81 FR 22148 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to SPXPM Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 72 (April 14, 2016)
Federal Register Volume 81, Issue 72 (April 14, 2016)
| Page Range | 22148-22150 | |
| FR Document | 2016-08560 |
[Federal Register Volume 81, Number 72 (Thursday, April 14, 2016)] [Notices] [Pages 22148-22150] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-08560] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77573; File No. SR-CBOE-2016-036] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to SPXPM Pilot Program April 8, 2016. 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 April 7, 2016, 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 Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the operation of its SPXPM pilot program through May 3, 2017. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * * Rule 24.9. Terms of Index Option Contracts No change. . . . Interpretations and Policies: .01-.13 No change. .14 In addition to A.M.-settled Standard & Poor's 500 Stock Index options approved for trading on the Exchange pursuant to Rule 24.9, the Exchange may also list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``SPXPM''). The Exchange may also list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled''). SPXPM options and P.M.-settled XSP options will be listed for trading for a pilot period ending May 3, 201[6]7. * * * * * 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 On February 8, 2013, the Exchange received approval of a rule change that established a Pilot Program that allows the Exchange to list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``SPXPM'').\5\ On July 31, 2013, the Exchange received approval of a rule change that amended the Pilot Program to allow the Exchange to list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled'') \6\ (together, SPXPM and P.M.-settled XSP to be referred to herein as the ``Pilot Products'').\7\ In January 2014, the [[Page 22149]] Exchange filed a proposed rule change that extended the end date of the pilot period from February 8, 2014 to November 3, 2014.\8\ Additionally, in October 2014, the Exchange filed a proposed rule change that extended the end date of the pilot period from November 3, 2014 to May 3, 2016.\9\ The Exchange hereby proposes to further extend the end date of the pilot period to May 3, 2017. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668) (February 14, 2013) (SR-CBOE-2012-120) (the ``SPXPM Approval Order''). \6\ See Securities Exchange Act Release No. 70087 (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055) (the ``P.M.- settled XSP Approval Order''). \7\ For more information on the Pilot Products or the Pilot Program, see the SPXPM Approval Order and the P.M.-settled XSP Approval Order. \8\ See Securities Exchange Act Release No. 71424 (January 28, 2014), 79 FR 6249 (February 3, 2014) (SR-CBOE-2014-004). \9\ See Securities Exchange Act Release No. 73338 (October 10, 2014), 79 FR 62502 (October 17, 2014) (SR-CBOE-2014-076). --------------------------------------------------------------------------- During the course of the Pilot Program and in support of the extensions of the Pilot Program, the Exchange submits to the Securities and Exchange Commission (the ``Commission'') reports regarding the Pilot Program that detail the Exchange's experience with the Pilot Program, pursuant to the SPXPM Approval Order and the P.M.-settled XSP Approval Order. To date, the Exchange has submitted two annual Pilot Program reports to the Commission, as well as various periodic interim reports, as required by the Commission while the Pilot Program is in effect. The annual reports contain an analysis of volume, open interest, and trading patterns. The analysis examines trading in Pilot Products as well as trading in the securities that comprise the underlying index. Additionally, for series that exceed certain minimum open interest parameters, the annual reports provide analysis of index price volatility and share trading activity. The periodic interim reports contain some, but not all, of the information contained in the annual reports. In providing the annual and periodic interim reports (the ``pilot reports'') to the Commission, the Exchange has requested confidential treatment of the pilot reports under the Freedom of Information Act (``FOIA'').\10\ The confidentiality of the pilot reports is subject to the provisions of FOIA. --------------------------------------------------------------------------- \10\ 5 U.S.C. 552. --------------------------------------------------------------------------- The pilot reports both contain the following volume and open interest data: (1) Monthly volume aggregated for all trades; (2) monthly volume aggregated by expiration date; (3) monthly volume for each individual series; (4) month-end open interest aggregated for all series; (5) month-end open interest for all series aggregated by expiration date; and (6) month-end open interest for each individual series. The annual reports also contain the information noted in Items (1) through (6) above for Expiration Friday, A.M.-settled, S&P 500 index options traded on CBOE, as well as the following analysis of trading patterns in the Pilot Products options series in the Pilot Program: (1) A time series analysis of open interest; and (2) an analysis of the distribution of trade sizes. Finally, for series that exceed certain minimum parameters, the annual reports contain the following analysis related to index price changes and underlying share trading volume at the close on Expiration Fridays: (1) A comparison of index price changes at the close of trading on a given Expiration Friday with comparable price changes from a control sample. The data includes a calculation of percentage price changes for various time intervals and compare that information to the respective control sample. Raw percentage price change data as well as percentage price change data normalized for prevailing market volatility, as measured by the CBOE Volatility Index (VIX), is provided; and (2) a calculation of share volume for a sample set of the component securities representing an upper limit on share trading that could be attributable to expiring in-the-money series. The data includes a comparison of the calculated share volume for securities in the sample set to the average daily trading volumes of those securities over a sample period. The minimum open interest parameters, control sample, time intervals, method for randomly selecting the component securities, and sample periods are determined by the Exchange and the Commission. In proposing to extend the Pilot Program, the Exchange will continue to abide by the reporting requirements described herein, as well as in the SPXPM Approval Order and the P.M.