80_FR_56703 80 FR 56522 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To List Two Additional Products During Extended Trading Hours

80 FR 56522 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To List Two Additional Products During Extended Trading Hours

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 181 (September 18, 2015)

Page Range56522-56525
FR Document2015-23395

Federal Register, Volume 80 Issue 181 (Friday, September 18, 2015)
[Federal Register Volume 80, Number 181 (Friday, September 18, 2015)]
[Notices]
[Pages 56522-56525]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-23395]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75914; File No. SR-CBOE-2015-079]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To List Two Additional Products During Extended 
Trading Hours

September 14, 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 10, 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 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 list two additional products during 
extended trading hours (``ETH''). The text of the proposed rule change 
is provided below.

(additions are italicized; deletions are [bracketed])
* * * * *

Chicago Board Options Exchange, Incorporated

Rules

* * * * *

Rule 6.1A. Extended Trading Hours

    (a)-(b) No change.
    (c) Eligibility. The Exchange may designate as eligible for 
trading during Extended Trading Hours any exclusively listed index 
option designated for trading under Rules 24.2 and 24.9. The 
following options are approved for trading on the Exchange during 
Extended Trading Hours:
    (i) Standard & Poor's 500 Stock Index (SPX)
    (ii) CBOE Volatility Index[supreg] (VIX[supreg])
    (iii) Standard & Poor's 500 Stock Index (P.M.-Settled) (SPXPM)
    (iv) Mini-SPX Index (XSP)
    Any series in these classes that are expected to be open for 
trading during Regular Trading Hours will be open for trading during 
Extended Trading Hours on that same trading day (subject to Rules 
6.2B and 24.13, Interpretation and Policy .03). FLEX options 
(pursuant to Chapters XXIVA and XXIVB) will not be eligible for 
trading during Extended Trading Hours.
    (d) No change.
    (e) Market-Makers.
    (i) Appointments. A Market-Maker's appointment to a class during 
Regular Trading Hours does not apply during Extended Trading Hours. 
Market-Makers may request appointments for Extended Trading Hours in 
accordance with Rule 8.3 and this subparagraph (i). Notwithstanding 
Rule 8.3(c), a Market-Maker can create a Virtual Trading Crowd 
(``VTC'') appointment, which confers the right to quote 
electronically during Extended Trading Hours in the appropriate 
number of classes selected from the Extended Trading Hours tier and 
related appointment costs as follows:

------------------------------------------------------------------------
                                                             Appointment
               Tier                         Classes              cost
------------------------------------------------------------------------
Extended Trading Hours...........   Options on the        [.5].4
                                    CBOE Volatility Index
                                    (VIX).
                                    Options on the        [.5].4
                                    Standard & Poor's 500
                                    (SPX).
                                    Options on the            .1
                                    Standard & Poor's 500
                                    Stock Index (P.M.-
                                    Settled) (SPXPM).
                                    Options on the            .1
                                    Mini-SPX Index (XSP).
------------------------------------------------------------------------


[[Page 56523]]

    Each Extended Trading Hours Trading Permit held by a Market-
Maker has an appointment credit of 1.0. A Market-Maker may select 
for each Extended Trading Hours Trading Permit the Market-Maker 
holds any combination of Extended Trading Hours classes, whose 
aggregate appointment cost does not exceed 1.0.
    (ii)-(iv) No change.
    (f)-(k) No change.
* * * * *

    The text of the proposed rule change is also 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
    In March 2015, the Exchange launched Extended Trading Hours 
(``ETH'') for options on the S&P 500 Index (``SPX'') and CBOE 
Volatility Index[supreg] (``VIX''), two of the Exchange's exclusively 
listed options,\3\ as alternatives for hedging and other investment 
purposes, particularly as a complementary investment tool to VIX 
futures.\4\ Rule 6.1A(c) provides that the Exchange may designate as 
eligible for trading during ETH any exclusively listed index option 
designated for trading under Rules 24.2 and 24.9. In response to 
customer demand for additional options to trade during ETH for similar 
purposes, the Exchange has designated Mini-SPX Index Options (``XSP'') 
and p.m.-settled options on the Standard & Poor's 500 Stock Index 
(``SPXpm'') to be eligible for trading during ETH. The proposed rule 
change amends Rule 6.1A(c) to add these two products to the list of 
products the Exchange has approved for trading on the Exchange during 
ETH. CBOE currently lists XSP and SPXpm options during Regular Trading 
Hours (``RTH''); the proposed rule change merely extends the hours 
during which these options will trade on the Exchange. The Exchange 
notes that the S&P 500 Stock Index underlies both of these options, as 
it does for SPX options, which currently trade during ETH. During ETH, 
XSP and SPXpm options would trade in accordance with Rule 6.1A as VIX 
and SPX options currently do.\5\ The proposed rule change makes no 
changes to the trading rules applicable to ETH.
---------------------------------------------------------------------------

    \3\ An ``exclusively listed option'' is an option that trades 
exclusively on an exchange because the exchange has an exclusive 
license to list and trade the option or has the proprietary rights 
in the interest underlying the option. An exclusively listed option 
is different than a ``singly listed option,'' which is an option 
that is not an ``exclusively listed option'' but that is listed by 
one exchange and not by any other national securities exchange.
    \4\ See Securities Exchange Act Release No. 34-73704 (November 
28, 2014), 79 FR 72044 (December 4, 2014) (SR-CBOE-2014-062) (order 
granting accelerated approval of proposed rule change to adopt 
Extended Trading Hours for SPX and VIX).
    \5\ Rule 6.1A(a) states that all CBOE Rules apply to trading 
during ETH except as set forth in Rule 6.1A and for Rules that by 
their terms are inapplicable during ETH or where the context 
otherwise requires.
---------------------------------------------------------------------------

