80 FR 61527 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7270 (Block Trades)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 197 (October 13, 2015)

Page Range		61527-61529
FR Document		2015-25865

Federal Register, Volume 80 Issue 197 (Tuesday, October 13, 2015)

[Federal Register Volume 80, Number 197 (Tuesday, October 13, 2015)]
[Notices]
[Pages 61527-61529]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-25865]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76086; File No. SR-BOX-2015-33]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Rule 7270 (Block Trades)

October 6, 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 October 2, 2015, BOX Options Exchange LLC (the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to amend Rule 7270 (Block Trades). 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 self-regulatory organization
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 self-regulatory organization
has prepared summaries, set forth in sections A, B, and C below, of the
most significant aspects of such statements.

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

1. Purpose
The purpose of the proposed rule change is to amend Rule 7270
(Block Trades) to permit an Order Flow Provider (``OFP'') initiating a
Facilitation Auction, at its option, to designate a lower amount for
which it will retain certain priority and trade allocation privileges
upon the conclusion of the Facilitation Auction.
Background
The Facilitation Auction mechanism allows OFPs to enter crossing
transactions where the OFP represents a block-size order as agent
(``Agency Order'') and (1) is trading against the Agency Order as
principal (i.e., facilitating the Agency Order) and/or (2) has
solicited an order to take the opposite side of the Agency Order.\3\
The Facilitation Auction allows block-size order executions against
facilitated or solicited orders, or against a combination of
facilitated or solicited orders. The Facilitation Auction is limited to
orders of fifty (50) contracts or more.
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\3\ See Rule 7270(a).
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OFPs must be willing to execute the entire size of the Agency
Orders entered into the Facilitation Auction through the submission of
a contra ``Facilitation Order.'' Upon the entry of an Agency

[[Page 61528]]