-settled XSP Approval Order.\11\ Additionally, all such pilot reports provided by the Exchange will continue to include a request for confidential treatment under FOIA.\12\ --------------------------------------------------------------------------- \11\ Pursuant to Securities Exchange Act Release No. 75914 (September 14, 2015), 80 FR 56522 (September 18, 2015) (SR-CBOE- 2015-079), the Exchange added SPXPM and P.M.-settled XSP options to the list of products approved for trading during Extended Trading Hours (``ETH''). The Exchange will also include the applicable information regarding SPXPM and P.M.-settled XSP options that trade during ETH in its annual and interim reports. \12\ See supra note 10 and surrounding discussion. If the Exchange seeks permanent approval of the pilot program, the Exchange recognizes that certain information in the pilot reports may need to be made available on a public basis. --------------------------------------------------------------------------- The Exchange proposes the extension of the Pilot Program in order to continue to give the Commission more time to consider the impact of the Pilot Program. To this point, CBOE believes that the Pilot Program has been well-received by its Trading Permit Holders and the investing public, and the Exchange would like to continue to provide investors with the ability to trade SPXPM and P.M.-settled XSP options. All terms regarding the trading of the Pilot Products shall continue to operate as described in the SPXPM Approval Order and the P.M.-settled XSP Approval Order. The Exchange merely proposes herein to extend the term of the Pilot Program to May 3, 2017. 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. \13\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \14\ 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) \15\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). \15\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed extension of the Pilot Program will continue to provide greater opportunities for investors. Further, the Exchange believes that it has not experienced any adverse effects or meaningful regulatory concerns from the operation of the Pilot Program. As such, the Exchange believes that the extension of the Pilot Program does not raise any unique or prohibitive regulatory concerns. Also, the Exchange believes that such trading has not, and will not, adversely impact fair and orderly markets on Expiration Fridays for the underlying stocks comprising the [[Page 22150]] S&P 500 index. The extension of the Pilot Program will continue to provide investors with the opportunity to trade the desirable products of SPXPM and P.M.-settled XSP, while also providing the Commission further opportunity to observe such trading of the Pilot Products. 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. The Exchange does not believe the continuation of the Pilot Program will impose any unnecessary or inappropriate burden on intramarket competition because it will continue to apply equally to all CBOE market participants, and the Pilot Products will be available to all CBOE market participants. The Exchange believes there is sufficient investor interest and demand in the Pilot Program to warrant its extension. The Exchange believes that, for the period that the Pilot Program has been in operation, it has provided investors with desirable products with which to trade. Furthermore, the Exchange believes that it has not experienced any adverse market effects or regulatory concerns with respect to the Pilot Program. The Exchange further does not believe that the proposed extension of the Pilot Program will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on CBOE. To the extent that the continued trading of the Pilot Products may make CBOE a more attractive marketplace to market participants at other exchanges, such market participants may elect 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 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 \16\ and Rule 19b- 4(f)(6)(iii) thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6)(iii). 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. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The existing Pilot Program currently expires on May 3, 2016. The Commission believes that waiving the 30-day operative delay to the extent necessary to allow the proposal to become operative on May 3, 2016 is consistent with the protection of investors and the public interest, as it will allow the Pilot Program to continue uninterrupted after its current expiration date, thereby avoiding investor confusion that could result from a temporary interruption in the Pilot Program. For this reason, the Commission designates the proposed rule change to be operative on May 3, 2016.\18\ --------------------------------------------------------------------------- \18\ 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 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-2016-036 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-2016-036. 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 will also 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-2016-036 and should be submitted on or before May 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-08560 Filed 4-13-16; 8:45 am] BILLING CODE 8011-01-P
![22148 Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices
inspection and copying at the principal SECURITIES AND EXCHANGE expiration (‘‘SPXPM’’). The Exchange
office of the Exchange. All comments COMMISSION may also list options on the Mini-SPX
received will be posted without change; Index (‘‘XSP’’) whose exercise
[Release No. 34–77573; File No. SR–CBOE– settlement value is derived from closing
the Commission does not edit personal
2016–036] prices on the last trading day prior to
identifying information from
submissions. You should submit only Self-Regulatory Organizations; expiration (‘‘P.M.-settled’’). SPXPM
information that you wish to make options and P.M.-settled XSP options
Chicago Board Options Exchange,
available publicly. All submissions will be listed for trading for a pilot
Incorporated; Notice of Filing and
should refer to File Number SR–BATS– period ending May 3, 201[6]7.