    The Exchange lists SPXpm options and p.m.-settled XSP options 
pursuant to a pilot program.\6\ Pursuant to the pilot program, CBOE 
submits annual reports to the Commission that contain analyses of 
volume, open interest and trading patterns, as well as interim reports 
that contain some of the information that is included in the annual 
reports. The Exchange will include in those annual and interim reports 
the applicable information regarding SPXpm and p.m.-settled XSP options 
that trade during ETH.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 34-73338 (October 
10, 2014), 79 FR 62502 (October 17, 2014) (SR-CBOE-2014-076) (notice 
of filing and immediate effectiveness of extension of pilot program 
to May 3, 2016).
---------------------------------------------------------------------------

    The Exchange also proposes to amend Rule 6.1A(e)(i) to change the 
current appointment cost for each of SPX and VIX from .5 to .4 and add 
an appointment cost of .1 for each of XSP and SPXpm. The Exchange 
believes these appointment costs are consistent with an analysis of 
various factors based on which the Exchange determines appointment 
costs, including competitive forces and trading volume. Because each 
ETH Trading Permit has an appointment credit of 1.0, a Market-Maker 
will continue to need to hold only one ETH Trading Permit if it wants 
to quote in all four products approved for trading during ETH.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\7\ Specifically, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \8\ 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) \9\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ Id.
---------------------------------------------------------------------------

    In particular, the Exchange believes the proposed rule change will 
further improve the Exchange's marketplace for the benefit of 
investors. The listing of two additional products for trading during 
ETH will provide more hedging and other investment opportunities within 
the options trading industry that is consistent with the continued 
globalization of the securities markets. The proposed rule change also 
allows the Exchange to more effectively compete with exchanges located 
outside of the United States. The Exchange proposes to make two more 
products available during ETH in response to demand by investors to 
have access to these products outside of RTH. During ETH, XSP and SPXpm 
options would trade in accordance with Rule 6.1A as VIX and SPX options 
currently do. The proposed rule change makes no changes to the trading 
rules applicable to ETH; it merely approves for trading during ETH two 
products that already trade on the Exchange during RTH. Additionally, 
the S&P 500 index underlies both of these options, as it does for SPX 
options, which are currently approved for trading during ETH.
    The Exchange believes the appointment costs for the four classes 
approved for trading during ETH are appropriate given various factors 
considered by the Exchange, including competitive forces and trading 
volume.

[[Page 56524]]

The Exchange believes that allowing ETH Market-Makers to trade all four 
available products during ETH while holding only one ETH Trading Permit 
may encourage Trading Permit Holders to become ETH Market-Makers, as 
they can quote in more classes for the same cost. Additionally, current 
ETH Market-Makers can obtain appointments in these two additional 
classes without having to obtain an additional ETH Trading Permit. This 
may increase liquidity and result in more competitive pricing in these 
products during ETH, which will promote just and equitable principles 
of trade and ultimately benefit investors. The proposed rule change 
does not result in unfair discrimination, as the appointment costs for 
these products during ETH will apply to all ETH Market-Makers.

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. If CBOE lists XSP and SPXpm 
options for trading during ETH, all ETH Trading Permit Holders may 
trade these options during ETH. Additionally, non-ETH Trading Permit 
Holders may trade these options during ETH through a broker that is an 
ETH Trading Permit Holder. The proposed rule change is merely extending 
the trading hours of two products that currently trade on CBOE. The 
appointment costs for the four products approved for trading during ETH 
will apply to all ETH Market-Makers. Additionally, ETH Market-Makers 
will not need to obtain additional ETH Trading Permits to have 
appointments in the two additional products.
    CBOE does not believe the proposed rule change will detriment 
market participants on other exchanges, as it relates to options listed 
solely on CBOE and to trading hours during which no other U.S. options 
exchange is currently open for trading. Market participants on other 
exchanges are welcome to become ETH Trading Permit Holders, or engage a 
broker that is an ETH Trading Permit Holder, and trade at CBOE if they 
determine that this proposed rule change has made CBOE more attractive 
or favorable.
    CBOE believes that the proposed rule change will relieve any burden 
on, or otherwise promote, competition. As discussed above, listing two 
additional products for trading during ETH will provide more hedging 
and other investment opportunities within the options trading industry. 
The Exchange also believes the proposed rule change could increase its 
competitive position outside of the United States by providing 
investors with an additional investment vehicles with respect to their 
global trading strategies during times that correspond with RTH outside 
of the United States. The Exchange proposes to make two more products 
available during ETH in response to demand by investors to have access 
to these products outside of RTH. Additionally, the Exchange believes 
the appointment costs for the four products available for trading 
during ETH, which allow ETH Market-Makers to have appointments in all 
four products with only one ETH Trading Permit, may increase liquidity 
and enhance competition in those products during those hours.

