80 FR 65841 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 207 (October 27, 2015)
Federal Register Volume 80, Issue 207 (October 27, 2015)
| Page Range | 65841-65842 | |
| FR Document | 2015-27217 |
[Federal Register Volume 80, Number 207 (Tuesday, October 27, 2015)] [Notices] [Pages 65841-65842] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27217] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76209; File No. SR-CBOE-2015-090] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule October 21, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on October 8, 2015, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Fees Schedule. The text of the proposed rule change is available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fees Schedule \4\. On May 11, 2015, the Exchange launched an updated version of the Floor Broker Workstation (``FBW''), (i.e., ``FBW2''). Currently, the Fees Schedule provides that for every FBW login a TPH has, the FBW2 monthly fee \5\ is waived for the months of July 2015 through September 2015 on a one- to-one basis.\6\ The Exchange [[Page 65842]] waived the FBW2 fee on a one-to-one basis because it had anticipated new features being launched on FBW2 in August 2015 and the Exchange wanted to encourage FBW users to begin (or continue) transitioning to FBW2 logins while waiting for the new features. Additionally, the Exchange wanted to provide additional time to become acclimated to FBW2 while at the same time being able to use FBW login IDs. The Exchange notes that certain new features on FBW2 have still not be launched and the Exchange anticipates launching such features by the end of the year. As such, the Exchange wishes to extend the FBW2 monthly fee waiver on a one-to-one basis through December 31, 2015. The Exchange therefore proposes to delete now outdated language and provide that for every FBW login a TPH has, the FBW2 fee will be waived for the months of October 2015 through December 2015 on a one-to-one basis. --------------------------------------------------------------------------- \4\ The Exchange initially filed the proposed fee change on September 30, 2015 (SR-CBOE-2015-082). On October 8, 2015, the Exchange withdrew that filing and submitted this filing. \5\ The monthly fee for FBW2 is the same as the FBW fee (i.e., $400 per month (per login ID)). \6\ For example, if a TPH has two FBW logins and two FBW2 logins, the total monthly fee would be $800 ($400 for each FBW login). Another example is if a TPH has two FBW logins and three FBW2 logins, the total monthly fee would be $1200 ($400 for each FBW login and $400 for the additional FBW2 login). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\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 facilitation 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 Section 6(b)(4) of the Act,\9\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). \9\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- In particular, the Exchange believes it is reasonable to provide a waiver of FBW2 fees for each FBW login a TPH has through December 2015 because it encourages users to use and become familiar with the updated FBW2 login IDs while waiting for certain features to be implemented on FBW2. Additionally, the Exchange notes the proposed rule change provides users additional time to become familiar with and fully acclimated to the new FBW functionality. The Exchange believes the proposed changes are equitable and not unfairly discriminatory because it applies to all users of FBW2. 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 that is not necessary or appropriate in furtherance of the purposes of the Act, because it applies to all users of FBW2 and because the Exchange wants to encourage the use of FBW2 login IDs while users wait for new features to be added. The Exchange believes this proposal will not cause an unnecessary burden on intermarket competition because the proposal only affects trading on CBOE. To the extent that the proposed changes make CBOE a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become CBOE market participants. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4 \11\ thereunder. At any time within 60 days of the filing of such 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CBOE-2015-090 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-CBOE-2015-090. 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 20549-1090, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CBOE-2015-090 and should be submitted on or before November 17, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-27217 Filed 10-26-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices 65841
the protection of investors or the public All submissions should refer to File notice is hereby given that on October
interest; (ii) impose any significant Number SR–FINRA–2015–043. This file 8, 2015, Chicago Board Options
burden on competition; and (iii) become number should be included on the Exchange, Incorporated (the ‘‘Exchange’’
operative for 30 days from the date on subject line if email is used. To help the or ‘‘CBOE’’) filed with the Securities
which it was filed, or such shorter time Commission process and review your and Exchange Commission (the
as the Commission may designate, it has comments more efficiently, please use ‘‘Commission’’) the proposed rule
become effective pursuant to Section only one method. The Commission will change as described in Items I, II and III
19(b)(3)(A) of the Act 20 and Rule 19b– post all comments on the Commission’s below, which Items have been prepared
4(f)(6) thereunder.21 FINRA believes Internet Web site (http://www.sec.gov/ by the self-regulatory organization. The
that the filing is appropriately rules/sro.shtml). Copies of the Commission is publishing this notice to
designated as ‘‘non-controversial’’ submission, all subsequent solicit comments on the proposed rule
because the proposed rule change amendments, all written statements change from interested persons.