Immediate Effectiveness of a Proposed
2015–94 and should be submitted on or Rule Change Relating to SPXPM Pilot * * * * *
before May 5, 2016. Program The text of the proposed rule change
is also available on the Exchange’s Web
V. Accelerated Approval of Proposed April 8, 2016. site (http://www.cboe.com/AboutCBOE/
Rule Change as Modified by Pursuant to Section 19(b)(1) of the CBOELegalRegulatoryHome.aspx), at
Amendment Nos. 1, 2, and 3 Securities Exchange Act of 1934 (the the Exchange’s Office of the Secretary,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 and at the Commission’s Public
The Commission finds good cause to notice is hereby given that on April 7, Reference Room.
approve the proposed rule change, as 2016, Chicago Board Options Exchange,
modified by Amendment No. 1, No. 2, II. Self-Regulatory Organization’s
Incorporated (the ‘‘Exchange’’ or Statement of the Purpose of, and
and No. 3, prior to the 30th day after the ‘‘CBOE’’) filed with the Securities and Statutory Basis for, the Proposed Rule
date of publication of notice of Exchange Commission (the Change
Amendment No. 1 in the Federal ‘‘Commission’’) the proposed rule
Register. The Exchange submitted change as described in Items I and II In its filing with the Commission, the
Amendment No. 1 to, among other below, which Items have been prepared Exchange included statements
things, provide clarifying details about by the Exchange. The Exchange filed the concerning the purpose of and basis for
the investments the Fund would be proposal as a ‘‘non-controversial’’ the proposed rule change and discussed
permitted to hold; to further limit the proposed rule change pursuant to any comments it received on the
Section 19(b)(3)(A)(iii) of the Act 3 and proposed rule change. The text of these
percentage of the Fund’s portfolio that
Rule 19b–4(f)(6) thereunder.4 The statements may be examined at the
may be composed of structured
Commission is publishing this notice to places specified in Item IV below. The
securities and junior bank loans; to limit
solicit comments on the proposed rule Exchange has prepared summaries, set
the potential risk associated with forth in sections A, B, and C below, of
derivative transactions; and to represent change from interested persons.
the most significant aspects of such
that the Adviser believes there will be I. Self-Regulatory Organization’s statements.