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, 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\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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) normally does 
not become operative for 30 days after the date of filing. However, 
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange requests that the Commission waive 
the 30-day operative delay to allow the proposed rule change to become 
effective immediately. In its proposal, the Exchange stated that its 
proposal does not raise any new or unique issues, and only makes 
available for trading during ETH two additional exclusively-listed 
products that the Exchange currently lists and trades during RTH. In 
addition, the Exchange stated that the proposed changes to the 
appointment costs for these products is intended to allow Market-Makers 
to have appointments in all four ETH products without having to obtain 
an additional ETH Trading Permit. The Commission believes that waiving 
the 30-day operative delay is consistent with the protection of 
investors and the public interest.\12\ Among other things, the proposed 
rule change makes no changes to the trading rules applicable to ETH, 
and the Exchange states that XSP and SPXpm will trade during ETH in the 
same manner as VIX and SPX currently do during ETH. The Commission 
notes that the Exchange will include in its annual and interim reports 
to the Commission the applicable information regarding SPXpm and p.m.-
settled XSP options that trade during ETH. Because the proposed rule 
change involves two exclusively-listed products that already trade 
during RTH, does not alter the trading rules applicable to ETH, and 
does not raise any novel or unique regulatory issues, the Commission 
designates the proposed rule change as operative upon filing.
---------------------------------------------------------------------------

    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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.

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-2015-079 on the subject line.

[[Page 56525]]

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-2015-079. 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-2015-079 and should be 
submitted on or before October 9, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-23395 Filed 9-17-15; 8:45 am]
BILLING CODE 8011-01-P



                                              56522                         Federal Register / Vol. 80, No. 181 / Friday, September 18, 2015 / Notices

                                              SBS Entity to make an application to the                    to a statutory disqualification who were                             by the Exchange. The Commission is
                                              Commission to allow an associated                           associated with an SBS Entity as of July                             publishing this notice to solicit
                                              person who is subject to a statutory                        16, 2011, and who effect or are involved                             comments on the proposed rule change
                                              disqualification to effect or be involved                   in effecting SB swaps on behalf of such                              from interested persons.
                                              in effecting security-based swaps on the                    SBS Entity until the Registration
                                                                                                          Compliance Date.                                                     I. Self-Regulatory Organization’s
                                              SBS Entity’s behalf. Accordingly, the
                                                                                                             It is hereby further ordered, pursuant                            Statement of the Terms of Substance of
                                              Commission is extending the temporary
                                                                                                          to Section 36 of the Exchange Act, that                              the Proposed Rule Change
                                              and limited exception from the
                                              requirements of Section 15F(b)(6) until                     no SB swap contract entered into on or                                  The Exchange proposes to list two
                                              the Registration Compliance Date.                           after July 16, 2011 shall be void or                                 additional products during extended
                                                 As discussed in the Temporary                            considered voidable by reason of                                     trading hours (‘‘ETH’’). The text of the
                                              Exemptions Order, the Commission                            Section 29(b) of the Exchange Act                                    proposed rule change is provided
                                              does not believe that Section 29(b) of                      because any person that is a party to the                            below.
                                              the Exchange Act would apply to the                         contract violated Section 3E(f) of the
                                                                                                          Exchange Act prior to the Registration                               (additions are italicized; deletions are
                                              provisions of Title VII for which the                                                                                            [bracketed])
                                              Commission has taken the view that                          Compliance Date.
                                              compliance will either be triggered by                         It is hereby further ordered, pursuant                            *          *     *        *        *
                                              registration of a person or by adoption                     to Section 36 of the Exchange Act, that                              Chicago Board Options Exchange,
                                              of final rules by the Commission, or for                    no SB swap contract entered into on or                               Incorporated
                                              which the Commission has provided an                        after July 16, 2011 shall be void or                                 Rules
                                              exception or exemption in that order.                       considered voidable by reason of
                                                                                                                                                                               *          *     *        *        *
                                              For the avoidance of doubt and to avoid                     Section 29(b) of the Exchange Act
                                                                                                          because any person that is a party to the                            Rule 6.1A. Extended Trading Hours
                                              possible legal uncertainty or market
                                              disruption, the Temporary Exemptions                        contract violated Section 15F(b)(6) of                                  (a)–(b) No change.
                                              Order granted a temporary exemption                         the Exchange Act prior to the                                           (c) Eligibility. The Exchange may designate