would adopt trade reporting with respect to the proposed rule
change that are filed with the I. Self-Regulatory Organization’s
requirements for OTC transactions in
Commission, and all written Statement of the Terms of Substance of
NextShares, which have been approved
communications relating to the the Proposed Rule Change
by the Commission for listing and
trading on the Nasdaq exchange. FINRA proposed rule change between the The Exchange proposes to amend its
believes that the proposed rule change Commission and any person, other than Fees Schedule. The text of the proposed
proposes reasonable trade reporting those that may be withheld from the rule change is available on the
requirements for OTC transactions in public in accordance with the Exchange’s Web site (http://
these securities and that firms would provisions of 5 U.S.C. 552, will be www.cboe.com/AboutCBOE/
not find compliance with such available for Web site viewing and CBOELegalRegulatoryHome.aspx), at
requirements to be burdensome. printing in the Commission’s Public the Exchange’s Office of the Secretary,
Moreover, the proposed requirements Reference Room, 100 F Street NE., and at the Commission’s Public
would apply only to members that Washington, DC 20549 on official Reference Room.
choose to trade NextShares OTC. As business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such II. Self-Regulatory Organization’s
such, each firm can determine for itself Statement of the Purpose of, and
whether the costs of implementing the filing also will be available for
inspection and copying at the principal Statutory Basis for, the Proposed Rule
changes necessary to support OTC Change
trading in NextShares are warranted. offices of FINRA. All comments
At any time within 60 days of the received will be posted without change; In its filing with the Commission, the
filing of the proposed rule change, the the Commission does not edit personal self-regulatory organization included
Commission summarily may identifying information from statements concerning the purpose of,
temporarily suspend such rule change if submissions. You should submit only and basis for, the proposed rule change
it appears to the Commission that such information that you wish to make and discussed any comments it received
action is necessary or appropriate in the available publicly. All submissions on the proposed rule change. The text
public interest, for the protection of should refer to File Number SR–FINRA– of those statements may be examined at
investors, or otherwise in furtherance of 2015–043, and should be submitted on the places specified in Item IV below.
the purposes of the Act. If the or before November 17, 2015. The Exchange has prepared summaries,
Commission takes such action, the For the Commission, by the Division of set forth in sections A, B, and C below,
Commission shall institute proceedings Trading and Markets, pursuant to delegated of the most significant parts of such
to determine whether the proposed rule authority.22 statements.