Order and Facilitation Order in the Facilitation Auction, a broadcast
message is sent to Participants, giving them the opportunity to submit
responses with the prices and sizes at which they would be willing to
participate in the facilitation opposite the Agency Order. Responses
must be priced at the price of the Agency Order or at a better price
and must not exceed the size of the Agency Order to be facilitated. At
the end of the period given for the entry of responses, the
Facilitation Order will be automatically executed with the Agency
Order.
Unless there is sufficient size to execute the entire Agency Order
at a better price, Public Customer bids (offers) and Public Customer
responses at the time the Agency Order is executed that are priced
higher (lower) than the facilitation price are executed at the
facilitation price. Non-Public Customer and Market Maker bids (offers)
and Non-Public Customer and Market Maker responses at the time the
Agency Order is executed that are priced higher (lower) than the
facilitation price are executed against the Agency Order at their
stated price, which provides Agency Order execution at a better price
for the number of contracts associated with such higher bids (lower
offers) and responses.
The facilitating OFP is allocated priority for at least forty
percent (40%) of the original size of the Facilitation Order, but only
after better-priced bids (offers) and responses, as well as Public
Customer bids (offers) and responses at the facilitation price, are
executed in full. After the facilitating OFP has executed his forty
percent (40%), Non-Public Customer and Market Maker bids (offers) and
responses at the facilitation price will participate in the execution
of the Agency Order based upon price and time priority.
Proposed Changes
The Exchange is now proposing to amend the Facilitation Auction to
permit an OFP to designate a lower amount for which it will retain
certain priority and trade allocation privileges at the conclusion of
the Facilitation Auction. Specifically, this proposal will permit an
OFP, when starting a Facilitation Auction, to submit the Facilitation
Order to BOX with a designation to identify the total size of the
Agency Order that the OFP is willing to ``surrender'' to other
Participants (``Surrender Quantity''), resulting in the OFP potentially
being allocated less than the forty percent (40%) to which it is
entitled.\4\ For example, when an OFP submits an Agency Order and
Facilitation Order for 100 contracts and a Surrender Quantity of 70
contracts, the OFP is designating that it is willing to surrender
seventy percent (70%) of the Agency Order to other Participants.
Therefore, the OFP is only retaining priority to thirty percent (30%)
of the Agency Order, rather than the forty percent (40%) it could have
received. The Facilitation Order shall continue to yield priority to
certain competing orders in the circumstances set forth in Rule
7270(a).
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\4\ The OFP will not be allowed to modify the Surrender Quantity
once the order has been submitted to the Exchange. Additionally, the
broadcast message sent to Participants at the start of the
Facilitation Auction will not include the Surrender Quantity amount,
if any.
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The proposed rule change further provides that in no case shall the
OFP's use of the Surrender Quantity function result in an allocation to
the OFP that would be greater than the maximum allowable allocation the
OFP would otherwise receive in accordance with the Facilitation
allocation procedures set forth in Rule 7270(a).
The proposed rule change will modify the Trading Host's \5\ trade
allocation at the conclusion of the Facilitation Auction to account for
the Surrender Quantity. The proposal specifies that when the Trading
Host determines the priority and trade allocation amounts for the OFP
upon the conclusion of the Facilitation Auction, the Trading Host will
automatically adjust the trade allocations to other Participants
according to the priority set forth in Rule 7270(a), providing a total
amount to the other Participants up to the Surrender Quantity. The
Facilitation Order shall be allocated the remaining size of the Agency
Order, if any. If the aggregate size of responses and orders from
Participants is not equal to or greater than the Surrender Quantity,
then the remaining Surrender Quantity shall be left unfilled and the
Facilitation Order shall be allocated the remaining size of the Agency
Order. For example, an OFP submits an Agency Order and Facilitation
Order for 100 contracts and a Surrender Quantity of 70 contracts.
During the Facilitation Auction only one response for 25 contracts is
received. Even though the OFP was willing to surrender 70 contracts to
the other Participants, there is not enough competing size in this
instance to allocate 70 contracts to someone else. Therefore, the
Facilitation Order's requirement to completely fill the Agency Order
takes precedence, and the OFP is allocated the remaining 75 contracts.
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\5\ The term ``Trading Host'' means the automated trading system
used by BOX for the trading of options contracts.
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The Exchange will provide Participants with notice, via Information
Circular, about the implementation date of the Surrender Quantity prior
to its implementation in the trading system.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of section 6(b) of the Act,\6\ in general, and section
6(b)(5) of the Act,\7\ in particular, in that the proposed changes are
designed to promote just and equitable principles of trade, 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, by providing the opportunity for Participants, not
including the initiating Participant, to receive a greater allocation
at the conclusion of the Facilitation Auction. The Exchange believes
that the proposed changes will incentivize Participants to submit
additional orders to the Exchange which will benefit all Participants
and public customers.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change will benefit
investors and Participants by allowing an OFP the flexibility to
designate a lower amount for which it will retain certain priority and
trade allocation privileges upon the conclusion of the Facilitation
Auction, thereby providing other Participants with the opportunity to
receive increased trade allocations. The proposed rule change is
designed to promote just and equitable principles of trade by assuring
that an OFP cannot use the Surrender Quantity to receive an allocation
greater than the maximum allowable percentage. The proposed rule change
will protect investors and the public interest because Public Customer
orders will still receive the same priority during the allocation
process.
The proposed changes are similar to Exchange rules applicable to
other auctions offered by the Exchange. Specifically, the Exchange
allows Participants to submit a surrender quantity when submitting
orders to the Price Improvement Period (``PIP'') and Solicitation
Auction.\8\
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\8\ See Rules 7150(h)(5)(i) and 7270(b)(2)(iv). The Solicitation
Auction's surrender quantity is slightly different in that the
Participant is surrendering its priority to interest on the BOX
Book, as opposed to the PIP and proposed Surrender Quantity where
the Participant is surrendering its interest to auction responses.

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[[Page 61529]]

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. In this regard and as indicated
above, the Exchange notes that the rule change is similar to rules of
the Exchange's PIP and Solicitation Auction. The Exchange believes that
the propose rule change should incent OFPs to continue submitting block
trades to the Facilitation Auction to the benefit of the Exchange and
its Participants and public customers. The Exchange believes that the
proposal will enhance competition by providing an opportunity for
Participants to receive a greater allocation at the end of the
Facilitation Auction.