                                                                                                          Registration Compliance.                                             as eligible for trading during Extended
                                              from Section 29(b) until such date as the                                                                                        Trading Hours any exclusively listed index
                                              Commission specifies.26 The                                   By the Commission.                                                 option designated for trading under Rules
                                              Commission believes that the exemption                      Brent J. Fields,                                                     24.2 and 24.9. The following options are
                                              from Section 29(b) provided under the                       Secretary.                                                           approved for trading on the Exchange during
                                              Temporary Exemptions Order with                             [FR Doc. 2015–23464 Filed 9–17–15; 8:45 am]                          Extended Trading Hours:
                                              respect to Sections 3E(f) and 15F(b)(6) of                                                                                          (i) Standard & Poor’s 500 Stock Index
                                                                                                          BILLING CODE 8011–01–P
                                              the Exchange Act will continue to apply                                                                                          (SPX)
                                              during the period of time covered by the                                                                                            (ii) CBOE Volatility Index® (VIX®)
                                              extensions in this Order. However, to                                                                                               (iii) Standard & Poor’s 500 Stock Index
                                                                                                          SECURITIES AND EXCHANGE                                              (P.M.-Settled) (SPXPM)
                                              avoid any doubt or possible legal                           COMMISSION                                                              (iv) Mini-SPX Index (XSP)
                                              uncertainty regarding the continuing                                                                                                Any series in these classes that are
                                              availability of the temporary exemption                     [Release No. 34–75914; File No. SR–CBOE–
                                                                                                          2015–079]                                                            expected to be open for trading during
                                              from Section 29(b) with respect to                                                                                               Regular Trading Hours will be open for
                                              Sections 3E(f) and 15(b)(6), the                            Self-Regulatory Organizations;                                       trading during Extended Trading Hours on
                                              Commission is exercising its authority                      Chicago Board Options Exchange,                                      that same trading day (subject to Rules 6.2B
                                              under Section 36 of the Exchange Act to                                                                                          and 24.13, Interpretation and Policy .03).
                                                                                                          Incorporated; Notice of Filing and                                   FLEX options (pursuant to Chapters XXIVA
                                              continue the exemption from Section                         Immediate Effectiveness of a Proposed
                                              29(b) with respect to Sections 3E(f) and                                                                                         and XXIVB) will not be eligible for trading
                                                                                                          Rule Change To List Two Additional                                   during Extended Trading Hours.
                                              15(b)(6) until the Registration                             Products During Extended Trading                                        (d) No change.
                                              Compliance Date.                                            Hours                                                                   (e) Market-Makers.
                                              IV. Conclusion                                                                                                                      (i) Appointments. A Market-Maker’s
                                                                                                          September 14, 2015.                                                  appointment to a class during Regular
                                                It is hereby ordered, pursuant to                            Pursuant to Section 19(b)(1) of the                               Trading Hours does not apply during
                                              Section 36 of the Exchange Act, that                        Securities Exchange Act of 1934 (the                                 Extended Trading Hours. Market-Makers may
                                              SBS Entities are exempt from the                            ‘‘Act’’),1 and Rule 19b–4 thereunder,2                               request appointments for Extended Trading
                                              requirements of Section 3E(f) of the                        notice is hereby given that on                                       Hours in accordance with Rule 8.3 and this
                                              Exchange Act until the Registration                         September 10, 2015, Chicago Board                                    subparagraph (i). Notwithstanding Rule
                                              Compliance Date.                                            Options Exchange, Incorporated (the                                  8.3(c), a Market-Maker can create a Virtual
                                                                                                                                                                               Trading Crowd (‘‘VTC’’) appointment, which
                                                It is hereby further ordered, pursuant                    ‘‘Exchange’’ or ‘‘CBOE’’) filed with the                             confers the right to quote electronically
                                              to Section 15F(b)(6) of the Exchange                        Securities and Exchange Commission                                   during Extended Trading Hours in the
                                              Act, that SBS Entities are temporarily                      (the ‘‘Commission’’) the proposed rule                               appropriate number of classes selected from
                                              excepted from the prohibition of Section                    change as described in Items I and II                                the Extended Trading Hours tier and related
                                              15F(b)(6) with respect to persons subject                   below, which Items have been prepared                                appointment costs as follows:

                                                                                                                                                                                                                              Appointment
                                                                     Tier                                                                                 Classes                                                                cost
tkelley on DSK3SPTVN1PROD with NOTICES




                                              Extended Trading Hours ............................    •   Options   on   the   CBOE Volatility Index (VIX) ...............................................................           [.5].4
                                                                                                     •   Options   on   the   Standard & Poor’s 500 (SPX) ............................................................              [.5].4
                                                                                                     •   Options   on   the   Standard & Poor’s 500 Stock Index (P.M.-Settled) (SPXPM) ...........                                      .1
                                                                                                     •   Options   on   the   Mini-SPX Index (XSP) ........................................................................             .1


                                                26 See   Temporary Exemptions Order at 36305–06.            1 15   U.S.C. 78s(b)(1).                                               2 17   CFR 240.19b–4.



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                                                                            Federal Register / Vol. 80, No. 181 / Friday, September 18, 2015 / Notices                                            56523

                                                Each Extended Trading Hours Trading                     response to customer demand for                         2. Statutory Basis
                                              Permit held by a Market-Maker has an                      additional options to trade during ETH
                                              appointment credit of 1.0. A Market-Maker                                                                            The Exchange believes the proposed
                                                                                                        for similar purposes, the Exchange has                  rule change is consistent with the Act
                                              may select for each Extended Trading Hours
                                              Trading Permit the Market-Maker holds any                 designated Mini-SPX Index Options                       and the rules and regulations
                                              combination of Extended Trading Hours                     (‘‘XSP’’) and p.m.-settled options on the               thereunder applicable to the Exchange
                                              classes, whose aggregate appointment cost                 Standard & Poor’s 500 Stock Index                       and, in particular, the requirements of
                                              does not exceed 1.0.                                      (‘‘SPXpm’’) to be eligible for trading                  Section 6(b) of the Act.7 Specifically,
                                                (ii)–(iv) No change.                                    during ETH. The proposed rule change                    the Exchange believes the proposed rule
                                                (f)–(k) No change.
                                                                                                        amends Rule 6.1A(c) to add these two                    change is consistent with the Section
                                              *      *     *    *    *                                  products to the list of products the                    6(b)(5) 8 requirements that the rules of
                                                 The text of the proposed rule change                   Exchange has approved for trading on                    an exchange be designed to prevent
                                              is also available on the Exchange’s Web                   the Exchange during ETH. CBOE                           fraudulent and manipulative acts and
                                              site (http://www.cboe.com/AboutCBOE/                      currently lists XSP and SPXpm options                   practices, to promote just and equitable
                                              CBOELegalRegulatoryHome.aspx), at                         during Regular Trading Hours (‘‘RTH’’);                 principles of trade, to foster cooperation
                                              the Exchange’s Office of the Secretary,                   the proposed rule change merely                         and coordination with persons engaged
                                              and at the Commission’s Public                            extends the hours during which these                    in regulating, clearing, settling,
                                              Reference Room.                                           options will trade on the Exchange. The                 processing information with respect to,
                                                                                                        Exchange notes that the S&P 500 Stock                   and facilitating transactions in
                                              II. Self-Regulatory Organization’s                                                                                securities, to remove impediments to
                                              Statement of the Purpose of, and                          Index underlies both of these options, as
                                                                                                        it does for SPX options, which currently                and perfect the mechanism of a free and
                                              Statutory Basis for, the Proposed Rule                                                                            open market and a national market
                                              Change                                                    trade during ETH. During ETH, XSP and
                                                                                                        SPXpm options would trade in                            system, and, in general, to protect
                                                 In its filing with the Commission, the                                                                         investors and the public interest.
                                                                                                        accordance with Rule 6.1A as VIX and
                                              Exchange included statements                                                                                      Additionally, the Exchange believes the
                                                                                                        SPX options currently do.5 The
                                              concerning the purpose of and basis for                                                                           proposed rule change is consistent with
                                              the proposed rule change and discussed                    proposed rule change makes no changes
                                                                                                                                                                the Section 6(b)(5) 9 requirement that
                                              any comments it received on the                           to the trading rules applicable to ETH.
                                                                                                                                                                the rules of an exchange not be designed
                                              proposed rule change. The text of these                      The Exchange lists SPXpm options                     to permit unfair discrimination between
                                              statements may be examined at the                         and p.m.-settled XSP options pursuant                   customers, issuers, brokers, or dealers.
                                              places specified in Item IV below. The                    to a pilot program.6 Pursuant to the pilot                 In particular, the Exchange believes
                                              Exchange has prepared summaries, set                      program, CBOE submits annual reports                    the proposed rule change will further