minimal, if any, impact to the arbitrage Statement of the Terms of Substance of
mechanism as a result of the Fund’s use the Proposed Rule Change A. Self-Regulatory Organization’s
of derivatives. This information aided Statement of the Purpose of, and
The Exchange proposes to extend the Statutory Basis for, the Proposed Rule
the Commission in evaluating the operation of its SPXPM pilot program
likelihood that market participants may Change
through May 3, 2017. The text of the
engage in effective arbitrage. proposed rule change is provided 1. Purpose
Accordingly, the Commission finds below. On February 8, 2013, the Exchange
good cause, pursuant to Section 19(b)(2) (additions are italicized; deletions are received approval of a rule change that
of the Act,44 to approve the proposed [bracketed]) established a Pilot Program that allows
rule change, as modified by Amendment the Exchange to list options on the S&P
* * * * *
No. 1, No. 2, and No. 3, on an 500 Index whose exercise settlement
accelerated basis. Chicago Board Options Exchange, value is derived from closing prices on
Incorporated the last trading day prior to expiration
VI. Conclusion
Rules (‘‘SPXPM’’).5 On July 31, 2013, the
IT IS THEREFORE ORDERED, Exchange received approval of a rule
* * * * * change that amended the Pilot Program
pursuant to Section 19(b)(2) of the
Exchange Act, that the proposed rule Rule 24.9. Terms of Index Option to allow the Exchange to list options on
change (SR–BATS–2015–94), as Contracts the Mini-SPX Index (‘‘XSP’’) whose
modified by Amendment No. 1, No. 2, exercise settlement value is derived
No change. from closing prices on the last trading
and No. 3, is hereby approved on an . . . Interpretations and Policies:
accelerated basis. day prior to expiration (‘‘P.M.-settled’’) 6
.01–.13 No change. (together, SPXPM and P.M.-settled XSP
For the Commission, by the Division of .14 In addition to A.M.-settled to be referred to herein as the ‘‘Pilot
Trading and Markets, pursuant to delegated Standard & Poor’s 500 Stock Index Products’’).7 In January 2014, the
authority.45 options approved for trading on the
Robert W. Errett, Exchange pursuant to Rule 24.9, the 5 See Securities Exchange Act Release No. 68888
Exchange may also list options on the (February 8, 2013), 78 FR 10668) (February 14,
mstockstill on DSK4VPTVN1PROD with NOTICES
Deputy Secretary.
S&P 500 Index whose exercise 2013) (SR–CBOE–2012–120) (the ‘‘SPXPM
[FR Doc. 2016–08554 Filed 4–13–16; 8:45 am] Approval Order’’).
settlement value is derived from closing
6 See Securities Exchange Act Release No. 70087
BILLING CODE 8011–01–P prices on the last trading day prior to
(July 31, 2013), 78 FR 47809 (August 6, 2013) (SR–
CBOE–2013–055) (the ‘‘P.M.-settled XSP Approval
1 15 U.S.C. 78s(b)(1). Order’’).
2 17 CFR 240.19b–4. 7 For more information on the Pilot Products or
44 15 U.S.C. 78s(b)(2). 3 15 U.S.C. 78s(b)(3)(A)(iii).
the Pilot Program, see the SPXPM Approval Order
45 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6). and the P.M.-settled XSP Approval Order.
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![22150 Federal Register / Vol. 81, No. 72 / Thursday, April 14, 2016 / Notices
S&P 500 index. The extension of the consistent with the protection of Commission, 100 F Street NE.,
Pilot Program will continue to provide investors and the public interest, the Washington, DC 20549–1090.
investors with the opportunity to trade proposed rule change has become All submissions should refer to File
the desirable products of SPXPM and effective pursuant to Section 19(b)(3)(A) Number SR–CBOE–2016–036. This file
P.M.-settled XSP, while also providing of the Act 16 and Rule 19b–4(f)(6)(iii) number should be included on the
the Commission further opportunity to thereunder.17 subject line if email is used. To help the
observe such trading of the Pilot The Exchange has asked the Commission process and review your
Products. Commission to waive the 30-day comments more efficiently, please use
operative delay so that the proposal may only one method. The Commission will
B. Self-Regulatory Organization’s become operative immediately upon
Statement on Burden on Competition post all comments on the Commission’s
filing. The existing Pilot Program Internet Web site (http://www.sec.gov/
CBOE does not believe that the currently expires on May 3, 2016. The rules/sro.shtml). Copies of the
proposed rule change will impose any Commission believes that waiving the submission, all subsequent
burden on competition that is not 30-day operative delay to the extent amendments, all written statements
necessary or appropriate in furtherance necessary to allow the proposal to with respect to the proposed rule
of the purposes of the Act. The become operative on May 3, 2016 is change that are filed with the
Exchange does not believe the consistent with the protection of Commission, and all written
continuation of the Pilot Program will investors and the public interest, as it communications relating to the
impose any unnecessary or will allow the Pilot Program to continue proposed rule change between the
inappropriate burden on intramarket uninterrupted after its current Commission and any person, other than
competition because it will continue to expiration date, thereby avoiding those that may be withheld from the
apply equally to all CBOE market investor confusion that could result public in accordance with the
participants, and the Pilot Products will from a temporary interruption in the provisions of 5 U.S.C. 552, will be
be available to all CBOE market Pilot Program. For this reason, the available for Web site viewing and
participants. The Exchange believes Commission designates the proposed printing in the Commission’s Public
there is sufficient investor interest and rule change to be operative on May 3,
Reference Room, 100 F Street NE.,
demand in the Pilot Program to warrant 2016.18
Washington, DC 20549, on official
its extension. The Exchange believes At any time within 60 days of the
filing of the proposed rule change, the business days between the hours of
that, for the period that the Pilot
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of such
Program has been in operation, it has
temporarily suspend such rule change if filing will also be available for
provided investors with desirable
it appears to the Commission that such inspection and copying at the principal
products with which to trade.