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

The Exchange has 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 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 \9\ and Rule 19b-4(f)(6)
thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission 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 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-BOX-2015-33 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BOX-2015-33. 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-2015-33, and should be
submitted on or before November 3, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25865 Filed 10-9-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices 61527

non-substantive differences in Rule change that are filed with the I. Self-Regulatory Organization’s
7.35P would be to use new Pillar Commission, and all written Statement of the Terms of Substance of
terminology, which would promote communications relating to the the Proposed Rule Change
consistent use of terminology to support proposed rule change between the The Exchange proposes to amend
the Pillar trading platform making the Commission and any person, other than Rule 7270 (Block Trades). The text of
Exchange’s rules easier to navigate. those that may be withheld from the the proposed rule change is available
public in accordance with the from the principal office of the
C. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be Exchange, at the Commission’s Public
Statement on Comments on the
available for Web site viewing and Reference Room and also on the
Proposed Rule Change Received From
printing in the Commission’s Public Exchange’s Internet Web site at http://
Members, Participants, or Others
Reference Room, 100 F Street NE., boxexchange.com.
No written comments were solicited Washington, DC 20549, on official
or received with respect to the proposed business days between the hours of II. Self-Regulatory Organization’s
rule change. 10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and
filing will also be available for Statutory Basis for, the Proposed Rule
III. Date of Effectiveness of the
inspection and copying at the NYSE’s Change
Proposed Rule Change and Timing for
Commission Action principal office and on its Internet Web In its filing with the Commission, the
site at www.nyse.com. All comments self-regulatory organization included
Within 45 days of the date of received will be posted without change; statements concerning the purpose of,
publication of this notice in the Federal the Commission does not edit personal and basis for, the proposed rule change
Register or up to 90 days (i) as the identifying information from and discussed any comments it received
Commission may designate if it finds submissions. You should submit only on the proposed rule change. The text
such longer period to be appropriate information that you wish to make of these statements may be examined at
and publishes its reasons for so finding available publicly. All submissions the places specified in Item IV below.
or (ii) as to which the self-regulatory should refer to File Number SR– The self-regulatory organization has
organization consents, the Commission NYSEARCA–2015–86 and should be prepared summaries, set forth in
will: submitted on or before November 3, sections A, B, and C below, of the most
(A) By order approve or disapprove 2015. significant aspects of such statements.
the proposed rule change, or
(B) institute proceedings to determine For the Commission, by the Division of A. Self-Regulatory Organization’s
whether the proposed rule change Trading and Markets, pursuant to delegated
Statement of the Purpose of, and
authority.55
should be disapproved. Statutory Basis for, the Proposed Rule
Robert W. Errett,
IV. Solicitation of Comments Change
Deputy Secretary.
Interested persons are invited to [FR Doc. 2015–25864 Filed 10–9–15; 8:45 am] 1. Purpose
submit written data, views, and BILLING CODE 8011–01–P The purpose of the proposed rule
arguments concerning the foregoing, change is to amend Rule 7270 (Block
including whether the proposed rule Trades) to permit an Order Flow
change is consistent with the Act. SECURITIES AND EXCHANGE Provider (‘‘OFP’’) initiating a
Comments may be submitted by any of COMMISSION Facilitation Auction, at its option, to
the following methods: designate a lower amount for which it
Electronic Comments [Release No. 34–76086; File No. SR–BOX– will retain certain priority and trade
2015–33] allocation privileges upon the
• Use the Commission’s Internet conclusion of the Facilitation Auction.
comment form (http://www.sec.gov/ Self-Regulatory Organizations; BOX
rules/sro.shtml); or Options Exchange LLC; Notice of Background
• Send an email to rule- Filing and Immediate Effectiveness of The Facilitation Auction mechanism
comments@sec.gov. Please include File a Proposed Rule Change To Amend allows OFPs to enter crossing
Number SR–NYSEARCA–2015–86 on Rule 7270 (Block Trades) transactions where the OFP represents a
the subject line. block-size order as agent (‘‘Agency
October 6, 2015.
Paper Comments Order’’) and (1) is trading against the
Pursuant to section 19(b)(1) of the Agency Order as principal (i.e.,
• Send paper comments in triplicate Securities Exchange Act of 1934 (the facilitating the Agency Order) and/or (2)
to Brent J. Fields, Secretary, Securities ‘‘Act’’),1 and Rule 19b–4 thereunder,2 has solicited an order to take the
and Exchange Commission, 100 F Street notice is hereby given that on October opposite side of the Agency Order.3 The
NE., Washington, DC 20549–1090. 2, 2015, BOX Options Exchange LLC Facilitation Auction allows block-size
All submissions should refer to File (the ‘‘Exchange’’) filed with the order executions against facilitated or
Number SR–NYSEARCA–2015–86. This Securities and Exchange Commission solicited orders, or against a
file number should be included on the (‘‘Commission’’) the proposed rule combination of facilitated or solicited
subject line if email is used. To help the change as described in Items I and II orders. The Facilitation Auction is
Commission process and review your below, which Items have been prepared limited to orders of fifty (50) contracts
mstockstill on DSK4VPTVN1PROD with NOTICES