                                              forth in sections A, B, and C below, of                   to the Commission that contain analyses                 improve the Exchange’s marketplace for
                                              the most significant aspects of such                      of volume, open interest and trading                    the benefit of investors. The listing of
                                              statements.                                               patterns, as well as interim reports that               two additional products for trading
                                                                                                        contain some of the information that is                 during ETH will provide more hedging
                                              A. Self-Regulatory Organization’s
                                                                                                        included in the annual reports. The                     and other investment opportunities
                                              Statement of the Purpose of, and
                                                                                                        Exchange will include in those annual                   within the options trading industry that
                                              Statutory Basis for, the Proposed Rule
                                                                                                        and interim reports the applicable                      is consistent with the continued
                                              Change
                                                                                                        information regarding SPXpm and p.m.-                   globalization of the securities markets.
                                              1. Purpose                                                settled XSP options that trade during                   The proposed rule change also allows
                                                 In March 2015, the Exchange                            ETH.                                                    the Exchange to more effectively
                                              launched Extended Trading Hours                                                                                   compete with exchanges located outside
                                                                                                           The Exchange also proposes to amend                  of the United States. The Exchange
                                              (‘‘ETH’’) for options on the S&P 500                      Rule 6.1A(e)(i) to change the current
                                              Index (‘‘SPX’’) and CBOE Volatility                                                                               proposes to make two more products
                                                                                                        appointment cost for each of SPX and                    available during ETH in response to
                                              Index® (‘‘VIX’’), two of the Exchange’s                   VIX from .5 to .4 and add an
                                              exclusively listed options,3 as                                                                                   demand by investors to have access to
                                                                                                        appointment cost of .1 for each of XSP                  these products outside of RTH. During
                                              alternatives for hedging and other                        and SPXpm. The Exchange believes
                                              investment purposes, particularly as a                                                                            ETH, XSP and SPXpm options would
                                                                                                        these appointment costs are consistent                  trade in accordance with Rule 6.1A as
                                              complementary investment tool to VIX
                                                                                                        with an analysis of various factors based               VIX and SPX options currently do. The
                                              futures.4 Rule 6.1A(c) provides that the
                                                                                                        on which the Exchange determines                        proposed rule change makes no changes
                                              Exchange may designate as eligible for
                                                                                                        appointment costs, including                            to the trading rules applicable to ETH;
                                              trading during ETH any exclusively
                                                                                                        competitive forces and trading volume.                  it merely approves for trading during
                                              listed index option designated for
                                                                                                        Because each ETH Trading Permit has                     ETH two products that already trade on
                                              trading under Rules 24.2 and 24.9. In
                                                                                                        an appointment credit of 1.0, a Market-                 the Exchange during RTH. Additionally,
                                                 3 An ‘‘exclusively listed option’’ is an option that   Maker will continue to need to hold                     the S&P 500 index underlies both of
                                              trades exclusively on an exchange because the             only one ETH Trading Permit if it wants                 these options, as it does for SPX
                                              exchange has an exclusive license to list and trade       to quote in all four products approved                  options, which are currently approved
                                              the option or has the proprietary rights in the           for trading during ETH.                                 for trading during ETH.
                                              interest underlying the option. An exclusively                                                                       The Exchange believes the
                                              listed option is different than a ‘‘singly listed
                                              option,’’ which is an option that is not an                  5 Rule 6.1A(a) states that all CBOE Rules apply to   appointment costs for the four classes
                                              ‘‘exclusively listed option’’ but that is listed by one   trading during ETH except as set forth in Rule 6.1A     approved for trading during ETH are
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                                              exchange and not by any other national securities         and for Rules that by their terms are inapplicable      appropriate given various factors
                                              exchange.                                                 during ETH or where the context otherwise               considered by the Exchange, including
                                                 4 See Securities Exchange Act Release No. 34–          requires.
                                              73704 (November 28, 2014), 79 FR 72044                       6 See Securities Exchange Act Release No. 34–
                                                                                                                                                                competitive forces and trading volume.
                                              (December 4, 2014) (SR–CBOE–2014–062) (order              73338 (October 10, 2014), 79 FR 62502 (October 17,
                                                                                                                                                                 7 15    U.S.C. 78f(b).
                                              granting accelerated approval of proposed rule            2014) (SR–CBOE–2014–076) (notice of filing and
                                                                                                                                                                 8 15    U.S.C. 78f(b)(5).
                                              change to adopt Extended Trading Hours for SPX            immediate effectiveness of extension of pilot
                                              and VIX).                                                 program to May 3, 2016).                                 9 Id.




