 8011–01–P
change is consistent with the Act. Statutory Basis for, the Proposed Rule
Comments may be submitted by any of Change
the following methods: In its filing with the Commission, the
Exchange included statements
Electronic Comments
concerning the purpose of and basis for
• Use the Commission’s Internet the proposed rule change and discussed
mstockstill on DSK4VPTVN1PROD with NOTICES
comment form (http://www.sec.gov/ any comments it received on the
rules/sro.shtml); or proposed rule change. The text of these
• Send an email to rule-comments@ statements may be examined at the
sec.gov. Please include File Number SR–
BOX–2015–29 on the subject line. 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
22 15 U.S.C. 78s(b)(3)(A)(ii). 3 15 U.S.C. 78s(b)(3)(A)(ii).
23 17 CFR 240.19b–4(f)(2). 24 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(2).
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![Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices 54627
against a Primary Improvement Order or Participants because all Participants amendments, all written statements
Improvement Order in the PIP or COPIP, will be affected to the same extent. with respect to the proposed rule
if that Order interacted with an change that are filed with the
C. Self-Regulatory Organization’s
Unrelated Order on the BOX Book the Commission, and all written
Statement on Comments on the
Market Maker could now be charged communications relating to the
Proposed Rule Change Received From
anywhere from $0.00 to $0.51. proposed rule change between the
Members, Participants, or Others
Therefore, the Participant must Commission and any person, other than
recognize that it could be charged the No written comments were either those that may be withheld from the
highest applicable fee on the Exchange’s solicited or received. public in accordance with the
schedule, which may, instead, be III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
lowered or changed depending upon Proposed Rule Change and Timing for available for Web site viewing and
how the PIP or COPIP Order interacts. Commission Action printing in the Commission’s Public
This way, a Participant will never be Reference Room, 100 F Street NE.,
charged a higher fee than they expected The foregoing rule change has become Washington, DC 20549 on official
when submitting a PIP or COPIP Order. effective pursuant to Section business days between the hours of
Further, a majority of PIP and COPIP 19(b)(3)(A)(ii) of the Exchange Act 10 10:00 a.m. and 3:00 p.m. Copies of such
Orders execute as intended in the PIP and Rule 19b–4(f)(2) thereunder,11 filing also will be available for
and COPIP mechanisms, so the because it establishes or changes a due, inspection and copying at the principal
Exchange believes that any increase in or fee. office of the Exchange. All comments
fees will be nominal at most. At any time within 60 days of the received will be posted without change;
Finally, the Exchange notes that it filing of the proposed rule change, the the Commission does not edit personal
operates in a highly competitive market Commission summarily may identifying information from
in which market participants can temporarily suspend the rule change if submissions. You should submit only
readily favor competing exchanges. In it appears to the Commission that the information that you wish to make
such an environment, the Exchange action is necessary or appropriate in the available publicly. All submissions
must continually review, and consider public interest, for the protection of should refer to File Number SR–BOX–
adjusting, its fees and credits to remain investors, or would otherwise further 2015–30, and should be submitted on or
competitive with other exchanges. For the purposes of the Act. If the before October 1, 2015.
the reasons described above, the Commission takes such action, the
Commission shall institute proceedings For the Commission, by the Division of
Exchange believes that the proposed Trading and Markets, pursuant to delegated
rule change reflects this competitive to determine whether the proposed rule
authority.12
environment. should be approved or disapproved.
B. Self-Regulatory Organization’s IV. Solicitation of Comments Robert W. Errett,
Statement on Burden on Competition Interested persons are invited to Deputy Secretary.
submit written data, views, and [FR Doc. 2015–22743 Filed 9–9–15; 8:45 am]
The Exchange does not believe that arguments concerning the foregoing, BILLING CODE 8011–01–P
the proposed rule change will impose including whether the proposed rule
any burden on competition not change is consistent with the Act.
necessary or appropriate in furtherance Comments may be submitted by any of SECURITIES AND EXCHANGE
of the purposes of the Act. The the following methods: COMMISSION
Exchange also does not believe that this
change would disincentivize a market Electronic Comments
[Release No. 34–75836; File No. SR–ICC–
participant from sending in a PIP or • Use the Commission’s Internet 2015–013]
COPIP Order, as the proposed rule comment form (http://www.sec.gov/
change is meant to provide clarity to the rules/sro.shtml); or Self-Regulatory Organizations; ICE
BOX Fee Schedule so that Participants • Send an email to rule-comments@ Clear Credit LLC; Notice of
understand the fees they can be charged sec.gov. Please include File Number SR– Designation of Longer Period for
in this scenario. Under the proposed BOX–2015–30 on the subject line. Commission Action on Proposed Rule
change PIP and COPIP Orders that Change To Provide for the Clearance
execute against an Unrelated Order on Paper Comments of Additional Western European
the BOX Book will be subject to fees • Send paper comments in triplicate Sovereign Single Names
already in place on the Exchange. to Secretary, Securities and Exchange
Further, almost all these transactions Commission, 100 F Street NE., September 3, 2015.
the PIP or COPIP Order will be from the Washington, DC 20549–1090. On July 6, 2015, ICE Clear Credit LLC
account of the Public Customer and All submissions should refer to File (‘‘ICC’’) filed with the Securities and
there will be no change to the fees Number SR–BOX–2015–30. This file Exchange Commission (‘‘Commission’’),
assessed on these Participants. In rare number should be included on the pursuant to Section 19(b)(1) of the
cases, Market Makers, Broker Dealers subject line if email is used. To help the Securities Exchange Act of 1934
and Professional Customers could be Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
assessed a higher fee but the Exchange comments more efficiently, please use proposed rule change to provide the
believes any fees assessed would be
mstockstill on DSK4VPTVN1PROD with NOTICES
only one method. The Commission will basis for ICC to clear additional credit
nominal. post all comments on the Commission’s default swap contracts (SR–ICC–2015–
Finally, the Exchange does not Internet Web site (http://www.sec.gov/ 013). The proposed rule change was
believes that treating PIP and COPIP rules/sro.shtml). Copies of the published for comment in the Federal
Orders that execute against an Unrelated submission, all subsequent
Order on the BOX Book as Non-Auction 12 17 CFR 200.30–3(a)(12).
transactions will impose a burden on 10 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
competition among various Exchange 11 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-15 10:03:43
Document Modified: 2015-12-15 10:03:43
| 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 54625 |
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