comments more efficiently, please use by the self-regulatory organization. The or more.
only one method. The Commission will Commission is publishing this notice to OFPs must be willing to execute the
post all comments on the Commission’s solicit comments on the proposed rule entire size of the Agency Orders entered
Internet Web site (http://www.sec.gov/ change from interested persons. into the Facilitation Auction through
rules/sro.shtml). Copies of the the submission of a contra ‘‘Facilitation
submission, all subsequent 55 17 CFR 200.30–3(a)(12). Order.’’ Upon the entry of an Agency
amendments, all written statements 1 15 U.S.C. 78s(b)(1).
with respect to the proposed rule 2 17 CFR 240.19b–4. 3 See Rule 7270(a).

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61528 Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices

Order and Facilitation Order in the (40%) to which it is entitled.4 For Agency Order takes precedence, and the
Facilitation Auction, a broadcast example, when an OFP submits an OFP is allocated the remaining 75
message is sent to Participants, giving Agency Order and Facilitation Order for contracts.
them the opportunity to submit 100 contracts and a Surrender Quantity The Exchange will provide
responses with the prices and sizes at of 70 contracts, the OFP is designating Participants with notice, via Information
which they would be willing to that it is willing to surrender seventy Circular, about the implementation date
participate in the facilitation opposite percent (70%) of the Agency Order to of the Surrender Quantity prior to its
the Agency Order. Responses must be other Participants. Therefore, the OFP is implementation in the trading system.
priced at the price of the Agency Order only retaining priority to thirty percent
(30%) of the Agency Order, rather than 2. Statutory Basis
or at a better price and must not exceed
the size of the Agency Order to be the forty percent (40%) it could have The Exchange believes that the
facilitated. At the end of the period received. The Facilitation Order shall proposal is consistent with the
given for the entry of responses, the continue to yield priority to certain requirements of section 6(b) of the Act,6
Facilitation Order will be automatically competing orders in the circumstances in general, and section 6(b)(5) of the
executed with the Agency Order. set forth in Rule 7270(a). Act,7 in particular, in that the proposed
The proposed rule change further changes are designed to promote just
Unless there is sufficient size to provides that in no case shall the OFP’s
execute the entire Agency Order at a and equitable principles of trade,
use of the Surrender Quantity function remove impediments to and perfect the
better price, Public Customer bids result in an allocation to the OFP that mechanism of a free and open market
(offers) and Public Customer responses would be greater than the maximum and a national market system, and, in
at the time the Agency Order is allowable allocation the OFP would general to protect investors and the
executed that are priced higher (lower) otherwise receive in accordance with public interest, by providing the
than the facilitation price are executed the Facilitation allocation procedures opportunity for Participants, not
at the facilitation price. Non-Public set forth in Rule 7270(a). including the initiating Participant, to
Customer and Market Maker bids The proposed rule change will modify
receive a greater allocation at the
(offers) and Non-Public Customer and the Trading Host’s 5 trade allocation at
conclusion of the Facilitation Auction.
Market Maker responses at the time the the conclusion of the Facilitation The Exchange believes that the
Agency Order is executed that are Auction to account for the Surrender proposed changes will incentivize
priced higher (lower) than the Quantity. The proposal specifies that Participants to submit additional orders
facilitation price are executed against when the Trading Host determines the to the Exchange which will benefit all
the Agency Order at their stated price, priority and trade allocation amounts Participants and public customers.
which provides Agency Order execution for the OFP upon the conclusion of the
Facilitation Auction, the Trading Host The Exchange believes that the
at a better price for the number of proposed rule change will benefit
contracts associated with such higher will automatically adjust the trade
allocations to other Participants investors and Participants by allowing
bids (lower offers) and responses. an OFP the flexibility to designate a
according to the priority set forth in
The facilitating OFP is allocated lower amount for which it will retain
Rule 7270(a), providing a total amount
priority for at least forty percent (40%) certain priority and trade allocation
to the other Participants up to the
of the original size of the Facilitation Surrender Quantity. The Facilitation privileges upon the conclusion of the
Order, but only after better-priced bids Order shall be allocated the remaining Facilitation Auction, thereby providing
(offers) and responses, as well as Public size of the Agency Order, if any. If the other Participants with the opportunity
Customer bids (offers) and responses at aggregate size of responses and orders to receive increased trade allocations.
the facilitation price, are executed in from Participants is not equal to or The proposed rule change is designed to
full. After the facilitating OFP has greater than the Surrender Quantity, promote just and equitable principles of
executed his forty percent (40%), Non- then the remaining Surrender Quantity trade by assuring that an OFP cannot
Public Customer and Market Maker bids shall be left unfilled and the Facilitation use the Surrender Quantity to receive an
(offers) and responses at the facilitation Order shall be allocated the remaining allocation greater than the maximum
price will participate in the execution of size of the Agency Order. For example, allowable percentage. The proposed rule
the Agency Order based upon price and an OFP submits an Agency Order and change will protect investors and the
time priority. Facilitation Order for 100 contracts and public interest because Public Customer
a Surrender Quantity of 70 contracts. orders will still receive the same
Proposed Changes priority during the allocation process.
During the Facilitation Auction only
The Exchange is now proposing to one response for 25 contracts is The proposed changes are similar to
amend the Facilitation Auction to received. Even though the OFP was Exchange rules applicable to other
permit an OFP to designate a lower willing to surrender 70 contracts to the auctions offered by the Exchange.
amount for which it will retain certain other Participants, there is not enough Specifically, the Exchange allows
priority and trade allocation privileges competing size in this instance to Participants to submit a surrender
at the conclusion of the Facilitation allocate 70 contracts to someone else. quantity when submitting orders to the
Auction. Specifically, this proposal will Therefore, the Facilitation Order’s Price Improvement Period (‘‘PIP’’) and
permit an OFP, when starting a requirement to completely fill the Solicitation Auction.8
Facilitation Auction, to submit the
mstockstill on DSK4VPTVN1PROD with NOTICES