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                                              56524                       Federal Register / Vol. 80, No. 181 / Friday, September 18, 2015 / Notices

                                              The Exchange believes that allowing                     also believes the proposed rule change                    proposal does not raise any new or
                                              ETH Market-Makers to trade all four                     could increase its competitive position                   unique issues, and only makes available
                                              available products during ETH while                     outside of the United States by                           for trading during ETH two additional
                                              holding only one ETH Trading Permit                     providing investors with an additional                    exclusively-listed products that the
                                              may encourage Trading Permit Holders                    investment vehicles with respect to                       Exchange currently lists and trades
                                              to become ETH Market-Makers, as they                    their global trading strategies during                    during RTH. In addition, the Exchange
                                              can quote in more classes for the same                  times that correspond with RTH outside                    stated that the proposed changes to the
                                              cost. Additionally, current ETH Market-                 of the United States. The Exchange                        appointment costs for these products is
                                              Makers can obtain appointments in                       proposes to make two more products                        intended to allow Market-Makers to
                                              these two additional classes without                    available during ETH in response to                       have appointments in all four ETH
                                              having to obtain an additional ETH                      demand by investors to have access to                     products without having to obtain an
                                              Trading Permit. This may increase                       these products outside of RTH.                            additional ETH Trading Permit. The
                                              liquidity and result in more competitive                Additionally, the Exchange believes the                   Commission believes that waiving the
                                              pricing in these products during ETH,                   appointment costs for the four products                   30-day operative delay is consistent
                                              which will promote just and equitable                   available for trading during ETH, which                   with the protection of investors and the
                                              principles of trade and ultimately                      allow ETH Market-Makers to have                           public interest.12 Among other things,
                                              benefit investors. The proposed rule                    appointments in all four products with                    the proposed rule change makes no
                                              change does not result in unfair                        only one ETH Trading Permit, may                          changes to the trading rules applicable
                                              discrimination, as the appointment                      increase liquidity and enhance                            to ETH, and the Exchange states that
                                              costs for these products during ETH will                competition in those products during                      XSP and SPXpm will trade during ETH
                                              apply to all ETH Market-Makers.                         those hours.                                              in the same manner as VIX and SPX
                                              B. Self-Regulatory Organization’s                                                                                 currently do during ETH. The
                                                                                                      C. Self-Regulatory Organization’s
                                              Statement on Burden on Competition                                                                                Commission notes that the Exchange
                                                                                                      Statement on Comments on the
                                                                                                                                                                will include in its annual and interim
                                                CBOE does not believe that the                        Proposed Rule Change Received From
                                                                                                                                                                reports to the Commission the
                                              proposed rule change will impose any                    Members, Participants, or Others
                                                                                                                                                                applicable information regarding
                                              burden on competition that is not                         The Exchange neither solicited nor                      SPXpm and p.m.-settled XSP options
                                              necessary or appropriate in furtherance                 received comments on the proposed                         that trade during ETH. Because the
                                              of the purposes of the Act. If CBOE lists               rule change.                                              proposed rule change involves two
                                              XSP and SPXpm options for trading
                                                                                                      III. Date of Effectiveness of the                         exclusively-listed products that already
                                              during ETH, all ETH Trading Permit
                                                                                                      Proposed Rule Change and Timing for                       trade during RTH, does not alter the
                                              Holders may trade these options during
                                                                                                      Commission Action                                         trading rules applicable to ETH, and
                                              ETH. Additionally, non-ETH Trading
                                                                                                                                                                does not raise any novel or unique
                                              Permit Holders may trade these options                     Because the foregoing proposed rule                    regulatory issues, the Commission
                                              during ETH through a broker that is an                  change does not: (i) Significantly affect                 designates the proposed rule change as
                                              ETH Trading Permit Holder. The                          the protection of investors or the public                 operative upon filing.
                                              proposed rule change is merely                          interest; (ii) impose any significant
                                              extending the trading hours of two                                                                                   At any time within 60 days of the
                                                                                                      burden on competition; and (iii) become
                                              products that currently trade on CBOE.                                                                            filing of the proposed rule change, the
                                                                                                      operative for 30 days from the date on
                                              The appointment costs for the four                                                                                Commission summarily may
                                                                                                      which it was filed, or such shorter time
                                              products approved for trading during                                                                              temporarily suspend such rule change if
                                                                                                      as the Commission may designate, if
                                              ETH will apply to all ETH Market-                                                                                 it appears to the Commission that such
                                                                                                      consistent with the protection of
                                              Makers. Additionally, ETH Market-                                                                                 action is necessary or appropriate in the
                                                                                                      investors and the public interest, the
                                              Makers will not need to obtain                                                                                    public interest, for the protection of
                                                                                                      proposed rule change has become
                                              additional ETH Trading Permits to have                                                                            investors, or otherwise in furtherance of
                                                                                                      effective pursuant to Section 19(b)(3)(A)
                                              appointments in the two additional                                                                                the purposes of the Act.
                                                                                                      of the Act 10 and Rule 19b–4(f)(6)
                                              products.                                               thereunder.11                                             IV. Solicitation of Comments
                                                CBOE does not believe the proposed
                                                                                                         A proposed rule change filed under
                                              rule change will detriment market                                                                                   Interested persons are invited to
                                                                                                      Rule 19b–4(f)(6) normally does not
                                              participants on other exchanges, as it                                                                            submit written data, views, and
                                                                                                      become operative for 30 days after the
                                              relates to options listed solely on CBOE                                                                          arguments concerning the foregoing,
                                                                                                      date of filing. However, Rule 19b–
                                              and to trading hours during which no                                                                              including whether the proposed rule
                                                                                                      4(f)(6)(iii) permits the Commission to
                                              other U.S. options exchange is currently                                                                          change is consistent with the Act.
                                                                                                      designate a shorter time if such action
                                              open for trading. Market participants on                                                                          Comments may be submitted by any of
                                                                                                      is consistent with the protection of
                                              other exchanges are welcome to become                                                                             the following methods:
                                                                                                      investors and the public interest. The
                                              ETH Trading Permit Holders, or engage
                                                                                                      Exchange requests that the Commission                     Electronic Comments
                                              a broker that is an ETH Trading Permit
                                                                                                      waive the 30-day operative delay to
                                              Holder, and trade at CBOE if they                                                                                   • Use the Commission’s Internet
                                                                                                      allow the proposed rule change to
                                              determine that this proposed rule                                                                                 comment form (http://www.sec.gov/
                                                                                                      become effective immediately. In its
                                              change has made CBOE more attractive                                                                              rules/sro.shtml); or
                                                                                                      proposal, the Exchange stated that its
                                              or favorable.
                                                CBOE believes that the proposed rule                                                                              • Send an email to rule-comments@
                                                                                                        10 15  U.S.C. 78s(b)(3)(A).                             sec.gov. Please include File Number SR–
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                                              change will relieve any burden on, or                     11 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                              otherwise promote, competition. As                                                                                CBOE–2015–079 on the subject line.
                                                                                                      4(f)(6) requires a self-regulatory organization to give
                                              discussed above, listing two additional                 the Commission written notice of its intent to file
                                              products for trading during ETH will                    the proposed rule change at least five business days         12 For purposes only of waiving the 30-day