action is necessary or appropriate in the office of the Exchange. All comments
Furthermore, the Exchange believes that
public interest, for the protection of received will be posted without change;
it has not experienced any adverse
investors, or otherwise in furtherance of the Commission does not edit personal
market effects or regulatory concerns
the purposes of the Act. identifying information from
with respect to the Pilot Program. The
submissions. You should submit only
Exchange further does not believe that IV. Solicitation of Comments information that you wish to make
the proposed extension of the Pilot
Interested persons are invited to available publicly. All submissions
Program will impose any burden on
submit written data, views, and should refer to File Number SR–CBOE–
intermarket competition that is not
arguments concerning the foregoing, 2016–036 and should be submitted on
necessary or appropriate in furtherance
including whether the proposed rule or before May 5, 2016.
of the purposes of the Act because it
only applies to trading on CBOE. To the change is consistent with the Act. For the Commission, by the Division of
extent that the continued trading of the Comments may be submitted by any of Trading and Markets, pursuant to delegated
Pilot Products may make CBOE a more the following methods: authority.19
attractive marketplace to market Electronic Comments Robert W. Errett,
participants at other exchanges, such Deputy Secretary.
• Use the Commission’s Internet
market participants may elect to become comment form (http://www.sec.gov/
[FR Doc. 2016–08560 Filed 4–13–16; 8:45 am]
CBOE market participants. rules/sro.shtml); or BILLING CODE 8011–01–P
C. Self-Regulatory Organization’s • Send an email to rule-comments@
Statement on Comments on the sec.gov. Please include File Number SR–
SECURITIES AND EXCHANGE
Proposed Rule Change Received From CBOE–2016–036 on the subject line.
COMMISSION
Members, Participants, or Others Paper Comments
The Exchange neither solicited nor Submission for OMB Review;
• Send paper comments in triplicate
received comments on the proposed to Secretary, Securities and Exchange Comment Request
rule change. Upon Written Request, Copies Available
16 15 U.S.C. 78s(b)(3)(A).
III. Date of Effectiveness of the From: Securities and Exchange
17 17 CFR 240.19b–4(f)(6)(iii). As required under
Proposed Rule Change and Timing for Commission, Office of FOIA Services,
Rule 19b–4(f)(6)(iii), the Exchange provided the
Commission Action Commission with written notice of its intent to file 100 F Street NE., Washington, DC
the proposed rule change, along with a brief 20549–2736.
mstockstill on DSK4VPTVN1PROD with NOTICES
Because the proposed rule change
description and the text of the proposed rule
does not (i) significantly affect the change, at least five business days prior to the date
Extension:
protection of investors or the public of filing of the proposed rule change, or such Rule 15b1–1/Form BD, SEC File No. 270–
interest; (ii) impose any significant shorter time as designated by the Commission. 19, OMB Control No. 3235–0012.
18 For purposes only of waiving the 30-day
burden on competition; and (iii) become Notice is hereby given that, pursuant
operative delay, the Commission has also
operative for 30 days from the date on considered the proposed rule’s impact on to the Paperwork Reduction Act of 1995
which it was filed, or such shorter time efficiency, competition, and capital formation. See
as the Commission may designate if 15 U.S.C. 78c(f). 19 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-07 13:48:08
Document Modified: 2018-02-07 13:48:08
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 22148 |
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