4 The OFP will not be allowed to modify the 6 15 U.S.C. 78f(b).
Facilitation Order to BOX with a
Surrender Quantity once the order has been 7 15 U.S.C. 78f(b)(5).
designation to identify the total size of submitted to the Exchange. Additionally, the 8 See Rules 7150(h)(5)(i) and 7270(b)(2)(iv). The
the Agency Order that the OFP is broadcast message sent to Participants at the start Solicitation Auction’s surrender quantity is slightly
willing to ‘‘surrender’’ to other of the Facilitation Auction will not include the different in that the Participant is surrendering its
Participants (‘‘Surrender Quantity’’), Surrender Quantity amount, if any. priority to interest on the BOX Book, as opposed
5 The term ‘‘Trading Host’’ means the automated to the PIP and proposed Surrender Quantity where
resulting in the OFP potentially being trading system used by BOX for the trading of the Participant is surrendering its interest to auction
allocated less than the forty percent options contracts. responses.

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Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices 61529

B. Self-Regulatory Organization’s to determine whether the proposed rule For the Commission, by the Division of
Statement on Burden on Competition should be approved or disapproved. Trading and Markets, pursuant to delegated
authority.11
The Exchange does not believe that IV. Solicitation of Comments Robert W. Errett,
the proposed rule change will impose Deputy Secretary.
any burden on competition not Interested persons are invited to
[FR Doc. 2015–25865 Filed 10–9–15; 8:45 am]
necessary or appropriate in furtherance submit written data, views, and
BILLING CODE 8011–01–P
of the purposes of the Act. In this regard arguments concerning the foregoing,
and as indicated above, the Exchange including whether the proposed rule
notes that the rule change is similar to change is consistent with the Act. SECURITIES AND EXCHANGE
rules of the Exchange’s PIP and Comments may be submitted by any of COMMISSION
Solicitation Auction. The Exchange the following methods:
believes that the propose rule change [Release No. 34–76084; File No. SR–
should incent OFPs to continue Electronic Comments NYSEARCA–2015–87]
submitting block trades to the • Use the Commission’s Internet
Facilitation Auction to the benefit of the Self-Regulatory Organizations; NYSE
comment form (http://www.sec.gov/ Arca, Inc.; Notice of Filing and
Exchange and its Participants and
rules/sro.shtml); or Immediate Effectiveness of Proposed
public customers. The Exchange
believes that the proposal will enhance • Send an email to rule-comments@ Rule Change Amending the NYSE Arca
competition by providing an sec.gov. Please include File Number SR– Equities Schedule of Fees and
opportunity for Participants to receive a BOX–2015–33 on the subject line. Charges for Exchange Services
greater allocation at the end of the Paper Comments October 6, 2015.
Facilitation Auction. Pursuant to section 19(b)(1) 1 of the
C. Self-Regulatory Organization’s • Send paper comments in triplicate Securities Exchange Act of 1934 (the
Statement on Comments on the to Brent J. Fields, Secretary, Securities ‘‘Act’’) 2 and Rule 19b-4 thereunder,3
Proposed Rule Change Received From and Exchange Commission, 100 F Street notice is hereby given that, on
Members, Participants, or Others NE., Washington, DC 20549–1090. September 22, 2015, NYSE Arca, Inc.
(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
The Exchange has neither solicited All submissions should refer to File
with the Securities and Exchange
nor received comments on the proposed Number SR–BOX–2015–33. This file Commission (the ‘‘Commission’’) the
rule change. number should be included on the proposed rule change as described in
subject line if email is used. To help the Items I, II, and III below, which Items
III. Date of Effectiveness of the