should be approved or disapproved. Brent J. Fields,
A. Self-Regulatory Organization’s
Secretary. Statement of the Purpose of, and the
IV. Solicitation of Comments
[FR Doc. 2015–27225 Filed 10–26–15; 8:45 am] Statutory Basis for, the Proposed Rule
Interested persons are invited to BILLING CODE 8011–01–P Change
submit written data, views, and
arguments concerning the foregoing, 1. Purpose
including whether the proposed rule SECURITIES AND EXCHANGE The Exchange proposes to amend its
change is consistent with the Act. COMMISSION Fees Schedule 4. On May 11, 2015, the
Comments may be submitted by any of Exchange launched an updated version
[Release No. 34–76209; File No. SR–CBOE–
the following methods: 2015–090] of the Floor Broker Workstation
Electronic Comments (‘‘FBW’’), (i.e., ‘‘FBW2’’). Currently, the
Self-Regulatory Organizations; Fees Schedule provides that for every
• Use the Commission’s Internet Chicago Board Options Exchange, FBW login a TPH has, the FBW2
comment form (http://www.sec.gov/ Incorporated; Notice of Filing and monthly fee 5 is waived for the months
rules/sro.shtml); or Immediate Effectiveness of a Proposed
• Send an email to rule-comments@ of July 2015 through September 2015 on
Rule Change To Amend the Fees a one-to-one basis.6 The Exchange
sec.gov. Please include File Number SR– Schedule
FINRA–2015–043 on the subject line. 4 The Exchange initially filed the proposed fee
October 21, 2015. change on September 30, 2015 (SR–CBOE–2015–
Paper Comments
Pursuant to Section 19(b)(1) 1 of the 082). On October 8, 2015, the Exchange withdrew
tkelley on DSK3SPTVN1PROD with NOTICES
• Send paper comments in triplicate Securities Exchange Act of 1934 (the that filing and submitted this filing.
to Secretary, Securities and Exchange ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 5 The monthly fee for FBW2 is the same as the
Commission, 100 F Street NE., FBW fee (i.e., $400 per month (per login ID)).
6 For example, if a TPH has two FBW logins and
Washington, DC 20549–1090. 22 17 CFR 200.30–3(a)(12). two FBW2 logins, the total monthly fee would be
1 15 U.S.C.78s(b)(1). $800 ($400 for each FBW login). Another example
20 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
is if a TPH has two FBW logins and three FBW2
21 17 CFR 240.19b–4(f)(6). 3 17 CFR 240.19b–4. Continued
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![65842 Federal Register / Vol. 80, No. 207 / Tuesday, October 27, 2015 / Notices
waived the FBW2 fee on a one-to-one familiar with the updated FBW2 login including whether the proposed rule
basis because it had anticipated new IDs while waiting for certain features to change is consistent with the Act.
features being launched on FBW2 in be implemented on FBW2. Comments may be submitted by any of
August 2015 and the Exchange wanted Additionally, the Exchange notes the the following methods:
to encourage FBW users to begin (or proposed rule change provides users
Electronic Comments
continue) transitioning to FBW2 logins additional time to become familiar with
while waiting for the new features. and fully acclimated to the new FBW • Use the Commission’s Internet
Additionally, the Exchange wanted to functionality. The Exchange believes the comment form (http://www.sec.gov/
provide additional time to become proposed changes are equitable and not rules/sro.shtml); or
acclimated to FBW2 while at the same unfairly discriminatory because it
time being able to use FBW login IDs. • Send an email to rule-comments@
applies to all users of FBW2.
The Exchange notes that certain new sec.gov. Please include File Number SR–
features on FBW2 have still not be B. Self-Regulatory Organization’s CBOE–2015–090 on the subject line.
launched and the Exchange anticipates Statement on Burden on Competition
Paper Comments
launching such features by the end of The Exchange does not believe that
the year. As such, the Exchange wishes the proposed rule change will impose • Send paper comments in triplicate
to extend the FBW2 monthly fee waiver any burden on competition that is not to Secretary, Securities and Exchange
on a one-to-one basis through December necessary or appropriate in furtherance Commission, 100 F Street NE.,
31, 2015. The Exchange therefore of the purposes of the Act, because it Washington, DC 20549–1090.
proposes to delete now outdated applies to all users of FBW2 and All submissions should refer to File
language and provide that for every because the Exchange wants to Number SR–CBOE–2015–090. This file
FBW login a TPH has, the FBW2 fee will encourage the use of FBW2 login IDs number should be included on the
be waived for the months of October while users wait for new features to be subject line if email is used. To help the
2015 through December 2015 on a one- added. The Exchange believes this Commission process and review your
to-one basis. proposal will not cause an unnecessary comments more efficiently, please use
2. Statutory Basis burden on intermarket competition only one method. The Commission will
because the proposal only affects post all comments on the Commission’s
The Exchange believes the proposed trading on CBOE. To the extent that the
rule change is consistent with the Internet Web site (http://www.sec.gov/
proposed changes make CBOE a more rules/sro.shtml).