                                                                                                      prior to the date of filing of the proposed rule          operative delay, the Commission has also
                                              provide more hedging and other                          change, or such shorter time as designated by the         considered the proposed rule’s impact on
                                              investment opportunities within the                     Commission. The Exchange has satisfied this               efficiency, competition, and capital formation. See
                                              options trading industry. The Exchange                  requirement.                                              15 U.S.C. 78c(f).



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                                                                            Federal Register / Vol. 80, No. 181 / Friday, September 18, 2015 / Notices                                                56525

                                              Paper Comments                                            SECURITIES AND EXCHANGE                               proposed rule change not later than 180
                                                                                                        COMMISSION                                            days after the date of publication of
                                                • Send paper comments in triplicate                                                                           notice of filing of the proposed rule
                                              to Secretary, Securities and Exchange                     [Release No. 34–75908; File No. SR–CBOE–
                                                                                                                                                              change. The Commission may extend
                                              Commission, 100 F Street NE.,                             2015–026]
                                                                                                                                                              the period for issuing an order
                                              Washington, DC 20549–1090.                                Self-Regulatory Organizations;                        approving or disapproving the proposed
                                              All submissions should refer to File                      Chicago Board Options Exchange,                       rule change, however, by not more than
                                                                                                        Incorporated; Notice of Designation of                60 days if the Commission determines
                                              Number SR–CBOE-2015–079. This file
                                                                                                        a Longer Period for Commission                        that a longer period is appropriate and
                                              number should be included on the
                                                                                                        Action on Proceedings To Determine                    publishes the reasons for such
                                              subject line if email is used. To help the                                                                      determination. In this case, the
                                              Commission process and review your                        Whether To Approve or Disapprove a
                                                                                                        Proposed Rule Change Relating to                      proposed rule change was published for
                                              comments more efficiently, please use                                                                           notice and comment in the Federal
                                              only one method. The Commission will                      Rules 6.74A and 6.74B
                                                                                                                                                              Register on March 23, 2015.9 September
                                              post all comments on the Commission’s                     September 14, 2015.                                   19, 2015, is 180 days from that date, and
                                              Internet Web site (http://www.sec.gov/                       On March 6, 2015, Chicago Board                    November 18, 2015, is 240 days from
                                              rules/sro.shtml). Copies of the                           Options Exchange, Incorporated (the                   that date.
                                              submission, all subsequent                                ‘‘Exchange’’ or ‘‘CBOE’’) filed with the                 The Commission finds it appropriate
                                              amendments, all written statements                        Securities and Exchange Commission                    to designate a longer period within
                                              with respect to the proposed rule                         (the ‘‘Commission’’), pursuant to                     which to issue an order approving or
                                              change that are filed with the                            Section 19(b)(1) of the Securities                    disapproving the proposed rule change
                                              Commission, and all written                               Exchange Act of 1934 (the ‘‘Act’’),1 and              so that it has sufficient time to consider
                                              communications relating to the                            Rule 19b–4 thereunder,2 a proposed rule               the proposed rule change and the
                                              proposed rule change between the                          change to amend its rules regarding the               comment letters submitted in response
                                              Commission and any person, other than                     solicitation of Market-Makers as the                  to the Order Instituting Proceedings.
                                              those that may be withheld from the                       contra party to an agency order entered                  Accordingly, the Commission,
                                              public in accordance with the                             into the Exchange’s Automated                         pursuant to Section 19(b)(2) of the
                                              provisions of 5 U.S.C. 552, will be                       Improvement Mechanism (‘‘AIM’’) and                   Act,10 designates November 18, 2015 as
                                              available for Web site viewing and                        Solicitation Auction Mechanism                        the date by which the Commission shall
                                                                                                        (‘‘SAM’’) auctions. The proposed rule                 either approve or disapprove the
                                              printing in the Commission’s Public
                                                                                                        change was published for comment in                   proposed rule change (File No. SR–
                                              Reference Room, 100 F Street NE.,
                                                                                                        the Federal Register on March 23,                     CBOE–2015–026).
                                              Washington, DC 20549 on official
                                                                                                        2015.3 On May 4, 2015, the Commission                   For the Commission, by the Division of
                                              business days between the hours of
                                                                                                        extended the time period within which                 Trading and Markets, pursuant to delegated
                                              10:00 a.m. and 3:00 p.m. Copies of the                    to approve the proposed rule change,                  authority.11
                                              filing also will be available for                         disapprove the proposed rule change, or               Brent J. Fields,
                                              inspection and copying at the principal                   institute proceedings to determine                    Secretary.
                                              office of the Exchange. All comments                      whether to disapprove the proposed                    [FR Doc. 2015–23401 Filed 9–17–15; 8:45 am]
                                              received will be posted without change;                   rule change, to June 21, 2015.4 On June               BILLING CODE 8011–01–P
                                              the Commission does not edit personal                     18, 2015, the Commission instituted
                                              identifying information from                              proceedings to determine whether to
                                              submissions. You should submit only                       approve or disapprove the proposed                    SECURITIES AND EXCHANGE
                                              information that you wish to make                         rule change.5 On July 21, 2015, the                   COMMISSION
                                              available publicly. All submissions                       Commission received a letter from the
                                                                                                                                                              [Release No. 34–75913; File No. SR–CBOE–
                                              should refer to File Number SR–CBOE–                      Exchange responding to the Order                      2015–076]
                                              2015–079 and should be submitted on                       Instituting Proceedings.6 Subsequently,
                                              or before October 9, 2015.                                the Commission received one other                     Self-Regulatory Organizations;
                                                For the Commission, by the Division of
                                                                                                        comment letter on the proposed rule                   Chicago Board Options Exchange,
                                              Trading and Markets, pursuant to delegated
                                                                                                        change.7                                              Incorporated; Notice of Filing and
                                                                                                           Section 19(b)(2) of the Act 8 provides             Immediate Effectiveness of a Proposed
                                              authority.13
                                                                                                        that, after initiating disapproval                    Rule Change To Amend the Fees
                                              Brent J. Fields,                                          proceedings, the Commission shall issue               Schedule
                                              Secretary.                                                an order approving or disapproving the
                                              [FR Doc. 2015–23395 Filed 9–17–15; 8:45 am]                                                                     September 14, 2015.
                                              BILLING CODE 8011–01–P
                                                                                                          1 15  U.S.C. 78s(b)(1).                                Pursuant to Section 19(b)(1) of the
                                                                                                           2 17 CFR 240.19b–4.
                                                                                                                                                              Securities Exchange Act of 1934 (the
                                                                                                           3 See Securities Exchange Act Release No. 74519
                                                                                                                                                              ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                        (March 17, 2015), 80 FR 15264 (‘‘Notice’’).
                                                                                                           4 See Securities Exchange Act Release No. 74862
                                                                                                                                                              notice is hereby given that on
                                                                                                        (May 4, 2015), 80 FR 26599 (May 8, 2015).             September 1, 2015, Chicago Board
                                                                                                           5 See Securities Exchange Act Release No. 75245    Options Exchange, Incorporated (the
                                                                                                        (June 18, 2015), 80 FR 36386 (June 24, 2015)          ‘‘Exchange’’ or ‘‘CBOE’’) filed with the
                                                                                                        (‘‘Order Instituting Proceedings’’).                  Securities and Exchange Commission
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                                                                                                           6 See Letter to Brent J. Fields, Secretary,
                                                                                                                                                              (the ‘‘Commission’’) the proposed rule
                                                                                                        Commission, from Kyle Edwards, Attorney, CBOE,
                                                                                                        dated July 21, 2015 (‘‘CBOE Letter’’).
                                                                                                                                                                9 See supra note 3.
                                                                                                           7 See Letter to Brent J. Fields, Secretary,
                                                                                                                                                                10 15 U.S.C. 78s(b)(2).
                                                                                                        Commission, from Gavin Rowe, Senior Director,
                                                                                                                                                                11 17 CFR 200.30–3(a)(57).
                                                                                                        Dash Financial LLC, dated August 11, 2015 (‘‘Dash
                                                                                                        Financial Letter’’).                                    1 15 U.S.C. 78s(b)(1).
                                                13 17   CFR 200.30–3(a)(12).                               8 15 U.S.C. 78s(b)(2).                               2 17 CFR 240.19b–4.




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Document Created: 2015-12-15 09:27:58
Document Modified: 2015-12-15 09:27:58
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 56522 

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