Commission process and review your have been prepared by the self-
Proposed Rule Change and Timing for
comments more efficiently, please use regulatory organization. The
Commission Action
only one method. The Commission will Commission is publishing this notice to
Because the proposed rule change post all comments on the Commission’s solicit comments on the proposed rule
does not (i) significantly affect the Internet Web site (http://www.sec.gov/ change from interested persons.
protection of investors or the public rules/sro.shtml). Copies of the
interest; (ii) impose any significant I. Self-Regulatory Organization’s
submission, all subsequent
burden on competition; and (iii) become Statement of the Terms of Substance of
amendments, all written statements
operative for 30 days from the date on the Proposed Rule Change
with respect to the proposed rule
which it was filed, or such shorter time change that are filed with the The Exchange proposes to amend the
as the Commission may designate if Commission, and all written NYSE Arca Equities Schedule of Fees
consistent with the protection of communications relating to the and Charges for Exchange Services
investors and the public interest, the (‘‘Fee Schedule’’). The text of the
proposed rule change between the
proposed rule change has become proposed rule change is available on the
Commission and any person, other than
effective pursuant to section 19(b)(3)(A) Exchange’s Web site at www.nyse.com,
those that may be withheld from the
of the Act 9 and Rule 19b–4(f)(6) at the principal office of the Exchange,
thereunder.10 public in accordance with the
and at the Commission’s Public
provisions of 5 U.S.C. 552, will be
At any time within 60 days of the Reference Room.
filing of the proposed rule change, the available for Web site viewing and
printing in the Commission’s Public II. Self-Regulatory Organization’s
Commission summarily may
Reference Room, 100 F Street NE., Statement of the Purpose of, and
temporarily suspend such rule change if
Washington, DC 20549 on official Statutory Basis for, the Proposed Rule
it appears to the Commission that such
business days between the hours of Change
action is necessary or appropriate in the
public interest, for the protection of 10:00 a.m. and 3:00 p.m. Copies of such In its filing with the Commission, the
investors, or otherwise in furtherance of filing also will be available for self-regulatory organization included
the purposes of the Act. If the inspection and copying at the principal statements concerning the purpose of,
Commission takes such action, the office of the Exchange. All comments and basis for, the proposed rule change
Commission shall institute proceedings received will be posted without change; and discussed any comments it received
the Commission does not edit personal on the proposed rule change. The text
mstockstill on DSK4VPTVN1PROD with NOTICES

9 15 U.S.C. 78s(b)(3)(A). identifying information from of those statements may be examined at
10 17 CFR 240.19b–4(f)(6). As required under Rule submissions. You should submit only the places specified in Item IV below.
19b–4(f)(6)(iii), the Exchange provided the information that you wish to make The Exchange has prepared summaries,
Commission with written notice of its intent to file
the proposed rule change, along with a brief available publicly. All submissions
11 17 CFR 200.30–3(a)(12).
description and the text of the proposed rule should refer to File Number SR–BOX– 1 15
change, at least five business days prior to the date U.S.C.78s(b)(1).
2015–33, and should be submitted on or 2 15 U.S.C. 78a.
of filing of the proposed rule change, or such
shorter time as designated by the Commission. before November 3, 2015. 3 17 CFR 240.19b–4.

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Document Created: 2018-02-27 08:48:04
Document Modified: 2018-02-27 08:48:04

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 61527