Securities Exchange Act of 1934 (the attractive marketplace for market
‘‘Act’’) and the rules and regulations participants at other exchanges, such Copies of the submission, all
thereunder applicable to the Exchange market participants are welcome to subsequent amendments, all written
and, in particular, the requirements of become CBOE market participants. statements with respect to the proposed
Section 6(b) of the Act.7 Specifically, rule change that are filed with the
the Exchange believes the proposed rule C. Self-Regulatory Organization’s Commission, and all written
change is consistent with the Section Statement on Comments on the communications relating to the
6(b)(5) 8 requirements that the rules of Proposed Rule Change Received From proposed rule change between the
an exchange be designed to prevent Members, Participants, or Others Commission and any person, other than
fraudulent and manipulative acts and The Exchange neither solicited nor those that may be withheld from the
practices, to promote just and equitable received comments on the proposed public in accordance with the
principles of trade, to foster cooperation rule change. provisions of 5 U.S.C. 552, will be
and coordination with persons engaged available for Web site viewing and
in regulating, clearing, settling, III. Date of Effectiveness of the printing in the Commission’s Public
processing information with respect to, Proposed Rule Change and Timing for Reference Room, 100 F Street NE.,
and facilitation transactions in Commission Action Washington, DC 20549–1090, on official
securities, to remove impediments to The foregoing rule change has become business days between the hours of 10
and perfect the mechanism of a free and effective pursuant to Section 19(b)(3)(A) a.m. and 3 p.m. Copies of the filing will
open market and a national market of the Act 10 and paragraph (f) of Rule also be available for inspection and
system, and, in general, to protect 19b–4 11 thereunder. At any time within copying at the principal offices of the
investors and the public interest. 60 days of the filing of such rule change, Exchange. All comments received will
Additionally, the Exchange believes the the Commission summarily may be posted without change; the
proposed rule change is consistent with temporarily suspend such rule change if Commission does not edit personal
Section 6(b)(4) of the Act,9 which it appears to the Commission that such identifying information from
requires that Exchange rules provide for action is necessary or appropriate in the submissions. You should submit only
the equitable allocation of reasonable public interest, for the protection of information that you wish to make
dues, fees, and other charges among its investors, or otherwise in furtherance of available publicly. All submissions
Trading Permit Holders and other the purposes of the Act. If the should refer to File Number SR–CBOE–
persons using its facilities. Commission takes such action, the 2015–090 and should be submitted on
In particular, the Exchange believes it Commission shall institute proceedings or before November 17, 2015.
is reasonable to provide a waiver of to determine whether the proposed rule
FBW2 fees for each FBW login a TPH For the Commission, by the Division of
should be approved or disapproved. Trading and Markets, pursuant to delegated
has through December 2015 because it
IV. Solicitation of Comments authority.12
tkelley on DSK3SPTVN1PROD with NOTICES
encourages users to use and become
Brent J. Fields,
Interested persons are invited to
logins, the total monthly fee would be $1200 ($400 Secretary.
for each FBW login and $400 for the additional
submit written data, views, and
arguments concerning the foregoing, [FR Doc. 2015–27217 Filed 10–26–15; 8:45 am]
FBW2 login).
7 15 U.S.C. 78f(b). BILLING CODE 8011–01–P
8 15 U.S.C. 78f(b)(5). 10 15 U.S.C. 78s(b)(3)(A).
9 15 U.S.C. 78f(b)(4). 11 17 CFR 240.19b–4(f). 12 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-14 15:36:48
Document Modified: 2015-12-14 15:36:48
| 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 65841 |
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